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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.
13 hours ago
Prioritising Predictive Analytics for P&C Underwriting
In order to forecast future results, predictive analytics tries to connect different factors or traits. However, the process has long been constrained by access to incomplete data in antiquated systems or overburdened by the enormous amount of work normally required to attempt to connect a large number of variables. Predictive analytics, which rely on tools that use advanced algorithms to find patterns in massive data sets and develop links, has mostly addressed these challenges. Besides, predictive analytics can segment or prioritise claims in the context of claims management, prioritising potentially high-cost claims early on for cost control or accelerating low-cost claims for settlement. With the help of predictive analytics, what had previously been a hit-or-miss and frequently labour-intensive claims identification process may now be much more data-driven and effective. Points of discussion: 1. Within the P&C underwriting sector, the predictive analytics function has witnessed noteworthy momentum and significant attention from industry leaders. Why do think P&C insurers are prioritising on predictive analytics now? 2. Predictive analytics are primarily used to find patterns and relationships that cannot be found just by humans. How do you see this technology to be of use by the P&C insurers specially from the underwriting viewpoint? 3. There are a wide variety of uses for predictive modelling in insurance. How do you see this technology providing a tangible cost savings for the industry? Speaker Bio: Vivek Pandyarajan, is the SVP and Head of Technology & Data for P&C Solutions at Swiss Re. Prior to joining Swiss Re, Vivek served as SVP, Global Delivery Head at Intellect SEEC, a leading insurtech and data company, managing an organization of 500+ associates to oversee global product implementations & program deliveries for P&C clients. Before Intellect, Vivek worked for several Fortune 100 firms such as Chubb and JPMorgan Chase in the United States overseeing enterprise wide IT initiatives such as Digital Transformation, Robotic Automation, Policy Administration & Servicing (PAS) Replacement, Credit and Operational Risk technology programs. From the academic side, Vivek holds a Bachelor of Engineering in Computer Science from Vellore Institute of Technology, India and an MBA in Marketing from Fairleigh Dickinson University, USA. Besides, he also enjoys reading motivational and personal development books in his leisure times.
4 days ago
How cyber insurance law is shaping in India
The IRDAI has released guidelines to insurers on how to structure cyber insurance for individuals and holes that need to be filled, which may enable those who transact online sleep more soundly. The guidelines state that cyber insurance should include protection from financial and identity theft, unauthorised online transactions, and email spoofing, among other things. The rise in digital frauds and cyber theft during the pandemic has been underlined by the Insurance Regulatory and Development Authority of India (IRDAI) to highlight the necessity for the aforementioned. Also, since professionals have been working from home owing to the COVID-19 epidemic, according to the national cyber security organisation Computer Emergency Response Team of India (CERT-In), there has been an upsurge in the frequency of cyberattacks on routers and personal computer networks. Points of discussion 1. India's cyber security insurance has seen many developments in the recent times. Can you highlight some important changes that has been brought by the IRDAI recently? 2. How has cyber insurance changed in terms of claims settlement and how is the regulator responding to this? 3. What do you see as the future of cyber law and its execution in India as we move to a more digitally driven society? Speaker Bio: Vivek Ramji Iyer, is the Partner for Risk Advisory Practices at Grant Thornton India LLP. Vivek has over 18 years of experience with specialization in the domains of banking, NBFC, capital markets, insurance and fintech and he works very closely with the regulators on matters of industry importance. He is a regular speaker at various external events and has authored multiple thought leaderships within the financial services domain.
Nov 28, 2022
How embedded insurance can close the coverage gap
The digital distribution of insurance is increasingly focusing on embedded insurance. Customers can simply add insurance cover that suits their needs and budget as part of a customer journey connected to a known demand by making insurance available in conjunction with other items on established online services. Meanwhile, insurers offer more convenience and associate insurance cover with well-known and dependable brands. The possibility to considerably increase the reach of insurance, inform customers, and guarantee universal financial security is embedded insurance's most significant opportunity. Point of discussion: 1.How embedded insurance can help close the missing opportunities to deliver the products that customers wants? 2. In Embedded insurance concept, the main aim is to offer insurance products through seamless digital customer journeys, bundled as an add-on to a third-party product or service. Do you see this solving the customer onboarding challenges in insurance? If so, how? 3. The future of insurance is going to be embedded and having said that, how do you see insurance companies becoming a part of embedded ecosystem? Can you also touch upon the key stakeholders in an embedded insurance channel? Any examples? Speaker Bio: Paul Prendergast is the CEO & Co-founder of Kayna Innovation. Paul is a serial entrepreneur and former winner of the Deloitte Fast 50 for the fastest growing technology company in Ireland. He co-founded Kayna with Peter Bermingham in October 2021. Their previous venture, Blink, founded in 2016 and acquired by CPP Group (AIM CPP) in March 2017 delivered the world’s first real-time resolution flight cancellation insurance product and was the only Insurtech as part of the first cohort of the FCA’s sandbox ‘safeplace to innovate’ programme. Paul led the company to make TheINSURTECH100 for 2019 & 2020, an annual list of the worlds’ most innovative Insurtech companies and was selected for the fifth cohort of the prestigious Lloyd’s Lab innovation accelerator programme in 2020 focusing on parametric Business Interruption insurance solutions.
