We’ve got an article from Robin, details of our two upcoming events and an overview of the latest industry news.
Thought for the week
Breaking news last week is that Amazon is going to offer home insurance in the UK in partnership with Ageas, LV= and Co-op Insurance. The company is quoted as saying it “aims to simplify tedious form-filling, slimming down the process to get a quote to “essential questions” only.”
We hear a lot about “embedded insurance” – bundling insurance with a product sale – but there is also the idea of “reverse embedded insurance” – selling a product to someone that has bought insurance. For Amazon could this shift to selling insurance be just one step towards selling houses I wonder?
- Matthew Grant
Matthew Grant sat down with Johnny McCord, Founder and CEO of Loadsure for this week’s InsTech podcast. Topics they discuss include the benefits of offering insurance via an instant embedded solution, why traditional insurance is unable to offer flexible products for shippers and freight carriers and the importance of a strong company culture in attracting the right talent.
InsTech in London: Tropical Cyclone - Managing Tomorrow's Climate Risk Today, 1 November, 4.30pm at CodeNode
We have two evening events this November. The first is supported by Reask and will explain how insurers and financial services are modelling the risks of extreme weather resulting from climate change. Matthew, Robin and Ali will be joined on stage by speakers from Fathom, Oasis Loss Modelling Framework, VAVE, Securis Investment Partners, Brit Insurance and Capgemini. Details of our event on 24 November below.
Our second event in November is supported by S&P Global and continues our exploration of how insurers are measuring and managing climate-related risk, with a focus on ESG. We will be joined by companies that are offering tools and data and the insurers using these.
Top tips for managing change management from InsTech’s recent event sponsored by Cognizant
Robin has collected the views of the audience and speakers from the evening. Four themes emerged: Approach, Culture, Sponsorship and Leadership. Following the spirit of the recommendation from Justin Emrich, CIO of Atrium who said “Know your own strengths and weaknesses and where the real expertise resides”, we’ve held back from providing our own commentary and let these selections of quotations speak for themselves.
ICE InsureTech (ICE) is a specialist administration system provider for insurers, MGAs, claims administrators and accident management companies. InsTech’s Tara Allsopp caught up with Lynette Slater, Client Services Director, to discuss the benefits of agile product configuration and implementation and how to work closely with insurers to achieve their business objectives.
Ascot founder Martin Reith becomes chairman of insurtech Artificial Labs
Martin Reith brings 40 years of experience in the London market, which has included setting up the insurance company Ascot in 2001 and serving as CEO of Neon. Artificial Labs uses machine learning to leverage data from submissions to automate underwriting decisions for carriers.
UK insurance AI firm, ChAI, receives seed investment led by Seraphim Space
ChAI has built a set of analytical tools to help companies to reduce operating costs and manage commodities price risk. This funding round will allow ChAI to build and expand commodity insurance products for smaller companies to enable them to transfer commodity price risks and derivatives. ChAI will be helping larger companies and material providers to transfer financial risk for many raw materials such as plastic and steel.
Genasys supports Simplyhealth digital programme to hit ‘new policy’ delivery milestone
This digital partnership will see Simplyhealth move to a single policy platform, with the goal to migrate from its current insurance system to Genasys’ flagship platform in a multi-year project. The first phase of the programme has focused on the purchase and set-up of new policies, with the platform going live this summer.
Previsico UK IoT flood solutions roll-out picks up speed
Previsico has announced that it is fast-tracking the roll-out of IoT solutions and sensors across the UK. The company is now offering a “standalone service” for clients seeking to manage and mitigate flood losses. This follows successes in implementing these new solutions to locations at risk from flood, including Whalley, Lancashire, which flooded in 2015 and 2020.
Fathom-Global 3.0 launch webinar, 27 October, 8:00am BST
Fathom will present its latest flood and climate modelling methodologies and how they will make a difference to your understanding of global flood risk. The company’s new global flood hazard data is the company's biggest launch to date. With this new platform Fathom aims to improve how risk professionals can understand and integrate flood hazard and climate change data into their operations.
Cytora and Moody’s Analytics partner to digitise and streamline core risk workflows
The two companies are bringing together their tools and client relationships to offer the commercial insurance industry a new streamlined and informed understanding of risk. The data provided by Moody’s will be offered to be integrated into the Cytora platform to help insurers with risk selection.
distriBind selected by Liberty Specialty Markets to process delegated Affinity and Programme business in Europe
distriBind will process delegated Affinity and Programme business written in Europe for Liberty Mutual Insurance’s Global Risk Solutions division.