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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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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The merits of well-executed personalization are legion. Financial institutions (FI) can potentially generate up to $300 million in revenue, for every $100 billion in assets under management by interacting with customers in hyper-personalized ways. The reality is that many providers have struggled to deliver the tailormade experiences those customers expect. In banking, for instance, nearly…
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Be it the Ever Given episode in the Suez Canal or the 100+ ships waiting off LA/Long Beach or fears that the supply chain crisis would perturb Christmas, shipping has seldom been so much in the public eye. Maritime tech has seen unprecedented activity over the past year, with a surge in deals. Start-ups received…
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A combination of large pay-outs for different kinds of carriers and the impact of low interest rates in developed markets has caused the average total shareholder return of publicly held insurance companies to drop into negative territory. The average return was much below the 15% average return recorded in other industries, pushing insurance to near…
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From floods and rising mercury to cold waves, climate-related events impact the insurance industry in multiple ways. A 2018 extreme freeze in the U.K. led to pay-outs for burst pipes of £194 million over three months. In the same year, an extreme heatwave saw over 10,000 homes in the U.K. claim for damage caused by…
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Special purpose acquisition company (SPAC) Spinnaker Acquisitions completed a reverse merger with LeakBot, UK based B2B Insurtech, to create Ondo InsurTech. This new entity will be the first Insurtech to go public in Britain. Ondo brought in about $4.5 million from investors, grossing a market capitalization of about $10.8 million. It will use the fresh…
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Insurance business models are beset with high operating costs, opaqueness and information asymmetry. With the advent of Web3, smart contracts, and decentralized autonomous organizations (DAOs), newer ways of transferring risk are coming to market. The use of blockchain technology within insurance is proving to reduce costs and improve end-user experience. This final part, a continuation…
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Web 3.0 is founded on a substrate of edge computing, machine learning and decentralized data architecture. This decentralization of data hinges on blockchain technology to create an open, secure and transparent workscape, enabling participants on the network to interact sans intermediaries, while ensuring that data ownership resides with users. The expectation for Web3 is to…
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In 2020, Trōv developed the Embedded Insurance Platform (EIP) and launched it in June 2021. The EIP was purposed to aid the distribution of P&C insurance products by companies with digital footprints. Trōv saw the latent potential in embedded insurance and tapped the market need of digital consumer brands that sought new insurance offerings. Recently,…
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