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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Watch Your Health eyes tie-up with more insurers for health solutions

An insurtech start-up is working with insurance companies to provide wellness solutions to their health-insurance policyholders to help improve their …

An insurtech start-up is working with insurance companies to provide wellness solutions to their health-insurance policyholders to help improve their fitness levels and lower claims and annual premiums.

Watch Your Health has already tied up with five insurance companies, including Aditya Birla Capital Life Insurance, Edelweiss Tokio Life, Cigna Health Insurance, ICICI Lombard General Insurance, Reliance General Insurance, as well as two TPA service providers, Health India Insurance TPA Services and Bharti Assist Global.

“We want to sign up with more partners and are in talks with a few more companies,” said Ratheesh Nair, founder and CEO, Watch Your Health, adding that it aims to function like a credit bureau that will give health scores and help people port their insurance policies easily.

“There is no health score and every time customers have to get a medical check up done to buy any insurance policy,” he noted, adding that the company wants to eventually tie up with all insurers providing health cover.

While most health insurance covers offer such solutions, it is up to the customer to take it up, according to Nair. “We follow up with customers on an individual basis,” he said.

Founded in 2015, the company has a team of health coaches, including doctors, dieticians, physiotherapists and psychologists, to service 25 lakh customers.

It has also tied up with companies such as Bharat Petroleum, Talwarkars, Suburban Diagnostics and RBL Bank, to provide health and wellness solutions under their employee wellness programmes.

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Global Pet Insurance Market Insight Report 2018 – Petfirst, PetSure, Trupanion, Pethealth, Agria …

The global “Pet Insurance” market report comprises the thoroughly investigated … Direct Line Group, Petplan NorthAmerica(Allianz), Ipet Insurance, …

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American National Insurance (NASDAQ:ANAT) Stake Increased by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in American National Insurance (NASDAQ:ANAT) by 2.0% during the third quarter, according to its most recent …

American National Insurance logoVanguard Group Inc. lifted its holdings in American National Insurance (NASDAQ:ANAT) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 746,329 shares of the insurance provider’s stock after buying an additional 14,303 shares during the period. Vanguard Group Inc. owned approximately 2.78% of American National Insurance worth $96,493,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in American National Insurance by 2,098.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,319 shares of the insurance provider’s stock worth $158,000 after acquiring an additional 1,259 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of American National Insurance during the second quarter worth about $230,000. Citadel Advisors LLC purchased a new stake in shares of American National Insurance during the third quarter worth about $258,000. Jefferies Group LLC purchased a new stake in shares of American National Insurance during the third quarter worth about $293,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of American National Insurance during the third quarter worth about $308,000. Hedge funds and other institutional investors own 62.94% of the company’s stock.

Separately, BidaskClub upgraded shares of American National Insurance from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th.

ANAT stock opened at $147.10 on Friday. American National Insurance has a 1 year low of $112.89 and a 1 year high of $145.82. The stock has a market capitalization of $3.82 billion, a P/E ratio of 17.22 and a beta of 0.85.

WARNING: “American National Insurance (NASDAQ:ANAT) Stake Increased by Vanguard Group Inc.” was reported by Fairfield Current and is owned by of Fairfield Current. If you are reading this piece of content on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this piece of content can be viewed at https://www.fairfieldcurrent.com/news/2019/02/15/vanguard-group-inc-has-96-49-million-position-in-american-national-insurance-anat.html.

About American National Insurance

American National Insurance Company, together with its subsidiaries, provides various insurance products and services in the United States, the District of Columbia, and Puerto Rico. The company’s Life segment offers whole life, term life, universal life, variable universal life, and credit life insurance products.

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Institutional Ownership by Quarter for American National Insurance (NASDAQ:ANAT)

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[Report] Future of Life Insurance Industry: Insurtech & Trends in 2018

A small, but growing pocket of insurtech startups are shaking up the status quo by finding ways to digitize life insurance and increase its appeal.
  • Life insurance is fundamentally hard to sell; it’s morbid to think about, promises no immediate rewards, and often requires a lengthy paper application with minimal guidance.
  • Despite the popularity of personalized products in other areas of finance and fintech, life insurance largely remains unchanged.
  • A small, but growing pocket of insurtech startups are shaking up the status quo by finding ways to digitize life insurance and increase its appeal.

Life insurance is a fundamentally difficult product to sell; it requires people to think about their deaths without promising any immediate returns.

Life Insurance GraphicBII

And, despite tech innovations and the development of personalized services in other areas of finance, life insurance remains largely unchanged.

Luckily, there is a small but growing pocket of insurtech startups looking to modernize it. These companies are finding ways to digitize life insurance to appeal to consumers – and they’re giving incumbents the opportunity to revamp traditional offerings, either by partnering with them or using their technology.

Business Insider Intelligence, Business Insider’s premium research service, has forecasted the shifting landscape of life insurance in the The Future of Life Insurance report. Here are the key problems insurtechs are tackling:

  • Lack of education: Forty percent of US consumers told the Life Insurance and Market Research Association (LIMRA) that they feel intimidated by the life insurance application process, often drastically overestimating its cost and facing uncertainty about how much or which type of coverage to buy.
  • Inconvenient application process: It can take weeks or months for coverage to take effect because of the sheer number of meetings and parties combing through paperwork in each round of the application process. The risk for the insurer often warrants reviews from the carrier, a team of underwriters, a broker, and even a medical examiner.
  • Low customer loyalty: Life insurance tends to be a “set it and forget it” type of purchase, with very few people revisiting it after buying. Insurers and consumers therefore have limited contact for most of the relationship – with the exception of an annual bill, of course.
  • Inefficient data management and processing: The aggregate data life insurers rely on is typically fed into algorithms that make broad assumptions about particular populations, and often incorporate outdated medical documentation – all of which can delay applications and result in unnecessary rejections.

Want to learn more?

The need for modernization in life insurance is clear: Overall sales are slowing and policy ownership is hitting record lows. And because it’s such a tightly-regulated space, innovation from incumbents has stagnated – but they’re not helpless. Consumer-focused and insurer-focused startups have emerged to offer new technologies and process improvements.

The Future of Life Insurance report from Business Insider Intelligence looks at the two main strategies life insurtechs are adopting to drive change in this market, for the benefit of both buyers and sellers. In full, the report discusses best practices incumbents and startups should adopt to steer clear of the risks attached to applying emerging technologies to such a tightly regulated product.

Insurtech startups will soon set new industry standards and consumer expectations around this complex product. That, in turn will serve as a catalyst for innovation among legacy players.

Companies included in this report: Ladder, Haven Life, Getsurance, Tomorrow, Fabric, Atidot, AllLife, Royal London, Polly, Life.io, Legal & General, Vitality, Discovery, John Hancock, Dai-ichi Life.

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