Digital Transformation

Digital Insurance spoke with Angela Orbann, vice president of property, PI product management at Travelers about how technology can optimize a home insurance policy and how artificial intelligence and satellite imagery is helping insurers.

What’s driving your digital claims transformation program: COVID? Competition? Or cost? Whatever the answer, we could be in danger of leaving the customer out of the equation in the rush to digitize and automate insurance processes. It could be time to take a more user-centric approach, reimagine the customer journey and find out what customers actually want.

In other news: Allstate closes $400M sale of New York life, annuity business; USAA partners with Blink by Chubb; Zurich North America implements Chisel AI.

Haven Technologies will make the platform behind MassMutal’s Haven Life available as a software-as-a-service insurtech.

The Palo Alto, California-based company is now valued at $900 million, according to people with knowledge of the matter.

Recent EY research confirms how the pandemic fundamentally changed consumer needs, how they plan to increase their financial security, and what insurers can do to seize the opportunity.

Australian insurance startup Cover Genius Pty Ltd. boosted its valuation to A$1 billion ($729 million), after raising A$100 million from investors including G Squared and Japanese insurer Sompo Holdings Inc.

The past 18 months have uncovered a vulnerability in the insurance industry, as companies have struggled to maintain consistency in their processes in the face of remote working. Communication processes, in particular, have suffered and as a result, traditional insurers now face the real risk of losing customers to insurtechs and other more technologically advanced companies.

Insurtechs have secured more access to capital in the last few years and by the end of 2020 the total market cap of listed insurtechs surpassed $22 billion, according to the World Insurtech Report 2021.