News
7 Key Trends in 2023
After a global pandemic and a war in Europe that no one saw coming, maybe we should get out of the business of making predictions. But there’s still value in trying to pinpoint big trends. After all, it’s not about being spot on. It’s about helping industry players orient themselves, compete more effectively and better serve customers in an increasingly volatile global market. So, here are our seven key trends to look out for in the insurance industry in the year ahead:
Sameer Dewan, global business leader, insurance and capital markets, Genpact
A Look Ahead for Insurtechs in 2023
It’s a new year for the insurtech industry. While the market has left its nascent stage, it hasn’t reached maturity yet. We are in the midst of what many consider its “2.0” era, where companies have learned what works and what doesn’t, along with new approaches. All this is taking place against the backdrop of the economic downturn and broader challenges that are affecting businesses in every sector.
Here’s a look at what’s likely ahead.
Top of mind for many insurtech leaders is consolidation, which is generally consistent with the economic climate companies are navigating. Recessions, rising costs and inflation typically affect funding at a macro level. As that happens, organizations that are not profitable or that rely on funding to survive often look to sell. Others face more drastic measures such as cutting staff or, in the worst cases, are forced to close their doors. Consolidation starts to rise as a result, sparking an uptick in merger and acquisition activity. Larger organizations begin to buy smaller players, or businesses merge. We’re seeing this consolidation now and will likely see it for a while.
Dustin Lemick, founder and CEO of BriteCo
New Report from Talage Unveils Key Insights for Insurance Providers
Talage, a leading Submission Management Platform (SMP) for the commercial insurance industry, is thrilled to announce the release of its latest industry report. The report, titled "Insurtech Trends for 2023," offers a comprehensive overview of the latest technology trends shaping the insurance sector in 2023, along with future projections and key considerations for insurance providers seeking to remain at the forefront of their field.
“Our report on Insurtech Trends for 2023 offers a comprehensive overview of the trends shaping the insurance sector and provides actionable insights for companies looking to enhance their offerings and improve their bottom line. At Talage, we are committed to providing insurance providers with the insights and resources they need to succeed in an ever-changing market," said Adam Kiefer, CEO of Talage. Our report on Insurtech Trends for 2023 offers a comprehensive overview of the trends shaping the insurance sector and provides actionable insights for companies looking to enhance their offerings and improve their bottom line."
The report delves into a variety of topics, including the latest industry trends, challenges facing insurance providers, and recommendations for companies seeking to remain ahead of the curve. With its in-depth analysis and data-driven insights, the report is an invaluable resource for insurance providers looking to stay informed and competitive.
NAIC outlines its regulatory priorities for 2023
In its continued mission to protect customers and ensure a competitive insurance market, the National Association of Insurance Commissioners (NAIC) has unveiled its priorities for 2023.
"Our plans for 2023 position us well to continue to advance state-based solutions on current challenging issues,” said NAIC president and Missouri Department of Commerce and Insurance director Chlora Lindley-Myers. “Through close collaboration, careful analysis, and coordinated action, state insurance regulators are committed to protecting consumers and competitive markets in an evolving world.”
As listed in an official release, NAIC’s regulatory priorities this year include teh following.
Why Colorado draft AI insurance rules are a “major leap forward” for AI governance
Two weeks ago, Avi Gesser, partner at Debevoise & Plimpton and co-chair of the firm’s cybersecurity, privacy and artificial intelligence practice group, emailed me a note that said: “Here is where the AI governance laws really start.”
He linked to the Colorado Division of Insurance’s draft Algorithm and Predictive Model Governance Regulation, which was released on February 1. The draft rules impose requirements on Colorado-licensed life insurance companies that use external data and AI systems in insurance practices. Its development was required by statute after the state senate bill SB21-169 was passed in 2021 — which protects consumers from unfair discrimination in insurance practices.
Insurance Automation: What to Know
Automation is transforming nearly every industry. Businesses are automating internal processes. Retailers are automating customer checkouts. Even shipping companies are automating their operations. One—perhaps unexpected—industry that is automating more and more is the insurance industry. Insurance automation is on the rise and ready to transform the industry in many positive ways.
What Is Insurance Automation?
Insurance automation is a tool to streamline many insurance processes and perform them using technology. Ideally, the processes of marketing, renewals, and sales could be automated and performed by technology quickly and accurately. Technology has become an integral part of most industries, and it's continuing to grow for good reason. Incorporating automation into the insurance industry is a way to provide customers with a quicker and more accurate experience and for insurance companies to be able to divert valuable employee time to the most pressing tasks.
For additional information, please visit our website at Acrisure.com
InsurTech/M&A/Finance/Collaboration
Plnar Announces Integration with Verisk’s ClaimXperience
Plnar, the Leading AI-Powered Virtual Inspection Solution for the Property Insurance Market, today announced a new integration with Verisk’s ClaimXperience. The combined solution unlocks the power of Plnar’s virtual inspection capabilities to document all types of claim severities and sizes.
Integrating Plnar expands the power of ClaimX by providing accurately measured 3D models of interior spaces, rich contextual pictures, fully stitched together floorplans by elevation, and room videos – all from smartphone pictures. Plnar projects are initiated directly from the ClaimX interface for easy use by desk adjusters. Additionally, a newly created ClaimX API can be used to trigger a Plnar service for a claim, making it easier than ever to add to an existing digital FNOL process.