Nov 27, 2022
Navigating general insurance opportunities in Southeast Asia
The insurance industry in Asia-Pacific is not one-dimensional. There is no one-size-fits-all strategy for insurers operating across the area because each country has distinct characteristics. Asia-Pacific general insurance markets can be broadly divided into four groups: burgeoning giants (like India), vibrant growing markets (especially in Southeast Asia), established markets (like Japan, South Korea, and Australia), and hybrid markets (Hong Kong and Singapore). Differences abound even within each group, so an approach that succeeds in Indonesia might not necessarily work in Malaysia. Besides, there are numerous opportunities for insurers operating in Asia-Pacific. Households are building wealth and the middle class is fast growing in India, and some regions of Southeast Asia. By 2023, regional household wealth is expected to surpass that of North America, according to predictions made by Credit Suisse. According to Euromonitor, there would be 83 million middle-class families in India within the same period. Points of discussion: 1. Southeast Asia's personal lines P&C insurance market is anticipated to expand quickly through digital means according to various sources. How do see this happening? 2. Asian nations India, Thailand, and Indonesia are the countries with the largest proportions of consumers who are willing to buy insurance online. Malaysian consumers, on the other hand, are more traditional. What's your observation for other emerging economies in Southeast Asia. 3. What are some of the key drivers changing the personal line insurance landscape in the Southeast Asian region? Do see this to be promising? Speaker Bio: – Jyothish Parameswaran Mohini - is the Chief Operating Officer at Young Insurance, Myanmar. Jyothish is a seasoned entrepreneur and an insurance executive with over two decades of experience in distribution, sales, strategy, business development, M&A and digital transformation in Asia. He is recognized for results driven style that is always focused on problem solving. Prior to Young Insurance, Jyothish was with Aviva, ING Bank, Ageas India, Fortis and ICICI-Kinfra Ltd.
Nov 4, 2022
CRM for next generation of insurance agents
Insurance agents needs a way to maintain its competitive edge in the fiercely competitive insurance business. When agents are trying to grow, they need to seize and develop each prospect. Effective communication is the key to achieving that, which agents can only do if they have access to the best CRM tool that can streamline the way they manage their work process. Every day, insurance brokers and agents deal with a variety of clients and jobs. They have a lot on the plate, from calling prospects to completing agreements and setting up appointments. Therefore, an agent could overlook crucial duties in the absence of a streamlined task management process. It's necessary to choose an insurance CRM that is intuitive and adds value to the business. Points of discussion: 1. What in the insurance context is CRM and how best are CRM tools beneficial for insurers and agents? 2. Insurance agents deal with a variety of challenges while working with clients in this cutthroat industry. An insurance agent must deal with a number of concerns on a daily basis, including intense competition, fragmented data problems, ineffective processes, difficult lead generation, and more. How do you see a CRM management solving these challenges for the agents? 3. From the revenue side, how do you see a CRM system helping insurance to improve on its ROI? Speaker Bio: Raution Jaiswal, is the Co-founder and CEO of Insuredmine, a fast-growing software company based in Plano, Texas. Raution worked in management roles at large financial institutions before moving to Dallas in 2015 to become a Director of M&A for CBRE, a leading commercial real estate services company. He discovered a problem experienced by small insurance agencies and worked to evaluate the opportunity before leaving CBRE to start InsuredMine in 2018.
