Insurtech Research Report: The trends & technologies allowing insurance startups to compete

Tech-driven disruption in the insurance industry continues at pace, and we’re now entering a new phase – the adaptation of underlying business …

Insurtech 2.0BI Intelligence

Tech-driven disruption in the insurance industry continues at pace, and we’re now entering a new phase – the adaptation of underlying business models.

That’s leading to ongoing changes in the distribution segment of the industry, but more excitingly, we are starting to see movement in the fundamentals of insurance – policy creation, underwriting, and claims management.

This report from Business Insider Intelligence, Business Insider’s premium research service, will briefly review major changes in the insurtech segment over the past year. It will then examine how startups and legacy players across the insurance value chain are using technology to develop new business models that cut costs or boost revenue, and, in some cases, both. Additionally, we will provide our take on the future of insurance as insurtech continues to proliferate.

Here are some of the key takeaways:

  • Funding is flowing into startups and helping them scale, while legacy players have moved beyond initial experiments and are starting to implement new technology throughout their businesses.
  • Distribution, the area of the insurance value chain that was first to be disrupted, continues to evolve.
  • The fundamentals of insurance – policy creation, underwriting, and claims management – are starting to experience true disruption, while innovation in reinsurance has also continued at pace.
  • Insurtechs are using new business models that are enabled by a variety of technologies. In particular, they’re using automation, data analytics, connected devices, and machine learning to build holistic policies for consumers that can be switched on and off on-demand.
  • Legacy insurers, as opposed to brokers, now have the most to lose – but those that move swiftly still have time to ensure they stay in the game.

In full, the report:

  • Reviews major changes in the insurtech segment over the past year.
  • Examines how startups and legacy players across distribution, insurance, and reinsurance are using technology to develop new business models.
  • Provides our view on what the future of the insurance industry looks like, which Business Insider Intelligence calls Insurtech 2.0.

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Munich Re Industry Business Structure and Strategy by Buzzvault, Munich Re, Inshur, Clear Blue …

Munich Re Industry Business Structure and Strategy by Buzzvault, Munich Re, Inshur, Clear Blue Insurance Group, Solartis, Nimbla, Bosch, Betterview …
Munich Re

Munich Re

Munich Re is a Germany-based multinational corporation that provides insurance, risk management, and reinsurance services worldwide. It is the second-largest reinsurance company in the world, providing both life and non-life reinsurance services. The group also provides life, health, and property casualty insurance through ERGO and other smaller brands. In addition, Munich Re offers asset management services through its subsidiary MEAG.

This profile offers a review of Munich Re, including its business structure and strategy, its financial performance, its marketing and distribution activities, before concluding with a SWOT analysis.

Get Sample Copy of this Report@ www.orbisresearch.com/contacts/request-sample/2701958

Key Questions Answered

– What are Munich Re’s strengths and weaknesses?

– What opportunities and challenges will the company face going forward?

– How is it investing in technology?

Scope:

– Around 70% of Munich Re’s GWP comes from Germany, the US, and Europe.

– Over 36% of GWP is earned from Munich Re’s property casualty reinsurance business, and 28% from life and health reinsurance.

– In May 2016 Munich Re launched Digital Partners, a new global venture capital division, to invest in digital and new technology businesses. Digital Partners was established with a vision to partner with disruptors that are changing the way insurance is experienced by customers. Digital Partners aims to provide added value to the partner and establish long-term relationships.

Reasons to buy:

– Learn about Munich Re’s organizational structure and its core business segments.

– Gain insight into its underwriting and distribution strategy.

– Understand the group’s advertising strategy.

Make an Inquiry before Buying@ www.orbisresearch.com/contacts/enquiry-before-buying/2701958

Key Players:

• Munich Re

• Buzzvault

• Inshur

• Clear Blue Insurance Group

• Solartis

• Nimbla

• Drover tea

• Bosch

• Betterview

• Chint Solar/Astronergy

• PICC Property and Casualty Limited

• Wuxi Suntech Power Co. Ltd

• Ping An Insurance Company

• Ethos

• Assurity Life

• Chubb

• DXC Technology

Key Points from TOC:

Operations

A Global Overview

Corporate Structure

Historic Milestones

What Does Munich Re Do?

Product Overview

Strategy

Partnerships

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Appendix

Get More Information about this Report@ www.orbisresearch.com/reports/index/insurance-company-pro…

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This release was published on openPR.

