insurtech News
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Deloitte’s Center for Financial Services has published a new report on the state of insurtech. While there are fewer insurtech startups forming than before, this year is on track to be the biggest on record in terms of new investments in the space.
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The types of insurance and the way it is accessed are being disrupted by new technology, data and artificial intelligence. Each is capable of completely altering insurance as we experience it now, according to Christian Wiens of Getsafe.
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Using data-driven recommendations, the insurance industry has the ability to use data to show the statistical probability of exposure to different types of threats. The logical next step is to take out cyber insurance, according to expert Sharmila Ray.
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Columbus -
Columbus, Ohio insurance companies are disrupting the automotive space. As an example, Nationwide Insurance is partnering with Slice Labs to offer an innovative on-demand, or “pay-as-you-go,” insurance coverage policy for rideshare drivers.
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India is rapidly developing into one of the world’s powerhouses for insurance, and much of this growth is fostered by insurtech startups and the offering of digital services. The country’s insurance industry is ripe for innovation and disruption.
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There is a wave of insurtech startups emerging each year. Some fall by the wayside, others become major players. Five companies set to make it big in 2019 are profiled, from an insurance as a service pioneer to a blockchain innovator.
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2018 saw a series of changes shaking up the insurance sector and the level of innovation and associated disruption looks set to continue into 2019. These include greater collaboration with big firms, blockchain and AI.
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Insurance company John Hancock and behavior change platform Vitality have released data that shows those who wear an Apple Watch and participate in the Vitality Active Rewards program take part in increased physical activity.
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SunLife is one of the world’s largest financial services companies. It is now offering a personalized wellness rewards program, delivered through the scheme BestLifeRewarded.
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John Hancock, which is a major provider of life insurance in the U.S., has added the requirement that those taking out interactive insurance must wear fitness tracking to all policies.
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Insurance companies continue to struggle when it comes to customer experience, with users complaining of poor service when making claims or because of undue waiting times. Insurance companies are redressing this with new technology.
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Insurance is in a deep wave of change and a considerable part of this transformative process is coming from new, aggressive insurtech startups. We profile three leading examples.
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It's a simple question: would you be willing to have technology that collects data about you and what you do in return for lower insurance rates? The younger you are the more likely, it seems, you are to say "yes".
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The insurance industry may not be entirely prepared for digital transformation, but insurtech is coming. Here are a few of the startups disrupting the insurance industry.
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A new deep dive into the technological changes impacting on the insurance sector now and in the future has been released. The report focuses on the value of data analytics and improved means for data sharing.
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London -
Insurance companies have been slow to embrace digital technology; however, signs are emerging that the industry is gradually opening up to the idea of alternative ways of providing insurance services. We look at five startups.
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London -
A new service, dubbed a ‘dating app’ for the insurance world, has been set-up to allow insurance brokers to connect with the relevant InsurTech partners. The service comes from Covéa and Broker Direct.
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A new report looks at data-driven global insurance technology trends and charts record investment from both financial investors and reinsurers in these emerging technologies.
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Amazon made waves when it announced that it was planning to disrupt American healthcare the same way it’s disrupted so many other industries. But what changes can an Amazon-backed healthcare company actually make?
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The digital transformation is driven by new competitive threats and a desire to prevent false claims, according to a new report. With the latter, the process of behavioral biometrics can assist with fraud prevention and a better customer experience.
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China is becoming a global standard-bearer in the digitalization of many aspects of life, including fintech and insurance companies. One area where Chinese firms are leading the way is risk analysis.
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Amazon may enter the insurance market through a new channel. The e-commerce giant already offers some insurance-related digital services.
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Growing numbers of SMEs are turning to online insurers to protect their business. According to a new report from PwC, 36% of small business owners will interact with their insurers online in the near term. By 2022, the figure will reach 48% of all SMEs.
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Unmanned aerial vehicles can help the insurance sector deliver faster services. Drones are being tested to carry out inspections of houses prior to claims being paid out.
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London -
If there’s a technology sector to get into then this appears to be insurtech. Insurtech jobs are increasing 22 times faster than the rest of the U.K. market, as an example of rapid developments in the sector.
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Quebec -
Canadian Insurtech company Ubios has been selected to join an accelerator program in the U.S., established to assist startups attempting to disrupt the insurance sector.
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New technologies are influencing the shape of the insurance sector. This ranges from smart burglar alarms to big data analytics to offer ‘micro-insurance’ solutions. Another area is with connected devices.
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Insurance companies are starting to offer ‘smart’ devices to consumers where the data can be used to lower insurance premiums. Such devices can be used in homes and in motor vehicles.
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One of the effects of the digital transformation of the insurance sector is the ability of insurance companies to offer ‘micro insurance’. This is an insurance policy taken out for a short duration – only when it is needed.
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U.S. society is polarized on many issues in relation to income and opportunity. One area that exemplifies this is healthcare insurance rates. A new survey provides data relating to cities and states, demonstrating the disparity of cover.
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