Apollo Insurance Solutions, a Canadian insurance marketplace, has entered the American market with a liability insurance product tailored for …
Apollo Insurance Solutions, a Canadian insurance marketplace, has entered the American market with a liability insurance product tailored for educators in California. The product allows consultants, instructors, and therapists to purchase their mandatory liability coverage that school districts require online.
Thanks to a partnership with Jigsaw — a subsidiary brand of Gallagher — practitioners can now immediately get a quote, purchase the insurance via credit card, and have their policy emailed to them in real time by the Apollo Exchange in under five minutes. Because this insurance is mandatory, practitioners often need to acquire it before starting their work with students.
The Apollo Exchange launched in April of 2019, after closing a $1 million angel round of funding and several months of beta testing.
The company is led by Co-Founder and CEO Jeff McCann. The Apollo Exchange in Canada allows brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business in real time, or white label the exchange to sell directly from their website.
Trending UK SME insurance Market Size study, by line of business (personal liability, cyber insurance, cargo insurance, property insurance, public …
Global UK SME insurance Industry to reach the US $$ billion by 2025.
Global UK SME insurance Industry valued approximately US $$ billion in 2016 is anticipated to grow with a healthy growth rate of more than %% over the forecast period 2017-2025. Key factors which give growth to the UK SME insurance Industry are With insurers increasingly seeking to grow their share of the SME Industry competition, farther advances in technology have allowed for products to become more specialized, allowing for niche Industry to be targeted more accurately. Brokers have remained the most-used channel when purchasing insurance, yet their share of the SME Industry has decreased significantly in 2017 according to the results of our 2017 UK SME Insurance Survey.
The objective of the study is to define Industry sizes of different segments & countries in recent years and to forecast the values to the coming eight years.
The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Industry. Additionally, the report shall also incorporate available opportunities in micro Industrys for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
Also divide the market by region: Americas, United States, Canada, Mexico, Brazil, APAC, China, Japan, Korea, Southeast Asia, India, Australia, Europe, Germany, France, UK, Italy, Russia, Spain, Middle East & Africa, Egypt, South Africa, Israel, Turkey & others.
This report analyzes UK private motor insurance, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and opportunities. It discusses the leading competitors and how the market is likely to change due to telematics and driverless cars, as well as providing future forecasts of market size up to 2023.
Gross written premiums (GWP) expanded by less than 1% in the private motor insurance market in 2018, following a period of stronger growth. A year of low growth for the market made it tough for insurers to increase their GWP, with competition heating up among the top five players. As claims costs continue to rise, insurers eagerly await the Civil Liability Act coming into full effect. Technology advancements – above all driverless cars – will be pivotal in this market over the next five years.
Measured by GWP, the private motor insurance market was worth 13.1bn in 2018.
Average premiums fell slightly to 477 in 2018 after peaking at 481 in 2017.
Direct Line remained the largest private motor insurer in 2018, holding over 12% of the market as Admiral challenged Aviva for second place.
Personal injury claims remain the biggest average and total cost for insurers, costing an average of 10,454 per claim and over 3.2bn per year.
Reasons to Buy
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Be prepared for how regulation will impact the private motor insurance market over the next few years.
