Add by RSS Feed
Get the Android app
Get the iOS app
Insurtech Story Podcast
A podcast for all insurtech lovers. Short and crisp talks on what's going on in the insurtech market and how it will shape our future.
Jul 26, 2022
How blockchain can redefine the future of auto insurance
The auto Insurance industry participates in various processes that are characterized by data exchange, which is modified or updated by many parties. Hence, the auto insurance industry can benefit from the adoption of blockchain technology. However, there is a lack of understanding of the technology, the legal implications and the issues in implementing the technology. The session today aims at finding potential opportunities for the auto insurance sector on the implementation of blockchain technology. It also discusses issues and concerns for automakers wanting to adopt blockchain technologies with real life examples and solutions from KoineArth. Key discussion areas: 1. Being in the blockchain field for years now and your recent entry in the auto insurance domain, how you think car insurance companies can best benefit through blockchain specially in a time when regulatory norms are defining the future of insurance. 2. In India, we have seen how IRDAI have recently announced the usage-based insurance model approval and your organization has a significant contribution in this regard. Can you explain, how your blockchain led solutions aim to monetize data and help reduce cost for the end user. 3. Lastly, you broadly spoke about enterprise NFT’s and how it can solve auto insurance problems in various media for the end customer. Can you explain how this benefits insurtech players and insurance players specially from the context of data sharing. Speaker Bio: Dr. Praphul Chandra, who is the Founder of KoineArth which is a blockchain company that offers supply chain solutions for invoice financing, contract enforcement, and inventory visibility. With over 2 decades of experience in the software industry, Dr. Praphul worked with Hewlett Packard for 10 years and held various positions such as Senior Research Scientist, Research Manager and Principal Research Scientist. He also worked as a Software Engineer at Tachion Networks, USA, as a Design Engineer at Texas Instruments, USA and as a Software Developer at Infosys. In July 2017, he started Koinearth to explore how the emerging technology of blockchains can leverage Game Theory and be combined with AI/ML to provide solutions to some of today's challenges. In 2015, Dr. Praphul was featured as one of “The Top 10 Data Scientists” in India.
Jul 19, 2022
How AI and ML is revolutionising the underwriting and risk assessment processes in Life Insurance
Data today is the most valued asset and it is the most dispersed across several platforms specially in life insurance that has been sitting on a rich trove of big data which is mostly untapped. Artificial intelligence-based data management technologies for the life insurance industry are being used much more quickly now. Particularly, artificial intelligence in life insurance has grown in prominence within the areas of risk assessment, fraud detection, and efficient underwriting. Besides, the advantages of AI/ML applications in life insurance, particularly natural language processing, has started to get greatly appreciated by businesses. It became simpler to calculate the exposure within insurance portfolios for unforeseen events by being able to standardise previously unstructured documents. Points of discussion 1. The global AI market is projected to grow at a CAGR of 42.2% to $733.7 billion by 2027 and AIML use in life insurance is only bound to grow. Based on current trends, how you think AIML can fast track its adoption within the life insurance industry. 2. In the insurance industry, data and analytics are crucial to the underwriting process. Underwriting is a crucial step not just in life but in other areas of the insurance process since it involves risk analysis and pricing. Considering this, what would be your take on some of the industry best practices for AI in life insurance underwriting. 3. Artivatic is known for its AI integration support in the Indian insurance market and you guys have showcased some great products for the sector like AUSIS for the life insurance underwriting. Can you please brief our listeners a bit more on this and how it aims to transform the life insurance business. Speaker Bio: S. Mahesh, who is the Vice President – Products at Artivatic.ai which is a global risk & decision-making platform that automates human decisions in insurance & healthcare to provide efficiency, transparency, risk assessment, personalisation and digitisation in the entire lifecycle of operations. In his role with Artivatic.ai, he is responsible for ongoing development of smart technology driven underwriting platform embedded with AI / ML based risk management models and rule engines. Mahesh is a senior leader with over 29 years of experience in the BFSI sector specifically with the Life Insurance sector in areas of Operations, Technology and Administration. In his past experience, Mahesh has worked in senior leadership positions with companies such as Future Generali Life, Tata AIA Life and HDFC Bank. He is a domain expert in life insurance and his expertise is in running large scale operations and implementing cutting edge customer-centric solutions and processes.
