Tag: InsurTech

Capture investment opportunities created by megatrends

Simpler Commercial Products Aid Digital Experience, Channel Growth

Digital embedded insurance propositions are expected to be more of micro-insurance products with high volumes and low premiums. That necessitates cost of sale to be low and transactions to be automated. Examples are flight delay cover embedded into flight costs, purchase of a bag of seeds with inclusion of crop failure cover due to drought.…
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7 July 2022 0

Plug-N-Play Insurance Success Rides on Sound Partner Strategies

In insurance, superior digital customer experience comes from offering services exactly at the time and place the customer needs them most. To appear at the right moment for their customers, companies partner with the right insurance carriers. The path to achieve this requires packaging insurance “as a service.” Insurance-as-a-service (IaaS) models are evolving into SaaS…
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30 June 2022 0

Embedded insurance catches on, more segments join in

Within embedded finance, insurance is provided as a native feature in the platform, marketplace or ecosystem. Not entirely new, bancassurance is one variant that has existed for long. In its current avatar, embedded insurance offers advantages for all involved, including tech players, carriers and consumers. A primal constraint in insurance distribution has been that purchase…
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23 June 2022 0

Auto Insurance Ecosystems – The Claims View Part 2

In auto insurance, processing a single claim event requires a multitude of smaller transactions that involve customers, lenders, collision repairers, auto manufacturers, parts suppliers, medical providers and others. These transactions hinge on an elaborate web of decisions and data, which ultimately shore up transaction costs while increasing the likelihood of fraud and claims leakage. In…
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16 June 2022 0

Auto Insurance Ecosystems – The Claims View Part 1

As cars get smarter, the volume and granularity of real-time data generated is on the rise. With connected cars set to grow further, newer opportunities for digital innovation are springing up across the auto insurance value chain, bolstered by growing ecosystems. While consumers gain in increased convenience, AI-enabled connected platforms deliver cost savings and multiple…
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9 June 2022 0

Data-Driven Insurance for Energy Systems

The energy industry is changing. A U.S. Energy Information Administration report found that solar and wind accounted for most new electricity capacity. With diminishing costs and increased demand, the solar and wind sectors are the future of energy. In the US, investment in renewable energy is expected to hit $1 trillion by 2023, up from…
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2 June 2022 0

Digital Distribution On New-Age Insurance Exchanges

Investors are sharpening their focus on digital marketplaces that generate business for incumbent carriers. Building a successful marketplace in insurance is far from trivial – significant friction exists, and a critical mass is needed for the network effects to be valuable to participants. On the one hand, owning the customer relationship is crucial. On the…
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26 May 2022 0

Circling up the ’22 Conferences Circuit – Movers, Shakers & Themes

As we step into the second half of Q2, the conference circuit is buzzing. Several events are lined up with an impressive cast of speakers, spanning inspirational founders, global leaders, senior investors, rising stars and so on. Not surprising, given that the insurance industry is facing its most profound disruption in decades. Artificial intelligence, Machine…
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19 May 2022 0

Data Partnerships Reshape Commercial Risk Underwriting

Data partnerships have been in existence awhile. The size of the global alternative data market is slated to top $17.4 billion by 2027 at 40.1% CAGR. This growth has multiple implications for insurers who lack the means to harness large data stores. Benefits range from new markets access to augmented customer experiences. Underwriters gain more…
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12 May 2022 0

Segment-of-one personalization Part 2: USAA, RBC prevail

96% member retention. The highest net promoter scores in home insurance, auto insurance and banking over the last decade. 64% of members reporting that they’re “very satisfied” with the services received. These figures far exceed those of most insurers. What does USAA do differently to achieve this stellar track record? USAA’s chief strategy officer reveals…
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5 May 2022 0