Top insurtech news daily 2020 from 30th December 2019 to 5th January 2020 curated by the VisibleBanking.com team with the help of our fintech community.
In this series, we aim to curate only the very best, most insightful insurtech news from all over the world.
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Insurtech News Daily 2020: Week #1
This week our Visible Banking team curated over 100 articles on the topics mentioned above.
You will find our shortlist below.
"This panel discussion on the topic of 'Blockchain: next steps towards collaboration, implementation & scalability' was performed at InsurTech Rising International 2019 at Station F in Paris. It was moderated by Karl Heinz Passler, Product Manager at Basler Versicherung (Baloise), and contributed by Oliver Volk, Blockchain Enthusiast working at Allianz; Frank Desvignes, Global Head of AXA Next Labs, and Philip Proost, COO at B3i."
Source: Karl Heinz Passler
"A market research report published by Infoholic notes that the global Insurtech market was valued at an estimated $532.7 million in 2018 and is on track to reach $1.1 billion by 2023, expanding at a CAGR of about 16.0% from 2018–2023. Insurance industry participants are increasingly adopting new technologies and aim to onboard new customers along with retaining the existing clients who are satisfied with their services."
Source: Crowdfund Insider
"Perhaps the area that I see of greatest potential is around Insurtechs providing a service to the legacy Carrier community. Rather than treat Insurtechs as just a new type of vendor, successful Carriers collaborate with or even acquire the Insurtechs. This allows the legacy carrier to quickly benefit from the entrepreneurial culture and technical creativity of Insurtechs, while the founders at the Insurtechs benefit from the industry’s market expertise, capital, and brand recognition."
"UK-based insurtech Wrisk recently announced it has partnered with BMW Group Financial Services to offer MINI Flex Car Insurance. Wrisk reported that now all new MINIs will be sold with three months’ free insurance to eligible car buyers in the UK through the insurance product, which is powered by Wrisk’s new Pro Motion capabilities."
Source: Crowdfund Insider
"The end of the year and the beginning of a new decade is a good time to pause for a moment and think about where the future is going.Now, we’ll admit, there’s no such thing as a perfect crystal ball for insurance. Nor is the industry perfectly homogenous around the world. Some markets will evolve more slowly, while others are already over the top of the digital disruption roller coaster and picking up speed on the downslope. The separation between the “Haves and HaveNots” is increasingly a forcing function."
"The insurance industry continues to generate growth around the world, maintaining overall profitability despite turbulence in the global economy. In several sectors, such as life insurance and annuity (L&A), continued growth will in part result from increased demand in emerging markets. Lingering unknowns, however, such as the outcome of Brexit, ongoing trade conflicts, slowing economic growth, and the U.S. presidential election could temper results in 2020."
"According to Willis Towers Watson, more than two-thirds of insurers credit predictive analytics with reducing issues and underwriting expenses, and 60% say the data has helped increase sales and profitability. That figure is expected to grow significantly over the next year, as the inherent value of predictive analytics in insurance is showing itself in myriad applications."
Source: Duck Creek