Apr 6, 2022
How insurtech can shape the future of employee health benefits
Key discussion areas: * How you think the future of technology will shape the benefits industry? * Moving to some specifics, the employee benefits industry is changing with varied scope of offerings. The World Health Organization suggested that by 2030 depression will be the world’s most widespread disease. So it is clear that there will no “one size fits all” theory, flexibility will be the key. So how do you see technology supporting this to benefit both insured and the insurer / employer? * To look at the digital side, there is a rising focus on digital tools. However as per a study by EY, 28% of middlemen like brokers are less satisfied with tools offered by insurance companies. What’s your experience in this and how you see the future changing? * According to you, what will influence the future of benefits design? Speaker Bio: Michael Levin, is the Co-founder and CEO of Vericred, a company that connects InsurTech companies and insurance carriers through a suite of APIs that transform the speed, reliability and efficiency of delivering health insurance and employee benefits to consumers everywhere. Based in New York and backed by leading investors, Vericred offers robust solutions for the employer market, as well as the under 65 individual, Medicaid and Medicare markets. Levin identified the problem that Vericred was founded to solve while he served as Chief Operating Officer for Affiliates Risk Management Services (ARMS), an insurance, risk management and e-learning services provider for healthcare professionals. Prior to ARMS, Levin disrupted the color printer supply business with the first company he founded, Media Sciences. After a decade of growing the company to a peak NASDAQ market cap of $80 million the company was split in two and sold to Xerox and Katun. Levin received his Bachelor of Science in Mechanical Engineering (BSME) degree from Lehigh University. He and his wife Nancy have four sons and live in New Jersey.
Oct 12, 2021
Navigating Insurtech - how digital will transform insurance in APAC
Like many sectors of the economy, the insurance industry is affected by increasing technological innovation and disruption in the digital era. Technology in insurance, or Insurtech, is experiencing rapid growth, increasing investment and enabling technology to greater influence, and in some cases transform, the insurance industry. Now moving the shift a bit to APAC, this region is particularly experiencing massive technological advancement in the insurance industry. The extremely high expectations of consumers in the region for seamless and personalized digital experiences inspire a great deal of innovation. Firms in mainland China and other markets are experimenting widely and delivering impressive results with new products, new distribution models, and new technology. The top performers are both capitalizing on near-term opportunities and establishing a strong foundation for long-term success. The performance is primarily driven by China and some positive performance in South Korea. However, some mature market in the region such as Japan is struggling due to their rising population age and consumer expectation shift. The penetration rate in China increased from 1.4% in 2013 to 1.9% in 2018. Non-life insurance is showing rapid growth compared to life insurance in the Asia-Pacific region. The Gross Written Premium (GWP) for life insurance increased by CAGR 4% whereas, the non-life insurance for the Asia-pacific region increased by 7.5% for the same period. With this, we moved on to discuss the following: 1. Views on opportunities of Insurtech in the insurance industry. 2. Insurtech is a steadily growing sector within the larger tech, start-up and fintech spheres when Covid-19 made landfall, catalysed cross-industrial digitisation and accelerated the boom. This growth has been marked by the rise of many insurtech giants with some crossing a valuations above $1 billions. Basis this, the speaker gave his views on the evolving insurance ecosystem. 3. Insurtech industry is thriving through ground-breaking innovations that is increasingly focusing to solve some real problems from motor insurance to climate change to sustainability issues. Now looking at leaders like Allianz partners, the company has been working many such initiatives one of which is the partnership with Irish Insurtech BlinK and the introduction of the Automotive Innovation Centre that focuses on future mobility including telematics and engineering. With this, the speaker shared some of key initiatives of Allianz Partners in the Insurtech Space. 4. Asia-Pacific is one of the diverse markets for insurers. It is a newly emerging and attractive market for insurance products as it is home to nearly one-third of the world population, few of the fastest-growing economies in the world such as China and India which is expecting to be the world's largest economy by 2030, and multiple countries with rapidly expanding middle-class population. Considering this, the session touched upon Allianz Partners unique positioning of insurance with respect to service, technology & practices specially in APAC. Speaker Bio: Vinay Surana - is the Asia Pacific - Chief Executive Officer at Allianz Partners. Vinay is based in Sydney, Australia and he leads the Asia Pacific business with responsibility for Australasia, China, Japan, India and South East Asia. Vinay brings over 20 years of global experience in the financial services industry to his current role. Prior to joining Allianz, Vinay held the position of Senior Vice President, Head of Individual Personal Insurance for Asia Pacific within AIG, where he spent more than 13 years in various senior executive positions across numerous markets within Asia, the United States and Australasia. His expertise ranges from insurance and underwriting, strategic planning, reinsurance, risk management, partnership development and digital enablement as well as Insurtech to name a few.