Benchmark yourself against leading competitors.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. Growth begins to slow in the run up to the Civil Liability Act
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.2. The private motor insurance market continued to grow in 2018
2.2.1. Growth in the market slowed to 0.97% to reach 13.1bn in GWP
2.3. A multitude of factors drive premiums down
2.3.1. Premiums have begun to decrease after reaching an all-time high in 2017
2.3.2. The most recent Ogden rate change has been disputed by insurers
2.3.3. IPT remains frozen at 12%
2.3.4. Premiums hit a yearly high in Q4 2018 for the fifth consecutive year
2.3.5. Renewal notice requirements have begun to have an effect
2.3.6. Average premium confuses consumers
2.3.7. Comprehensive premiums remain lower than TPFT despite lower cover
2.4. The motor claims landscape in 2018
2.4.1. Claims notified rose despite previous falls
2.4.2. Average claim value rose for the third consecutive year
2.4.3. Bodily injury claims
2.5. Road traffic accidents (RTAs) and their link to claims
2.5.1. Whiplash claims continue to drive up premiums
2.5.2. Total RTAs continue to decline, while number of claims increased slightly after a sharp fall
2.5.3. Car occupants are the least vulnerable individuals in RTAs
2.5.4. Car and taxi use has continued to increase
2.5.5. The pay-as-you-go insurance opportunity grows as average mileage falls again
2.5.6. The UK motor parc continues to grow
3. COMPETITOR DYNAMICS
3.1. Direct Line remains the market leader
3.1.1. Insurers battled to stay in the top five
3.2. Analysis of the market leaders
3.2.1. Direct Line remained number one despite minimal growth in 2018
3.2.2. Aviva remained in second place, but fell further behind in real terms
3.2.3. Ageas struggled to hold its market share
3.2.4. LV= gained market share thanks to its joint venture with Allianz
4. THE MARKET GOING FORWARD
4.1. The Civil Liability Act has been delayed to April 2020
4.1.1. Decreasing personal injury claims may threaten implementation
4.2. The Civil Liability Act aims to reform personal injury motor claims
4.2.1. The Civil Liability Act seeks to cut claims costs
4.2.2. The Civil Liability Act is forecast to save customers 35 on motor insurance premiums
4.2.3. The small claims limit will increase to 5,000 for RTA claims
4.2.4. A tariff system is being introduced for RTA-related soft tissue injury claims
4.2.5. Claims will not be settled without a MedCo medical evidence report
4.2.6. There has been a positive reaction to the Civil Liability Act
4.3. Predictions for the market
4.3.1. The future of the private motor insurance market is uncertain
4.3.2. Changes to claims costs remain critical to premiums and GWP
4.3.3. The forecast for the next five years
4.4. The number of telematics policies is increasing
4.4.1. The number of young people learning to drive continues to decrease
4.4.2. Young drivers turn to telematics to lower costs
4.4.3. Dash cams are becoming the new telematics
4.5. Connected cars and smart roads will increase driver safety
4.5.1. Connected cars are the future of providing better insurance services
4.5.2. From 2022, all new cars must have a speed limiter
4.5.3. Smart roads will make driving safer
4.6. The complexity of electric vehicle systems drives up premiums
4.6.1. Electric vehicles will represent more of the motor parc
4.7. Fully autonomous vehicles will disrupt the motor insurance landscape
4.7.1. Driverless cars are expected to be mainstream by 2045
4.7.2. The government is supporting the development of driverless cars
4.7.3. Safety and testing of autonomous vehicles remains hazy
4.7.4. A new sub-market of dual insurance policies for autonomous vehicle
4.7.5. Car manufacturers have increased their presence in the insurance market
4.7.6. Insurers will play a crucial role in the development of autonomous vehicles
4.7.7. The 10 features for a car to be considered automated
4.7.8. Public opinion of autonomous vehicles
4.7.9. The divide between cars with and without drivers
4.7.10. The need for personal car insurance could diminish
4.8. Usage-based, car sharing, and P2P policies are being launched
4.8.1. The majority of new, innovative policies target millennials
4.8.2. Motor insurers are beginning to see the opportunity in car sharing
4.8.3. Usage-based, pay-as-you-go, and pay-per-mile car insurance are gaining traction
All Uber drivers are required to carry liability insurance. There is also further insurance which is provided by Uber themselves. This covers the time …
Even with the recent disputes over pay, there are still plenty of Uber drivers waiting to pick up passengers in LA. The ride sharing provider is popular in the city. The bad news is that more Uber drivers on the road naturally means there is an increase in accidents involving Uber passengers.
So, what should you do if you are involved in an Uber accident and what legal help might you need. The good news is that you should be covered by the insurance of one or the other driver involved in the accident or by the additional insurance that Uber provides. However, it’s not quite that simple.
The insurance situation with Uber drivers
All Uber drivers are required to carry liability insurance. There is also further insurance which is provided by Uber themselves. This covers the time from when an Uber driver accepts a request from a passenger and when the passenger exits the vehicle at the end of the journey.
