Digital Transformation

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.

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.

The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed. Before looking at where technology met its goals and where there are opportunities for 2022, it bears noting how carriers mitigated uncertainty and aggressively charted a path forward. Carriers didn’t shy away from the need to digitize or accelerate movement to the cloud.

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

Keynova Group, a financial services intelligence firm specializing in benchmark insights, released its Q4 2021 semi-annual Insurance Scorecard, which ranks and compares the websites of the 12 largest U.S. auto and property insurance carriers.

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.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

In 2021, only about 40% of claimants interacted with a claim estimator via digital channels and 47% made a claim using a website.

Ecosystems, sustainability and workforce transformation were the main topics of the EY 2022 Global Insurance Outlook, which comes out in January 2022. It’s important to understand how digital transformation is uniquely related to each of those topics.

As the effects of the pandemic continue to play out, market activity indicates commercial lines insurers are reprioritizing their tech-oriented projects, with some plans continuing to move forward while others have slowed down.

There are vital aspects of business that have virtually stagnated despite the high-tech breakthroughs all around them. In insurance, it’s easy to spot: the process for managing risk transfer still relies on technology better suited for the 20th Century. It’s time for an upgrade.