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),…

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…


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…

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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…


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…


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…


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…

The oliver wyman insurtech interview

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…