Digital Transformation

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.

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.

The most common reason why business executives didn’t purchase executive risk coverages, like D&O, EPL and Fiduciary Liability, was that they didn’t believe the company was big enough to need it, according to a recent study from Coalition, a commercial insurtech.

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.

The demand for no-medical exam life insurance has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

The company is preparing to begin operations in seven new markets in 2022 -- Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica –- using the proceeds of its Series C round, according to founder and Chief Executive Officer Eduardo della Maggiora.

Mobile Appraiser Pro uses photo capture technology and AI-powered mobile estimation and valuation tools to provide nearly real-time insight to field appraisers.

Insurance companies are rolling out digital capabilities to revolutionize the claims process. Are customers coming along?

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

Insurtechs are everywhere, covering every sector and raising money at record-setting clips. But the legacy insurance businesses, from carriers to agencies, have already been here and have the deep pockets to remain. So naturally the story has become about competition for market share.