API Driven Insurance-As-A-Service Can Learn From Banking

  In earlier posts, I wrote of the ecosystem opportunity in insurance with references to embedded insurance. A tangible strategy in vogue for capitalizing on such opportunities is through an insurance-as-a-service approach. This follows closely what fintechs have achieved in the banking-as-a-service (BaaS) space. To better understand the insurance context, I illustrate few banking trendsetters […]

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“Digital Fiat Currency” Trials Make A Debut In Insurtech

In recent updates from BIS studies, 80% of surveyed banks were progressing with Central Banking Digital Currencies (CBDC) and almost 40% had started developing proof of concepts. During World Economic Forum’s 2020 event, a similarly high number of countries announced they were underway with research or CBDC was prominently on the radar. Last month, ZhongAn […]

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Can WhatsApp Ape WeChat’s China Success, As It Enters Indian Fintech?

WhatsApp announced plans to venture into health insurance and micro-pension in India via tie-ups with leading local players, having piloted last few months. According to its P&C insurance partner CEO, WhatsApp’s reach can prop up the low 4% penetration of health insurance, closer to the world average of 6.3% of GDP. WhatsApp has identified four […]

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Fleets Go Full Throttle, Buoyed By Telematics & Usage Based Insurance

Commercial vehicles witnessed a 19.2% drop in medium duty and 31.1% in heavy duty trucks this year, compared to a year earlier. The silver lining was in LCV deployments in logistics, driven by ecommerce and last mile deliveries. As for connected truck telematics, the market is slated to grow 10% y-o-y, from 26.6 million installs […]

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Insurtech In 2021: What To Expect?

As we reach the end of the year, insurance business and technology teams are emerging out of intense annual review sessions ready with plans for 2021. The prognosis forebodes caution as executives grapple with scenario options ranging from a quick rebound to further drag in the recovery. At the same time, there are green shoots […]

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State of the Cyber Insurance Market

Beginning 2016, a spate of cyber incidents affected global businesses, drawing unprecedented attention to this peril. From NotPetya to WannaCry, ransomware and malware attacks created havoc for businesses, causing huge losses. These attacks proved to be globally contagious, infecting organizations across tens of countries. Ransomware attacks, where hackers steal e-files and demand money in return, […]

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Chatbots with Blockchain – Plumbing or Showerheads?

Shopping for insurance or filing a claim can be arduous. But not so, when chatbots with conversational interfaces, mimic humans and respond with accuracy, speed and personality. PolicyPal is a Singapore based digital platform that launched a chatbot to allow customers to buy and manage policies conveniently. The bot took in-depth training on 9000 policies, […]

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A Confluence Of Evolving Themes In Insurtech

After eleven weeks of chronicling discernible trends and dominant movers in insurtech, I have barely scratched the surface of major shifts the $5 trillion global insurance industry is embarking upon. Meantime, I have covered upstart unicorns, innovating incumbents and those in between. The period saw more press go to extol virtues of the booming insurtech […]

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Future At Lloyds: Digital Blueprint for a 330 Year Old Exchange

In Sep 2019, Lloyds of London published their vision for the Future at Lloyds (FAL) as Blueprint One. Amid a tumultuous world economy, Lloyds has refined its strategy and game plan to launch Blueprint Two last week, a bold two-year program to establish newer ways of doing business, driven by digital channels with advanced data […]

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Incumbents Go Partner Scouting, Seek Intelligent Tech To Scale

Tokio Marine has teamed up with AI powered claims technology provider Tractable to accelerate its claims processing. The partnership enables the insurer to use computer vision to assess vehicle damage in near real-time and estimate the extent of repairs needed. Tractable is also operational at other insurance giants such as MS&AD (fifth largest P&C insurer) […]

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