Nov 2, 2022
The changing face of health insurance distribution in India
In the fiscal year of 2021, nearly 514 million people across India were covered under health insurance schemes. Of these, the highest number of people were insured under government-sponsored health insurance schemes, while individual insurance plans had the lowest number of people. Overall, the penetration of health insurance in India stood at just around 35% in financial year 2018. India has a decentralised approach to health care and that allows health insurance to be optional. Technically, all citizens are eligible for free healthcare at government facilities and individual states are responsible for organizing these services. However, the country’s health system is severely underfunded in terms of staff as well as supply shortages. A vast number of people seek care from private providers. Over 64 percent of the total healthcare expenditure in the country was from out-of-pocket expenses in fiscal year 2016. Points of discussion 1. How do you see health insurance in India transforming to benefit the missing middle. Is there any significant trend that tells the story towards this transformation. 2. Indian insurance distribution market is complicated. How do you see health insurers preparing for the next distribution model to reduce the gap between insurance and customers. 3. Agents are the oldest channel of health insurance sales in India. The physical accessibility of the person gives added credibility and ease of communication. Do to see this changing with the invent of digital in Insurance. Speaker Bio: Ruchir Kanakia, is the Co-founder and CEO of OneAssure. Prior to OneAssure, Ruchir Co-Founded GoPlannr. From the academic side, he has graduated from Sardar Patel Institute of Technology, University of Mumbai.
Oct 28, 2022
The future of insurance distribution in India
Some insurers have adopted an alternative distribution strategy based model, concentrating on drivers such as banks, corporate agents, and insurance brokers to fuel their business growth, while some have concentrated on the traditional direct channel model comprising of individual agents, direct mail, company websites (internet based selling) and every such activity that involves the insurer directly. Besides, no insurer can afford to be adamant in its distribution strategy, and stick to a few chosen channels, and that the need of the hour is to be competitive, by adopting a multi-channel distribution strategy; while being flexible in adopting the modern tools of technology and the internet in widening the boundaries of the distribution box. In short, innovative ideas of distribution may be the new mantra and insurers need to align their business strategy in line with changing consumer tastes and preferences. Points of discussion 1. Clearly, the insurance sector has to continue embracing digital solutions where they make sense and advance the process of digital transformation. But beyond digital transformation, we still have work to do to increase the efficiency of agents and brokers. How you see the Indian insurance distribution changing with a mix of core and digital solutions. 2. The agent and insurer relationship always appears to be complicated especially when it comes to sharing data and capitalising on growth opportunities. Do you think, emerging technology like open APIs, cloud and data standards can revamp this relationship going forward. 3. From an Indian context, what are the potential opportunities of transforming insurance distribution in the country. Any particular model in mind that you think can be the future like peer2peer or embedded insurance. Speaker Bio: Rahul Mishra, is the Co-founder and Director of Policyensure. With almost three decades of experience (mainly in insurance), Rahul saw the winds of change ahead of times with how conventional insurance model needed a version upgrade through digital in order to simplify the insurance buying process for everyone in India while also ensuring grass-root level reach by having a local representative as digital business owner under PhyDigital model. Besides, Rahul is an MBA in international marketing with impressive tenures with big wigs of insurers like Reliance General Insurance, Bajaj Allianz, Cholamandalam and IFFCO-TOKIO.
Oct 25, 2022
How well do insurers listen to customers who know what they want
Customers for insurance don't have many complex requirements. They wish to have access to a wide range of plans at affordable pricing. They desire easy, hassle-free interactions as well as clear, transparent information. They anticipate their insurers to assist in reducing their stress rather than escalating it when they are filing a claim following an accident, theft, or injury, which is frequently a moment of high worry. More and more, insurance customers want their insurers to offer extra services like roadside help and lifestyle guidance. Points of discussion 1. It is clear that insurers perceptions are often unequal to the realities of consumers. There seems to be a huge gap in what consumers wants and what insurers think their consumers want. How to do you see this changing in the coming days. 2. Instead of delivering excellent after-sale customer support, the industry traditionally, placed more emphasis on selling the coverage. The fact that insurers knew far more about risks, insurance was ideally sold rather than bought. How do to see technology changing this to bring consumer experience forward to drive better purchase decisions. 3. Consumer sentiment, is an essential parameter in insurance. And you being in the data science field, how do see data helping insurers to understand consumer sentiments? Also, can you quote an example from your organization like the Sentimeter product that you have developed for insurers. Speaker Bo: Dr. Nilesh Karnik, is the Chief Data Scientist at Aureus Analytics. Dr. Nilesh is responsible for development of algorithms and mathematical models that power Aureus platform and products and help large organizations with advanced analytics solutions. From the academic side, Dr. Nilesh’s PhD made a substantial contribution to the theory of Type-2 Fuzzy Logic Systems and his work is widely referenced in the industry. While busy developing the next big statistical model, Dr. Nilesh can be found looking for interesting audio books on life and related things.
