Ninety’s Insurance Innovation Pulse | July 2023 Edition
Ninety’s Insurance Innovation Pulse is our new periodic round-up of the pulse of new ideas in the global insurance industry. We cover monthly highlights, top innovation themes and Ninety’s Idea Pulse dashboard and innovation analysis for the month. The monthly dashboard monitors monthly innovation trends by business lines
Officially announced, ready to market innovations, VC investments and collaborations from leading insurers, reinsurers and brokers form the basis of our analysis.
We also showcase five case studies of innovations from a cross-section of business lines and innovation themes. For the most part, the case studies chosen are representative examples of commonly recurring themes of the month rather than examples that focus on novel ideas or one-of-a-kind solutions.
In addition, we will also highlight examples of future innovation as seen through the lens of research and venture investment in emerging risks and technologies.
Highlights
The Top Innovation Themes during July 2023
Five Innovations That Made Headlines in July 2023
Zurich Insurance (Singapore) has launched Zurich Edge, a set of embedded insurance capabilities, across all Asian markets where Zurich operates.
Focused on bringing a fresh perspective to digitally-embedded insurance, Zurich Edge provides a tailored, customer-centric approach to proposition development – powered by open architecture and full-stack platforms to drive seamless integration, deliver best-in-class user experience, and allow for a data-driven approach to partnership optimization.
Zurich Edge’s technology supports end-to-end customer journeys – encompassing quotes, purchasing, servicing, and claims – and customer interactions are fully digitized and strategically embedded into a partners’ ecosystem. Leveraging Zurich’s global footprint and experience, partners of Zurich Edge will also be able to benefit from the services of Zurich Global Ventures, and gain access to Zurich’s global API marketplace, Zurich eXchange, to enable faster integration of solutions. Alongside this, dedicated in-market ‘digital squads’ take a localized and collaborative approach to develop innovative propositions, which can be expanded beyond traditional coverage options, to drive long-term value in alignment with partner objectives and customer needs.
AXA XL in the UK has launched its Excess Emissions Insurance product to help marine clients to manage their environmental footprint and support action on carbon emissions.
In partnership with ClimateSeed – an impact company providing premium carbon removal and avoidance projects – the Excess Emissions Insurance product has been developed with AXA XL’s in-house Carbon team – a newly formed group which will review carbon products and services developed both internally and through the London Market.
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Excess Emissions Insurance, which is an extension to AXA XL’s existing marine hull product, indemnifies a vessel’s carbon output in the event of an unforeseen extended journey, caused by a covered risk, which results in additional emissions. Following such an event, the policy pays out with voluntary carbon credits equal to the amount of excess emissions emitted.
Assurant Japan has partnered with flight interruption insurance solutions provider Blink Parametric to launch parametric travel insurance technology in Japan.
The parametric overseas travel solution is a solution for disruption during overseas travel using air flights that applies this parametric insurance solution. With this solution, preset trigger events such as “delay”, “cancellation”, and “lost” are generated, targeting “flight delay/cancellation” and “baggage delay/loss”, which are typical troubles in overseas travel. It will be possible to provide various support “on the spot and immediately” to travelers who have subscribed to the service.
Features include ‘quickly’ detecting flight delays and cancellations and immediately notifying the customer’s smartphone or mobile device. Customers who receive the notification can immediately use support services according to the contract at the time of subscription, such as using the lounge and receiving consolation money, ‘simply’ by tapping the screen on the spot. This solution is also provided as an embedded type. It can be ‘seamlessly’ incorporated into the company’s platform or portal and added to existing services to provide new value to customers.
QBE North America has taken a step toward reducing its carbon footprint at its Marblehead office by purchasing certified renewable energy through the Marblehead Municipal Light Department’s (MMLD) “Go Green Now!” program. The Go Green Now! program, originally geared towards residential customers, was created to shift Marblehead’s power portfolio to renewable energy sources. QBE North America is MMLD’s first commercial customer to participate in the program.
Purchasing certified renewable energy in Marblehead is just one of many steps QBE North America has taken towards sustainability. The company has also purchased certified renewable energy in Wisconsin, Minnesota and North Carolina.
Prudential Financial has formed a strategic partnership with benefits startup Nayya “to harness artificial intelligence and data science that empowers employees to make better workplace benefits decisions.”
The new partnership will allow Prudential Group Insurance clients to take advantage of Nayya’s benefits decision support tool during open enrollment, which will help their employees better understand their benefit options and make smarter decisions.
As healthcare costs and complexity continue to increase in the U.S., many employees are confused about how to navigate their benefits in an affordable, cost-effective manner. According to recent research, 63% of employees don’t understand their benefits, despite the billions of dollars invested in benefits education by companies. Prudential is offering Nayya to its clients to take advantage of their employee health and financial wellness data to provide real-time personalized benefits recommendations, as well as year-round guidance, in order to maximize benefits and help employees make the best, most affordable choices for themselves and their families.
Founded in 2019, Nayya looks to simplify the process of choosing and understanding an employer-provided healthcare plan. The product helps employees find the plan that is right for them by asking a series of questions about lifestyle, health, location, etc. Nayya then looks at the various plans provided by the employer to show which one best matches the user’s particular lifestyle and budget.
Future Innovation – Research & Ventures
Senior Care Venture Investment: AXA Venture Partners backs K4Connect
K4Connect, a provider of enterprise technologies for senior living communities, has raised $8.9 million in a new investment round co-led by Bryce Catalyst and AVP (AXA Venture Partners), with continuing support from other existing investors, including Intel Capital, Forté Ventures, Topmark Partners, and the Ziegler-Linkage Fund.?
K4Connect is focused on bringing new technologies like voice assistance, home automation, digital messaging and more to older adults and those living with disabilities. The FusionOS-powered platform integrates a suite of solutions designed for residents in independent or assisted living facilities as well as other care facilities. This includes tools to stay connected to their families through voice and video messaging, as well as those for accessing a digital resident directory, playing games and staying informed on the latest community news.?