The future of reinsurance (RI) markets is being reshaped by new technology, alternative capital and reinsurers bundling value-added services with reinsurance. These forces are leading to new trends, in a backdrop of changing RI buying patterns, emerging risks and the realities of ever changing regulation. Placement processes have evolved at a slow pace while acquisition…
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This concluding part extends the narrative from insurtech orchestrators (Part-1) and pioneers like Discovery’s Vitality (Part-2) to emerging ecosystem impacts, based on examples of Manulife and John Hancock, its US subsidiary. Customer-focused health ecosystems are being designed to seamlessly deliver the right care in the right setting at the right time. Globally, they are evolving…
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In Part-1, ecosystem characteristics and successes in digital health were discussed. In Part-2, the focus turns to Discovery’s Vitality health ecosystem. In September ’18, John Hancock declared that it would discontinue traditional life insurance and instead offer only its Vitality branded interactive health policies. This announcement was newsworthy at the time, as behavior-based programs such…
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Rey Assurance co-founders Bobby Siagian and Evan Tanotogono Health insurance is the kind of thing people usually only think about only when they need it. Otherwise, their policies are just paperwork in their files or cards in their wallet. Indonesian insurtech Rey Assurance is taking a new approach. Once someone becomes a member, they also…
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The business ecosystem paradigm is not alien to the healthcare industry. In the past, players ranging from payers to providers as well as big tech companies, have led initiatives to build ecosystems as a means to integrated, value-driven care. There were notable successes among health maintenance organizations, such as Kaiser Permanente, but most of the…
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Mergers and acquisitions (M&A) in insurance are thriving on the back of macro factors – low interest rates, pandemic-related impacts and deepening specialization. For instance, in life and annuities, equity and reinsurance deals are far from abating, with price competition among reinsurers creating a seller’s market. The rush to add digital capabilities in response to…
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A continuous wave of ransomware attacks since early 2020, has destabilized critical infrastructure around the world and exacerbated the pandemic’s economic distress. Insurers that protect companies against cyberattacks are shoring up prices with cyber policies reaching unheard-of price levels. Cyber risk, a lucrative business line since its introduction in the 1990s, had seen the industry…
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Choosing an insurance policy is one of the most complicated financial decisions a person can make. Jakarta-based Lifepal wants to simplify the process for Indonesians with a marketplace that lets users compare policies from more than 50 providers, get help from licensed agents and file claims. The startup, which says it is the country’s largest…
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Risk management and social protection are generally well established in developed countries, on the back of insurance markets. North America generates over half of nonlife premiums globally, with the US being the largest market. Despite this, a sizeable chunk of the population even in the US economy is uninsured or underinsured for natural disasters, with…
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Progressive Insurance has risen from modest beginnings since being founded in 1937. After its 1986 IPO, it has delivered 20.5% CAGR vs 9.9% by S&P 500. Personal auto insurance (with specialty lines of watercraft, RVs, motorcycles) remains the biggest revenue source. Already highly ranked on the Fortune 500, it kept delivering consistent results over last…
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