Munich Re and Allianz Got The 2022 Business Insurance Innovation Award! This and more insurtech and innovation news that you should not miss.

Munich Re and Allianz Global Corporate & Specialty (AGCS),?Got The 2022 Business Insurance Innovation Award!

With greater digitization, new technologies, and increased use of cloud storage, businesses consider cyber dangers to be among the top threats they face, and with cause. Risk management in the cloud introduces a new level of data privacy and security issues, such as preserving resources, satisfying legal obligations, and educating employees.

As a result, major (re)insurers Munich Re and Allianz Global Corporate & Specialty (AGCS) collaborated with Google Cloud to create "Cloud Protection +", new insurance, particularly for Google Cloud clients that allow them to be a part of an even more secure digital future. It's all-inclusive cyber insurance for both first-party and third-party losses, with Google Cloud advancements.

Why Cloud Protection +?

1. Designed specifically for Google clients.
2. Simplified purchasing process.
3. Greater capacity and better terms.
4. Backed by major insurance companies.

To learn more - you can contact me or click here for more details.

?Well done for the cross-industry collaboration between Munich Re and Allianz. Thank you both companies for following our posts and supporting us!

4 Consumer Trends That are Reshaping P&C

Most insurers are more focused and driven by changing customer expectations. So here are the 4 trends that are redefining P&C.

1. The consumer revolution: The consumer revolution has resulted in a sharp rise in demand for insurance and protections that may be highly customized to a person's specific requirements and circumstances.
2. The emergence of real-time risk protection: AI, machine learning, automation, digital platforms, and data analytics enable insurers to provide flexible services at scale and in real-time.
3. The rise of ecosystems: Insurance will become ubiquitous for all sorts of transactions as industry borders blur and entry barriers decrease; insurers will orchestrate their own ecosystems and embed in those run by others.
4. New risks necessitating new products: From climate concerns to personal data ownership to virtual worlds, changing societal norms and cultural values provide new risks and opportunities for product innovation.

Read to learn more.

Would You Describe the Future of Underwriting as "Adaptable"?

If the answer is yes, then a poll of insurance executives in the mid-to-large commercial lines category who shared your opinion.

To add contrast, within the next five years, underwriting is anticipated to undergo significant change by 87% of insurers but only 69% stated the same thing in 2020. Changes are expected in the underwriting process and underwriters' roles - with the combination of ai.

Is this a new era for underwriting and what would be the future for underwriters?

Read to learn more.

Do Crypto Losses Create Opportunities for Insurers?

What do you think about these poised opportunities?

1. It is said that "crypto insurance coverage is a sleeping giant". Investors can be protected by insurers against situations such as a hacked decentralized finance system.
2. Market opportunity on less than 1% of all crypto covered and less than 3% of Defi.
3. Some cryptocurrency exchanges have begun to provide insurance money for customers, such as an emergency insurance reserve, to safeguard users against losses that are not the result of their own activities or conduct on the site.

Do you think insurers will or already grabbed this? What about the crypto investors' view?

Read to learn more.

News from Israel: Great Resignation Crisis - What is happening in Israel vs. Globally, Should We Only Blame Covid19?

These are the significant global trends for people quitting their jobs.

1. 4 million quit their jobs in April in the US, while 3.9 million in May.
2. 41% of workers are looking for new jobs according to a March Microsoft survey.
3. In recent surveys, 95% of people are thinking to leave their jobs.
4. According to Monster.com 90% of employees want to move to another industry to find the right job for them.
5. In June, 3.2% was peaked of vacancy rate and 6.9% was the unemployment rate.

So what's the cause of the crisis when the vacancy rate is high but the same with the high unemployment rate? The phenomenon known as The Great Resignation was one of the consequences of the covid19 pandemic, but it was not limited to business closures.

Researchers in the United States, Europe, and Israel identified the trend as early as 2014 – the pandemic only amplified pre-existing trends such as personal, economic, and social crises. They claim that the massive wave of resignations during Covid is part of a decade-long trend and may simply be part of the future labor market's transition process.

According to the Ministry of Finance, In June 2022, the employment rate in Israel for those aged 15 and up was 61%, 0.1 percentage points higher than before the crisis, and the participation rate was half a percentage point higher than before the crisis.

As per the review's findings, there was no widespread and prolonged phenomenon of resignations and exiting the labor market in Israel during the crisis.

The decrease in employment over the course of the crisis was primarily due to a significant increase in the number of those laid off and on sick leave, while the number of those resigning who have not worked in the last two years was not unusual in comparison to before the crisis.

Should we only blame covid19 for the great resignation? What do you think about these findings?

Read the articles - click here and here

Back From Summer Your Summer Vacation Already? Congratulations!

Dear Insurtech and Innovation Friends,

I hope you and your kids are excited to go back to work and school. Just kidding who wants to end their lovely vacation, right? Anyways, I hope you all are going back feeling great, energized, and pumped up whether for school or work.

While I am still busy packing to get out of Tel Aviv into the suburbs - slowly but surely I will get there the soonest. Your Likes, Shares and Subscribes will surely give me energy.

Follow me on?Twitter ?and?Instagram

Disclaimer: Personal thoughts and views are my own and do not reflect the interest of any companies and institutions.

Best, Dikla ??