Oct 1, 2021
Digital Disruption in Commercial Insurance
Insurance is the fourth most disrupted industry and the one inclined to the most disruptions in the coming years. Much of the transformations are a result of the growing adoption of mobile technology, AI, ML, cloud and data technologies to name a few. So essentially, these technologies are redefining how insurance products and applications for services like claims processing, fraud detection, underwriting and risk management are distributed and managed. And, in other words, these new digital trends in insurance have given rise to a tide of technology driven insurance companies – which we know today as the Insurtechs. With this, we moved on to discuss the following: 1. Insurtechs are fast-moving, digitally enabled enterprises that are identifying and capitalizing on the weakness of traditional insurers in fields like auto insurance, P&C insurance, liability and home insurance with highly valuable offerings for customers. As a result, the entire industry is re–examining its solutions and delivery models that are weak and exploring opportunities for innovation with disruptive new technologies. Considering this, the speaker gave her views on how key trends like Customer Engagement and Digital Data Management can get disrupted by emerging technologies that can have a profound impact on the industry. 2. As a following question to the previous, we discussed on other opportunities with new-age technologies that can impact the commercial insurance sector. 3. Insurers are adopting emerging technologies to digitally transform their services and drive themselves forward in the digital world. However, insurers must be farsighted and strategic about the technologies they adopt and consult with experts on the best approach to going digital. With this, the speaker gave her valuable advice to insurers to help them avoid being blindsided by disruption in insurance. In other words, the speaker addressed how better strategies and vision can help insurers deal with such technology disruptions. 4. Moving towards the current market scenario, changing risk landscapes and worsening loss ratios are shifting the role of commercial insurance companies from risk mitigation to risk prevention. Additionally, the pandemic has put new pressures on business models as well which are increasingly making digital transformation a top priority for insurance carriers. Some of the main themes that are coming out of this are behavioural economics, IoT, and telematics. With this, the speaker gave her views on telematics and real-time monitoring technologies that can offer more flexible and usage-based insurance (UBI) products in the coming days that are beneficial for both the provider and the customer. Speaker Bio: Parul Kaul-Green, is the Chief of Staff, APAC and Europe at AXA XL. Prior to this, Parul was the Head of AXA NEXT Labs Europe at AXA UK Group. Parul is also a board member of UK Insurtech board at Tech Nation, which aims to promote UK’s position as Global Insurance leader. She was recognised as Top 17 Powerful women in Insurtech in 2020 and features on the Women in Fintech Power list for Global Fintech Industry. She is a mentor at Pitch@Palace & Mayor of London’s International Business Partnering and Business Growth Programme. Besides, she is also an advisor to Insurance Times on Technology and Innovation. Lastly, Parul is one of the key contributor / author to “The AI Book”.
