3rd - 14th July 2017
Created for Peakbound Holdings Pty Limited
by Andrew Davis | email@example.com
Brolly is the next generation of insurance distribution. Our smartphone app uses artificial intelligence (AI) to help customers manage, understand and buy their insurance in one platform, and builds a deep understanding of each individual customer and their needs. Brolly is unique in that we really have a single view of the customer, which is unattainable by most insurers and brokers due to technology constraints or because the customer’s business is spread across multiple providers.
Hong Kong’s potential US$1.5 billion initial public offer by Zhong An Online Property & Casualty Insurance, China’s first online-only insurer, shows that the buzz is finally, belatedly forming in Asia around the technology of insurance sector, or “insurtech”. “Since 2016 ... investments made into insurtech companies has surpassed traditional fintech”.
A Silicon Valley innovation platform that connects technology startups, corporations and investors has recognized Munich Re, US for leadership in the insurtech space. The high-tech incubator and mentoring group known as Plug and Play also cited Robert Mozeika, innovation executive with Munich Re’s Reinsurance Division, for his role in working with insurance technology startups.
A dedicated InsurTech association for Asia will be launched soon as a milestone development in the regional insurance market to accelerate the digital transformation of the industry. InsurTech Asia Association will be officially launched on 20 July in Singapore. The new body's founding President is Mr George Kesselman.
American Express Co has invested in Next Insurance, a Palo Alto-based technology startup that sells customized insurance for small businesses online, as Silicon Valley companies look to shake up the insurance sector. Next Insurance, which raised $29 million in May from investors led by reinsurer Munich Re's HSB Ventures, said on Tuesday that American Express's venture capital arm has joined the investor group.
U.S. technology company The Bitfury Group said on Friday it had formed a strategic partnership with advisory firm Risk Cooperative to use the blockchain digital ledger in the $60 billion insurance broking market. Blockchain, a public record of all bitcoin digital currency transactions, can also be used to track assets across industries. Over the last two years, Bitfury has been helping national governments put data on a blockchain.
The rise of regulatory pressures and disruptive InsurTechs mean Australia's insurance industry is rapidly evolving, says Pacific Life Re MD Andrew Gill. We spoke to Andrew Gill, Managing Director at Pacific Life Re (PL Re) and Board Director of affiliate company UnderwriteMe Australia, about how reinsurance and insurance more broadly are evolving in the digital age.
The managing general agents (MGA) market space has seen a series of evolutions in recent years. Pressure to adapt and cater to changing demands in an increasingly tech-driven society has left some MGAs questioning their future value.
While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence. The use of InsurTech coupled with Artificial Intelligence is reshaping the meaning and value of consumer data pools for re/insurers- factors which enable innovation and efficiency at every level of the industry’s processes.
Delta Insurance Singapore, (Delta) the first cyber, technology and financial lines Lloyd’s Coverholder in Singapore, has opened for business. The company is a locally owned, innovation and technology driven insurtech specialising in cyber, technology and professional risk protection, with Lloyd’s underwriting backing.
The recent CSFI Insurance ‘Banana Skins’ survey of risks facing the insurance industry found that executives are more anxious about the future than at any time in the past 10 years. The big story of this year’s survey is the significant rise in concerns about what the CFSI has dubbed “operating risks”.