Insurance technology

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.

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.

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.

In case you missed it, insurtech -- technology developed to improve and transform the insurance industry -- is having a bit of a moment. Forrester recently reported record-breaking funding for insurtechs, closing Q3 at $15 billion - more funding than in 2019 and 2020 combined - with more deals anticipated by the end-of-year.

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.

In other news: Chubb teams up with Betterfly in Latin America; Franklin Mutual partners with vipHomeLink; Aon announces last-mile insurance with CarrierHQ.

New research highlights the evolving role of the insurance industry from reimbursements to incentivizing to reduce risk and prevent losses altogether.

The transformation of consumer-focused technologies is forcing providers to adopt new tools to keep up. However, many of these tools are not built with user-friendly experiences that meet customer expectations, and therefore, they suffer from low engagement and adoption.

Today’s clients are looking for financial guidance and product recommendations that account for their entire financial lives. Unfortunately, because of legacy technology in place, most insurance advisors can’t credibly weigh in on the whole picture.

Arity, a mobility data and analytics company founded by Allstate in 2016, has made its nearly 100 million driving risk scores exclusively available on Transparent.ly, a platform for auto insurance marketers to leverage leads and target shoppers.

Nationwide’s Sarah Jacobs, vice president of personal lines product development, spoke with Digital Insurance about a recent survey on smart home devices and the future of IoT at Nationwide.

Keynova Group, a financial services intelligence firm specializing in benchmark insights, released its 2021 Small Commercial Insurance Scorecard report, which evaluates the small commercial insurance digital capabilities of the 10 largest U.S. carriers.

About four in 10 executives cited technology as their company’s greatest challenge, twice as many as in 2019, according to a new survey from LIMRA and Boston Consulting Group.

Insurance blockchain working group The Institutes RiskStream Collaborative has partnered with Trustlayer to build out an insurance verification proof of concept.

Deciding which transformation initiatives to tackle first should involve a careful examination of the dysfunction, importance and level of change resistance expected among stakeholders of any process that may be impacted.

In other news: Algorithm calculates number of good health years; Hiro rebrands to Locket; Alliant launches diversity initiative.

Globally, 72% of respondents said they would share some personal data with their insurer but when broken down by gender, only 68% of women and 75% of men said they would share.

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