Aug 13, 2021
The promises and perils of Insurtech
The insurance sector, in riding the wave of the FinTech phenomenon, has been rapidly expanding, with a slew of firms having emerged to provide ‘Insurtech’ services. These services incorporate concepts such as blockchain, artificial intelligence, digitalisation, and the sharing economy to various aspects of the insurance industry. This profusion of technology brings with it the promise of various benefits in increasing efficiency and lowering costs for not only insurers and intermediaries, but also businesses or consumers as end users of insurance. However, if we dive deeper, the development of Insurtech comes with corresponding risks and regulatory concerns not currently accounted for by the traditional regulatory model. With this, we moved on to discuss the following: 1. Insurtech has been a growing force around the world, as evidenced by increasing Insurtech investment funding from 2011 until Q2 2021. How can we expect this scenario moving forward? Will there be more inclination towards mergers and acquisition or will there be a massive sum of venture capital still flowing into multiple new start-ups looking to tackle different niches in the vast insurance sector. 2. Insurtechs are increasingly looking to find applications throughout the life cycle of an insurance product, like from product development, underwriting and distribution to administration and claims processing. With this, how can we expect technology getting leveraged to benefit insurers as well as customers in each of these phases of the life cycle. 3. The insurance industry consists of potential prejudice and discriminations particularly when they collect and apply data. For example, the question of whether it would be fair for an insurer to use personal data from social media or networks to evaluate a customer’s risk profile does not admit of any easy answer and such prejudice may manifest as higher insurance costs. Considering this, the speaker gave his views on - how insurtech can best tackle such situations. 4. Can we better promote innovation in insurance? If we see from the compliance side, regulators should adopt a more liberal attitude towards the rise of Insurtech. In-fact, regulators should consider how to create the proper environment to foster innovation. Listen in to know Steve's view on this pressing global challenge. Speaker Bio: Steve Tunstall, is the CEO & Co-founder of Inzsure. Inzsure is your digital partner throughout the entire insurance cycle from procurement to claims and renewals. So don’t forget to check out inzsure.com to learn more. At Inzsure, Steve is responsible for managing all aspects of the business, including strategy, finance, sales and marketing. Prior to Inzsure, Steve has 30 years of experience and has managed five companies in four countries including two previous start-ups. Based in Asia for most of his career with experience in dozens of countries globally, Steve brings a broad-based approach to the management of both risk and opportunities. To name some, his previous roles included: Head of Compliance, Insurance, Legal and Risk at Cathay Pacific and risk advisor to the rest of the Swire Group, Vice President of Risk for Genting Singapore & Resorts World Sentosa (RWS) and Managing Director for Jardine Pacific, Schindler Lifts Singapore. Steve also holds the following positions: General Secretary at the Pan Asian Risk & Insurance Management Association (PARIMA) and Asia Ambassador at the International Insurance Society.
Aug 5, 2021
Cyber Protection for Small Business - an Insurtech Solution
Small businesses are the number one target for cyber criminals, with 60% of them closing within six months after an attack. Since February 2020, there has been a 600% increase in phishing. 67% of businesses have experienced an IoT security incident. In Canada, nearly a quarter of all small businesses have fallen victim to a cyber-attack since the pandemic began. Now more than ever before, the small business sector is beginning to prioritize cybersecurity and cyber liability insurance to mitigate potential crippling financial risk, which is setting the stage for a major trend moving forward: the merging of cybersecurity technology and insurance to mitigate insurer’s risk and provide the best overall coverage for small businesses. Also to add here, as the risk and financial impact of cyberattacks continue to rise, every small business owner can take proactive steps to understand the potential threats and to protect company data and assets. Cyber risk is not just a problem for the IT department; it must be regarded as one of the most destructive sources of risk for a small and medium size enterprises. With this, we moved on to discuss the following: 1. In line with the podcast topic, what is meant by Cyber Protection, and why is it important for Small and Micro-sized Enterprises ("SME")? 2. Penning down some of the key Cyber Protection challenges faced by small and micro sized businesses. 3. From the solution front, what are some of the traditional insurance solutions that SME’s use to protect themselves against Cyber and how is technology improving these traditional solutions? 4. There is no magic formula towards countering Cyber Threats, and with this our speaker Sam Kramer has some advice for the industry people on how best they can protect their small businesses from possible Cyber attacks leveraging the benefit of technology. Speaker Bio: Sam Kramer, is the Vice President of Reinsurance at Corvus Insurance. Corvus is reimagining commercial insurance for a digital world by making insurance smarter and policyholders safer. Corvus was Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries. Sam's focus at Corvus is on the cyber protection solution targeted towards small and micro-sized businesses. Prior to joining Corvus, Sam spent most of his career in the insurance industry, including at insurers, reinsurers and various insurance-focused financial services and advisory roles.
