Awards
Global Innovation Awards | International Insurance Society
The Global Innovation Awards presented by the International Insurance Society and Insurance Thought Leadership celebrate the transformative power of innovation within the insurance and risk management industry.
These prestigious awards recognize insurers and insurtechs who push boundaries, drive positive change, and contribute to a more sustainable society. Three winners representing three categories— Property & Casualty, Life, Health, and Retirement, and Predict & Prevent — will be honored at an awards dinner at the Global Insurance Forum on Nov. 6. The Forum runs Nov. 5-7 at the Hilton Singapore Orchard.
Nominate your organization today. No fees are required to make a submission! Together, let's shape the future of insurance and build a resilient world.
As traditional insurance models are upended by new or worsening risks, being innovative is more important than ever.
The inaugural Global Innovation Awards will recognize organizations that are harnessing innovation to make a profound global and social impact.
One winner will be named in each category:
- 2023 Insurtech of the Year: Predict and Prevent
- 2023 Insurer of the Year: Property and Casualty
- 2023 Insurer of the Year: Life, Health and Retirement
Nominate your organization by Aug. 1, 2023, to be considered. No fees are required to make a submission!
Winners will be honored at an awards gala at the Global Insurance Forum on Nov. 6. The Forum runs Nov. 5-7 at the Hilton Singapore Orchard.
News
Sedgwick introduces new technology to quickly resolve residential property claims, improve customer experience
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced the broad rollout of its new residential property claims technology model. Designed to fast track low-complexity residential property claims and improve the customer experience, Sedgwick's latest technology keeps claims moving and helps take care of policyholders.
Policyholders will benefit from a simple web-based intake and the peace of mind that comes with secure, reliable and intuitive technology. With just a mobile device, a claim can be filed, damage documented, affected areas measured, repairs requested, and the process completed in less time and with less hassle. For adjusters, the tool is an ideal solution for responding to staffing shortages or surges in claims volume. Settlement offers are determined using a real-time decision engine that evaluates policy coverage and industry-best repair estimates — allowing adjusters to be more efficient and take care of more people.
"With Sedgwick's latest technology solution, we sought to address the challenges presented by high-volume, low-complexity claims — including cycle time — while giving a big boost to customer satisfaction, which can lag when adjuster resources are thin," said Mason Bartleson, vice president, process design and operational excellence at Sedgwick. "The result is an end-to-end management system that leverages our smart triage technology and an independent pricing database to fast-track low-touch losses. Insurers can process these non-complex losses more efficiently and in less time than traditional claims handling methods."
Time to Raise Your Embedded Insurance Game
Executives are practically salivating when considering their share of the $70 billion U.S. embedded insurance opportunity.
KEY TAKEAWAYS:
- Begin by understanding your data relationship with your partner, then segment your customer base.
- Be sure to set an ambitious enough goal, then test and test -- and never stop.
While data has long been the lifeblood of the insurance industry, embedded insurance is the latest hot ticket to growth — and for good reason! Executives are practically salivating when considering their share of the $70 billion U.S. embedded insurance opportunity.
Understanding the consumer purchasing the product or service unlocks opportunities for optimization. Consumers should not all be offered the same insurance solutions for all purchases. Such consistent delivery will quickly become white noise for consumers, something to skim past when checking out. The use of data, beyond underwriting, may be the difference that puts distance between winners and losers in the landscape.
Leaders should begin by crafting customer segmentation. The data to fuel this segmentation may include past buying behaviors, which will likely come from a retailer's customer relationship management (CRM) or loyalty program. Loyal buyers may react differently to coverage offers than first-time buyers will.
Brandon Smith is director of strategic partnerships for predictive data innovator, AnalyticsIQ
First Blockchain-Powered Luxury Watch Embedded Insurance
YAS (www.yas.io/timecare) is proud to announce the ground breaking launch of TimeCare, a revolutionary luxury watch insurance program powered by blockchain technology. TimeCare sets an unprecedented standard in the insurance industry, combining cutting-edge technology and protection to cater to the unique needs of luxury watch enthusiasts worldwide. This innovative solution offers enhanced security, transparency, and a seamless embedded insurance experience to cherished timepieces.
Distinguished by its features, TimeCare seamlessly embeds insurance coverage into the watch purchase process, providing a simplified application experience. Leveraging state-of-the-art blockchain technology, TimeCare elevates security, transparency, and efficiency in claims processing, establishing an indisputable record of ownership and authenticity. Unlike conventional home insurance policies with limited coverage and inconvenient way of value appraisal for individual luxury items,
TimeCare at time of launch will cover up to US$12.8M total sum insured underwritten by one of YAS' global underwriting partners. YAS will also be working with luxury brands around the world, starting with an Asia renowned luxury watch retailer from Hong Kong.
