Insurtech Story Podcast
Insurtech Story
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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.
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4 days ago
Insurtech investment trends in Asia
The insurtech investment landscape in Asia is witnessing exponential growth driven by a large population, rising middle class, and increasing digital adoption. Asian countries like China, India, Singapore, and Hong Kong have become insurtech investment hotspots. Venture capital firms, private equity players, and traditional insurance companies are actively investing in early stage startups focusing on innovation and disruptive technologies. Key players such as ZhongAn, PolicyBazaar, GoBear, and WeFox have emerged, offering innovative products and services across health, life, property, and casualty insurance segments. With diverse insurtech segments and technological advancements like AI and big data, Asia presents a promising market for insurtech investments.
Points of discussion:
1. How would you describe the current investment trend for insurtech startups, particularly in the context of bolttech? Could you discuss how this trend has evolved over the past few years and the impact it has had on the industry as a whole?
2. Who are the current investors in bolttech? Did you employ a particular strategy to attract certain types of investors? What kind of investors is bolttech interested in attracting in the future?
3. Beyond capital, are there other qualities or resources that you seek in your investors? Could you share some examples of non-monetary value that your investors have provided.
Speaker Bio: Stephan Tan, is the Group Chief Strategy and Investment Officer at bolttech. Stephan is responsible for bolttech’s corporate strategy and investments, including M&A. He is a founding executive of bolttech, member of the executive committee and secures organic and inorganic opportunities as part of bolttech’s growth strategy and business expansion. With more than 15 years in international corporate finance experience, Stephan’s previous roles include VP M&A and Strategy at FWD and Chief Financial Officer at Edirect Insure Group, overseeing several key functions including finance, legal and HR. He started his career within investment banking at Citigroup, covering financial institutions in Europe. Outside of work, Stephan is a keen linguist and he enjoys playing football, squash, and chess.
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May 28, 2023
Insurance Innovation Day!
Insurance Innovation Day! an event to discover cutting-edge advancements and transformative ideas shaping the insurance industry. Explore AI, blockchain, data analytics, and emerging technologies revolutionising insurance. Connect with professionals from insurance companies, insurtech start-ups, and regulatory bodies. Gain insights from thought-provoking sessions, panel discussions, and interactive workshops. Inspire innovation in your work and network with like-minded individuals. Mark your calendar for 06th & 07th Jun 2023 happening in Vienna and also Live Streaming and stay tuned for updates on speakers and topics. Let's unlock the potential of innovation and shape the future of insurance together!
To attend the event in Vienna or join the live streaming, please email us at info@insurtechstory.com or connect with Erika Krizsan at e.krizsan@insurance-factory.eu. Points of discussion:
1. Our first question to you Erika: What are some key strategies or initiatives that insurance companies are employing to promote innovation within their organisations?
2. Can you touch upon your key focus areas of the Insurance Innovation Day!
3. Our final question for today is: What are you expecting out of the Insurance Innovation Day!
Speaker Bio: Erika Krizsan, is the Founder & Initiator of Insurance Innovation Day.
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May 18, 2023
Insurance transformation and the rise of no-code
No-code technology is transforming the insurance industry by automating processes and enhancing customer experience. However, it also presents challenges for insurance agents who need to adapt to new technological trends to remain competitive. No-code platforms provide opportunities for agents to improve their sales processes, increase customer satisfaction, and improve business performance. To fully realize the benefits of no-code technology, insurers and technology providers must work together to provide comprehensive training, support, and resources to help agents navigate this transition. The impact of no-code technology on insurance agents is a rapidly evolving trend that is shaping the future of the industry.
Points of discussion:
1. Can you explain the journey of digitalisation in insurance and where we are today with the advent of platforms like low code / no code?
2. How are low-code technologies transforming the insurance industry, and what specific benefits do they bring to insurers in terms of efficiency, speed, and customer experience?
3. Can you share a real-life example of an insurance company that successfully implemented low-code platforms for digital transformation? What were the key benefits they derived and what was the real impact?
Speaker Bio: Adrit Raha, is the Managing Director, Asia Pacific at CoverGo. He brings with him over 17 years of experience in insurance and tech startups. Most recently, he was the Co-founder and Co-CEO of another insurtech startup Symbo with a focus on embedded insurance. Prior to that, he was the CEO of health tech startup Vivant and held various leadership roles at RSA & AIG.
