Investment in the insurance technology industry increased by 385% to $679m (£480m) across Europe last year, with the continent emerging as the world’s top InsurTech hub outside North America.
Three-quarters of citizens across the UK, US, Australia, France, Germany and Singapore are willing to use artificial intelligence (AI) to improve retirement incomes.
Six out of 10 investors with no current exposure to digital currencies like Bitcoin and Ethereum would consider including them in their investment portfolios.
Very few companies are prepared for an expected surge in automation over the next few years, with the use of artificial intelligence (AI) and robotics set to almost double by 2021.
Some 69% of financial services companies across Europe are not able to secure consumer data effectively, despite incoming regulation potentially hitting these firms for hundreds of millions of pounds.
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.