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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During the financial crisis, American International Group (AIG) could only be saved by a government bailout. Since then, the prevailing sentiment has been that even without the crisis, AIG would have destroyed substantial value notwithstanding credit default swaps, largely on account of recurring material issues in its core operations. A decade after the crisis, AIG…
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In Part 1, underwriter workbenches were described as platforms to support underwriters in making complex decisions at speed and with confidence. Workbenches come equipped with relevant insights about clients and the risk being underwritten, along with a modern user interface to enable frictionless data flow. Historically, underwriting has been a nuanced aspect of insurance, seldom…
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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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