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May 8, 2023
Underwriting and customer experience in commercial insurance
The future of underwriting and the customer experience in commercial insurance is rapidly evolving with the advent of new technologies and changing customer expectations. Insurers are leveraging data analytics and artificial intelligence to improve the accuracy and efficiency of underwriting decisions, while also exploring new digital channels to enhance customer experiences. However, insurers must balance the need for more personalized experiences with appropriate levels of risk management and determine the best ways to leverage automation while maintaining human expertise. Startups and insurtech are driving innovation and disruption in the industry, making it an exciting time for the future of commercial insurance
Points of discussion:
1. In your opinion, how important is data analytics and artificial intelligence in improving the accuracy of underwriting decisions?
2. How can insurers balance the need for more personalized and efficient customer experiences with the need to maintain appropriate levels of risk management and underwriting scrutiny?
3. How can insurers strike the right balance between automation and human expertise in underwriting, particularly in complex and high-risk commercial insurance cases?
Speaker Bio: Wendy Crosley, is the Global Director for Underwriting Automation and Transformation at Willis Towers Watson. Wendy is a well-known industry professional with a reputation for effectively delivering company-wide transformation, generating more efficient, targeted underwriting results. In her role, Wendy, leads digital underwriting transformation projects for global commercial lines insurance clients. She also manages the design, development, and implementation of market-leading technology propositions to underwriting companies around the world. Prior to WTW, Wendy was with Zurich North America, where she served as Underwriting Solutions Director, Operations and Technology and in this role she successfully led underwriting landscape transformation projects across the commercial and specialty insurance business units.
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May 5, 2023
The Psychology of Insurance: Misunderstood Policies and customer Impact
Misunderstood insurance policies can have a significant impact on customers. When customers don't fully understand their coverage or the terms and conditions of their policies, they may not realize what is and isn't covered. This can lead to unexpected expenses, denial of claims, or even legal disputes. In some cases, misunderstandings around insurance policies can also cause stress, frustration, and a loss of trust in the insurance company. To avoid these negative consequences, insurance companies must work to make their policies more transparent and accessible to customers. This can involve simplifying language, providing clear explanations, and offering resources for customers to seek further clarification. By doing so, insurance companies can improve the customer experience and build stronger, more trusting relationships with their policyholders.
Points of discussion:
1. Misunderstood Policies are a major problem in the industry today. How do you see this shaping both for the insurer and the policy holder?
2. How common is it for insurance policies to be misunderstood by customers, and what are some of the most frequent areas of confusion or misinterpretation?
3. In a situation where a policy is misunderstood or incorrectly sold, what should the policy holder or the insurer do? Or in other words what steps can insurers and customers take to make their journey more fruitful?
Speaker Bio: Deepak Bhuvneshwari Uniyal, is the Co-founder & CEO of Insurance Samadhan. Deepak is an outstanding sales professional and his success in sales is backed by his focus on an ethical approach, need based selling, prompt service and strong grievance resolution. Deepak has over 23 years of Corporate & Entrepreneurial experience and his organization is a tech based platform for resolving insurance complaints and claims. Most importantly Deepak and his team was a successful India Shark Tank participant in 2022.
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Apr 21, 2023
How Spatial Data is impacting the Insurance Industry
In recent years, the use of spatial data has become increasingly important for insurance companies. Spatial data, which includes geographic information about physical locations, is being used to assess risks, analyze patterns, and make more informed decisions. In this podcast interview, we will explore the ways in which spatial data is transforming the insurance industry and what it means for both insurers and policyholders.
Points of discussion:
1. What is spatial data, and how is it being used in the insurance industry?
2. How does spatial data impact risk assessment and pricing of insurance policies?
3. What are the current trends in the use of spatial data in insurance, and what can we expect in the future?
Speaker Bio: Rosalie van der Maas, is the Co-founder & CEO of Ellipsis Drive. She has an academic background in Earth and Environmental Sciences, Development and Innovation. Rosalie organized her own events on Big Data & Society before founding her first company at the age of 22. She got a taste of tech entrepreneurship while living in Chicago and brought that dream to life with her Co-Founders.
