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This year’s InsureTech Connect conference showed that the insurance sector is currently one of the most interesting and exciting industries to work in.
Scores of start-ups took to the stage at this year’s InsureTech Connect (ITC) conference to demonstrate their innovations and show how new technologies are likely to shape the insurance industry. Many of them also announced partnerships with prominent insurance companies.
Greater co-operation between insurtech firms and big insurers, together with widespread enthusiasm for emerging technologies such as artificial intelligence (AI), blockchain and data analytics, were among the key themes at ITC 2018. The importance of data privacy, responsible use of AI, cyber-security, workforce diversity, intelligent capital allocation and collaboration across the insurance ecosystem were also much discussed at the event.
More than 6 000 people, from around 50 countries, attended ITC 2018 in Las Vegas. Accenture was one of the conference sponsors. The event gave me a great opportunity to meet leaders from across the insurance industry. It was a pleasure to hear how many insurers are applying new technologies to improve their businesses and enhance the products and services they’re providing their customers. There’s little doubt that insurance is currently one of the most interesting and exciting industries to work in.
Here are some of the key developments announced at ITC 2018.
- Global insurance-broking and risk-management company Marsh is working with Evident, a data security start-up, to build a blockchain-based verification solution for companies in the sharing and gig economies. Evident, recently acquired by Palo Alto Networks, has developed an Identify Assurance Platform that allows businesses to conduct comprehensive and accurate verifications without handling sensitive personal data. Marsh will work with Evident to extend its commercial blockchain solution and convert certificates of insurance into immutable digital records that can be used to quickly verify information.
- Insurtech firm Snapsheet is extending its global cloud-based claims-processing platform to property and injury claims in addition to vehicle insurance. Snapsheet’s Virtual Insurance Claims Exchange platform enables insurers to accelerate their claims processing and significantly enhance the customer experience they provide.
- MetLife Asia’s LumenLab innovation center in Singapore has launched a blockchain-based insurance solution that provides financial assistance to customers without them having to claim. The company, when granted permission, remotely accesses the medical records of customers who are pregnant and automatically pays out should they be diagnosed with gestational diabetes.
- Allianz-backed Flock is using data analytics to improve its insurance cover for drones. By using predictive risk analysis that incorporates insights from data gathered from its extensive customer base, the UK insurtech firm can advise its customers about the safest times to fly their drones.
- Insurtech firm Cover, which provides a mobile app that allows users to insure their belongings by taking photographs of them, has raised US$16 million in venture funding. The company is expanding its product offering to include an online driving school, that promotes safe driving to reduce insurance costs, as well as an ecommerce tool that provides warranties for Shopify merchants.
- Parsyl, an insurtech firm backed by AXA XL, has launched a supply-chain Internet-of-Things platform that allows shippers and insurers to monitor sensitive and perishable products across the supply chain. The platform enables Parsyl customers to improve their quality assurance and risk management.
For further information about ITC 2018 take a look at this link: InsureTech Connect.