Jul 20, 2021
How Insurtech can close the protection gap in emerging markets
Emerging consumers present a promising market for insurance, and creative insurance companies have been developing promising models to reach this market for years. Since the 1990s, the micro-insurance movement has demonstrated the benefits of insurance for low-income people, as well as exploring new business models to serve these customers profitably in frontier and emerging markets. Micro-insurance pioneers, as well as social insurance programs, targeted customers in the informal economy who were underserved by mainstream commercial insurance. Micro-insurance models matched their premiums and benefits to the needs of these groups. Today, inclusive insurance expands this market and product-development work to all those who have not been served by traditional insurance, including the lower middle class, while retaining a particular emphasis on vulnerable and low-income populations. With this, we moved on to discuss the following: 1. In reference to the speaker's (Susan Holliday) article - How Insurtech can close the protection gap in emerging markets, Susan explained on what Inclusive Insurance would mean, and why it matters in today’s world. 2. The insurance industry as compared to the traditional way of functioning, is responding to the market opportunity today in a very significant way. According to the Insurance Information Institute, in 2005, only seven of the major insurance players were involved in micro-insurance; in 2011, there were thirty-three. By 2016, sixty major insurers, including AIG, Allianz, AXA, MetLife, and Zurich, were active in micro-insurance. Considering this, how the industry would move towards this new equilibrium. 3. In reference to the speaker's article, she (Susan Holliday) have categorically spoken about the opportunities in developing countries and to quote from there - “the penetration of insurance in developing countries is generally much lower than in advanced economies. Typically, the insurance industry takes off when GDP per capita reaches $5,000”. Noting these observations, how insurance and insurtech will play a major role in the economic development and prosperity of the world. 4. The pandemic have significantly widened the protection gap in emerging Asia where the prevalence of under-insurance and non-insurance exists across various different risks, from property to health and mortality, variously also extending to include longevity and liability. Basis this, the speaker expressed her views on how the emergence of insurtech and large VC funding’s for innovative insurtech start-ups can deal with the low insurance penetration specially when we see it from the viewpoint of lack of accessibility, affordability and awareness. Speaker Bio: Susan Holliday, is an advisor to the International Finance Corporation (IFC) and the World Bank where she focuses on insurtech and insurance for SMEs and women. She has served on insurance sector boards in UK, Brazil and India and is currently a board member of Tribal Planet, a Silicon Valley tech company, and an advisor to Eos Venture Fund and to several start-ups. She has worked across life, health, property and casualty insurance and reinsurance at both global and regional levels and led strategy for emerging markets and fintech. Prior to joining IFC, she was a managing director at Swiss Re, serving as head of strategy for Swiss Re’s global reinsurance business and before this CFO of Reinsurance Client Markets and Group head of investor relations. Before Swiss Re, she was in equity research and equity sales covering the insurance industry at UBS, JP Morgan and Paribas. Ms. Holliday is also a member of the Chartered Institute for Securities & Investment in the U.K. She graduated from Magdalen College, Oxford, with a degree in Modern History and completed Harvard Business School’s Advanced Management and Women on Boards programs.
