Insurance technology

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.