How insurers can win the race to AI maturity? Insurtech Digest Issue #135 is out! Is WEB3 an opportunity for insurers? 2022 InsurTech Leaders and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.
How insurers can win the race to AI maturity
Insurers can move into the Achiever category to realize greater value by leveraging AI to power total enterprise reinvention. This includes employing AI in organization-wide decision-making and integrating AI into every part of the business—from business process optimization to delivering reimagined products, services and experiences to customers.
Carriers looking to gain momentum with their AI investments can find opportunities in the front office and build out their next phase of growth. Accenture's report explored three key front office use cases: customer experience, product and service development, and sales and marketing.
MUST READ STORIES
Look at Top InsurTech Leaders 2022
ACORD, in conjunction with Alchemy Crew and its co-founder & CEO Sabine VanderLinden, annually names the Top InsurTech Leaders who have been integral to the growth and progress of the insurance technology community. Their remarkable vision, execution, and superior outcomes set them apart as pioneers of transformation in the global industry. They dedicate their 2022 Top InsurTech Leaders List exclusively to women leaders in insurance technology. With a groundbreaking congressional report recently finding significant levels of gender disparity in the industry, it is essential to recognize and honor the powerful contributions of women in insurance.
Is WEB3 an opportunity for insurers?
From "smart contracts" to compelling new forms of coverage, Web3 is already having a profound impact on P&C insurance. You're just two minutes away from discovering where it's headed next!
Opportunities for insurers in a rapidly shifting insurtech market
After years of growth, the US insurtech market faces a sharp decline in valuations. How should established insurance carriers respond? Read more.
INSURANCE REPORT
Evolving Risks And Recession Fears Will Redefine Insurer Strategies
In 2023, insurance leaders will navigate turbulence unseen since the financial crisis of 2008. Insurance cover will shrink or disappear as consumers and small businesses face cash-flow pressures. Tech teams will batten down with less fulsome budgets and greater regulatory scrutiny of the very technology that is most likely to help them thrive through 2023: AI. Meanwhile, recession reality will come home to roost in an evaporating IPO market, with many insurtechs exiting the market through wind-downs, roll-ups, or carrier acquisitions.
INSURTECH INVESTMENT ROUNDS
Walnut Insurance Raises $4M to Power Embedded Insurance for Enterprise Brands and Accelerate Growth
Walnut has broken down barriers that historically have prevented businesses from being able to build an insurance offering into their product. As brands look to build deeper relationships with customers and expand their revenue streams, Walnut provides the core infrastructure and access to a broad set of insurance products that can be embedded into or alongside consumer experiences, much like embedded payment and lending.
Recommended by LinkedIn
Insurtech startup Bondaval raises £12m
Its insurance product is built on “MicroBonds”, a surety bond that can take the place of legacy security options. Unlike existing options such as bank guarantees and trade credit insurance, MicroBonds cannot be cancelled and provide full indemnity. B2B insurtech startup Bondaval is looking to expand internationally from its London headquarters following a $15m (£12.1) Series A.
Insurtech Company Oyster Raises $3.6M Seed to Launch Its Point-of-Sale Platform for Personal Insurance
Following its founding in 2021 by Blend, Stripe, and Strategy& alumni, the Oyster team is redesigning personal insurance from the ground up, creating an accessible experience that modernizes insurance for everyday consumers. Oyster's technology leverages proprietary data to handle insurance end-to-end, in one unified platform.
INSURTECH DIGEST BACK ISSUES
Look at insurtech startup listed on ESGFINTECH 100 companies 2022 - Insurtech Digest Issue #134 is out! Insurtech Market Overview, Global Insurance Report 2023 and more
How is the State of Insurance APIs? Insurtech Digest Issue #133 is out! 3 Paths for Insurtechs, 2022 Travel Insurance Benchmark and more
How to address the insurance workforce gap with technology? Insurtech Digest Issue #132 is out! Is insurance an emotional relationship? Top 50 Influencers 2022 and more
LET'S SAVE THE PLANET FROM WASTE
Dear readers, today, in addition to the usual digest on the latest news from the insurtech and insurance sector, I would like to tell you something more about a personal project for the reduction of packaging waste that I am developing with 2 co-founder as a concrete give back action for the community and our planet.
