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 most popular insurance segment, with multiline (26%) and health (18%) close by. Investments were mostly in personal lines (68%), while commercial lines accounted for 26% and mixed applications the remaining 6%.

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 remains open to insurtech and its further development.

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 insurance firms and reinsurers.

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 of them aren’t.
Published yesterday, EY’s ‘Insurtech: Enabler or disrupter’ report delved into the true aims and aspirations of insurtech firms while also evaluating their place in the market.

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 service around the clock.
From a customer standpoint, this digital transformation is great because it provides a more holistic and diverse service environment. Consumer preferences are changing, with people of all ages and demographics turning to smart phones and apps to carry out their personal business.

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 insurance?
“Driverless cars will reduce — perhaps dramatically — the need for auto insurance if they’re safer,” Buffet told Yahoo Finance. “If driverless cars are successful and people don’t hack into ’em, that will reduce auto insurance premiums — and perhaps drastically reduce them.”

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 vehicles in 2016 in Pennsylvania, Uber then expanded testing into several other cities in North America, according to BBC News. But in March this year, it temporarily put the brakes on all operations after a pedestrian was killed in an accident involving one of its vehicles while operating in autonomous mode, eventually ending the program.

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 utilised in a number of commercial applications too. Warehousing is probably the industry where they have gained greatest prominence thus far, but they also have a number of potential applications for insurers.

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 years, with more than half expecting telematics to be used by most drivers within five years, according to new research conducted by YouGov.