They sit in a hazy nether region between brokers and insurers. Outside of insurance most people will never hear of them. Even those that know of their existence are often only vaguely aware of the role they play. Yet MGAs (Managing General Agents) offer one of the best ways for new, and established, companies to enter into insurance and benefit from an existing large customer base or to take advantage of the best emerging technology.Read More
Social media and conferences amplify, spread, and sometimes confuse the understanding of much of the new technology that is being offered to the insurance industry. AI appears to have become the latest “must have” for aspiring startups and innovative insurers. Four years into insurtech and we’re at risk of suffering from techno fatigue. Too much hype and we filter out, then ignore over-used expressions and claims for catch all solutions. Blockchain suffered that fate last year. AI could be next.Read More
Underwriting commercial insurance is competitive. Margins are low. To grow profitably, insurers need to minimise the loss exposure across their portfolio and choose the clients that are likely to have the fewest losses. Better data, and the potentially powerful insights that can be extracted from it, is today widely recognised as being essential for all insurers.Read More
On 6 July 1988 the Piper Alpha oil platform exploded. 167 people died. Much of the insurance was with what became known as the London Market Excess of Loss (LMX) Spiral, a tightly knit and badly managed web of insurance policies. Losses cascaded up and around the market. The same insurers were hit again and again. After fourteen years all claims had finally been settled. The cost exceeded $16 billion, more than 10 times the initial estimate.Read More
You own a house. It burns down. Your insurer only pays out 15% of the loss.
That’s a serious case of under insurance. You’d wonder why you bothered with insurance in the first place. In reality, massive under-insurance is very rare for conventional property fire losses. But what about cyber insurance?Read More
Finding funding is the first major hurdle towards building a successful company. Then comes the pain of breaking out of Proof of Concept to get real sales. (Chris Downer of XL Innovate has written an excellent article about POC purgatory). But the death zone for B2B startups is often getting beyond the first couple of sales and creating a sustainable business.Read More
Despite the continued pervasiveness of digital into our lives, the physical and very analogue world of conferences is not just alive, but growing in the insurtech space.
It’s ironic that insurtech, which is predicated on the belief that a shift to digital will improve efficiencies in the insurance space, has itself spawned a new batch of conferences which exist to encourage face to face contact between buyers, sellers and investors.Read More
The insurance market is frequently criticised for being stuck in the past. Senior management get blamed for a lack of interest in the latest technology. Bloated and inaccessible legacy systems with blinking green screens stifle efficiency. Customer engagement suffers from 20th century work practices with overworked call centres and too much reliance on paper.Read More
We all love innovation but some insurtechs care too much about tech and not enough about insurance. Everyone knows the market needs to get more efficient. Eventually, a few companies are going to make a lot of money fixing that. But the lifeblood of insurance is providing products that help business and people when things go wrong. New problems need new solutions, which bring fresh sources of premium.Read More
Insurtech companies are emerging at the rate of over one a day and we are all self-publishing now. Twitter and Linkedin pump out real-time updates. Every day brings more opinions and an inbox full of insurtech news. So much choice, and too little time. How do we filter out the useful and important from the irrelevant and distracting?Read More
Instech London went on tour this week, heading north from the sand blasted railway arches of the Steelyard to the stripped back chic of WeWorks Moorgate. Tuesday 26th September saw us return to the Show & Tell format.Read More