The changes in consumer habits are of great interest to insurance organizations. Customers who prefer to handle business digitally would deride at the prospect of having to meet in person with a broker and fill out a long application by hand to start a policy. The number of digital-first clients is increasing.

Additionally, the industry is expected to shift from its current state of “detect and repair” to a “predict and prevent” methodology, transforming every aspect of insurance in the process. according to research on the impact of AI in insurance. As more carriers shift to this methodology, they will…


Going back to history, the introduction of the telegraph, the breakthrough technology of the era, made new marketplaces more efficient, drawing in more participants and helping to support a country’s economic growth.

A similar process is underway in insurance. Today, a digital insurance marketplace is emerging, fueled by technological advances and rising interest among insurance customers and intermediaries for faster, cheaper, and more adaptable ways to meet their risk-management needs.

Simply put, an insurance marketplace is a digital ecosystem that enables carriers, customers, agents, brokers, and even non-insurance participants to seamlessly connect, thereby transforming the way insurance products are distributed…


Carriers, pressed by lower expense insurtech models that emphasize direct-to-consumer engagement and new, rich data sources, are beginning to encounter a bifurcation of risk and client characteristics. As the insurance evaluation and quoting landscape becomes more commoditized, sophisticated models utilizing new sources of data are pushing upmarket in both the personal and commercial insurance spaces.

Consequently, risk profiles are starting to follow a barbell distribution pattern — some risks are more measurable, more easily quantifiable, and therefore require less human intervention in pricing and evaluation. …


Society has become dependent on insurers in this complex landscape where environmental disasters, health crises, and civil unrest are everyday issues. Yet, insurance companies struggle to keep pace and are protecting themselves with risk exclusions, leaving their customers high and dry and reliant on governments for financial help.

Consumers are now realizing that their strength in numbers is the only way to be heard. A consequence of this perfect storm in the insurance world is that consumer trust is at an all-time low.

A cycle of distrust

The way the current insurance system operates is swayed in the insurer’s favor. Although independent assessors are…


There is no question that from smart home devices and connected vehicles to wearable health monitoring devices, the Internet of Things has had a transformative impact across market sectors, and insurance is no different. Globally, about 127 new devices are connected to the internet every second. Insurers are now in a better position to leverage the opportunities that come with this new tide of global digital expansion.

IoT allows insurers to better engage with customers, better predict and evaluate risk, make the claims process more efficient, and create better insurance products. …


There is no doubt that the insurance industry enables you to protect the downside of unforeseen events and mitigate the impact of risk events. Traders and mariners have been buying insurance for the last 500 years. Inevitably, the insurance industry has significantly evolved over this vast period of time and shapeshifted in response to the changing environment. Today, the industry is in the midst of another important transition precipitated by technology and in response to changing consumer needs. It has finally started its delayed, but firm, march towards digitization. …


Mention the word blockchain and most people will think of cryptocurrencies, mining, and large power-hungry data centers. But a new generation of private blockchains is emerging that is helping to drive digital transformation in the insurance industry. A private blockchain is already being used to automate claims functions and payments more securely and transparently, for example, reducing costs, saving time, and ensuring compliance. Global analysts and research companies are predicting rapid adoption and urging the insurance industry to invest in the long-term benefits of blockchain technology. …


There is no doubt that the emergence of new technologies in the insurance industry has had an uplifting effect on the business. From claims processing to lead conversions, insurtech — the combination of insurance and technology has overhauled the traditional processes and legacy systems and transformed the lives of insurers for good.

The COVID-19 pandemic has accelerated the insurance tech market growth, highlighting the importance of innovative solutions while at the same time creating an environment wherein it is all the more challenging. This inconsistent dynamic boosted the position of insurtech companies, whose future-forward, digital-centric approach has enabled them to…


There is no doubt that the pandemic has forced the industry to hasten its embrace of automation. By the start of this year, over 40% of insurers had either already incorporated some degree of accelerated and automated underwriting into their new business process, or had imminent plans to do so. This was a dramatic increase from 18% the year before — according to research to research.

Pandemic or not, this pivot was always inevitable, and the numbers underline why. Today, over half of the insurers that have already adopted accelerated underwriting report payback periods of less than a year, with…


Today, there are lots of insurers that are talking about innovation, but not every insurer means the same thing when they use the term. You can have three people sitting around a table to discuss innovation, and it turns out all three of them expected an entirely different conversation. This is a good thing rather than a problem! It means there are many ways for an insurance company to be innovative in today’s market.

There are three primary topics insurers want to explore in the realm of innovation:

  • Internal innovation best practices
  • Emerging tech
  • Insurtech startups

Internal Innovation Best Practices…

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