P&C insurers face increased cat losses in Q2, reinsurers find relief: BMO Capital Markets
Property and casualty insurers have witnessed a rise in catastrophe losses during the second quarter, while reinsurers have experienced a decrease as they move away from frequency risks, according to analysts at BMO Capital Markets.
“… reinsurers are incrementally further away from risk vs. a few years ago, meaning primary insurers have more skin in the game,” said analysts.
According to BMO Capital Markets’ analysis, there’s been a shift in the nat cat experience among primary insurers and traditional reinsurers during the second quarter of 2023.
“We estimate primary insurers experience levels ~40% above “normal” while reinsurers are ~20% below “normal” given the nature of 2Q’s catastrophes were more frequency vs. severity driven,” say analysts.
The analysts have highlighted the additional pressures faced by insurance carriers, including higher reinsurance costs and rising property replacement values.
Commentary/Opinion
Viewpoint: Property market takes hits [Ed. note]: If California regulators decide to permit the use of catastrophe (CAT) modeling to set rates, they must balance two interests: public transparency and the protection of proprietary information.
"Recent decisions by major homeowners insurers to exit California’s property insurance market are concerning as millions across the U.S. continue to feel the brunt of extreme weather and natural catastrophes, including convective storms, dangerous levels of heat, tornadoes and wildfires."
Claire Wilkinson, Deputy Editor, Business Insurance
AI Legislation & Insurance Law: What Insurers Can’t Afford to Ignore
The emergence of generative AI and its accompanying legislation is not a threat, but an opportunity to innovate and provide better services to customers.
The rise of generative artificial intelligence (AI) technologies and its emerging legislation raises a number of opportunities for insurance and legal professionals.
With the insurance sector already moving towards automation, the integration of AI technology stands to accelerate that shift even more. From underwriting processes to claim management and fraud detection, AI’s impact is pervasive. These new tools signal a shift in how insurance executives and legal professionals make decisions and plan for the future.
For insurance professionals, AI has the ability to transform all facets of underwriting, from risk assessment methodologies to policy pricing and more. According to Data Bridge Market Research, AI in the insurance market size is expected to be valued at USD 6.92 billion by 2028.
However, understanding how AI makes decisions is important for insurers to understand. These advanced systems use vast amounts of data to make complex decisions, often with processing ability beyond human capabilities. Being able to differentiate between AI’s various techniques, such as machine learning and deep learning, can give insurers context into decisions they make about policies. In particular, generative AI, which can create new data models, has the potential to disrupt traditional insurance underwriting practices and create new areas of legal complexity. Insurers need to also recognize the ethical implications of some of this technology and keep a close pulse check on any AI legislation that might require increased reporting.
To successfully advise clients and shape future strategies, insurance professionals need to stay aware of emerging AI legislation. For example, the AI in Government Act in the U.K. emphasizes responsible AI use within government agencies. In the U.S., congress has also been expressing interest around possible future regulations around this technology. The goal of these regulations is to ensure that AI systems are safe, transparent, and accountable.
Zaheer Hooda, Head of North America, Cytora
InsurTech/M&A/Finance💰/Collaboration
Snapsheet Secures Strategic Investment from State Farm Ventures®, Fueling Digital Innovation in Claims
Investment Strengthens the Multi-Year Relationship Between Leaders in the P&C Industry
Snapsheet, an industry leader specializing in claims management technology, today announced a strategic investment from State Farm Ventures.
Investment Strengthens the Multi-Year Relationship Between Leaders in the P&C Industry-State Farm Ventures® & Snapsheet.
Through its innovative platform, Snapsheet streamlines and expedites the claims process, providing insurers and policyholders with a seamless, user-friendly experience. Snapsheet offers a comprehensive range of appraisal, claims, and payment solutions for auto, property, and commercial insurance. They work with over 140 insurance carriers, Managing General Agents (MGAs), Third-Party Administrators (TPAs), and self-insured entities in the United States, Canada, and Europe.
"This investment solidifies Snapsheet's position as an industry leader and highlights State Farm's commitment to fostering digital innovation within the insurance claims landscape," said Snapsheet CEO & Founder, Brad Weisberg. "We're eager to bring innovation to the insurance claims process and are deeply committed to making claims simpler for both carriers and their policyholders. Our focus is on improving customer experiences by providing insurance carriers with technology to drive automation, reduce costs, and improve accuracy."
Slide secures additional $100m named storm reinsurance protection with second cat bond
Slide Insurance, a full-stack insurtech focused on providing affordable, effective homeowners coverage, has announced it has finalized pricing for its latest catastrophe bond, closing the $100 million Purple Re Ltd. (Series 2023-2) transaction.
This is the second cat bond sponsored by Slide this year, following the initial $100 million Purple Re (Series 2023-1) transaction in April.
With the latest Purple Re cat bond, Slide has added a further $100 million to expand its Florida and South Carolina named storm and hurricane reinsurance protection.