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Apr 5, 2023
The Role of AI in Connected Insurance
Artificial Intelligence (AI) is playing an increasingly important role in connected insurance, which refers to the use of technology to collect and analyze data on policyholders in real-time. AI-powered algorithms can process large volumes of data to identify patterns, assess risk, and personalize insurance products and pricing based on individual behaviour and usage. AI-powered chatbots and virtual assistants can also improve customer service by quickly answering queries and resolving issues. Connected insurance can help insurers to mitigate risk, reduce fraud, and improve customer satisfaction, while also providing policyholders with more personalised and affordable insurance solutions. As a result, the use of AI in connected insurance is expected to continue to grow in the coming years.
Points of discussion:
1. In what ways can AI help insurance companies personalise their offerings to individual customers? What kind of data can be gathered from connected devices to better understand a customer's unique needs and preferences?
2. How can AI be used to improve customer service in the insurance industry?
3. With the increasing use of connected devices and the growth of the Internet of Things (IoT), there is more data available than ever before. How can AI be used to help insurers make sense of all this data, and what kind of insights can be gleaned from analysing it?
Speaker Bio: Trenholm Palmer, is the Director of Digital Insurance at Volvo Financial Services (part of Volvo Group) in the United States market. He is responsible for the operations and growth of VFS's commercial and connected insurance distribution across the heavy truck and construction equipment finance channels. Prior to VFS, he founded and ran New Light Research, which provided alternative data insights to large professional services firms with a focus on publicly traded financial institutions and re/insurance companies. He also served as an advisory resource to insurtech start-ups on formation, insurer and specialty intermediary negotiations, go-to-market strategies, and product distribution. Before this 7+ year entrepreneurial period, Trenholm spent 13 years across a variety of sales and business development leadership roles within commercial insurance brokerage and management consulting. He holds a Bachelor of Arts degree from Washington & Lee University and a Master of Business Administration degree from ISM, Paris.
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Mar 23, 2023
Digital Transformation and Customer Centricity in Insurance
Digital transformation and customer centricity are essential factors in the insurance industry's evolution, enabling companies to address the changing needs of customers and remain competitive in a rapidly evolving market. By leveraging digital platforms and technologies, insurers can offer personalised products and services, streamline operations, and improve customer experiences. This transformation has significant implications for the insurance industry's future, with companies that embrace it expected to lead the way in innovation and growth.
Points of discussion:
1. How are insurers leveraging digital platform to tap new age customers and what should be insurer's strategy to build a robust digital infrastructure?
2. Cloud is the next big technology advancements in insurance. How do you see this technology helping insurers in accelerating their growth in next 2 years?
3. According to you, where do you see data playing a role in personalised customer experience? And how much accuracy matters?
Speaker Bio: Rishi Mathur, is the Chief Digital and Strategy Officer at Canara HSBC Life Insurance. Rishi brings more than 25 years of rich work experience of which close to 17 years of experience within the insurance domain. He has been with Canara HSBC Life Insurance company for 9 years now where he is currently responsible for leading the company's Digital Business Unit and also oversees the Strategy function focusing on development of future growth plans for the enterprise. He has significant experience across product development, proposition design, product portfolio management, customer analytics, market assessment, performance improvement, partnership development and digital business review. He joined Canara HSBC Life Insurance from Bharti AXA Life Insurance where he was a founder member and head of products and customer management, and has previously worked with reputed management consulting firms Arthur Andersen and Stern Stewart, leading clients engagements in India and Asia-Pacific. Besides, Rishi holds a Post Graduate Diploma in Management from IIM Calcutta and a B.Tech. from IIT Delhi.
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Mar 22, 2023
The Future of Insurance with Open AI’s generative AI models
The future of insurance is set to be transformed by OpenAI, offering opportunities for improved risk assessment, fraud detection and prevention, and ethical use of AI. These technologies can help insurers make more informed decisions and improve their bottom line while providing a better customer experience. The integration of OpenAI and other AI and machine learning technologies has the potential to revolutionise the insurance industry in the coming years.
Note: **Views shared are purely of the speaker**
Points of discussion:
1. Can you tell us about OpenAI's role in the insurance industry? And What are some of the main opportunities that OpenAI can offer insurers?
2. Can you throw some light on the impact of generative AI and Language models on risk assessment and pricing models in insurance?