“We are very excited to be showcasing our integration with ClaimXperience in the Solutions Showcase at Verisk’s upcoming Elevate Conference“ said Plnar CEO Andy Greff. “Adding Plnar to Verisk’s mobile collaboration tool will empower policyholders with additional virtual inspection capabilities and further simplify the desk adjuster’s job.”
Amazon Sidewalk network and HSB partner to offer IoT tool
Hartford Steam Boiler (HSB) announced that its IoT subsidiary, Meshify, has partnered with Amazon Sidewalk, a private community device network. The Meshify Defender S, a property monitoring sensor that is activated through the Meshify Protect app alerts customers of water leaks or other perils through an ambient temperature detector, will connect through the Amazon Sidewalk network.
The launch also provides small businesses and homeowners with easier access to HSB's Meshify sensors, as the partnership simplifies installation and lowers the cost. Traditionally, only larger businesses could afford to install and keep up with the latest IoT technology. The Meshify sensor relies on long range (LoRa) communication technology that allows the sensors to communicate with the network and the monitoring and alerting platform. Without Sidewalk coverage, the LoRa sensors connect to a gateway, similar to a WiFi gateway found in a home, which then ultimately sends information to the alerting platform.
BNP Paribas Cardif and Lemonade Join Forces to Offer 100% Online Renters Insurance
Home insurance is an essential pillar among the personal protection solutions used by French consumers. To meet the expectations of customers, in particular younger generations, BNP Paribas Cardif is partnering with Lemonade to offer renters insurance.
This B2C offer allows a simple and fluid client experience thanks to a 100% online policy subscription and claims submission process - all within seconds - on any device. Renters can buy an insurance policy online at cardif.fr or lemonade.com/fr and through the Lemonade app.
The insurance policy includes standard coverage such as damage to personal belongings within the insured home (fire, break and enter theft, windstorms, water damage, etc.) and personal liability coverage (damage to the property rented, as well as injury or damage caused to others).
Berkley Program Specialists Partners With Talage for Workplace Violence Coverage
Berkley Program Specialists today announced a partnership with Talage, a Submission Management Platform for commercial insurance, to offer an innovative new product line providing workplace violence coverage. This new coverage and service offering was introduced February 8, 2023 in select states with additional states to follow.
Berkley Program Specialist has chosen to collaborate with Talage, the tech solution innovator, who built Wheelhouse, a first-of-its-kind submission management platform that facilitates digital distribution, operational efficiency, growth, and digital transformation by streamlining and simplifying the submission process. Additionally, Dais, another tech solution innovator, built the API-enabled technology that will allow agents to easily offer and bind this coverage for their commercial clients.
People
Former WTW CEO Haley joins Boston private-equity firm | Business Insurance
John Haley, former CEO of Willis Towers Watson PLC, Tuesday was named an executive partner at Thomas H. Lee Partners L.P., a Boston-based private-equity firm.
Mr. Haley joins THL’s financial technology and services investment group, which to date has deployed $10.3 billion of capital and acquired 32 companies, the firm said in a statement.
He has also been appointed to the board of THL portfolio company AmeriLife Group LLC.
Mr. Haley became CEO of WTW in 2016 and stepped down in 2021 after the broker’s proposed merger with Aon PLC was called off. He had planned to retire after the merger.
Insurtech Insights Taps Former ITC President to Lead USA Conference | Insurtech Insights
Insurtech Insights, the world’s largest community of insurance executives, entrepreneurs and investors, announces the appointment of Megan Kuczynski to President of its USA insurtech conference and the opening of a local office in Stamford, Connecticut, to work more closely with the insurance industry and build the largest USA insurtech conference
Most recently, Kuczynski served as the President of InsureTech Connect. She brings 20 years of experience in the global convention and trade show business, including senior leadership positions at Reed Exhibitions, United Business Media (Informa) and Clarion Events. In addition, she brings decades of focus on emerging technology sectors.
Based in London, Insurtech Insights is the largest community of insurance executives, entrepreneurs and investors globally, connecting more than 13,000 people yearly from more than 80 countries. The 2022 Insurtech Insights USA conference was testimony to the company’s unprecedented success – delivering a sold-out crowd at the Javits Center in New York – and is primed for an industry leader like Kuczynski to grow the brand to the next level.
Events
The Future of Insurance USA 2023
Streamline Processes | Reimagine Products | Empower People
Insurance is at a critical inflection point. Inflation is causing a profitability crunch, customers are demanding digital perfection, and a scarcity of talent leaves the industry in crisis mode. Headwinds of change are ripping through an inherently risk-averse industry – but inaction is a strategic risk in itself.
Never has it been more critical to invest in the future. The most successful players will:
• Challenge the outdated perception of insurance by creating innovative products that meet the needs of underserved markets
• Thrive in the changing industry ecosystem with effective partnerships, a flexible business strategy and a culture of innovation
• Combine the power of next generation technologies with diverse talent to create frictionless customer experiences
Are you prepared to make this a reality? Join 450+ CEOs and senior industry stakeholders at Reuters Events: The Future of Insurance USA 2023 (June 27-28, Chicago) to ensure people, processes, and products are fully optimized in the face of global disruption.
Change today to win tomorrow.