Insurance is a relatively stable industry, which was first shaken by Insurtech and is now being impacted by the COVID-19 pandemic. The former is facilitating a technological shift that will help the global market to deal with the negative effects of the latter. So, even if Insurtech was not [...]
With the force of digital wind growing stronger within the realm of insurance sector, the industry’s defensive tactics will no longer work when it comes to innovation. It is essential that insurance providers prepare an offensive front to deliver tailored services and customized experiences to the customers. The spurt of InsurTech startups [...]
The Straits Times in one of its latest reports mentions, ‘The life insurance industry had a mixed year in 2018 with growth in some areas but contraction in others. The sector posted a 3 per cent expansion in weighted new business premiums to $4.2 billion for the 12 months [...]
In this era where Digital Transformation is happening at warp speed, people from every walk of life are turning into digital experts. While the benefits of engaging in a digital transformation are obvious and unending, it is not without challenges – and CIOs face the majority of them. As digital [...]
With changing lifestyle choices, climatic changes, and overall technological inventions, the present-day risk scenario has also transformed. Insurance companies are coming up with wacky insurance proposals such as Alien Abduction insurance, body part insurance, Taste Buds insurance, Valentine insurance, Bail bond insurance, Wedding insurance, and Kidnapping insurance too. Some [...]
Can you determine a potential risk? Guess not. With changing lifestyle and rapidly revolutionizing technology, the idea of ‘potential risk’ is also getting constantly redefined. This has become a serious challenge for the insurance sector. Technology platforms continue to serve as a strong pillar that can help and strengthen [...]
Usage-based Insurance (UBI) is an innovative type of vehicle insurance that calculates insurance costs based chiefly on the vehicle used. Usage based Insurance allows insurance carriers to monitor their customer driving habits through a telematics device. Telematics and UBI play an integral part in the future of auto insurance market. [...]
Deloitte in its report on Insurance industry outlook has deliberated on how the Insurance sector is facing significant disruption and how the traditional business models can pose a challenge to the industry. Is the insurance sector lagging in a socio-economic scenario that demands more alertness and personalized attention? Can [...]
Several accounts of people leaving lucrative jobs in order to work for themselves have popped up repeatedly over recent times. Marketplace aggregators such as Uber have ensured that these dreams could be achieved by the average person. Concepts such as ‘ride sharing’ enable consumers to commute to their destination [...]
As per the Global Insurance Outlook by Ernst & Young for 2015, “Many insurers are investing in digital platforms that strengthen their relationships with customers across all product classifications and geographies. Their goal is to empower both businesses and consumers to better shop for insurance, making products more transparent, [...]