3. What are some of the biggest challenges facing insurers who want to use AI and machine learning?
Speaker Bio: Abhineet Sarkar is the Digital Innovation Leader at Tata AIA Life Insurance. Abhineet is a Bio–Fintech and Digital Innovation leader, with more than a decade experience in working across Banking, financial services and Insurance (BFSI) industry and tech consulting services. Currently he is heading Digital Innovation at Tata AIA Life Insurance. He is also an active Mentor of CII - Centre of Excellence for Innovation, Entrepreneurship and Startups (CIES) and Co-author of the AI Book. He was also featured in Fintech Times UK in 2019.
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Mar 17, 2023
The Future of Genetics and Insurance
The future of genetics and insurance is a rapidly evolving field with potential for tailored policies based on genetic information, but also raises concerns about privacy, discrimination, and health disparities. Policymakers are exploring regulatory frameworks to protect against genetic discrimination and ensure ethical use of genetic data by insurers.
Points of discussion:
1. With the increasing popularity of direct-to-consumer genetic testing, how do you think this will impact the future of genetics and insurance?
2. As personalized medicine becomes more prevalent; how do you see insurance policies changing to accommodate this? What are some challenges that may arise with this shift?
3. What are some potential ways that insurers can use genetic information to improve health outcomes of patients?
Speaker Bio: Efi Binder, is the Co-Founder & CEO of Futura Genetics. Futura Genetics is a digital health platform powered by genomic data and developed for life insurance issuers and their clients. The company offers life insurers effective, personalized tools designed to extend their customers' life expectancies, thereby increasing retention and decreasing claims. In addition, the company provides life insurance clients with a gamified personalized experience that uses their personal DNA to motivate them to be proactive about their health. To contact Futura Genetics, you can visit their website at www.futuragenetics.com.
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Mar 16, 2023
The future of insurance payments
The future of insurance payments will be heavily influenced by technology, changing customer preferences, and regulatory frameworks. Insurers will need to adapt to trends such as digital payments, blockchain technology, AI and machine learning, pay-as-you-go models, and a focus on data security. These trends will enable insurers to improve the customer experience, reduce costs, enhance transparency, and personalize products and pricing.
Points of discussion:
1. What challenges do payments pose across the insurance value chain? How is Mastercard placed to help and what approach are you taking with the industry?
2. What role does data have to play in the future of insurtech and can you throw some light on the trends you see here like for example in the case of parametric insurance?
3. Talking about parametric, who do you think will benefit from this type of insurance? What’s next for Mastercard in this space?
Speaker Bio: Ruth Polyblank, who is the Vice President and Partnerships…
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Mar 9, 2023
Insurtech: Innovating for the Future while Managing Risks Today
Insurtech is transforming the insurance industry by using technology to create innovative solutions for underwriting, claims processing, and customer experience. However, these technological advancements also bring new risks such as cybersecurity threats and data privacy concerns. Effective risk management is crucial to mitigate these risks, ensure financial stability, and maintain customer trust. As such, insurance companies and insurtech start-ups must find a careful balance between innovation and risk mitigation to succeed in the industry.
Points of discussion:
1. What are some of the biggest risks facing the insurance industry today, and how do you see insurtech helping to mitigate these risks?
2. With the rise of insurtech, how do you see risk management practices evolving in the insurance industry? What new risks are emerging, and how can they be managed effectively?
3. How do you balance the need for innovation and agility with the need for risk management in the insurtech s…
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Mar 3, 2023
Bancassurance: Opportunities and Challenges in the Digital Age
The implementation of bancassurance activity in the banking industry helps to increase customer satisfaction, the competitive environment's strength, and the creation of new insurance products. Banks' top strategic goals are to improve company protection by expanding their product offerings in response to customer demand. A potential future option that will also advance on the international market is the distribution of insurance through the bancassurance system. Bank representatives suggest that among the elements required to create this service are the diversification of insurance products sold by banks, the expansion of consumer financial education, and digitalization.
Points of discussion:
1. How can bancassurance providers balance the interests of their banking and insurance customers while also maintaining profitability?