The huge amount of waste deriving from disposable containers, especially in the food sector, and the materials with which these containers are made, often make their recycling impossible, progressively causing significant damage to our planet. In addition to the environmental impact deriving from the management and disposal of waste generated by disposable containers, it must be considered that this type of packaging produces a strong impact along its life cycle. The consumer model of "disposable" leads in fact to the waste of raw materials and energy necessary for its production; just think that a disposable container is used for an average of 60 minutes and is disposed of in 100 years. It also increases the impact deriving from the logistics and transport emissions necessary for the handling of disposable containers.
For this reason the Around project was born! I need your help to complete the donation crowfunding campaign that will give us the opportunity to reduct waste produced by first 100 canteens and restaurants.
Thanks in advance for your support.
Best regards,
Alberto
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Hey there, hope you find this digest inspiring! So please, share on your social and tell your fellow insurtech enthusiast friends to subscribe here. ? Feel free to connect with me and keep in touch for any support concerning your startup or impact projects.
Have a nice day!
Alberto
| Expert- Consultant| MC Consultants| 🐘Insurance Elephant🐘|Insurance Advocate
2yAs to valuations of US Insurtechs taking a fall? One wonders how initial valuations were determined, and on what basis the current reductions were made. At one time in the past valuations were focused on some aspect of current value of future operations for a respective firm. Cash flow, profits, choose your measure. Along comes Insurtech/Fintech/***tech and valuations become growth oriented, difficult to compare these apples with those oranges. Ostensibly the growth valuation hook/multiples were deemed critical because there were not enough traditional measures to attach NPV to. I say growth valuation days should be placed behind us, and dynamic, financial accounting methods be championed again. Consider the methods applied by Quality of Performance Consulting LDA (although surely there are other similar experts.) Mostapha Ghaziri and team use traditional financial modeling in combination with some aspects of future growth to build empirically based and still dynamic valuations. These valuations can be held in comparison with peers, are dynamically calculated based on changes in criteria- sales, profits, product lines, environmental factors, economic factors, etc. The industry needs valuation empiricism. #NPVrules
| Expert- Consultant| MC Consultants| 🐘Insurance Elephant🐘|Insurance Advocate
2y#innovationfromthecustomerbackwards A mantra championed by The Insurance Elephant Incubator, find what customers want and then build or buy the tech that takes insurance from A to B in the eyes of the insureds. Along comes Chat GPT, an AI-based response/reaction scheme that leverages the power of AI. So how could the current mania behind Chat GPT be cleverly leveraged by insurers? Let's see- a process through which huge volumes of information is the basis of predicting or informing future decisions or service needs through analysis of the data, identifying commonalities, becoming a trained resource based on queries.. Hmmm... huge volumes of data- that could be claim diaries. Need for response based on queries- sounds like claim communication, questions from insureds. Training/ML through analysis of query topics- sounds like a claim service improvement model. Claim transparency remains a challenge for even the smartest carriers because customers do not know what to expect and have a lot of questions. Seems a great opportunity for AI to crack that problem, even if it's only part way. ChatGPT can be the #innovationfromthecustomerbackwards Solve that problem and ensuing benefits for sales will follow. Thx, Alberto Garuccio
Solution Architect & Senior Expert Insurance at SAP - In early Retirement
2yDr. Michael Zimmer Additionally, AI might also help finding correlation conveniently and proving causality quickly, as a basic element of insurance.
Nigerian Insurance Personality | Board Member and DC, NAICOM
2yYes Alberto Garuccio Insurers especially in fast developing markets like Nigeria have to distinguish AI, amongst other digital technology solutions, as the place to invest and gain benefits that would be reflected in increased customer engagement and sustainable growth. Thanks for a very insightful edition
I'm into Innovation, Tech and Sustainability
2yA special mention for recent #insurtech rounds. Congrats to Bondaval, Walnut Insurance and Oyster Financial, Inc. teams! 👍