Oct 17, 2022
Culture and technology for modern insurance
Digital transformation is on the agenda of nearly every company. Financial services organizations have embraced big data and machine learning in order to expand the scope of their services but the insurance business model has endured intact despite disruptive technologies in every other sector. From the cultural side, traditionally, insurance cultures are heavily structured and compartmentalized. They have a clear hierarchy where everyone understands their role and place within their department. These models emphasize claims and underwriting functions and produce deeply specialized individuals. In and of themselves, these are positive elements to have in a business. However, for insurance companies struggling with the modern state of the market, they limit success. This is one of the significant roadblock to effectiveness and success in the digital age. Points of discussion 1. Culture is a mentality; it’s how every employee interacts within the company, represents the brand, and connects with customers. As digitalization continues to sweep across the insurance sector, how do you see technology and culture coming together to shape the industry for the future? 2. Can you list some of the possible / potential cultural obstacles that is making insurance companies slow to evolve digitally? 3. What's your advice to new age insurers on developing the modern insurance culture specially to bridge the gap between industries, services, and products. Speaker Bio: Matt Connolly, is the founder and CEO of Sønr. Matt has worked across innovation for the past 15+ years and in his early 20s he founded an innovation agency which worked with household brands around the world. It ultimately grew to become the UK's #1 digital agency. He subsequently went on to build, and invest in, a number of tech start-ups and recognising the need to help insurers better adapt and innovate, Matt founded Sønr - a leading Insurtech Scouting and Open Innovation business. Sønr’s intelligence is used by leading insurance companies around the world including RGAX, Allianz, Generali, Vitality, Munich Re and Tokio Marine, to identify opportunities and succeed in today’s changing world. Matt is a regular public speaker and enjoys meeting people who share his passion for new and ground-breaking ideas.
Oct 14, 2022
Improving digital customer experience through an API first approach
Many businesses' foundational legacy systems prevent them from utilising new digital technologies and generating novel experiences for their stakeholders. In order to develop an IT strategy that supports the speedy adoption of emerging technologies, many find it challenging to modernise or expand their old systems. Besides, these organisations connect new systems to their legacy databases and software using point-to-point integration when they do attempt to modernise their legacy systems. This creates tight dependencies between systems and results in an infrastructure that is fragile, expensive, and difficult to maintain. Organisations must adopt an API-based integration strategy, or "API-led connection," in place of point-to-point integration for a better legacy modernisation plan. Points of discussion 1. Adopting an API-first strategy means that every aspect of your products or services will be used or accessed via various platforms, channels, and devices. This also means that it is important to create functionalities that can be exposed as a reliable, reusable, and consistent API. Noting all these, can you tell us how an API first model can create an impact on the digital customer journey. 2. Talking about API, and Bimaplan being one of the pioneers in building an API platform for embedded insurance in India, do you see an opportunity in digital insurance products through the use of shared data, open APIs, and open-source technologies in India. 3. Implementing an embedded insurance strategy requires more than just software development expertise. To properly set it up, one need to be able to use the underlying technologies and tools. What according to you are the important factors to consider in order to build a successful API-based architecture in insurance. Speaker Bio: Vikul Goyal, is the founder and CEO of Bimaplan, an insurtech startup which is driving insurance adoption through technology. Vikul's previous startup, Carcrew, an online marketplace for automobile spares and services, was acquired by TVS, a large auto conglomerate based in India. Previously, he worked as an Investment Professional at Bessemer Venture Partners and GSF Accelerator. He is an active angel investor and has invested in startups across fintech and consumer internet sectors. Vikul has a Bachelor of Technology in Mechanical Engineering from IIT Guwahati and has an MBA from Harvard Business School.