2. What are the key regulatory challenges faced by bancassurance providers, and how can they stay compliant while still offering innovative products and servi…
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Feb 21, 2023
How blockchain can help insurers innovate
Globally, around 60% of insurance executives have either already implemented blockchain technology or intend to do so throughout their business units. The level of immutability, trust, and transparency that blockchain (distributed ledger technology) offers is unmatched. Blockchain provides an independently verifiable dataset, preventing insurers and customers from making judgements based on incorrect or missing data. Blockchain-based solutions are used in travel insurance cases to verify whether a flight was missed or cancelled by using external data sources. In light of this, insurers are free to choose how to handle refund requests. By precisely identifying the cause of a car accident—human or mechanical—blockchain can manage even more complicated scenarios.
Points of discussion:
1. In today's world, it is necessary for businesses from various ecosystems to collaborate in order to offer goods and services if the world is going to expand into expanded ecosystems, which it will.…
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Feb 15, 2023
How are Reinsurers playing an active role in Insurtechs
Insurtech companies are disrupting the traditional reinsurance industry by leveraging technology to streamline processes, reduce costs, improve transparency, and create new revenue streams. Some of the ways that Insurtechs are transforming reinsurance include: 1) Digitisation of processes, 2) Improved data analysis, 3) Increased transparency, 4) New revenue streams. Besides, the use of technology has enabled reinsurers to develop new products and services, such as telematics-based insurance, parametric insurance, and weather index insurance. These products have opened new revenue streams for reinsurers, allowing them to diversify their portfolios and reduce their exposure to losses.
Points of discussion:
1. Lot have been discussed about digital innovation in the insurance value chain. Can you give us some insights on how re-insurers are tapping into the opportunity of insurance technology?
2. Utilising cutting edge products and technologies to give re-insurers new value-added capabi…
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Feb 5, 2023
Understanding the EV insurance landscape in India
Leading EV insurance providers are rapidly developing unique, EV-specific insurance plans. The additional difficulties brought on by the charging infrastructure and the numerous technical aspects of the cars serve as justification for this development. The automotive sector, which is through an unprecedented period of upheaval, is currently grappling with the most urgent problem: the rapid growth of EVs. The insurance industry must make sure it adapts to the changing motor vehicle environment. With the global popularity of EVs growing, insurers are in a race against time to accomplish this task. Without decades of data and expertise, it is challenging to comprehend and price the risk profile of these new vehicles.
Points of discussion:
1. According to the India Energy Storage Alliance (IESA), the Indian EV market would grow at a CAGR of 36%. As per various data sources, with around 3.3 lakhs units sold across all categories in 2021, Uttar Pradesh had the largest percentage of EV sale…
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Jan 31, 2023
How technology is changing climate risk insurance
The world is experiencing the effects of climate change all around, including increased storm intensity, drought, extreme heat waves, and sea level rise. Natural catastrophes are becoming more severe and common as a result of these effects. The average number of natural catastrophes in the United States per year between 1980 and 2021 was 6 or 9, but so far in 2022, there have already been more than 12 and these losses were caused by natural disasters like wildfires and drought. Insurance firms are struggling to survive as natural catastrophes are occurring more frequently and costing more money. This has an impact on the property market as well as the overall economy. The insurance industry will need to reform if it is to survive the coming storms.
Points of discussion:
1. Financial risks brought on by climate change are difficult to evaluate and price. How do you see insurers utilising alternate data sources, real-time analytics, and AI to better address climate change challenges an…
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Jan 30, 2023
How Asia's growing middle class can drive growth in insurance
Despite economic challenges, the expanding middle class in Asia maintains its optimism, which creates substantial potential for the insurance sector. The top concerns for middleclass consumers are their health, happiness, and financial security. These clients will need more risk mitigation and protection goods and services as the region's economy prospers, which will open up significant growth potential for the insurance and reinsurance industries. In order to effectively tap into this significant insurance market sector, it is essential to understand the behaviour and tastes of the expanding Asian middle class. As these consumers start to amass wealth and begin to make preparations for their retirement and children's education, they require more insurance protection.
Points of discussion:
1. The GDP proportion of emerging Asia has dramatically expanded, rising from 5% in 1990 to an expected 26% in 2022 (As per IMF). The expanding middle class in Asia is evidently optimistic despite…
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Jan 28, 2023
Digital transformation of Insurance Value Chain in Bangladesh
Emerging technologies have the potential to completely transform the insurance sector, including how insurance products are sold, underwritten, and handled, as well as how the market is governed. The possibility for new, inventive goods and business models to revolutionise the industry may be even more exciting than the advantages of digitising the distribution chain. Emerging technologies offer a fertile environment for an explosion of innovation in the insurance sector, much like the expansion of applications for the internet from the two original use cases at its inception, such as sending emails and file transfers, to the almost unlimited use cases accessible now.
