It’s clear that blockchain offers a number of exciting possibilities for P&C insurers, but its implementation comes with both risks and challenges. Here’s where blockchain stands today — plus how to understand the inherent risks and opportunities of using this exciting technology in insurance.
Smart devices have become a popular topic in the P&C insurance world. Tools like smart thermostats, smoke detectors and water sensors offer the potential to halt property damage before it starts, protecting insurance customers from injury, property loss or both. Yet these devices come with risks.
Smart devices often represent the most vulnerable point on any given network, exposing customers and insurers alike to potential risks. Insurance companies that understand these risks are better poised to protect both customers and themselves.
Insurtech came into its own in 2018. We saw insurtech startups successfully funded or acquired, and established insurtech companies beginning to actually compete with legacy insurers.
These insurtech trends will have a profound impact on the industry as 2019 unfolds. By 2025, insurtech will be everywhere — and many of the old habits of the insurance industry will likely be replaced by technological tools that offer better results, lower costs and happier customers.
From mobile apps to machine learning, innovation in the insurance industry is moving faster than ever. Industry innovators are exploring the new frontier of insurance through smart investments, creative problem solving and new product and service development.
To stay on top of the latest wisdom in the P&C insurance industry, put these 19 insurance innovators on your follow list in 2019.
It’s the beginning of the year and time to start planning events travel. 2019 promises numerous opportunities to learn, explore and share at insurtech conferences.
From industry favorites to innovative new faces, here are the insurtech conferences no P&C insurer should miss in 2019.
Smart home devices offer unparalleled opportunities to prevent or mitigate damage, but they also pose a minefield of risks.
On one hand, smart home devices could revolutionize risk assessment and prevention in P&C insurance because they can monitor building operations and send early warnings. Yet insurers must also be prepared for the privacy and security concerns these devices raise.
Here’s what insurers need to know about the current state of smart home devices — and how, as a means to prevent loss, they can offer great hope to insurance companies.
Rising seas, devastating wildfires and warmer temperatures are all examples of how climate change is transforming our planet. In turn, more and more people are experiencing damage to their personal property.
To address changing weather and help people mitigate the impacts of climate change, P&C insurers must develop a multifaceted approach. From anticipating the needs of certain geographies to creating new, climate-focused products, here’s what climate change means for the property and casualty insurance industry.
As homes become smarter through connected devices and monitoring systems, property and casualty insurers are seizing the opportunity to better assess risk and provide value.
Customers value prevention and protection, as well, making the Internet of Things (IoT) a natural alliance point for insurance companies and their customers. As a result, smart homes belong on every insurance company’s radar.
As older teenagers learn to drive, acquire their own vehicles and transition away from living with their parents, they join the ranks of potential customers for auto and renter’s insurance. Since they are new to the process of acquiring insurance, however, many of these young adults seek guidance from their parents on what, when and how to purchase coverage.
Property and casualty insurers who know how to communicate effectively with both young adults and their parents can more easily build relationships with these new customers and their trusted advisors.
Comparison shopping for insurance has become the new norm. In fact, 75 percent of households shopped around for their home or auto insurance in the last five years, says at LexisNexis. Customers are also willing to consider other alternatives to traditional insurance. For instance, about 20 percent of insurance customers say they’d consider insuring their home through Amazon or Google, according to at Insurance Journal.
Customers expect their insurance to provide value. They expect their buying experience to be personalized, streamlined and straightforward. And they’re willing to switch insurers to get it.