SME insurance- you can lead a horse to water, can you make it drink?

image If 40% of the U.S. and EU business owners do not have property and liability insurance, and 70+ % are underinsured, and the existing market is already more than US $60 billion in premiums, is there not an opportunity for growing the commercial line business, particularly for small and medium size enterprises (SMEs)? Of […]

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Wildfires and disasters- ecosystem opportunity to leverage InsurTech and innovation

Image Take a US $8 billion dollar insurance business that serves more than 7 million customers annually regarding residential real estate assets valued at more than US $5 trillion, that’s working in a regulated, politically hyped environment and one might see opportunity for innovation.  Throw in significant exposure to regional wildfires and urban area earthquakes, […]

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Wildfires and disasters- terribly good opportunity to leverage InsurTech and innovation

Image Take a US $8 billion dollar insurance business that serves more than 7 million customers annually regarding residential real estate assets valued at more than US $5 trillion, that’s working in a regulated, politically hyped environment and one might see opportunity for innovation.  Throw in significant exposure to regional wildfires and urban area earthquakes, […]

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Insurance- not all fun and game theory

Economic game theory has resided at the core of insurance underwriting for some time but might be losing its luster through the advent of price aggregators. ‘Gamification’ through behavioral economics is gaining traction concurrently in the industry, that is, devising schemes to engage insureds more often with their policy than simply at annual renewal.  More […]

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Cool data points for the U.S. insurance industry- do customers care?

Are there common threads for or against the industry changing customers’ insurance viewpoints among these data points? $82.6 billion spent by insurers in 2018 on tech- U.S. market[i] $1.2 trillion- 2018 premiums, U.S. P&C market[ii] Record cash surplus for U.S. P&C firms- $802 billion as of 9/2019[iii] $3.1 billion in 2018 global InsurTech funding, $8 […]

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‘Growth’ valuations for startups- losing its allure?

Patrick Kelahan is a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners. He also serves the insurance and Fintech world as the ‘Insurance Elephant’.  There has built during the past few years an InsurTech chase to ‘unicorn’ status  not uniformly based on NPV, but on growth. Fellow Daily Fintech columnist, Ilias Louis […]

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Hope springs eternal- did ITC 2019 foster a ‘customer first’ future for InsurTech?

Patrick Kelahan is a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners. He also serves the insurance and Fintech world as the ‘Insurance Elephant’. It’s a week since ITC 2019 wrapped up for the 7,000 attendees; debriefs and observations abound- kind of. McKinsey & Co. posted a follow-up on the themes that […]

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ITC 2019 as mixer, and a mixed bag of InsurTech topics

Patrick Kelahan is a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners. He also serves the insurance and Fintech world as the ‘Insurance Elephant’. Just as swallows return to Capistrano, the insurance innovation world returns to Las Vegas for its InsureTech (sic) Connect conference, this year attended by 7000.  Well, if Jay […]

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Flood risk AI is now a reliable tool- is there a desire to put it to work?

Flood insurance has been a wallflower at the coverage dance- an eager participant but not able to find a suitable partner.  Innovation efforts have found suitable risk prediction partners for carriers- FloodMapp, Hazard Hub, and Previsco among others- but is the flood insurance market ready? Politics, inertia, customer preferences and regulation might keep the music […]

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InsurTech efforts and the customer- who is being served with tech?

image The customer- easily overlooked on innovation’s path, and the continuous need for insurance companies to keep the customer as the ultimate focus of any innovation efforts. It’s a good week to revisit a favorite topic of mine; after presenting sessions on mobile claim applications to adjusters at the Property and Liability Research Bureau’s regional […]

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