The 10 trends in the insurance sector in 2017 (2nd part)

Posted by media on February 23, 2017 at 9:00 AM

Last Tuesday we began to review the ten trends that will instigate the most changes in the insurance industry in 2017, according to Capgemini. We spoke of the impact of artificial intelligence, the sharing economy, and the mobile technology that will have an affect on purchasing all kinds of policies this year, making claims, sending accident reports, etc. Today we will focus on the five other areas that are also included in the consultant's list of top trends for the insurance industry.

What is causing the biggest disruption in the insurance sector globally? 5 more trends that are changing the world of insurance.

This post is also available in Spanish.

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Topics: Insurance

The 10 trends in the insurance sector for 2017 (1st part)

Posted by media on February 21, 2017 at 9:00 AM

The financial dimension of the insurance sector makes it belong to the financial sector; however, in a way it also competes with the latter when considering the extent of the disruption created because of the arrival of new technologies and new companies in both sectors, called fintech and insurtech startups.

In this sense, and although the financial sector got a late start, the insurance sector is slowly advancing to the same level as the first one in terms of global investment volume. According to data from CB Insights, the volume of investments from venture capital funds in insurtech startups in 2016 reached the figure of $1,620 million.

Aware of this boom, Capgemini, one of the world leaders in consulting, technology and outsourcing, recently published a report that considers the top ten trends in the insurance sector for 2017.

In this first post we will delve into five of these trends that will profoundly transform the insurance industry globally.  

This post is also available in Spanish.

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Topics: Insurance

What strategy should large insurance companies adopt in the face of the insurtech boom?

Posted by media on July 26, 2016 at 9:00 AM

It seems that nothing can halt the digital transformation currently taking place in all sectors, driven primarily by companies who have dared to question the status quo while taking advantage of new technologies to create easy-to-use digital solutions perfectly adapted to consumer needs.

Although disruption in the insurance sector has hit somewhat later than in other industries, the changes ushered in by insurtech companies are well underway and progressing rapidly. Every day, new companies are bidding for a share of the insurance pie - a market that back in 2014 was valued at an estimated 3.8 trillion, according to McKinsey.

Faced with this avalanche of new digital competitors, what strategy should large insurance companies adopt in order to enjoy the benefits and mitigate the risks posed by insurtech?

This post is also available in Spanish.

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Topics: Insurance

Key benefits of advanced eSignatures for insurance brokers

Posted by media on July 19, 2016 at 9:00 AM

Despite living in times of such fundamental change, the main role of insurance mediators - besides being expert advisors - is essentially a commercial one. Insurance brokerages facilitate relations between insurance companies and customers, thanks in great part to their highly personalized customer service.

Therefore, the biggest factor for having successful relations with policyholders runners is trust. The mediator is the person who explains, interprets and advises clients on the specific options that best suit their needs. Today, the most pressing need is for brokers to forge relationships of trust with their customers in a digital environment - and this in itself naturally creates its fair share of challenges.

On this subject, it is important for brokerages to make advanced electronic signatures available to their customers. Why?

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Topics: Insurance

What is a robo-advisor and how will it transform the insurance industry?

Posted by media on July 12, 2016 at 9:00 AM

According to CommerzVentures - the venture capital fund of the German group Commerzbank - the insurance sector has  received 12 times less funding between 2008 and 2015 than the financial sector, taking into account the insurance sector’s size based on 2014 figures.

This suggests there are still many opportunities left to exploit in the insurance sector, for both startups and well-established insurers who have spent years strengthening their profile in the market.

Robo-advisors are a tech innovation with great potential to occupy a large share of this growing and unchartered territory in the insurance sector. But how will they fit into the industry?

This post is also available in Spanish.

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Topics: Insurance