The additional cat bond protects Slide to the 200-year return period, well above rating agency and regulatory mandates.
Bruce Lucas, Founder and CEO of Slide Insurance, commented, “Slide is committed to building a strong and sustainable future and our first two catastrophe bonds have strengthened our ability to protect policyholders at the height of the 2023 Atlantic Hurricane season. We are pleased to have finalized our second cat bond at reduced pricing while landing additional reinsurance capacity from investors.”
Augment, a First-of-its-Kind Bespoke Reinsurance Broker, Launches to Revolutionize Insurance Risk Arbitrage
Augment, an innovative reinsurance broker offering bespoke solutions to its partners, today announced its official launch with access of up to $100 million in funding from Altamont Capital Partners (Altamont).
“They’ve identified a clear market need to help their P&C customers address the most complex risk capital challenges in the most efficient manner, and we’re excited to lend platform-formation capabilities to form a brokerage firm perfectly suited to today’s market dynamics.”
Over the last decade, the global reinsurance market has been buffeted by significant shifts — among them the emergence of ever more complex risks, macroeconomic volatility, and an evolving regulatory landscape. A one-size-fits-all approach is no longer sufficient. With global reach and scale, Augment creates solutions not only across geographies but also across product lines, leveraging multiple strategies designed to work in lockstep.
“Augment was founded because we believed that by taking a holistic approach to our partners’ needs — broking the entire client, rather than any single class of business — we could unlock unprecedented opportunities for growth,” said Alex Kazanjian, managing director, Augment.
“Focusing on establishing long term relationships with our clients, rather than on their product, enables us to deliver the creative approaches today’s market needs.”
Augment helps partners manage volatility through strategic, structurally efficient, multi class and/or multi geography transactions. It is strategically positioned to serve a wide range of clients across the globe. And while reinsurance is at the foundation of its approach, Augment offers a range of strategies. It designs and places protections — including prospective reinsurance and retrospective capital and legacy structures — for its property and casualty clients with a focus on maximizing enterprise value.
Events
[RECOMMENDED] Property Insurance Report National Conference | November 12-14, 2023 | Waldorf Astoria Monarch Beach Resort | Dana Point, CA
Property Insurance Report National Conference
REGISTRATION IS NOW OPEN! Here
As always, we promise an outstanding program and the best networking in the business. For a good understanding of how our event works, just download the prior programs and attendee list available on this page. Virtually every active property insurer will be in attendance, along with all the leading providers of data and professional services.
We'll see you November 12-14 at the Waldorf Astoria Monarch Beach Resort in Dana Point, California!
AI in Insurance
[Ed. Note: Fascinating but concerning] AI resurrection of Brazilian singer for car ad sparks joy and ethical worries
The premature death in 1982 of one of Brazil’s most treasured musicians left her homeland reeling. “Brazil without Elis,” mourned one front page after the legendary singer Elis Regina unexpectedly died at the age of 36.
So when Elis Regina recently re-emerged, performing a soul-stirring duet with her daughter, the Grammy-winning singer Maria Rita, there were similarly charged scenes of catharsis and nostalgia.
“It’s seven-something in the morning … and I’m bawling my eyes out,” tweeted Brazil’s first lady, Rosângela Lula da Silva, one of millions of Brazilians moved to tears by the performance.
The AI-created collaboration – which took more than 2,400 hours to produce and was made for a commercial celebrating Volkswagen’s 70th birthday in Brazil – has also sparked an impassioned debate over the ethics of artificial intelligence and its impact on the music industry and society as a whole.
Nearmap Launches AI Products to Improve the P&C Insurance Claims Experience
With the 2023 natural disaster season upon us, property and casualty (P&C) insurers are now, more than ever, aware of the increased strain recent catastrophes, like Hurricane Ian, have had on their business.
Nearmap, a leading location intelligence and aerial imagery solutions provider, aims to alleviate some of that pressure by revolutionizing how P&C insurers respond to catastrophes. Today, the firm is announcing an enhanced post-catastrophe response solution, which combines industry-leading Nearmap ImpactResponse post-catastrophe imagery with two new products--Nearmap ImpactTriage AI and Nearmap ImpactAssessment AI. This new solution equips insurers with a more robust set of AI-derived property insights all in one place, enabling them to address damage and get a head start on claims.
Don Weigel, Chief Product Officer, said: "As we see a growing number of natural disasters, our role at Nearmap has expanded from monitoring the evolution of towns and cities to also supporting disaster response efforts. We have a unique combination of ultra-efficient cameras, fast imagery processing, and industry-leading deployment of AI. These new solutions allow Nearmap to be there supporting organizations at all stages as they respond to catastrophe, process claims, and help communities to recover."
Together, the post-catastrophe products from Nearmap provide industry-leading aerial imagery and AI-derived damage assessment data to support all stages of the post-catastrophe claims workflow.