Author: admin
Spotlight on Tim McCosh, Founder and CEO of Yokahu. Yokahu is a parametric insurtech focused on closing the tropical cyclone protection gap, and it’s currently raising funding before its launch in 2021. Hi Tim, could you share a little about yourself? I was raised Scotland and moved to London after university. Later, I found my way into the London insurance market where I was a broker of international property (re)insurance. After about a year I started seeking clients from the Caribbean region and in roles across two different companies built-up a great network in the region whilst diversifying my product…
What does the modern insurance customer want? And how prepared is your business? Smartphones have reshaped our expectations of almost every interaction we have. People now expect to order food in a few clicks, pay for parking via an app, and manage their health and finances online. Every industry is either being shaken up or sized up as next in line for disruption. Social-media sites, networking and streaming have changed our media consumption, Amazon has become the world’s biggest brand by revolutionizing the way we shop and how quickly we expect our goods to arrive, while challenger banks offer cheaper,…
Integrating digital customer service tools has the potential to dramatically increase efficiency and speed within customer support teams. By making operations more streamlined and allowing advisors to delegate work to automated technology such as chatbots, banks experience reduced support times and costs. Advisors can capitalize on this increased productivity by focusing on more valuable client communications, such as face-to-face engagement. One example is signature software. Using document sharing features in conjunction with a communication tool like video chat, advisors can walk customers through documents and close the conversation with e-signature – rather than the time-consuming process of mailing documents to…
At last, insurers are catching up and offering digital pathways for customers to file claims. For the most part, the process starts off well, allowing customers to take a photo with their phone, attach it to a digital form and submit the first notice of loss via email. (This is a huge improvement from a few years ago, when a customer would have to book an appointment with a claims adjustor and meet them at the place of damage). But then, as more stakeholders get involved in the claims process, the bottleneck pops up. The customer has to revert back…
There’s been a huge amount of reporting on the economic impact of Covid-19 on insurers, much less on how they are responding to the change. This report details the results of the survey and explores how, through partnerships with established tech innovators and new ways of working across distributed teams, insurance companies are able to accelerate the delivery of their digital business. All respondents are currently reviewing their strategy, with the large majority prioritizing the near-term digitization of their business – targeting specific parts of their operation. There is currently no commitment to increase or decrease budgets, rather to target…
The Insurtech 100 represents a snapshot of the tech innovation within the insurance market; some offering solutions to accelerate corporate activity, others paving their own futures. With the increased need to accelerate digital transformation and innovation across the industry, coupled with an inevitable drop in Insurtech investment, we’re likely to see a high-level of market consolidation over the next 12-months. This will start with a rise in partnerships between incumbents and Insurtechs, and shift to acquisitions later in the year once those collaborations return value. The challenge for the corporates will be keeping pace. And that starts with knowing what’s…
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…