Insurtech
InsurTech emerged as a sector within the global insurance industry around a decade ago as innovative start-ups looked to deploy technology to transform the insurance industry. InsurTech start-ups now number in the thousands with new entrants continuing to look for ways to modernise the insurance industry. The Future at Lloyd’s initiative is one of several opportunities for innovation and change, with several companies investing in the development of new tools to drive up revenue and drive down costs.
Profit and volume 'key to successful insurer-insurtech partnerships'
Incumbents are under pressure to grow their partnerships with insurtechs to scale at an acceptable loss ratio in order to recover their investment in a shorter timeframe than previously envisaged
Asia insurtech sector speeding ahead on regulatory fast track
The adoption of insurtech solutions in Hong Kong and Singapore is not without its challenges, but these are being addressed through proof of concept initiatives sanctioned by the regulator
Viewpoint: Ecosystem approach can solve the insurtech funding challenge
Platforms hosting several insurtechs are helping to ease the pressures on the sector post-Covid – but ongoing investment is critical
Viewpoint: ‘Insurtech collaboration crucial to overcome Covid-19 challenge’
These are testing times for both insurtechs and traditional insurers as they struggle to adjust to the impact of the pandemic on investor confidence and customer trust and behaviour
AI makes inroads into reinsurance automation
But a lack of standardisation is creating challenges for those looking to adopt the technology
Viewpoint: To close the protection gap, regulation must evolve to accommodate insurtech
Governments need to update regulations to enable the use of tech-driven insurance solutions
Viewpoint: This is the next stage, not the end, of the insurtech promise
There remain huge opportunities for technology-based companies across the insurance ecosystem, but few are able or willing to pursue them in the present environment
Focus: Insurtech is about more than investing in state-of-the-art technology
To create a digital insurance business, companies must have a very clear idea about what they want to achieve
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