Techstars Insurtech Digest - Issue #73 is out ?? Are motor claims in Europe about to rebound? Highlights from Tesla AI Day and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments
Elon Musk wants Tesla to be seen as “much more than an electric car company.” On Thursday’s Tesla AI Day, the CEO described Tesla as a company with “deep AI activity in hardware on the inference level and on the training level” that can be used down the line for applications beyond self-driving cars, includinga humanoid robot that Tesla is apparently building.
Must-read insurtech stories
As economies begin to cautiously emerge from COVID-induced restrictions, insurers want to accelerate their digital transformation significantly to focus squarely on the customer, boost operating profit and get ready for what the future holds.
The insurance industry and insurtechs have be customer focus, digitisation, health insurance and microinsurance, with innovation at the fore.
I read a really interesting article the other day about Kim Scott, The New York Times bestselling author and former Google and Apple employee and her new form of management performance enhancement
Insurtech Reports and Studies
The COVID-19 pandemic has caused unprecedented disruption to the insurance industry overall, dramatically curtailing business activity, upending the everyday lives of employees and customers, and more. However, companies that derive a substantial portion of their business from motor insurance have enjoyed stronger bottom-line results during the pandemic than in previous years. That’s because when sudden lockdowns kept drivers at home and off the road (see exhibit), claims plunged by 60 to 80 percent almost immediately. As restrictions began to lift, claim volumes subsequently bounced back, although they remain 20 to 30 percent lower than they were before the pandemic. The corresponding drop in payouts for claims was only partially offset by the refunds on premiums that insurers paid to customers to compensate them for traveling fewer miles.
Post of the week
As the?#InsurTech?industry is surging in Europe ????, here are lessons we could learn from analyzing 10 years in that space, including how startups have covered / performed alongside the value chain & by market. (BestOf)?#FinTech
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Investment and Startup Use Cases
Hippo has become the poster boy for everything that is problematic with SPACs, with 83% of the capital raised by its SPAC being withdrawn prior to the IPO and disappointing reports leading to a dramatic drop in its stock price.
The startup, a digital insurance company that caters to modern mobility form factors like peer-to-peer marketplaces, will use the funds to hire more than 50 engineers, data scientists, business development, insurance and compliance specialists,?as well as scale into new industry verticals and across into Europe.
Even as the world becomes more digital, trucking remains as relevant as ever. E-commerce companies rely on freight companies to get goods from warehouses to customers’ doorsteps, and logistics plays a vital role in the global supply chain. And if trucking plays an important role in today’s economy, trucking insurance is important too.
Insurtech Digest Back Issues
Will 2021 be the turning point for Amazon in Insurance? Insurance Technology Trends 2021 and more. This week we have 12 resources you shouldn’t miss!
Insurtech - Summer break! This week we focus on best?insurtech investment stories and reports?of 1st semester 2021
Insurtech - Summer break! This week we look at?best insurtech articles and reports?of 1st semester 2021
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Solution Architect & Senior Expert Insurance at SAP - In early Retirement
3 年Nikolaus Sühr Lars Riemekasten Bastian Ebel Nils M.
Estratega en Transformación Empresarial y Consultoría | Especialista en Innovación y Crecimiento Sostenible
3 年Sebastian Ortiz Sergio Cortés Robledo
FinTech Enthusiastic | Simcorp Dimension| Investment management Systems | AI & ML
3 年Interesting, Thanks for Posting Alberto.
I run the Open and Embedded Insurance Observatory, a global community of over 50 insurance and non-insurance companies running or willing to launch embedded insurance programs - Any brand can be an Insurtech company.
3 年Very interesting, thanks for sharing Alberto