Digital Transformation

More publicly available digital information means underwriters have greater access to information on potential risk.

In the Accenture Interactive Fjord Trends 2022 report, we see how shifts in five human behaviors and trends may affect society, culture and business.

Visual intelligence may help insurers eliminate and automate manual steps throughout the claims life cycle.

Enabled by advanced technology, automation and digitization, insurers will discover and leverage new opportunities.

Digitizing the salvage process can enable faster settlement of claims, improve insurers’ NPS scores and lower vehicle storage costs.

Keeping track of frequent changes to homes has become a complex issue for many insurers. With limited resources and rising customer expectations, many insurers are moving beyond traditional forms of customer outreach – emails, phone calls, and on-site inspections— to obtain the latest underwriting data about the properties in their portfolio.

Digital Insurance spoke with Claire Burns, chief marketing and communications officer at The Hartford about digital customer experience and plans for the future.

The company announced the launch of its first offering in February, a telematics-based platform that is designed to modernize commercial fleet insurance by using vast amounts of driving data gathered from sensors on trucks.

Digital Insurance received responses via email from Dr. Caro Gabor, CEO of Movinx, a global insurtech platform and a joint venture between Swiss Re and Daimler Insurance Services. Dr. Gabor discusses Movinx, auto industry trends and embedded insurance.

Despite an influx of potential rental insurance customers, carriers must innovate to cut through the noise and connect with their best prospects on a personal level to ultimately turn them into a client. With so much competition, simply reaching out at the right time may not be enough. Insurers need to understand these consumers on a deeper level.

Hub International Ltd. is partnering with Bold Penguin Inc. to acquire Insureon Holdings LLC’s assets in an effort by the broker to build out its digital capabilities.

Matheus Riolfi and Jerome Selles met while working at Turo, a car-sharing marketplace, where they both did work on the global expansion of its insurance program. During that time, the two saw an opportunity to start their own insurtech, Tint.

Digital Insurance received responses via email from Yael Wissner-Levy, vice president of communications at Lemonade about its pet insurance product and consumer education.

The majority of Trov’s employees will join Travelers in its personal insurance segment. The financial terms of the transaction weren’t disclosed.

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.

As this booming market evolves, the value of innovation by insurtech startups is becoming clear. These companies drive change by meeting customer demands, as consumers increasingly demand insurance is delivered in a way that suits them – digital services that are quick and easy to use.

Prakash Ranjan, the vice president of marketing technology, will focus on the company’s goals to improve digital transformation and increase tech talent.

Many insurers anticipate an accelerated economic recovery, which can lead to additional digital technology investments in 2022. However, the challenges companies both big and small are facing due to a volatile risk environment continue to be both hurdles and motivators towards technology adoption. One of the pieces to help overcome these hurdles is talent.

The pandemic rollercoaster continues to rattle the insurance industry as we ride into 2022. One of the bright spots for our industry was the acceleration of technological innovation. All the uncertainty and changing consumer habits are fueling substantial changes in how insurance is marketed and sold by independent agencies.

As 2022 gets under way, insurers have opportunities to boost their visibility beyond simply increasing their marketing spending.