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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
Find the Top 20 Decentralized Insurance Projects Ecosystem in our DeFi Insurance Database and Map.
How to separate hype from reality, including Web3 insurance opportunities and risk considerations? Web3 could be an opportunity for insurers:
First, the Web3 economy is currently under-insured and has huge potential for future growth. Today, out of $1 trillion in crypto assets, less than 1% are insured.³ There is significant unmet demand from retail and institutional investors, as well as businesses. The key questions are what risks companies can prudently underwrite — and what companies will win the race to achieve scale.
Second, companies can leverage Web3 technology to reinvent the insurance value chain, creating propositions and business models that are better, faster, and cheaper. In the near-term, Web3-based propositions can help insurers reach new customers and address unmet customer needs. In the longer-term, Web3 offers the potential to reimagine business models that radically challenge what an insurer can look like.
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The insurance industry is full of confusing terms and phrases. That’s why we’ve compiled a handy, jargon-busting glossary of the most commonly used.
“Forget everything you know about insurance,” was the brash tagline on a banner adorning the New York Stock Exchange when Lemonade went public in July 2020. The message captured the confidence that propelled the US insurance start-up and its peers, including Hippo and Root, on to the stock market at valuations far above those of more established peers.
The self-styled disrupters had a beguiling pitch to investors: our technology can track risks in real time; cut the number of insurance claims by anticipating incidents such as leaks; and speed up the processing of paperwork. The result, they said, was businesses that would ultimately outperform older rivals.
But two years on from its Wall Street debut, Lemonade, along with Hippo and Root, are among the biggest casualties of a brutal rout in tech stocks, as rising interest rates prompt investors to ditch high-growth companies in favour of those that generate reliable profits.
Read the full story on the Financial Times here.
Many trends are shaping the future of insurance. The insurance industry is shifting from risk transfer to prevention increasing the number of services offeder. For this reason almost 3 out of 4 of (re)insurers investments are outside the boundaries of strictly insurtech. Read more in The state of European Insurtech 2022 report, by MAPFRE, Dealroom, Mundi Ventures and NN
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The one thing every company in the financial services space needs right now is value.
Commoditization in the financial industry has made it hard to have a differentiating product. For instance, a bank—whether traditional or online—is still, at the end of the day, a bank. While a digital-first (i.e., online) bank might have higher savings options than a traditional brick-and-mortar bank, it’s still difficult to stand out, as most features are similar, encompassing options for checking, savings, financial advice, etc.
Even now, most “traditional banks” have digitized their offerings, partnering with fintech companies to improve user experiences with tech. For example, Berkshire Hills, a community-dedicated bank, and fintech Narmi recently partnered to enhance the customer experience with a new mobile app. While these partnerships are a step in the right direction, they’re not enough.
The need to create differentiating values from other market players has led to the rise of insurance technology (insurtechs) in the banking space.
Learn what use cases, trends, and IoT strategies business and IT leaders discussed at the first IoT Insurance Observatory plenary symposium of 2022.
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to…
For the past several years, the term peer-to-peer has been synonymous with the ultimate kind of innovation.
Analyst-in-Residence, Industrial IoT and IoT Technology dives in and takes a closer at, Edge Intelligence, Device Platform Convergence and Matter to look at each trend to see how smarter devices with defragmented platform software and interoperable networks remove IoT growth barriers.
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A Social #Entrepreneur | Man of Excellence #Award Winner 2022 🏆| #MSMEs #Consultant | #Insurance & #Reinsurance | #Financial #Portfolio #Management | #Succession Planner | #Insurtech Innovator | Low Code & Visionary..
2yAlberto - Thanks for sharing such an insightful information on the human cost involved till AI Tech is adaptable to ML which indeed takes time! This will increase the cost initially but reduces the fear of inadequate underwriting! Nailed it 🎯👍 Kind regards
Recruiter-Sales Trainer | Insurance Expert | Transform candidates to trusted Agents |
2y'Schreiber argues that the group’s decision to sell directly to consumers instead of using agents means costs are heftier at the start' . I like this confession Alberto Garuccio 😺
Responsable éditorial du média Digital & Assurance | 🧐 Un œil sur toutes les dernières tendances Assurance, Innovation & Insurtech
2yThanks Alberto, and very insightful as always 🙏