Sep 29, 2022
How digital first approach will define modern insurance in Asia Pacific
The insurance industry is being transformed by technology and digitisation, making it more important than ever for insurers to focus on providing digital client service while also adding a human touch to gain their trust. Companies are implementing chat bots and investing in AI/ML to optimize client support digitally as they transition to a "digital-first" strategy. The way insurers operate is fundamentally altering as digitalisation sets a new bar for commercial success. According to SMA study, only four years ago, fewer than 40% of insurers identified as digital insurers; today, more than 90% do. Leading insurers are increasingly enhancing the sales and service experience for agencies and policyholders while decreasing losses and boosting ease-of-use. They do this by utilising digital tools, developing technology, as well as external and internal data. However, being fully digital requires more than just employing technology. Points of discussion 1. A digital first strategy essentially includes a large component of digital products and tools. How do you see this development coming across among insurers in the Asia Pacific? As a following questions, can you demonstrate the process of digital product development to our listeners. 2. Every digitisation effort comes with its own share of challenges and from the product development side, what challenges do you see specially from the sustainability and innovation point and how do you overcome these roadblocks. 3. What trends do you see in the digital products innovation side in insurance that has the potential to fuel growth in Asia Pacific. Speaker Bio: Anupam Dey, is the Head of Digital Products for APAC at Zurich Insurance and he is based in Singapore. He has a strong track record of building and leading multi-million dollar digital businesses. Prior to joining Zurich, he was at Acko General Insurance, India’s first digital Non-life Insurance unicorn where he was an early employee and Senior Vice President. He comes with rich experience in product and P&L management and in scaling Insurtech businesses. He has an MBA from MIT Sloan School of Management and has previously worked with global banks such as Standard Chartered, Barclays and DBS.
Sep 19, 2022
How Artificial Neural Networks unlock insights from unstructured data to benefit insurance
Today, with fierce competition in the insurance industry, it is imperative for insurance companies to up their game in customer experience. Faster policy issuance, faster customer grievances resolution and faster claims closures help insurance companies attract more customers to them. At the same time, the companies must mitigate their risks of customer churn and early or fraudulent claims. With advancement in technology insurance companies today have huge amounts of data in a variety of formats such as videos, images, audios, text. With the advances in AI and Artificial Neural Networks, this data can be fully leveraged to support the companies in making quick informed decisions. Points of discussion: 1. Dealing with unstructured data is one of the difficulties data scientists encounter. How do you think Artificial Neural Networks can solve this problem for insurers. Following question: And how Artificial Neural Networks outperform the traditional models? Any example from the insurance sector? 2. How do you think, Artificial Neural Networks can help Insurance companies to improve persistency and predictability. 3. What are the current developments happening in the world of Artificial Neural Networks that can help the insurance industry? Speaker Bio: Neeraja Vaidya, is a Machine Learning Specialist at Aureus Analytics and she is associated with the company for the past 8 years. At Aureus, she works heavily with Deep Learning and Text Analytics. From the academic side, Neeraja is a post-graduate in Economics, and later studied business analytics and intelligence at Indian Institute of Management Bangalore.
Aug 29, 2022
Leveraging low-code/no-code in insurance core system for better innovation
Software can be swiftly developed using low-code platforms with little proprietary coding. These platforms offer basic code and connectors so that businesses can create applications without having to create intricate infrastructure. Customizable workflows and features are made possible by low-code software, which also reduces the development period to a few days or hours. To build things, nevertheless, takes solid programming abilities. Insurance companies can work together with the core system to maximise their innovation, even if low-code/no-code platforms are frequently praised for their simplicity of use and capacity to increase productivity. Insurance companies may develop really innovative products and first-rate client services by utilising a low-code/no-code platform to create digital frontend experiences and an insurance core platform to provide strong backend capabilities. Points of discussion 1. Platforms for low-code development enable users to create unique applications…
Aug 18, 2022
Embedded insurance and the future of insurtech
According to an industry survey, the embedded insurance industry is expected to grow by 31.9% on an annual basis to reach $56,979.8 million in 2022, with the Asia Pacific region considered to be the largest embedded insurance market. Key discussion areas: 1. In insurance, the most important part is to build your customer acquisition and retention strategies well. How do you see, embedded insurance shaping this in the days ahead? 2. Embedded insurance aims to bring coverage before a customer knows they are at risk. Essentially the industry is moving from selling insurance to buying insurance concept. Do you see any roadblocks in the process of achieving this in the near term? 3. Insurance claims is one most significant element of the insurance value chain. Do you think, embedded claims is essential to the success of embedded insurance? Speaker Bio: Arijit Chakraborty, is the Managing Director – Asia Pacific at Cover Genius, one of the fastest growing insurtechs globally. In his…
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 usa…
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…
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 o…
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.…
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 solutio…
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 inclinatio…
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…
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) arti…
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 digit…
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 whet…
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