Amid the economic turmoil of 2020, we’ve heard a lot about pricing adjustments on existing insurance products and about product innovations aimed at addressing new areas of risk. As the COVID-19 recession tests the resilience of their balance sheets and catastrophic event claims increase, insurers are pulling their business levers in response. But, are those…
The COVID-19 pandemic has brought about a recession unlike any we have seen before. While the severity of this recession is still yet to be determined, we know that the events of the global economy will have an impact on the insurance industry. However, leading insurers across the world are reacting with innovative responses that…
Insurers that have successfully shifted to the cloud are set to capitalize on a surge in insurtech alliances triggered by the COVID-19 pandemic. The COVID-19 pandemic is likely to hasten co-operation between carriers and insurtechs. And the cloud will provide the technology platforms and tools for this co-operation to thrive. Insurers that have moved much of their IT workloads into the…
Disproportionate impacts from COVID-19 and climate change are shining a light on the underinsured. Times like these challenge the insurance industry to consider how their products may better reach those who need them most. In my previous blog post, I referenced the disproportionately high mortality from COVID-19 in care homes and the need to better…
Smart carriers are capitalizing on the innovation tools offered by cloud services to enhance their digital ecosystems. Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities…
For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology. But there’s a difference between a disruptor and a threat. Large insurance companies still have the customers and data, so it’s unclear when, or if, these insurtech companies evolve…