Jul 13, 2021
The influence of Data in Digital Underwriting
Underwriters have long been essential in traditional insurance contracts, dating back to the 17th century ‘Lloyd’s of London’s’ marine market. Underwriters were subject matter experts and had to supplement scarce historical data with large amounts of personal intuition and experience. Over time, more advanced techniques were adopted. These techniques include event probability curves, accumulation limits and hazard rating. These only represent decision-support tools – in many cases underwriters still applied large amounts of judgement into the ‘art’ into the risk selection process, particularly in large, complex risks and special insurance. This not only encompasses technical risks, but the commercial realities of the insurance market. With this, we moved to discuss: 1. How insurer can best utilise its underwriting operation to leverage the benefit of big data for a better decision making process. 2. Where data will play a major role in modern underwriting from a digital context. 3. Currently, underwriters are working hard to select and price policies appropriately to maintain organisational profitability and remain competitive in the market. In this scenario, how automation of the underwriting process can get into the mainstream of the insurance value chain. 4. The internet has rapidly become a normal part of life and people are well equipped with technology. Today’s customers want online platforms to be straightforward and transparent, and they shop for products that meet their needs. Digital ecosystems and platforms are paving the path for direct sales in the insurance industry. Considering this, how direct sales can get impacted by automated underwriting. Speaker Bio: Michael Robinson, who is the Vice President for Insurance Transformation & Digital at Genpact for Europe. He works with a number of global carriers to transform their operations into digital and lean operating models, that move to pro-active insurance risk management instead of post event loss compensation, making insurers a partner for risk.
Jul 11, 2021
The Impact of Cloud Computing on the Insurance Industry
Cloud computing is having a huge impact on the insurance industry, with benefits for internal processes, new customer acquisition, and policyholder loyalty. Cloud Computing has had a huge impact on all sectors, in terms of business processes, production dynamics, and in the relationship with customers, users, employees, and suppliers. According to a 2018 Gartner Study, cloud users will double by 2021, while the market around this technology will increase from $153 billion in 2017 to an estimated $302 billion by 2021. With this, we moved on to discuss: 1. 3 main advantages of Cloud Computing in the Insurance industry. 2. Cost savings is something that insurers are deeply concerned with and to tackle this challenge, there is an increasing interest in cloud shown by the industry. So how will this be shaping-up in the days ahead. 3. Some insurers fear that the use of cloud technology may not necessarily help them know where their data is, and so insurers don’t really understand whether it is secure and without being able to touch and feel the servers in the data centre, this is adding up to the existing security concerns particularly when it is governed by third-party relationships. So how will this be changing in the coming days. 4. Now coming to one of the major area of focus with respect to market relevance, that is, we live in an era where technology-led digital transformations are redefining industries and insurance is one of them. Majority of the core insurance systems are decades old. Proprietary platforms and legacy technology may limit insurers ability to change and innovate. With all these, what can we expect from the incumbent insurers journey towards a successful cloud migration. Speaker Bio: Anshul Srivastav, is a leader with major operating tenets as driving technology transformation through thought leadership, design thinking, innovation, analytics & delivering value to stakeholders. Anshul is a global technology leader and change practitioner who has been instrumental in driving technology transformations for businesses in the range of multi Billion dollar as revenues. His experience has been around taking up strategic technology initiatives, architecting, delivering and managing it at an enterprise level. Anshul has several notable career accomplishments, wherein he has led, created and launched the key Artificial Intelligence, Blockchain, Cloud, ecommerce, mobile and business intelligence initiatives for various Financial Institutions across the world. He is a transformational leader and Senior Management IT professional, with more than two decades of experience spreading across multiple geographies (US, Europe, South East Asia and Middle East). Anshul has built & led local, regional, and global teams across 3 continents. Anshul is currently the Co Founder and Chief Technology Officer at Proton Insurance and he has over 22 years of experience in Insurance, Banking and financial services. Anshul is also an ex-Chief Information Officer of Union Insurance Dubai and he has mentored and advised over 160 startups since 2010 across domains.
