These are five significant, audacious, and essential forecasts for the appearance and feel of insurance by the end of 2025. 1.There will be no age wave. It has arrived and is revolutionizing the sector. Let go of your preconceived notions about aging. The median age in the world will increase to 32 by 2025, bringing …
Welcome to the emergence of the agency network, a subtly revolutionary development in the distribution of insurance that is bringing small and mid-sized agencies on an equitable playing field despite the industry’s increasing complexity. The Reasons for the Increase in Agency Collaboration Let us begin with the obvious: operating an independent agency in the modern …
In a recent episode of Insurance News Analysis, I had the honor of sitting in the hot seat—which is typically occupied by Kenneth Saldanha himself—with Bruce Hentschel, a seasoned professional in the field, to discuss what responsible usage of generative AI in insurance actually entails. It is about much more than efficiency and automation, spoiler …
Kenneth Saldanha joins us in our London studio for this anniversary edition to discuss the key themes that are changing the insurance market in the United Kingdom. The discussion covers the entire risk spectrum, from intense international competition to domestic pricing pressures, the emergence of Gen AI, and the future of pet insurance. The London …
In this article, we highlight two fearless trailblazers, Ping An and AXA, who are subtly but effectively changing the rules of conduct in the Asian insurance market. Not all of these are case studies. They serve as models for what might be achievable when conventional insurance leaves its compartment and enters the cooperative, interconnected realm …
In this last article in our series on open insurance, we examine two businesses at different extremes: a cloud-native startup and a 130-year-old multinational behemoth. Allianz and Lemonade, however, are demonstrating that “open” is more than simply a catchphrase; it is a roadmap for the future. One Newcomer, One Legacy—Both Revolutionary The epitome of legacy …
The most important thing is this: 1.Take the Lead with Worth Underwriting and claims are two areas where Gen AI has a significant impact. Up to 40% of an underwriter’s time is still spent on administrative tasks, so it eliminates the tedious work and makes it possible to make quicker, more intelligent decisions. Gen AI …
Here are some ways that insurers might differentiate themselves by fostering genuine, human-centered connections: 1.Break Through the Noise with AI Customers frequently experience decision fatigue due to the abundance of options. They can be guided by AI-powered tools that offer tailored suggestions based on their interests, lifestyle, and previous actions. However, insurers require solid data …
1.Should Bordereaux Be Buried Now? Excel’s Battle and Blueprint Two The industry is experiencing a surge of anxiety as Lloyd’s market approaches the implementation of Blueprint Two, particularly in relation to the continued widespread use of Excel-based Bordereaux management. These intricate, manually maintained spreadsheets have served as the link between brokers, underwriters, and coverholders for …
However, many insurers are failing in spite of a growing trend toward digital innovation and customisation. 74% of consumers have canceled purchases because they felt overburdened, per Accenture’s Empowered Consumer 2024 research. Even worse, only 39% of consumers think businesses actually look out for their interests. Why, then, is there a disconnect? What can insurers …