Why Innovation in InsurTech Vital For Engaging Gen Z, Metaverse & Insurance, Insurtech Funding Hold Steady in Q2, Tesla Insurance Coming To Georgia

Bite-Size Insurance Updates That You Need To Know

Why Innovation in Insurance Tech Is Vital For Engaging Gen Z

The lowest rate of any preceding generation, only 55% of Gen Z did not have a primary care physician in 2019. Consumers in Gen Z demand insurance that is more accessible, easier to understand, and altogether different from that of previous generations.

To enable Gen Z to make better use of their insurance benefits, Hamilton Insurance Agency developed BeneBee, an insurance resource app for both employers and employees. VP, Jason Zuccari, shared how he sees younger generations influencing the insurance sector.

Key points:

-?????????Gen Z wants something mobile, convenient, and easy to use.

-?????????Insurance must be proactive with the trends and attempt to be ahead of it, predicting

the next possible trend.

-?????????Younger people are coming to the insurance industry.

-?????????Telemedicine is the biggest trend to emerge from the pandemic

Metaverse and Insurance

Can insurance cover hazards in the Metaverse? There should be no question.

Even the insurance sector has referred to the Metaverse as its "new frontier," and there are already real-world examples of digital assets like NFTs that have the potential to be highly valuable and traded there. These assets satisfy?the requirements of?insurance, including the existence of an insurable interest, risk, and the possibility of loss-related damage.

Theft of digital assets, cancellation of events like virtual concerts, damage to virtual real estate, theft of cryptocurrency, and even the very typical home accidents brought on by overly immersive virtual reality experiences could all be covered by insurance in the Metaverse.

Coverage in the virtual environment could either be directly or through intermediaries, and premiums can be paid with fiat money or cryptocurrencies.

However, how we intend to integrate the Metaverse into our everyday lives will determine whether the Metaverse has a substantial impact on the insurance industry. It, of course, has a great potential to generate new products and services.

Insurtech Funding Levels Hold Steady in Q2 Vs. Q1

According to data released by CB Insights last week, the insurtech industry remained stable in the second quarter of 2022, coming in at around $2.4 billion, the same as the total funding number recorded for the Q1 of 2022.

Data was published online in a 197-page “State of Fintech Q2’22 Report”. ?After a significant decline in the first quarter, it has been stable quarter over quarter.

In the Q2 of 2022, there were 131 deals, which is a decrease of 26% from Q2 of 2021 and a reduction of 17% from the Q1’s 157 deals.

A strong Q3 and Q4 could allow deal counts for the entire 2022 to catch up to last year's total of 640, although funding levels appear more likely to be on par with those of 2019 and 2020.

Tesla Insurance Coming To Georgia Later This Year

Tesla is preparing to roll out their real-time insurance scheme, which computes a real-time Safety Score based on characteristics including hard braking and forward collision warnings. Monthly premium will be?determined by that safety score.?

Program?intends to?start date on?November 15, 2022, and that Tesla Insurance, which now uses the real-time Safety Score, will be offered in Georgia through their own "Digital InsurTech platform."

The program is expected to shortly debut in Maryland and Florida. It was most recently launched in Nevada last month.

80% of Tesla owners in the US are expected to be able to purchase Tesla Insurance before the year end. It will still be some time until Canadian Tesla customers can get Tesla Insurance. However, Elon Musk recently stated in an interview that Tesla Insurance would "Eventually" come to Canada.

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