This week, the implications of the rising cost of living for insurers and takeaways from our latest report.
Stephen Lathrope, Global Head of Insurance for ICEYE, joined Matthew to discuss how ICEYE is expanding its offering from floods and into other natural perils, its ability to acquire information rapidly and frequently, and the benefits of converting data to insights. They also discuss how ICEYE is working with partners including Arturo, AXA Climate, Swiss Re and EigenRisk.
The role of e-trading has evolved in the past 18 months since our first report on e-trading platforms. Insurers, brokers and their clients and technology partners are moving away from the traditional utility and exchange type model to different risk exchange models. This is enabling the insurance industry to transact in new ways, create new products, access different forms of capital and work with other ecosystems. We have identified 30 companies which are changing the landscape and creating new marketplaces.
Our event 'Power to the Underwriter - Analytical Tools for Everyday Use', was held at The Steel Yard in London on 28 June 2022 and brought together companies working with partners to provide integrated and relevant solutions for insurers and brokers around the world. Were you there, or want to see what you missed? Our photo gallery from the event is now live.
This mentoring programme is building on the Advance and Accelerate programmes and is for those in the Corporation and Lloyd’s market. Its aim is to help individuals find the tools and advice they need to develop their careers within Lloyd’s and elsewhere.
Under this partnership, PredictHQ’s customers will be able to use SafeGraph’s point of interest and event datasets. This will enable greater accuracy of event insights that are unique to its location. The datasets will be joined by Placekey, the universal standard identifier for any place, which makes it easier to combine large quantities of datasets from various sources.
Guidewire’s latest survey focuses on the state of the UK insurance customer attitudes. With 86% of respondents being worried about the cost of living, it suggests that insurance is likely to be cut by consumers. The survey is supported by insights into how insurers might respond.
Bdeo and Hollard Insurance partner to launch Visual Intelligence solutions in South Africa
Bdeo’s FNOL (First Notice Of Loss) technology will allow Hollard policyholders in South Africa to provide evidence of motor insurance claims through image and video capture solutions. The information will be delivered to Hollard Assessors. This will streamline and speed up Hollard’s assessment and the damage repair process.
Blink Parametric’s Smart Luggage product has sold over 10,000 policies
Smart Luggage was launched in partnership with Just Travel Cover in 2021 and is a parametric insurance product for luggage lost during flights. JustTravel Cover has revealed that over 10,000 policies have been sold. Smart Luggage customers receive a pay-out of £50 GBP if their luggage is not located after 30 minutes and a further £500 GBP after 48 hours.
ChainThat’s Beyond Policy administration platform has been launched by Insight Risk
ChainThat announced that Insight Risk has successfully deployed Beyond Policy Administration® (BPA), its policy administration platform. The platform aims to help connect devices to enhance risk selection and create better underwriting.