Thinking Strategically About Insurtech

Issues, opportunities, and challenges become clearer when framed terms of strategic outcomes

Insurtech can be difficult to think about strategically. That’s largely because the term covers so much ground—multiple technologies from big data and artificial intelligence to blockchain and the Internet of Things, all of which are finding applications across the whole spectrum on insurance company functions, from distribution to operations to underwriting. As result, the question of how you are supposed…

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From Carrier Management – “P/C: It’s Not Personal Anymore”

Prashanth Gangu and Matt Leonard sketch out the upheaval facing P/C in 2018

After decades during which the operating model in the property/casualty business has been surprisingly stable, it feels like we’re suddenly surrounded by new players, new models and new business realities. That feeling is partly an illusion, as the new features and players of today’s market have been in the making for at least a decade. But they’ve reached a level…

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Video: How Big Data will Transform the Industry

John Standish on the data points that insurers have barely begun to tap

Insurers have barely begun to realize the potential that big data offers when it comes to managing every end of the business, from conducting back office functions in an instant to uncovering a new universe of risk factors. Today an insurance company can use artificial intelligence to analyze the millions of data points that go into reviewing a claim or…

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Is your brand aligned with tech savvy millennials?

Technology can and should build your brand - even if you’re using outside technology.

There are two assumptions commonly made about millennials: they are tech-savvy, and, perhaps because of that, they are not loyal to brands. Research always confirms the first assumption, but the second, not so much. Millennials, it turns out, are more brand-loyal than other generations. In Inc., Geoff Smith writes: “Millennials are also the most loyal generation to their favorite brands,…

Navigating InsurTech Innovation to New Opportunities

Going beyond accelerating existing processes to finding new ones.

In the hands of companies with vision, technology is not just a tool for accomplishing short-term goals but a voyage in which innovation leads to innovation and business models evolve to take advantage of new opportunities those innovations create. A good example of this sort of evolution is Control Expert, a service provider for the auto insurance and auto fleet…

Tech Drivers: Blockchain

Still in early days, but with great potential.

Blockchain, currently best known for its role in enabling crypto currencies and—bizarrely—virtual cats, is a technology that only a handful of experts truly understand. The basics, though, and the way they can be applied to business, are already clear. The technology creates a kind of uber-ledger that records transactions permanently, transparently, and immutably. Spend a bitcoin (or buy a cryptokitty),…

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Tech Drivers: Cloud Computing and Insurance

From the Oliver Wyman / ZhongAn survey of the technology shaping the insurance industry.

With the commoditization of insurance products and the shift in sales channels, cloud computing and its promise of converting fixed capital expenditures into variable operating costs have captured the attention of most insurer CIOs and, by extension, CFOs. Insurer-owned data centers, accustomed to delivering mission-critical services 24 hours a day, seven days a week, are more likely to have the…

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Video: Opening Up a Market in Cyber Risk Insurance

Interview with Siddhartha Gavirneni, CEO & Co-Founder, Zeguro

  The list of unknowns in cyber security is large – and constantly changing as the cyber landscape evolves and risks change and increase.  The only thing that seems certain in today’s world is that these threats will not go away.  Small and medium-sized businesses, in particular, face challenges as they try to protect and insure themselves before security breaches…

Tech Drivers: The Internet of Things and Telematics

From the Oliver Wyman / ZhongAn survey of the technology shaping the insurance industry

Up to now, the basic model of risk understanding has been to observe correlations between claims costs, composed on the one hand of the frequency and severity of insurance claims, and on the other of the characteristics of the insurable assets as described by data. This analysis is the basis for models to select risk and manage risk portfolios. Such…

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Oliver Wyman at InsureTech Connect 2017: Highlights

Key issues and takeaways from the 2017 gathering of nearly 4000 insurers and innovators in Las Vegas

Our second year at ITC was busy, exciting, informative, and surprising. Which was all the things we wanted it to be! With double the audience from last year and a real sense of rolling up shirtsleeves and getting down to work on the core problems facing the industry, ITC 2017 seemed to us to provide a unique arena to exchange…