What is driving customers towards Insurtech platforms??? New emerging risk insights, insurtech glossary 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
Insurance is an industry that is full of jargon. For the uninitiated, it can be difficult to distinguish your ACV from your FNOL. That’s why we’ve compiled a handy list of insurance’s 50 most common (and most confusing) buzzwords, expressions and turns of phrase. Everything from actuary to vis major, brokerage to underwriting.
Must-read insurtech stories
Ford Global Technologies is seeking a patent for a built-in insurance management system in each of the OEM’s vehicles that would collect driver behavior data to generate an insurance risk value that would be based “at least in part on the context data and the activation of at least one ADAS feature.”
The patent also states the risk assessment value could be used by “third party data aggregators.” That drives home the importance, again, for collision repairers to do all they can to protect their customers’ personally identifiable information (PII) as CIECA, Datatouch, CCi Global Technologies, and others have previously described.
The energy industry is changing. A U.S. Energy Information Administration report found that solar and wind accounted for most new electricity capacity.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products. Offering faster on-boarding and claim settlements, diversification, and data-driven price discovery, the use of cutting-edge technology is bringing about a greater level of inclusion, efficiency, and product innovation thus changing the insurance industry landscape.
Insurtech Reports and Studies
This year’s emerging risks arise from climate change and the transition to a low-carbon economy, real and hyped technological disruptions, and increased global uncertainty and risk awareness. In addition, SONAR looks back at lessons learned to mark its 10-year anniversary.
Post of the week
Investment and Startup Use Cases
The start-up will deploy more context-relevant artificial intelligence (AI)/machine learning (ML) and computer vision-based products that will make customer journeys easy while optimising sales teams and customer onboarding, providing deep business analytics, and preventing leakage in financial reconciliation.
领英推荐
Konsileo has developed a proprietary broking platform with built-in compliance checks, and superior policy administration that frees brokers from unnecessary repetitive tasks and facilitates exceptional risk capture and insight and cross-firm collaboration
The insurance techn platform partners with insurers to offer quick, jargon-free insurance tailored to the needs of SMBs and sole traders. A single insurance API?connects with insurers to provide quotes by asking just two questions. As well as offering insurance directly through its website, upcover’s embedded insurance offering integrates with online businesses such as rideshare companies, online marketplaces, and fintechs for companies to monetise their existing customer base and independent contractor workforce. More than 5,000 small businesses, sole traders and independent contractors are registered on the upcover platform. Since launching eight months ago, revenue has grown 20% month-on-month and the business has introduced four new insurance products.
Insurtech Digest Back Issues
Many digital health companies have a low level of clinical robustness, the rise of “Nat Cat” and more.?Look at these and other news in our digest.
Insurance start-ups face credibility crisis, Insurers want agents to benefit from digital too and more. This week we have 12 resources you shouldn’t miss!
MGAs are paving the way for insurtech 2.0 and more.?A new perspective on an old-established industry.
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Advogado & Consultor Jurídico, Pesquisador, Professor Convidado, Autor e Palestrante | Seguros ? Legal Design ? Linguagem Simples Jurídica ? Inteligência Artificial ? Inova??o Jurídica
2 年Alberto Garuccio, although I loved your glossary, the need of glossaries just reinforces that the insurance market desperately needs plain language, UX writing and the use of visual resources to better communicate complex concepts. Regarding the technical legal concepts, Legal Design is there to help. It is heartbreaking that a 300+ years industry still struggles with that, negatively impacting the Insurance customer journey, life cycle and supply chain. I wrote a piece for American Bar Association in this regard, please check it out: https://www.lawpracticetoday.org/article/legal-design-and-insurance-a-win-win-case-of-disruption-in-financial-services/. Greetings from Brazil!
A Social #Entrepreneur | Man of Excellence #Award Winner 2022 ??| #MSMEs #Consultant | #Insurance & #Reinsurance | #Financial #Portfolio #Management | #Succession Planner | #Insurtech Innovator | Low Code & Visionary..
2 年Commendable Alberto ???? - A to Z of Insurance claim journey jargons are very well explained here ??????
I'm into Innovation, Tech and Sustainability
2 年Tempo di giochi sotto l'ombrellone, anche per?Italian Insurtech Association - IIA?#50insurtechITA Avete fatto tutti 50 su 50 ?? ?? ?? ? prima ancora di parlare di prodotti, tecnologie e innovazione, questa lista fa capire quanto incomprensibile sia a volte un'assicurazione per i nostri clienti. Daniela Carlo Alberto Giuseppe Enrico Orazio Alessandro Vittorio Andrea Federico Marco Francesco Flavio Andrea Luca Pierfrancesco Dario Davide Alessandro L. Alexandrina Stefano Fabrizio Marcello Raffaele Andreas Riccardo Mario Alberto Amato Luca Paolo Donatella Andrea Gloria Demetrio Federica Andrea
I'm into Innovation, Tech and Sustainability
2 年Tempo di giochi sotto l'ombrellone, anche per Italian Insurtech Association - IIA #50insurtechITA Avete fatto tutti 50 su 50 ?? ?? ?? ? prima ancora di parlare di prodotti, tecnologie e innovazione, questa lista fa capire quanto incomprensibile sia a volte un assicurazione per i nostri clienti. Matteo Simone Gerardo Andrea Edoardo Gianluca Giorgio Andrea Elio Titti Paolo Andrea Federico Massimo Yuri Pamela Pietro Menghi Eleonora Roberta Tomaso Gian Franco Fabio Fabrizio Andrea Andrea Adriano Sauro Francesco Enrico Fabio Carlo Paolo Stefano Filippo Igor Rossella
| Expert- Consultant| MC Consultants| ??Insurance Elephant??|Insurance Advocate
2 年So you are an insured who has suffered a claim and some of these fifty words become part of the claim settlement 'language' that is present in spoken and written carrier communications. Add in the many acronyms that carriers apply to process, paperwork, and policy provisions and insureds are left on the outside of a conversation of which they need to be on the inside. The unfortunate reality is that unfamiliar to the insured industry verbiage is often brandished as a figurative weapon in the claim and service process. The insurance word list is a fine reminder that insurance insiders know the concepts and should know that insureds do not know, so we then should know to help customers be on the path to knowing. :) What I know is that Alberto Garuccio consistently helps us know what to know. Thanks for the share and tag.