Points of discussion:
1. Insurers in Asia are exploring the digitisation opportunity of their value chain. The questions are however not the need of building a digitised ecosystem but how to build such ecosystem. Can you explain this from the context of Asian market and how you see this happening in Bangladesh?
2. Digi…
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Jan 25, 2023
Navigating the risk of digital in insurance
Top executive mindsets are being changed by the rapid digitalization of our lives and the ways we work, shop, and live. Nowadays, most CEOs do not still view technology as primarily being about cost savings. Instead, they recognize that if they want to delight customers, generate value for shareholders, and outperform their rivals, digital strategy, innovation, and operations must be a core strength of their organization. But only the most knowledgeable senior leaders are aware of the business necessity when it comes to digital risk management. These leaders take advantage of the chance to transform operational requirements into competitive advantages rather than obsessing over what could go wrong. The foundation for this skill is a thorough awareness of the underlying nature of digital risk and how it can evolve.
1. Operational, cyber, and value-creation risks are the common three forms of digital risk in modern businesses. Assessing the digital risk landscape begins with understandi…
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Jan 21, 2023
The future of distribution in Indian life insurance
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 4.2% in FY21, with life insurance penetration at 3.2%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21. Premiums from India’s life insurance industry is expected to reach Rs. 24 lakh crore (US$ 317.98 billion) by FY31. In FY23 (Until October 2022), premiums from new businesses of life insurance companies in India stood at US$ 25.3 billion. In October 2022, life insurers’ new business premiums grew to Rs. 15,920.13 crores (US$ 1.94 billion), according to Life Insurance Council data. Although the growth was promising, India needs to understand the power of an efficient distribution model for life insurance that is easier for consumers to access and purchase policy without the need of any intermediaries. Consumer awareness is still in its infancy.
Points of discussion:
1. Customers in India typically have their re…
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Jan 21, 2023
The role of AI in Modernising Actuary
The insurance industry has adopted artificial intelligence (AI). AI will affect everything, from NLP and chatbots to big data and algorithms in actuarial function. The actuary's position, however, may be the most crucial to the entire insurance industry. By understanding how AI will change the actuarial function. In so far as it has always been about developing models, which machine learning precisely automates, iterates, and optimizes the actuarial branch is particularly made for AI disruption.
Points of discussion:
1. Considering the rapid disruption in insurance, how do you see the future of actuary getting transformed by AI? Is there any room for human and machine interaction in actuarial science in general?
2. Where do you think we are right now, in terms of AI and Actuary in insurance?
3. The benefit of using AI in insurance is quite clear, however do you sense any challenges from the industry when it comes to acceptance of AI to transform actuary? It can be from any aspect o…
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Jan 17, 2023
The changing landscape of Usage-Based Insurance
All sectors are evolving due to the rise, development, and adoption of linked technology and big data. Usage-Based Insurance (UBI) is the most well-liked application of big data adaption in the insurance sector. UBI first takes the form of a straightforward unitary Pay- As-You-Drive (PAYD) scheme in which it is still unclear how to classify good and bad drivers. The Pay-How-You-Drive (PHYD) model has replaced PAYD, and it bases the cost of personal auto insurance on a post-trip analysis. The PHYD model's flaw is that it doesn't offer proactive alerts to direct the driver along the journey. The Manage-How-You-Drive (MHYD) model further develops the PHYD paradigm by giving drivers proactive engagement in the form of alerts.
Points of Discussion:
1. Usage based insurance is relatively a new concept in the insurance market. How do you see this evolving on the coming days?
2. Do you see an increase adoption of usage-based insurance globally? Are there any direct relations to pricing that…
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Dec 19, 2022
How the future of employee health insurance is being rewritten by insurtech
A group of employees in the company may get group insurance. However, it does not imply that the group must follow a uniform set of guidelines that apply to everyone. Customization and personalization are now essential for creating a sense of community in the workplace. No longer does corporate insurance come with a standard playbook. Some people may wish to include their parents, while others may desire pet insurance. Today, it is believed that mental health is just as vital as physical health and should also be insured. Those who rely largely on blue-collar workers may require tailored rules to cover their last-mile staff, both on an individual and organisational level.
