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.
A lot of small and medium sized businesses go bankrupt because their invoices are unpaid or remittances are extremely late. But what if small and medium sized companies could insure their invoices, so payments were guaranteed? That's what the new insurtech company Hokodo seeks to do. Co-founded by Richard Thornton, an Oliver Wyman alumnus, Hokodo is a business-to-business company that allows its clients to ask their clients a very important question: "Would you like to receive a quote to protect this invoice against non-payment?"
There were dozens of insurtech companies in the exposition hall at Las Vegas’s MGM Grand Hotel, the locale for the Insuretech Connect 2018 conference sponsored by Oliver Wyman. Many of these new companies had great ideas that could potentially disrupt and transform the insurance industry.
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.
The Mayor of Hartford, CT on fostering insurance innovationHartford, Connecticut has a big insurance industry and its mayor Luke Bronin wants to keep it that way. That’s why he is attending Insurtech Connect 2018. “We’ve been home to many insurance companies for over a hundred years,” he said. Bronin is looking to connect with executives from big insurance companies, of course.
InsureTech Connect 2018 Presented by Oliver Wyman brought together over 5,500 leaders from startups, incumbents, investors, regulators and more. With participants representing 55 countries ITC has quickly become the world’s largest insurance industry gathering and the most efficient way to connect with the people who are changing the industry.
Join Oliver Wyman’s Paul Ricard at ITC 2018 as he catches up with Max Drucker, CEO of Carpe Data, an emerging alternative data company serving only insurers.