Jul 3, 2021
How insurance distribution can evolve in a digital world
Physical sales forces and intermediaries are responsible for the majority of insurance distribution across geographies and line of business. While the share of business conducted via these channels has been shifting during the past decade as some customers migrate online, they remain the primary channels across life, commercial, and personal lines property and casualty. But continued physical distancing is having dramatic and immediate impacts on insurance distribution. With this, we moved on to discuss: 1. The changing trends of insurance distribution towards a self-service driven model where client demands for self-service in the current environment is only getting accelerated which is eventually giving way to digital. 2. Will a shift towards self-service driven model, support a better customer service and agent satisfaction. 3. The changing distribution strategy for insurers in the near term, specifically from the Indian consumer context. 4. From a distribution standpoint, con…
Jul 2, 2021
Fostering insurance innovation in the APAC Market
There is a wide range of innovations being explored in this industry. In 2018, 30% of insurance companies were already using or considering using robotic process automation (RPA) to review claims. However, no insurers were already using RPA for underwriting processes. Underwriting automation means that the process of evaluating the risk of insuring a client will be performed by a computer, rather than a person. There is still plenty of room for growth, because very few insurers have mastered how to integrate this innovation into their business models. The auto insurance industry has already begun integrating technology into its policies, for example with the introduction of usage-based insurance (UBI). In the United States, the most valued UBI feature in 2017 was the automated emergency call. Unsurprisingly, Millennials were shown to be the generation most likely to be willing to share recent driving data in return for personalized insurance quotes. The health insurance industry is a…
Jun 24, 2021
Unlocking Cyber Insurance opportunity
As insurers grapple with managing the growing number of digital-related risks, it should be emphasized that getting onto the front foot in terms of cybersecurity does not just mean layering IT systems on top of legacy solutions. Rather, an approach that involves a mix of people, processes, and technology is required to drive a cyber-resilient enterprise. Cybersecurity has always been viewed as a technology risk rather than a business risk. This misconception extends to business resilience, which is usually thought of as disaster recovery among insurance CISOs and security executives. In the meantime, insurance carriers and their associates are gearing up for the stringent regulatory scrutiny that will accompany GDPR, which came into effect in May 2018. They are aware of their overall accountability to recognize cyber threats in advance, reduce an organization’s exposure to malicious attack and, most importantly, react quickly. In practical terms this requires insurers to put in plac…
Jun 22, 2021
How technology is reinventing the way India buys insurance
In India, the overall market size of the insurance sector is expected to US$ 280 billion in 2020. The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 3.76% in FY20, with life insurance penetration at 2.82% and non-life insurance penetration at 0.94%. In terms of insurance density, India’s overall density stood at US$ 78 in FY20. The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance segment, private players held a market share of 33.78% in premium underwritten services in FY20. In FY21 (until March 2021), premium from new business of life insurance companies in India stood at US$ 31.9 billion. In India, gross premiums written of non-life insurers reached US$ 26.52 billion in FY21 (between April 2020 and March 2021), from US$ 26.49 billion in FY20 (between April 2019 and March 2020), drive…
Jun 16, 2021
How Insurance is rising to the challenge of digital transformation
The world is changing, digitally. We are moving towards an era of lessened human intervention. Rapidly evolving technologies have brought huge disruptions to their digital platforms. We are seeing autonomous cars, contact less payments, and chatbots that advise people on how to manage their wealth and investments. Netflix, Uber, Amazon, and many other ideas have transformed their industry segments forever with seemingly effective and yet simple ideas. The insurance industry is embracing digital transformation in various ways to mitigate complex challenges it is facing from consumers, regulatory and digital landscapes. Global Insurance industry leaders are working on developing digital enterprise portals that are built for future needs. They encompass meeting future demands with predictive analytics, report on the financial performance of products, and plans to provide a bird’s eye view of all the micro and macro indicators of the insurance business. With this, we touched upon the…
Jun 11, 2021
The APAC opportunity for Insurtechs
