Data and information management

COVID-19 has accelerated some trends that look certain to reshape the insurance industry. At the same time, some of the problems that have challenged the industry over the past decade have not gone away. In a new report, McKinsey examines actions insurers can take to address the challenges of this period of intense flux.

We want insurers to transform from premium collectors to lifelong protectors. And technology is at the core of helping them achieve this.

Nearly three-fourths, 72%, of companies are planning to increase staff in the next 12 months, according to the Q1, 2022 U.S. Insurance Labor Market Study results from The Jacobson Group and Ward Benchmarking at Aon.

Technology investment is showing no signs of slowing down, M&A continues at a torrid pace and the composition of the independent channel is shifting with generational changes. One thing remains certain: the independent channel has a lot to look forward to in the coming year.

Digital Insurance spoke with Steve Prymas, the chief insurance officer of Embroker, a digital insurance platform, about new products, cybersecurity and digital transformation within the industry.

Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute.

A recent study shows cyber incidents, business interruption and natural catastrophes are the most important global business risks for companies in 2022.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

The pandemic and industry challenges that lie ahead have fast-tracked innovation and a push for much needed modernization in the industry.

As we look ahead, evolving technologies are presenting home and auto owners with new potential risks. Hacking and ransomware, once confined to computer networks, may become an endemic cyber vulnerability for our increasingly connected vehicles and “smart home” devices. Yet many of these same technologies could create new data sources and risk mitigation options for personal lines insurers.

In other news: Online embedded insurance, Bubble launches; Obie partners with Munich Re company; Nintex, Insuresoft team up on digital transformation.

Research shows rapid adoption of predictive algorithms and digital identity technology will stem the pandemic-driven fraud deluge. Insurance fraud causes more than $80 billion in losses annually in the U.S. alone, according to the report.

The unique partnership comes amid an increase in vehicle crash-related deaths and a desire to help customers understand how their choices could potentially support their overall health.

Digital Insurance spoke with Brett Jurgens, the CEO of Notion, a DIY smart home monitoring company, which is owned by Comcast, about how Notion works with insurers and what benefits smart home monitoring has for policyholders.

As we emerge from the pandemic and look to the future, the case for cloud must be elevated beyond the limitations of IT savings, to how insurers can use it to address their biggest business challenges.

New methods, using artificial intelligence, ease the fraud detection burden and help insurance companies stay one step ahead.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

There’s little faith in the global economic recovery accelerating, with officials and business leaders citing climate change and rising social tensions, alongside the pandemic, among their top risks, the World Economic Forum found.

Digital Insurance spoke with Rand Harbert, chief agency, sales and marketing officer for State Farm about celebrating 100 years and its support of small businesses.

Auto insurers can leverage critical mobility risk insights like distracted driving, hard turns, and more, turning them into effective personalized marketing campaigns.