Insurtech investment continues to surge worldwide – Accenture report

According to new data by CB Insights, as reported by Accenture, insurtech deals worldwide grew 39% in terms of number and 32% value-wise, to US$2.3 billion, in 2017. Accenture cited property & casualty (42% of global insurtech investments) as the mos

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The future of insurtech regulation

ASIC has revealed the best ways to engage and develop with the regulator on insurtech. At the inaugural Insurance Business Insurtech Summit, held in Sydney yesterday, Emma Curtis, group senior manager for insurance at ASIC, said that the regulator r

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Willis Towers Watson sheds light on the insurtech boom

“The sobering of insurtech” was how brokerage giant Willis Towers Watson described last year’s trend involving incumbents worldwide, as 2017 saw record investment into start-ups and technology not only from financial investors but also from ins

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Will insurtechs really disrupt the Australian industry?

Australia’s insurance industry has been understandably shaken by the arrival of insurtechs but are these newcomers really gearing up to overthrow a well-established sector? According to a recent report from Ernst & Young, no – or at least most o

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Demystifying insurtech to present opportunities for brokers

The bricks and mortar insurance broker is transforming. Today, some brokerages look a lot more like Google than an insurance brokerage. They have virtual employees driven by artificial intelligence (AI) who can provide slick and efficient customer se

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Buffett speaks up on what driverless cars will mean for car insurance

Driverless cars will eventually, and inevitably, arrive – the question is when it will happen. For Warren Buffett, CEO of Berkshire Hathaway, which owns Maryland-based auto insurer Geico, that raises another question: what does this mean for car i

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Driverless cars and why insurers may not be ready

The road to a world full of autonomous vehicles has been a bumpy one thus far. Just this month, Uber pulled the plug on its US-based driverless car program following a fatal collision earlier this year. Having first started testing its self-driving

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Monitoring claims with wearables

Wearable devices - often known as “wearables” - have emerged as a significant force in the tech industry in recent years. Though best-known for consumer applications in the fitness field – such as the Fitbit – wearables have also been utilis

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Tech will change the way we drive within five years, say expert

The technology revolution will change the way we drive within five years, say insurance leaders – with telematics leading the charge. More than nine in 10 insurance chiefs predict significant changes to the motor insurance industry in the next ten

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How US insurance companies are turning to technology

Americans love technology, and we expect companies to deliver delightful digital experiences. Insurers aren’t doing that - yet. So far, updates have been skin-deep. “If you go to a carrier’s website, the look and feel is pretty good, but the

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Home telematics offers a “win, win” for insurers and brokers

The ‘smart home’ has well and truly arrived. We can now use our mobile phones to connect to our cooker, television, smoke alarm and our water pipes. We’re in a world where the Internet of Things (IoT) is slowly permeating deeper and deeper int

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Where can smaller brokers and insurers begin when it comes to AI?

AI and machine learning are big buzzwords today – but it can be difficult to know where to begin when it comes to harnessing the technology within your business. Increases in computer power, greater investments in algorithms, and growth in the ava

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Insurers urged to invest in AI

Insurers are being urged to invest in artificial intelligence after a recent study showed it could lead to a significant rise in revenue for their businesses. According to Accenture’s Future Workforce Survey, firms that commit to AI at the same ra

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AI to reshape finance – we just can’t agree on what it is

Global financial leaders are convinced artificial intelligence is poised to reshape their industry, and they’re ready to invest big -- they just can’t agree on what it is. The World Economic Forum released a 165-page report Wednesday after setti

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Are online reviews the new referrals?

Every insurance broker understands the importance of client referrals but, in an increasingly digital world, some industry players are suggesting that online reviews are steadily taking over.

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Insurtech start-up sets its sights on low-risk consumers

Insurtech firm Halos Insurance is aiming to build a product designed specifically for low-risk and accident-free consumers. Halos Insurance founder and chief executive Satadru Sengupta claims more than 80% of insurance consumers are under-served.

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AIG on commercial insurance and its economic gains

The subject of innovation is never far from businesses’ minds today – and those in the insurance world are no exception. Often accused of being slow to adapt, the industry has been upping the ante in recent years by pouring money into insurtechs,

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Are you ready to embrace automation?

Almost a third of SMEs claim that they are using a broker less than they used to, according to the 2018 Vero SME index. Notably, the report says, SMEs dissatisfied with their broker are significantly more likely to have reduced their usage of broker

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Former QBE exec reveals huge potential impact of insurtech

Insurtech has already brought about massive change for the industry but far more is on the horizon, according to one of the most experienced players in Australia’s insurance space.

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Marsh reveals partnership with insurtech

Brokerage titan Marsh has tapped a London-based insurtech to drive new insights and placement strategies for customers in the area of marine cover. Announcing the multi-year deal, Concirrus said Marsh will be adopting the insurtech’s “Quest Mari

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Are incumbents just paying lip-service on insurtech?

Talk of insurtech has become rife in Australia with the number of educational events rising rapidly and even a dedicated industry association launching last year – however, despite the apparent interest, it seems some major players have doubts over

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Insurance start-up shares secrets to successful partnerships

Colin Fagen, managing director of Blue Zebra Insurance, is no stranger to the insurance industry having led QBE for number of years. So he knows a little about how the sector operates and how it approaches change: “Their businesses are slow-movi

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