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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…

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AIG’s Brian Duperreault on Meeting the Challenges of Insurtech

How will underwriters and underwriting change in the age of big data?

Oliver Wyman CEO Scott McDonald recently sat down for a wide-ranging discussion on the future of the insurance industry with AIG CEO Brian Duperreault.  In this excerpt, Brian talks about how data science and technology will change the face of an industry that is characteristically risk averse and wedded to the “tried and true.”  While the challenges for an industry…

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A Bit about Bots

Automation and chat bots are just around the corner for insurers

Donald Light, one of our colleagues at Celent, published a report last week called “What Advice Would You Give to a Bot Looking for a Job in an Insurance Company?” The report is based on a survey that asked CIOs for their views on the potential of automation. The findings are pretty much what one would expect: larger insurers see…

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The New Rooftop View in Insurance

Betterview's David Tobias on putting drones - and data - to work in underwriting and claims

The response to recent natural disasters has brought drones into the limelight.  But providing damage assessment is only one part of how drones – and the data they capture – are changing the insurance world. No doubt, providing the claims function with ready access to drone technology is important, but perhaps even more impactful is to move data capture forwards…

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Louis Carbonnier, Global Head, Euler Hermes Digital Agency (EHDA)

New technology - cloud, AI, APIs, blockchain - is changing the face of trade finance

Two years ago, Louis Carbonnier and Christophe Spoerry founded the Euler Hermes Digital Agency, the innovation arm of Euler Hermes, a global provider of trade-related insurance solutions. Besides working on ways to monetize Euler Hermes assets, EHDA is trying to reinvent trade credit insurance, initiate plug and play partnerships, and create products rooted in Big Data and artificial intelligence. What’s going…

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Getting To ‘Win-Win’ in InsurTech Collaboration

Established insurers need to strike a balance when evaluating more mature startups and younger ones

The insurance industry is not known for its speed. It can be highly risk averse and prone to lengthy decision-making processes that lead to challenges when trying to collaborate with startups. Startups are often at different stages of development and therefore carry different inherent risks. The more mature, growth-stage startups are easier to collaborate with as they typically have a…

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Video: Disrupting the Claims Process with Computer Vision

On the P&C front line with Tractable's Alex Dalyac

Imagine a world in which machines can “see” and process claims – quickly and accurately –  in nearly real time, using computer vision powered by the vast trove of resident data and experience in today’s P&C insurers.  That world, according to Tractable CEO Alex Dalyac, is not around the corner, but very much here and now.  And not as a…

Oliver Wyman / World Economic Forum Report Maps New Risk Landscape

Recommendations for Insurers, Government, Tech, and Risk Owners on Emerging Technologies

Insurers, governments, tech companies, and risk owners (consumers and businesses), all have a role to play in facing a new risk landscape in a constructive way. Old playbooks will no longer provide guidance, and the once solid concepts that describe and define the dimensions of risk management – like liability or the governance and regulatory models for a cyber world that…

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Scary and Exciting: Where Is Insurtech Going?

Changes in technology and data, in societal trends, and in behaviors open up amazing possibilities

The world is changing for insurers, for customers, and for the widening universe of companies connecting the two. Computer vision, conversational AI, robotics and drones, genomics, sensors, and blockchain, among others, continue to shake up this traditionally staid industry.  Where should we look for the most significant change?  Innovators are moving on from the low-hanging fruit and looking at the…