Asia-Pacific's private insurance technology landscape may be dotted with several unconventional startups seeking to unseat incumbents, but venture capitalists will gravitate toward less disruptive and more collaborative technology startups. S&P Global Market Intelligence data shows at least 335 private insurtechs operating in Asia-Pacific, with about 122 of them disclosing $3.66 billion in aggregate capital raised via private placement deals. China and India are collectively home to nearly half of private insurtech companies in the APAC region. The two markets will continue to corner the lion's share of investor interest, thanks to their large and fast-growing insurance markets. Discussion points: The APAC region, with most of its insurtechs complementing existing carriers, presents a contrast to the U.S., where private capital is skewed toward full-stack companies looking to disrupt the incumbents. Insurers in APAC – which is the world’s largest life insurance market and the…
May 28, 2021
How blockchain and smart contracts will disrupt insurance claims
Among other financial sectors, the insurance sector remains orthodox. Insurance companies have been slow when it comes to indulging the technology in daily business routines. Blockchain technology can perfectly benefit the insurance industry by enhancing the efficiency, improving the customer experience, reducing costs, and reforming data collection, quality and analysis. According to Bramblet (Managing Director, North America P&C Insurance and Digital Leader), in the current time, 46% of insurance companies are anticipated to implement blockchain technology in their systems. In addition, 84% of insurance companies have pinpointed blockchain and smart contracts as a revolutionary technology aiming at improving their approach when engaging with new users. Blockchain technology could be implemented in the insurance sector to improve two aspects. The first aspect is to enhance insurance processes as salaries, paying expenses, premiums and claims. The second aspect is through supporting n…
May 22, 2021
From AI to API: let's explore the latest advances in insurance
Insurers are increasingly tapping into the power of APIs to drive digital innovation and meet the demand for exceptional digital experiences. APIs allow insurers to create connectivity and facilitate interactions among applications and devices by providing a standard way (protocol) to access data, whether on cloud or in-house from any app or device. Such API-led connectivity helps insurance firms turn repetitive but complex processes into highly reusable ones that drive productivity. So what in store? The modern vision of insurance IT relies on API-led connectivity. For insurers looking to achieve the speed, agility and enhanced digital capabilities necessary for optimising customer experiences, API integrations are a must. As the digital ecosystem further shapes up, the leading carriers of tomorrow will be the ones who leverage (open) APIs for insurance to partner or orchestrate in a larger network to deliver a full suite of best-in-class solutions and services. Some of the greta us…
May 19, 2021
The Impact of AI on the future of Insurance
AI has only scratched the surface of the insurance industry. There are dozens of processes that could be greatly improved using AI, with the potential for more insurance providers to implement the technology across their businesses over time. Some of the applications that can benefit most from AI include pricing, claims handling and fraud detection. In the recent years, the insurance industry has started to implement AI and related tools into business practices. However, insurance companies have been much slower to adopt new technologies compared to some of the industries we mentioned above. But because the insurance industry is so multi-faceted, the possibilities of AI and machine learning are nearly endless.
May 16, 2021
Will Insurtech Really Disrupt the Insurance Industry
We are witnessing a sharp rise of insurtech in recent times - Over the past few years, insurtech have emerged in the insurance space. Investments have grown by leaps and bounds—whereas $140 million was invested annually in 2011, investment climbed to $270 million in 2013, and $2.7 billion in 2015. Over this same period, the most successful insurtech ventures moved beyond the seed and venture-capital rounds of financing to advanced funding rounds. The average investment per insurtech has risen fivefold, from $5 million in 2011 to $22 million in 2015. An analysis from Panorama Insurtech database - shows that despite the US has been the pioneering market for insurtech, now only 46% of the companies are headquartered in the region with another 40% based in EMEA. After the US, the UK and then Germany are the homes of most insurtech companies. Asia-Pacific region accounts for only 14% of the insurtech but is expected to be the fastest growing region in the coming years. Insurtechs are act…
Apr 13, 2021
The insurer of the future - a digital strategy viewpoint
The insurer of the future - a digital strategy viewpoint Track duration: 00:39:42
Mar 1, 2021
Insurance technology trends that will shape the industry in 2020 and beyond
Insurance technology trends that will shape the industry in 2020 and beyond (Deluxe Edition) Track duration: 00:56:11
Mar 1, 2021
Insurtech: Envisioning the future of insurance
Insurtech: Envisioning the future of Insurance (Deluxe Edition) Track duration: 00:37:24