This week, insights from MAPFRE about the future of InsurTech, recent partnerships and how to register for our live chat next week.
Matthew was joined by Gijsbert Cox, Industry Leader Insurance for Europe, Middle East and Asia Pacific at Appian, a company which is working across many industries, using a low-code platform that improves access to legacy systems, joins up multiple solutions and increases the speed of implementation. They discuss the challenges of connecting data, closing the technology gap in insurance and lessons from working in the insurance industry for over 15 years.
Live Chat: Marketplaces and Exchanges: 10 Ways They Are Reshaping Insurance, 12 July, 2pm
To support InsTech’s next report, 'Marketplaces and Exchanges: 10 Ways They Are Reshaping Insurance', Robin will be joined by Ian Meadows - Managing Director, Climate at IncubEx, Richard Phipps - Senior Project and Delivery Lead, Swiss Re and Eleanor Stephens - Associate Director, xTrade on a Live Chat. They will discuss key future trends, including how trading platforms are developing beyond current offerings and the new propositions available to solve specific market issues.
InsTech’s Ali Smedley caught up with Dickie Whitaker, Chief Executive at Oasis Loss Modelling Framework, to talk about the organisation’s work on open data standards and parametric insurance. The discussion also covers the types of models available on the Oasis platform and the work the organisation is doing to speed up model run times.
The Lloyd’s Lab is looking for companies that want to accelerate their businesses by joining one of the most dynamic insurance centres in the world for ten weeks starting on 26 September. For cohort 9 the scope of solutions being considered is wide, but the focus is on analytics to support developing and launching innovative insurance products. Applications for the Lab’s ninth cohort end on 10 July.
Under this partnership, Fugro’s high-resolution aerial imagery will support MIS’s existing data sources to assess damage following a disaster. The results will feed into the delivery of catastrophe-coded event property loss analysis to the global insurance market via the MIS Global Events Observer (GEO) platform.
This platform will provide insurers with instant flood impact analysis by integrating insurers’ property data, maps and structures with its flood extent and depth analysis. The platform utilises the EigenPrism catastrophe risk management tool, which enables the platform to update with analysis from ICEYE’s Flood Insights in near real-time following a flood event. ICEYE features on next Sunday’s podcast.
The report finds that risk managers working for companies with large portfolios of commercial properties are interested in working more with their colleagues across their organisations and influencing strategy around risk reduction. Risk managers prefer insurance industry partnerships that are transparent and provide data-driven actionable insights rather than relationships that only focus on pricing risk and purchasing coverage.
Flood modelling specialist, Jill Boulton, has been appointed as an independent consultant to help Addresscloud accelerate its product development strategy and looks to innovate in the predictive and real-time peril modelling area. Jill has over 30 years of insurance market experience and has spent the past 15 as the Technical Director at JBA Risk Management.
The report, co-sponsored by MAPFRE, reveals that while InsurTech funding slowed down by 50% in the first quarter of 2022, there is a $6 trillion opportunity to unlock in the sector. Most of the slowdown in investment has been at the late stage and the sector is still heavily underfunded, compared to areas of similar potential such as fintech, health, and mobility.
The Manufacturer’s First Response initiative has been designed to help manufacturers protect themselves against growing cyber risks. It is available through Marsh and offers cover against supply chain interruption from cyber-attacks against the insured, invoice manipulation resulting from fraud and e-crime losses from payment.
Jonathan Spry, Co-founder and CEO of Envelop Risk, makes a compelling case for partnerships to enable the industry to better understand and price cyber risk and get better at managing the risks attendant with collaboration, innovation and value-chain integration.