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Insurtech TrackActive seeks new funding to develop AI-enabled product

UK-based insurtech start-up TrackActive is on track to raise £300,000 ($384,505) in seed funding to further develop its AI-enabled TrackActive Me …

UK-based insurtech start-up TrackActive is on track to raise £300,000 ($384,505) in seed funding to further develop its AI-enabled TrackActive Me product.

To secure the funding, the insurtech firm has teamed up with Gen Re, lead investor HR Tech Partnership, and other angel investors through Seedrs.

Using AI-enabled chatbot, connected devices, web apps, online portals, sensors, and video-based exercise interventions, TrackActive Me helps healthcare insurance firms to better engage and support their customers.

The collaboration will allow healthcare insurers to help people with musculoskeletal conditions to self-manage and thus slash productivity costs.

TrackActive co-founder Michael Levens said: “There is a massive opportunity for insurers to embrace our AI tech and significantly reduce their claims costs, as back pain and other musculoskeletal conditions are a huge problem for them, as well as for economies and healthcare systems.

“This seed funding, with backing from specialist VC the HR Tech Partnership and others, will enable us to bring TrackActive Me to market.

“The opportunity to invest is still open, but we will be closing soon, so anyone interested should go to crowdfunding website Seedrs to take part.”

With $14bn in capital and $6bn in premiums, Gen Re offers reinsurance solutions to the life/health and property/casualty insurance industries.

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Commercial auto insurtech INSHUR gets $7m Series A led by Munich Re

INSHUR, a 100% digital provider of commercial auto insurance, has raised a $7 million Series A funding round which was led by Munich Re Ventures, …

INSHUR, a 100% digital provider of commercial auto insurance, has raised a $7 million Series A funding round which was led by Munich Re Ventures, the insurtech investments arm of the reinsurer.

INSHUR logoINSHUR secured $7 million of equity funding from the Series A round, as well as a further $2 million credit facility, with Munich Re Ventures leading the investment and MTech Capital participating.

INSHUR, which has been offering its commercial auto insurance in New York for 11 months and has recently launched in the UK, said the new capital will be used to support its expansion into new territories and also to target new insurance verticals.

Currently focused on providing insurance to the ridesharing market, taxis and other commercial for hire cars, INSHUR hopes to expand this to the broader commercial auto opportunity as well.

The company has underwritten approximately $24 million in gross premiums in just 10 months since launching in the U.S.

Leveraging a mobile technology first approach, along with proprietary data and analytics, INSHUR assists professional drivers to purchase insurance protection quickly and at a competitive price.

The company says the commercial auto insurance market remains dominated by the traditional broker model, but says its platform enables drivers to manage their entire insurance lifecycle from their mobile phone, without the need for this intermediation.

INSHUR CEO Dan Bratshpis commented, “We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us. I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”

Andrew Rear, CEO of Munich Re Digital Partners, added, “INSHUR’s growth in less than a year shows how they are transforming the experience commercial drivers have with insurance. We are proud to have been with them since the beginning of their journey.”

Brian McLoughlin, Co-Founder and Partner of MTech Capital and set to join INSHUR’s board of directors, also said, “Dan and David have executed brilliantly. Rideshare drivers love the INSHUR mobile experience. INSHUR is the first investment in our new fund, giving it special significance for us. We look forward to working with the INSHUR team as they execute their growth strategy.”

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Lloyd’s-based cargo consortium sets sail

The Denver-based insurtech firm’s tools are capable of monitoring cargo accumulation and collecting useful data for risk management and claims.
Lloyd’s-based cargo consortium sets sail

Ascot and Beazley have launched a cargo consortium at Lloyd’s of London aimed at providing a maximum of US$50 million in capacity.

Bringing together a range of cargo carriers, the A2B consortium will cater to SME cargo business and offers insureds the option of using electronic cargo monitoring devices developed by Lloyd’s Lab programme graduate Parsyl. The Denver-based insurtech firm’s tools are capable of monitoring cargo accumulation and collecting useful data for risk management and claims.

“This consortium shows how syndicates can come together in a subscription market to provide coverage in a cost-efficient way for smaller premium business,” noted Ascot group chief executive Andrew Brooks. “Recent years have been difficult overall for the cargo market but this initiative will be transformative for insureds, their brokers, and Lloyd’s carriers.”

Meanwhile Lloyd’s innovation head Trevor Maynard believes “this is precisely what the Lloyd’s Lab has been set up to do.”

Maynard commented: “I’m thrilled to see our syndicates utilising the Lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the Lab can attract such high-calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”

Beazley group head of marine Tim Turner, for his part, pointed out the London insurance market’s marine roots and noted how it has adapted to the sector’s changing needs over the years. “This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers,” he added.

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