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All industries are experiencing some form of disruption – including insurance. Products, services, and customer experience are all impacted, and insurance ecosystems are a major cause of this disruption. Insurers can take action to get ahead, and with the right partners and path forward, ensure that their ecosystems are the right economic choice. Property & Casualty (P&C) carriers need to deliver more specialty data, services, and capabilities to support and enhance their processing and decision-making, and an ecosystem of connected partners makes this possible in entirely new ways. What Are Insurance Ecosystems? Platform companies, sometimes referred to as “ecosystems” themselves,…
Artificial intelligence (AI) has changed the insurance industry – and customer service is no exception. One of the most common forms of AI are the use of chatbots, which Forbes defines as “software functionality that is designed to receive conversational input through text of voice and then generate a response that is also in natural language.” In other words, instead of interacting with a human, you’re “chatting” with a bot that’s programmed to understand your questions and direct you to the right place. Chatbots are an innovative tool that can offer many benefits for insurers, such as around-the-clock support for…
Advanced insurance technology is already an integral part of the P&C industry, for both carriers and insureds. Getting insurance quotes can be as easy as clicking a button, managing coverage can typically be accomplished via a mobile app, and paper insurance cards are mostly a thing of the past. Insurance technology is poised to mature even more in 2019. While some of these tools are already employed by some carriers, we see them becoming more and more commonplace throughout the industry. Insurers looking for a competitive edge should consider embracing one or more of these eight emerging insurance tech trends.…
The Rise of Innovation Insurance giants have long hoped to bring more innovation into their business, but strict regulations and long-standing processes have hindered their progress. This trend has slowly started to change as more investments in technology continue to increase. According to CB Insights, “more than $4.15B was deployed into insurance tech startups globally” with that number continuing to rise. But with so many startups continuously popping up, how can we differentiate from those that are fads and those that are worth our time? Here are 10 startups that are making promising changes in the industry. 1. Lazarus AI…
InsureTech Revolution: This is InsureTech’s moment. Will Insurers Seize the Opportunity InsureTech has become a powerful driver of change in the insurance industry, but it’s no silver bullet. Learn how to make its innovations work for you by putting the focus back where it belongs: on the capabilities that make your company unique. $4.15 billion global insurance technology investments in 2018 28 investments of $30 million or more in 2018 large VC funding rounds #1 risk facing global insurance industry is technology modernization Insurance is boring. You might hear that from people who don’t know better. But the ones who…
In 2020, we’ve seen more money pour into insurtech–and some high-profile entries and exits. Unfortunately, this doesn’t mean the sector has done particularly well in funding terms in 2020, although that’s to be expected as we see funding starting to slow due to the pandemic But the rise of insurtech as a whole should not be shrugged. It’s a separate animal because it’s an industry that touches billions of people and businesses in some capacity. That, along with the fact that it’s been here for some time makes it ripe for disruption–regardless of the challenges facing startups across industries so…