It’s been a busy InsTech week with our last evening event of the year which, despite the dual headwinds of seasonal flu and British weather, was a well-attended and lively event. Talking of headwinds, the insurance sector continues to see the impact from a devastating year of weather damage, led by Hurricane Ian. The Financial Times reported that Beazley predicts reinsurance premiums could rise by as much as 50% next year for property-related catastrophe cover. In other news, Marsh placed insurance for the first space rocket launch from UK soil. Timely news, especially as the European Space Agency announced the world’s first disabled ‘parastronaut’ in the same week.
To find out what insurers are really doing with innovation, we talk to those advising and supporting the move to digital. Thanks to Glynn Austen-Brown and Michael Cook, Partners from PwC, for revealing what successful insurers are doing, what to avoid and the future of insurance in 2025.
InsTech’s next report will be released at 9am on 8 December, followed by a digital chat hosted by Robin at 2pm. He will be joined by Tim Hardcastle, CEO & Co-founder, INSTANDA; Andre Symes, Co-CEO, Genasys Technologies; and Michael Lewis, CEO, Claim Technology. Join us to hear about the various ecosystem strategies available to the insurance community, how to select an administration system that aligns with those goals and tips on how to choose your ecosystem partner.
Now available: Property Intelligence the where and what: The 50+ companies to know
Have you read our latest report on property intelligence? More than ever, insurers need to understand what they’re insuring and where it is located. Our most recent report focuses on the “where” and “what” of property intelligence - critical information to help insurers improve risk selection, underwriting and pricing.
In conversation with Gamma Location Intelligence
Matthew Grant was joined by Gamma LI’s Richard Garry and Feargal O’Neill for Podcast 212 released on 16 October 2022. We recommend listening to the full podcast and now you can review a summary of the key points of the discussion and links to the reports and other information mentioned.
In conversation with Supercede: reinsurance renewals for 2023
As many insurers face renewing their reinsurance coverage for 1 January 2023, the challenging market will test their data processes. InsTech's Henry Gale speaks to Supercede's Ben Rose about reinsurance market trends and how technology can alleviate challenges for cedents.
InsTech does Movember - The INSTACHE'S
Some of the InsTech team have been taking part in this year's Movember campaign. The charity raises awareness in three areas in men's health: mental health and suicide prevention, prostate cancer and testicular cancer. Globally the charity has raised funding for 1250 different partners and this number gets bigger year on year. The team is on track to hit their target. Donate below to give them a boost.
Parametric initiatives at COP27: what you need to know
Six key announcements were made at COP27 which establish or expand parametric insurance projects protecting vulnerable communities against climate events. The initiatives focus on resilience to tropical cyclones, drought and flood risks in countries across Africa, the Caribbean, Asia and the Pacific. InsTech’s Henry Gale explores these initiatives in more detail.
Whitepaper: Effective. Ethical. Noble. 3 guiding principles for insurance data journeys
EXL's whitepaper explores how recent trends in insurance, such as personalised customer experiences and embedding analytics has helped insurers turn their data into insights, allowing them to deliver new products at speed. The paper identifies the problem of the short-sighted nature of some change projects, whereby small improvements in costs or processes are prioritised over more strategic and impactful initiatives that are informed by analytics and can fundamentally change how a business operates and provides value.
Following the success of their partnership formed in August to expand their fleet offering, the companies have announced that QBE will be supporting Zego across its van & car, 30-day, and flex policies.
Bdeo unveils visual intelligence solution for fleet management
The solution can assess damage and estimate costs for vehicle fleets and automates the ongoing monitoring of vehicle conditions and assessment of damaged parts, which eliminates the manual aspect of the process. It also streamlines the evaluation of vehicles to provide real-time insights on mileage, vehicle condition and any possible damages. Hear more from Bdeo’s Co-founder & CEO, Julio Pernía Aznar.
“Loss and Damage” discussions at COP27
The Demex Group explores COP27’s conversations and actions around the role of climate risk transfer. It covers the pledges that different countries have made in regard to loss and damage and how extreme weather insurance can play a crucial role in tackling the consequences of climate change.
omni:us closes €12m Series A+ extension financing round
omni:us enables insurers to achieve AI-powered end-to-end claims automation in property and casualty lines of business. The series round was led by W&W subsidiary Württembergische Versicherung and the funding will be invested in omni:us’ end-to-end claims automation technology and to expand its team and presence in Europe and the UK.
Whitepaper: build, buy or rent? The game-changing question for insurers
This whitepaper from Imburse explores how Imburse solves the payment integration problem for insurers, how insurers can future-proof their systems and payments trends and how Imburse is working with Sapiens to improve its offerings.
Ticker's latest pay-per-mile, usage-based product
The team at ICE InsureTech, part of the Acturis Group, spoke to Richard King, Founder & CEO of Ticker, about how the ICE partnership has benefited the company, why they chose ICE and Ticker's latest pay-per-mile product designed to give low-mileage drivers flexibility with their insurance costs.