Points of discussion:
1. It has become crucial for insurance service providers to embrace the digital disruption as more and more consumers look for integrated digital experiences. And the same applies for the health segment of the insurance industry. Noting this, how do you think insurtech can make group health ins…
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Dec 17, 2022
Parametric Insurance for the Crypto market
Although new dimensions and innovations are reshaping the insurance industry, the fundamental reason for insurance has remained constant over time. In contrast to traditional insurance, which covers assets, parametric insurance covers parameters, commonly referred to as indices. When a specific occurrence or quantifiable condition occurs, such as a flight delay, an earthquake, a specific hurricane, or even risk associated with cryptocurrency markets, parametric insurance kicks in. Speaking of cryptocurrencies, although they are still in their infancy, they are now among the top risks in the risk portfolios of the majority of insurance companies.
Points of discussion:
1. Crypto market risk is a new arrival within the risk portfolios of insurance companies. Can you tell us a bit more about this type of risk and why do we need an insurance coverage to protect our wallets?
2. Smart contracts and parametric insurance seem to be a natural fit. How to see this type of insurance to be most…
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Dec 14, 2022
How Parametric Insurance can make insurers more resilient
The slow-moving insurance business faces a difficulty in figuring out how to offer protection in a quickly shifting risk environment. To assist individuals impacted in recovering their losses, insurance needs to take a fresh, innovative approach. Insurance buyers are actively looking for low-cost insurance options with quick claims processing. As a unique replacement for conventional policies, certain carriers have launched parametric insurance solutions. Traditional insurance has created a void that parametric insurance, also known as index-based insurance, has the potential to fill. Leading insurers are becoming more interested in these index-based alternative risk transfer options. Because it pays out when a predetermined "metric," such as wind reaching a specific speed or an earthquake of a specific magnitude occurring in a predetermined place, occurs, this sort of insurance is known as parametric insurance. Consequently, a parametric insurance policy doesn't cover a particular los…
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Dec 9, 2022
How Metaverse can transform Insurance
The next wave of digital revolution is being ushered in by the metaverse, and insurers will face both obstacles and tremendous technology tools to differentiate themselves over the coming five years. The metaverse will raise standards for how carriers connect with customers, the things they create and offer, and how they run their businesses. The metaverse, which will be the next stage in the development of the Internet, will be a continuum of established and developing technologies that will collaborate to produce immersive content and experiences. These technologies include artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, e-commerce, and digital marketplaces. The development of the metaverse will start to have an impact on every aspect of insurance in the coming years, including operations, distribution, revenue streams, and employee experiences.…
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Dec 9, 2022
How data is shaping the future of India's auto insurance
The global push for electric vehicles, which Asia has eagerly embraced, and changing consumer behaviour trends are driving a transition in the automotive insurance sector. The rise of connected cars, which are outfitted with improved automation capabilities and online connections to the entire transportation ecosystem through embedded systems and smartphone apps, may be the most significant trend of all. Modern vehicles are producing a lot of data about the vehicle and the driver as they start to mirror smartphones in their digital imprint. Utilising this wealth of data with analytics powered by artificial intelligence (AI) can help insurers streamline the claims process, provide fresh value-added services, and improve the customer experience overall.
Points of discussion
1. What is the future of auto insurance look like for a typical driver in India with the invent of data and analytics?
2. A developing digital environment enables insurers to use information obtained from various p…
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Dec 5, 2022
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…
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Dec 2, 2022
How cyber insurance law is shaping in India
The IRDAI has released guidelines to insurers on how to structure cyber insurance for individuals and gaps 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…
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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,…
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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…
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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 insur…
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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 transfo…
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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 embra…
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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…
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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 co…
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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 i…
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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 essenti…
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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 insuran…
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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…
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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…
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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…
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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…
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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…
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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.…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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.
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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…
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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
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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
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Mar 1, 2021
Insurtech: Envisioning the future of insurance
Insurtech: Envisioning the future of Insurance (Deluxe Edition)
Track duration: 00:37:24
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