Twenty Leading P&C Claims InsurTechs Making A Difference Today
Anyone who says InsurTech is an up-and-coming space hasn’t been paying close enough attention. The InsurTech movement, which began around 2010, is long past its infancy and is both maturing and evolving. This is especially true in the P&C claims space, where companies are gaining traction and having a significant impact on their customers. To gain greater insights into the claims space, SMA has been tracking over 175 P&C claims vendors in the North American market, including 75 InsurTechs (startups initiated after 2010) and over 100 incumbents. This year we set out to identify the Top 20 InsurTechs in Claims. Given the number of companies and the flurry of activity, this was not an easy task.
It Is Time for Insurers to Meet Needs of Tech Driven Businesses
To describe the past couple of years as tumultuous is something of an understatement. The global pandemic overlaid with hard market conditions in many insurance classes has kept many in our industry awake at night.
The pandemic undoubtedly helped accelerate already hardening markets – but it also led to accelerated growth in the innovative and creative sectors as we had to find new ways to stay connected, work differently and find entertainment and distraction from a simultaneously boring and disheartening period.
How insurtechs can accelerate the next wave of growth
Insurtechs are the driving force of this evolution, and investors are taking note. Venture capital (VC) investment has grown faster than the more mature private-equity or public-markets funding. In 2021 alone, the total amount of VC invested in insurtechs surpassed $11 billion, double the amount invested in 2020.3 In addition, private-equity investors are increasingly looking to invest sooner, further increasing the amount of capital flowing into the market.
Here’s the type of insurance you’ll need at each stage of life, experts say
What type of insurance should you have at different stages of your life? When asked, financial advisors pointed to disability and life insurance as most important kind of coverage at any stage, as they apply throughout our lives. In addition, advisors discussed often overlooked considerations for different points in your adult life. Here’s a look at some age-specific insurance advice, from your days at university to your golden years of retirement.
How Technology is Driving Big Data & the Insurance Industry
As Big Data gets bigger, we take a look at the challenges faced by the insurance industry and insurtechs collecting and turning information into insights. Every day, the world seems to move a little faster as technological advances connect businesses and people more efficiently. For the most part, it goes on unnoticed. We barely register the fact that our broadband connections are now so swift that instant video streaming is an expectation, not a luxury.
Why Advisors Need Insurance Strategies for Clients
Insurance may be the least understood and most underappreciated asset a client owns, even by financial advisors. It certainly is the subject of a long and ongoing debate in the financial industry. However, as the COVID-19 pandemic has continued globally, many more advisors are being asked questions about the value of life insurance as well as long-term care, health and other health-based coverages.
Insurance 2030—The impact of AI on the future of insurance
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change. With the new wave of deep learning techniques, such as convolutional neural networks, AI has the potential to live up to its promise of mimicking the perception, reasoning, learning, and problem solving of the human mind. In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process.
2022 insurance industry outlook
Digital and talent transformation accelerating as insurers adapt for postpandemic growth. 2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery. But the battle with COVID-19 is far from over, and a level of uncertainty will likely persist— perhaps indefinitely. Might this undermine the insurance industry’s outlook heading into 2022?
Top 5 Trends in the Insurance Industry
The USD 5 Trillion global insurance market is in the midst of a game-changing course correction that will re-define ‘business as usual.’ A ‘digital first’ urgency is sweeping across the landscape, driven by a new generation of consumers, data, automation and Artificial Intelligence (AI).
Let’s take a look at the top trends that are shaping the insurance industry and how digital technologies are driving irreversible change.
A Family’s Health Insurance Cost More Than $22,000 in 2021, Survey Finds
The average cost of employer health coverage for a family plan passed $22,000 this year, according to a new survey, rising at a rate that indicates the Covid-19 pandemic had little impact on the total expense.
Yet the pandemic did lead to some changes for workplace health benefits, including enhanced access to telemedicine and mental-health services, according to the yearly poll of employers conducted by the nonprofit Kaiser Family Foundation.
Four challenges shaping the future of corporate insurance
The Covid-19 pandemic has given the insurance industry a chance to prove its worth, but has also demonstrated that the industry must become more efficient in order to meet the evolving needs of its clients.
The worst global pandemic in a century has presented all businesses, large and small, with unprecedented challenges. The Covid-19 pandemic pulled apart strong constructs that had been built over decades within just a few weeks. It revealed vulnerabilities and fragilities in sophisticated global supply chains.
Check your medical coverage before crossing the border: Pacific Blue Cross
Canadians should check their medical coverage in preparation for the land borders to the U.S. reopening in November.
Life and health insurers paid $100 billion to support Canadians through the pandemic, 2020 data shows
Canadians received over $97 billion in benefits from life and health insurance products in 2020, a period that included the first nine months of the COVID-19 pandemic economic slowdown.