Munich Re to buy Clareto | Warren Buffet on Tesla Insurance | What you need to know about Insurtech and AI

Munich Re to buy Clareto

The reinsurance giant, Munich Re Life US, signaling its intent to buy the medical record firm, Clareto, speaks volumes. Clareto partners with over 25 health information exchanges and electronic health record software vendors.?

What are the advantages of the definitive agreement?

• Structuring electronic health records for life insurance underwriting
• Optimizing digital health information using the firm’s resources
• Driving new solutions to streamline and digitize the? underwriting process

With Munich Re’s capital strength and expertise, and Clareto’s comprehensive data and solutions, we could only expect exciting innovation in life insurance.?

Details were laid out by Marc Costantini, President and CEO of corporate development, strategy, and digital solutions for Munich Re North America Life & Health.

Tesla Insurance Turns the Tides on Car Insurance - Warren Buffet is not buying it.

Auto insurers have been warned in the past, by business magnates like Warren Buffet, that it could be a struggle to venture into car insurance and make profit.

However, Elon Musk turns the tides on car insurance by successfully launching Tesla insurance in eight US states. The company also shared its plans to cover 80% of all US customers by the end of 2022.?

Tesla’s telematics uses real-time driving behavior and shows how this could affect their insurance costs. Safer driving habits eventually lead to lower premiums.?

With all these gestures of Tesla in the insurance industry - Warren Buffet was not threatened, saying that with all the complexity of their cars their pricing would be higher when compared to traditional cars. Tesla Insurance would be stuck to Tesla?

But we cannot also ignore Elon Musk's history of proving himself to others even to his personal heroes.

2 Giants with their respective predictions - whom do you think would prevail?

Insurtech and Artificial Intelligence, What you need to know.

From independence to convergence. The market has changed and technology has brought fundamental changes in insurance, both startups, and incumbents.?

With the help of insurtechs, these technologies were efficiently integrated into the business process. AI, ML, NLP, telematics, IoT, drones, and smart home technologies. Both sectors are even exploring blockchain to create new ways to disrupt the value chain.?

Of the abovementioned, it’s agreeable that artificial intelligence is the one we’re currently exploiting. In what ways??

• Creating personalized policies
• Faster viewing and verification of data, and claims processing
• Eliminating redundancies in the process
• Improving risk analysis
• Relaying real-time information

Both startups and incumbents would be winners with the improvements using AI but the biggest winner would be customers - making the industry more relevant to the end-users should always be the end goal.

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