Meeting and managing catastrophes with insurtech

Insurtechs putting the puzzle pieces of resilience together

It seems that not a day goes by where we don’t read about some catastrophic natural disaster, somewhere: hurricanes in the Caribbean, earthquakes in Mexico or Taiwan, wildfires in California, and now volcano eruptions in Hawaii and Guatemala.  The losses are devastating – in economic terms, for example, losses are in the tens of billions of dollars or more for…

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From BRINK: Could GDPR Transform the Insurance Industry?

Appreciating the strategic opportunities and threats of a new regulatory era

Our colleagues at BRINK are running stories on the implications of the General Data Protection Regulation (GDPR), and we thought this piece from our Oliver Wyman colleague Kaijia Gu especially relevant for our insurtech audience. Having crossed the long-awaited threshold of the General Data Protection Regulation (GDPR), the door to the new regulatory era is finally open. Revised laws protect…

InsureTech Connect 2018

The world's largest insurtech event

We are delighted to offer a discounted registration here. For an exclusive VIP discounted rate, contact Oliver Wyman insurtech experts Matt Leonard and Prashanth Gangu.    

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Where is Digital Transformation Being Accomplished in Insurtech?

From: Digital Transformation in Insurance - Current State and Way Forward (Celent)

A newly released report from our colleagues Mike Fitzgerald and Niall Williams at Celent, Digital Transformation in Insurance: Current State and Way Forward, draws on a survey of insurance executives to provide some “under the hood” data on strategic goals, approach, and progress of digital initiatives.  As shown above, most of the transformation effort is in functions with a higher…

Excellence in Risk Management: New Survey Results from Marsh and RIMS

The risk professional's role in managing technology innovation

The gathering of risk management professionals at the recent RIMS meeting in San Antonio saw the release of the fifteenth “Excellence in Risk Management” survey from our colleagues at Marsh and the event sponsor, RIMS.  Drawing on the responses of about 450 risk management professionals, Maintaining Relevance Amid Technology Disruption tackled the key issues around the risk management professional’s role…

How to go Bionic – Technology in the Future of Underwriting

What are the implications of a blend of digital and human capabilities?

The recent report from Oliver Wyman and the Chartered Insurance Institute (CII), “The Underwriter of the Future Six Years On,” makes clear that in many areas of corporate and commercial insurance, much of  the current “artisan” business model will get a “bionic upgrade” – not 100% machine, but an inseparable blend of digital technology and human capabilities.  What are the…

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Whither the Underwriter in the Age of the Machine?

Reflections on the underwriter of the future

Six years ago, Oliver Wyman and the Chartered Insurance Institute (CII) collaborated on a joint report, “The Underwriter of the Future,” that laid out a vision of what a commercial insurer might look like in 2012.  Here in 2018, having passed the half-way point, a new report “The Underwriter of the Future Six Years On” takes stock of what has…

Avoiding “Renovator’s Regret” in P&C Digital Investment

How P&C Insurers Can Earn High ROI on Digital Investments

When you’re thinking about how to use technology in your company—to build efficiency, expand your reach, provide new analytic tools, create new products, or just to keep up your competition—it’s important to keep in mind a lesson you probably already learned at home. Let’s call it “Renovator’s Regret.” If you live in an old house, you’ve almost certainly experienced it.…

The Customer Value Gap for Insurance

Oliver Wyman's Anthony Bice on what insurers can learn from big tech

Insurance is not known for being at the forefront of innovation. By and large, customers are buying the same types of covers from the same carriers in the same way as they were 20 years ago. Of course there are some exceptions to this rule, and solution innovators are mostly still playing at the edges of the industry. And even…

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Executive Conversations: Bill Scaldaferri, President & CEO Allianz Global Corporate & Specialty (AGCS)

Thoughts on strategic partnerships, better utilizing data to assess commercial risks, and cyber risk

One year into his role as CEO and President of AGCS, Bill Scaldaferri has a busy agenda when it comes to proactively tackling the evolving nature of risk. Having recently announced a groundbreaking strategic partnership with Cisco, Aon and Apple, he believes AGCS is offering an innovative approach to dealing with cyber risk. Likewise the firm is championing new growth…