During last year’s lockdowns, a 35-year-old New Orleans resident went online, and in the time it took to finish his freshly brewed coffee, he secured a $750,000 life insurance policy. Until recently, the same policy took over a month, requiring a battery of medical tests. The life policy was purchased from a new age life…
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In a recent analysis of innovation assessment scores, a new addition to its carrier credit rating framework, AM Best found scores a tad below those from a year ago. The drop, it claimed, was on account of pandemic challenges. By calibrating innovation inputs (such as leadership, culture) and innovation outputs (results and levels of transformation)…
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The count of captive insurance companies globally is estimated to be over 7000, domiciled in 70+ jurisdictions. Captives have been established by nearly 70% of Fortune 500 companies in the USA. The high captive proliferation among large corporations in advanced markets in now spreading to Asia and Latin America. Globally, 46% of companies are reported…
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Latest customer survey findings on auto insurance trends during the last year show largely similar after-effects in most world regions. In the US, a JD Power 2021 Insurance Shopping Study revealed that the pandemic caused a 55% decrease in number of miles driven, inducing auto insurance customers to shop around for more personalized and cheaper…
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Nobel Prize winning economist Daniel Kahneman, in the 1970s, studied biases in economic decision-making and how people handle risk, challenging the belief that humans behave rationally when making financial choices. The ensuing body of work that it spawned – “Behavioral Economics” – has become entrenched in business parlance, as rigorous research has demonstrated that understanding…
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In property insurance, precision in assessing risks is a prerequisite for pricing policies competitively and curtailing excessive claim pay-outs. With better location intelligence, carriers mitigate risks, accelerate claim procedures, improve fraud detection and expand their customer base. Location intelligence (LI) has become crucial to enabling organizations in several industries to achieve strategic business goals, with…
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Lloyd’s Lab is an accelerator launched in September 2018 by Lloyds, the insurance market. After intensive global talent searches that attract several hundred applications, selected companies receive privileged access to its market for specialist insurance and reinsurance. These teams are tasked with driving innovative solutions to unique challenges the market faces. Over a ten week…
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The investment landscape for insurtech startups is off to a hot start in Q2 2021. Since the end of the first quarter, we’ve seen several players in the broad startup category announce new capital, including Clearcover, Alan, Next Insurance and The Zebra. But, as anyone who’s familiar with startups that offer insurance-related products and services knows,…
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French startup Alan has raised a $220 million funding round at a $1.67 billion valuation (€185 million and €1.4 billion respectively). Coatue is leading the round with Dragoneer, Exor, and existing investors Index Ventures, Ribbit Capital and Temasek also participating. Alan has been building health insurance products from scratch. When I first covered the company…
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