As we look forward to InsureTech Connect 2019, it’s worth considering just how good ITC 2018 was. Caribou Honig, Chairman and Co-Founder, InsureTech Connect caught up with Oliver Wyman Partner Matt Leonard to discuss the trends they saw emerging at the 2018 conference.
Home insurance doesn't at first glance seem like the focus for 21st century technology advances. In fact, many home insurance policies were written in the 1960s and were designed to cover items now considered antiquated. "Like fur coats, pewter bowls, gold bullion, stock certificates, and even the maintenance of crypts,” laughs Richard McCathron, head of Hippo Insurance, in an interview with Oliver Wyman’s Paul Ricard at Insuretech Connect 2018 in Las Vegas this past fall.
Most people don’t have enough life insurance, especially if they are supporting a family. If they are lucky, their employer’s life insurance plan gives them the very basic minimum, maybe one or two times their annual salary. And while that may sound like a great deal, that money won’t last very long, especially because the family’s annual expenses won’t decrease significantly once the breadwinner dies and the family must live on a single income. But that still leaves the big questions unanswered: How much life insurance should someone buy? And what is the most appropriate form of life insurance, term or permanent life Insurance?
September 2019 is fast approaching and with it the opportunity to join the insurers, technology entrepreneurs, and investors who find ITC the most energizing and informative event of the year!
Chubb is the world's largest publicly traded property and casualty company and the largest commercial insurer in the U.S. That kind of market presence might encourage some companies to go it alone. But Chubb's Chief Digital Officer Sean Ringsted told Oliver Wyman's Matt Leonard at InsureTech Connect 2018 in Las Vegas that the insurance giant is looking for some good partners.
The future is closer than ever.Innovation in insurance has more often come from the property & casualty side (for example, telematics in auto insurance). Partly because of the nature of the products, and perhaps also because of the age of company systems, life insurance has been slower to change. But change is definitely afoot.
An ongoing theme at InsureTech Connect 2018 (ITC18) was finding a customer need and delivering a customer-based solution. ITC18 went beyond mere discussion from the outset as attendees of Credit Karma founder and CEO Kenneth Lin’s keynote “Karma in Insurance” discovered.
Recent years have seen a major rise in InsurTech investments across the world, and France is no exception. In fact, a large share of these investments comes from insurance and reinsurance players, underlining their belief in an inevitable and necessary transformation of the industry as we know it.