The policy that Uber holds allows for increased coverage in cases where there is injury to a third party and the Uber driver is at fault. It also provides cover If another driver is at fault, a third party is injured, and the other driver is either uninsured or does not have sufficient coverage. As you can see, you should be covered for injury if you are involved in an Uber accident as a passenger.
But, what happens if liability is a gray area? This can happen when both drivers are at fault. There may be a reluctance to accept liability and pay out fully on claims.
Seeking legal help when there is an issue
If you have been caught up in an accident as an Uber passenger, and the situation becomes complicated, it’s worth seeking legal help. This is because you want to make sure that you get the compensation that you are entitled to.
It can be especially useful to do this when there is more than one passenger in the vehicle. This is because when several different claims are made the situation is complicated further. You should still certainly be entitled to compensation but getting legal help can make the process easier for you. It can also give you peace of mind because you feel as though someone is offering you the support that you need.
Hiring an Uber in LA is one of the cheapest and most popular ways of getting around if you do not want to drive yourself or use public transport.
However, if you are a passenger in an Uber vehicle there is always a chance that you could be involved in an accident. If this happens you should of course make sure that your health is protected first by calling 911 and getting assistance, if you are injured. You should also be sure to make a claim for compensation. If the situation is complex, or you simply feel as though you need help, you should consider seeking legal advice.
Lloyd’s welcomed 11 new teams of insurtech disruptors to join the global re/insurance market’s innovation accelerator. More than 130 applications …
Lloyd’s welcomed 11 new teams of insurtech disruptors to join the re/insurance market’s innovation accelerator.
More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The 11 teams were selected as part of a competitive process involving 24 shortlisted applicants who presented their ideas to experts across the market.
Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab as part of its new Future at Lloyd’s strategy. The 10 successful teams are aligned with this strategy and will begin working in the Lab as part of a 10-week programs that kicks off on Sept. 2.
The start-ups are focused on finding ways to enhance data sharing and provide new sources of risk insight as well as pricing and risk models to help Lloyd’s market participants better understand threat scenarios. They also will be developing methods to reduce the cost of processing claims as well as the burden of compliance and regulation.
“Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this strategy,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers,” he said. “Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”
The teams that will be working with the Lloyd’s innovation accelerator are described below:
ClimaCell. ClimaCell is described as the first microweather™ technology company, finding and forecasting weather that others can’t see. By taking an internet-of-things approach to collect millions of weather observations, ClimaCell forecasts at the street (not city) level.
Digital Fineprint. Digital Fineprint (DFP) is an insurtech that helps insurers and brokers improve their reach and profitability in the small and medium enterprise market. DFP provides data insights that can be used for risk selection, underwriting, pricing and new business generation.
Flock. Flock is a big data start-up that helps underwriters unlock the power of risk intelligence.
Floodflash. FloodFlash says it enables fairly-priced, no-exclusions, instant-settlement flood insurance. Customers receive a pre-agreed settlement as soon as FloodFlash sensor detect that waters have exceeded a critical depth.
Hyperexponential. Hyperexponential is building practical, impactful pricing software for specialty insurance. It claims to be the first platform of its kind to be built by insurance professionals “at the coal-face of the market, for the needs of our actuaries and underwriters.”
INARI. INARI is an advanced ecosystem in a box that digitizes insurance operations through the entire risk lifecycle. INARI says it combines “process automation, data ingestion processing, distributed ledger auditability, machine learning and data lake.”
Insurdata. The Insurdata platform creates high resolution, building level, peril specific exposure data globally.
Oasis. Oasis provides an open source catastrophe modeling platform, free to use by anyone. It is also a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond.
Phinsys. Phinsys has built a platform of intelligent finance automation tools to deliver systematic controls to optimize financial close and reporting processes.
Praedicat. Praedicat reads, curates and quantifies data from science to identify emerging and emerged risks to humans / the environment. It quantifies the loss to economy and liability insurers from litigation allowing risk management and product development.
Tautona AI. Tautona is a “cognitive automation” company that automates processes once reserved for human judgement. It says: “Our cloud based, managed service approach provides insurers with a frictionless approach to automating claims and ancillary processes.”