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TOP 10 INNOVATIVE INSURANCE PRODUCTS OF 2019

6 minutes 9 seconds read

We are witnessing the slow but sure, uberization of insurance. Insurers now more than ever, need big data-driven insights to assess risk, reduce claims, and create value for their customers. The industry is abuzz with a steady influx of new innovative products, deriving value in areas that were previously untapped.

Processes like faster KYC verification and onboarding, automated underwriting, virtual claims adjusting, to name a few have become hot commodities within the last year. With AI-assisted technologies improving functionality, reducing real-time data fraud or meddling; insurers are creating custom-fitted coverages for the end-user.

For example, AI-powered underwriting solutions are already saving up to 97% of the time and resources that were traditionally required, enabling the corporate underwriter to specialize in cases that require deeper thought and analysis.

According to a recent CB Insights report, here’s what’s next for P&C Insurance.

The general insurance industry in India alone is valued at US$ 21B in 2019, growing at 13% CAGR over the next 5 years, and is expected to touch US$ 57B by 2025. Customer’s coverage expectations in the subcontinent have shifted toward desires of flexible insurance products that more closely match their lifestyle needs. These trends across the APAC landscape mirror the changes being witnessed in more advanced insurtech markets across Europe and North America.

Keeping customers primed at the centre of insurance innovation, here’s a look at the top ten most game-changing products in insurance today (in no particular order)

  • Splitsurance: Allianz Suisse used KASKO’s cloud-based insurance lifecycle platform to create and run a new type of insurance product – splitsurance. The offering targets university students in Switzerland, who live in a ‘flatshare’. Customers can get a liability cover, insure up to three high-value items of their choosing and also get discounts if their flatmates decide to join. Users can manage and update their cover autonomously through an after-sales customer portal.  
  • CUVVA: Cuvva provides hourly car insurance. In the mobile app, you simply enter the registration number and approximate value of the car you are borrowing from a friend or family member, choose the time you want to be covered for, take a picture of the car and Cuvva will get you an instant quote. Cuvva integrates with Facebook so that you can see which of your friends have cars to borrow. Cuvva queries various data sources to check driving licence data, the Claims and Underwriting Exchange and automated fraud protection to verify coverage quicker than legacy players can.

  • Digital Risks: DigitalRisks is an insurance specialist built for tech companies, offering a flexible, pay monthly Insurance-as-a-Service model. A founder could start out by protecting their laptop and end up with employer liability insurance and insurance against data breaches as the company grows.

  • Back Me Up: Back Me Up is an offshoot of Ageas. Their unique proposition is to be a parental-like cover for young people and students. For £15, one can insure their three most valuable items (eg: laptop, mobile), that also includes theft loss and worldwide travel insurance, plus there are no annual contracts.

  • Mango: The Mexico-based life and retirement insurance intermediary, allows users to obtain life insurance “in minutes.” They are pioneers in Mexico, who use technology to streamline every interaction you have with your insurance, avoiding unnecessary paperwork and confusing coverages. They have intelligent bots at work to answer insurance related queries, plus their UI is outstanding.

  • Bought By Many: The UK-based startup is a free, members-only service that helps users to find insurance for the not so common things in life. They offer pet, travel, car, bike, shoes, gadgets, home insurance covers and more. Members save an average of 18.6%. The company negotiates discounts directly with insurers for the clients’ unique situations.  

  • Dad Cover: The product is uniquely propositioned for Dads looking to get life insurance and financially protect their families. They’re full-sized professional financial planning firms, working with life insurance specialists.  Using a streamlined service, one can get a free quote after a quick chat with their DadBot, then one of their associated FCA registered advisers will talk you through your needs, answer all your questions and give you proper independent advice on what’s best to help protect your family.

  • Go Girl: GoGirl is a woman-only drivers insurance, that rewards good drivers with lower premiums. The insurance cover also includes a free courtesy car when your car is in for repairs, legal cover, child car seat, personal accident and windscreen cover. The company also insures your handbag and its content if it is stolen from the car. A free quote is available in minutes, and the whole transaction can be completed online.

  • Safety Wing: The “Insurance for Nomads” via SafetyWing is travel insurance that’s creating a safety net for online freelancers and entrepreneurs. The company offers coverage – up to $250k via Tokio Marine HCC – for unexpected illness or injury, including eligible expenses for the hospital, doctor or prescription drugs. They plan to extend their products to medical travel insurance in the near future.

  • Vlot: The Vlot platform provides life risk analysis and coverage solutions that smoothly adjust to your changing life situations. If you meet unexpected changes in your life, such as moving to a new city, getting married, or loss of a job – you can adjust your life risk coverage accordingly and never be over or underinsured. You only pay for what you really need in your current life situation, and control the premiums as and when dynamic changes occur.  

Special mention:

Fizzy: Fizzy is a revolutionary web & mobile insurance cover for flight delays of 2 hours or more. Developed by AXA, with Fizzy you combine the benefits of a startup and the insurance knowledge of a global insurer. They offer a one-shot coverage tailored to your own flight route, with automatic compensation in case of a delay, with no exclusions. You can purchase fizzy in 4 clicks at any time after your flight ticket has been purchased, up to 5 days prior to departure.

As customer tastes continue to evolve, the future looks promising for the state of innovation, while insurers align their offerings in lieu of the demand for newer insurance products.

The marketplace of insurance ideas is already a reflection of the changes customers want to see from their insurance providers, with young insurtechs being instrumental in bridging those unmet need-gaps, and bringing out positively unique insurance coverages for the average consumer.

(Note: The products highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today. For more analysis on Insurtech products such as those from Lemonade, Trov etc. – which are not included here, read our blog on the Adoption of Chatbots across Insurance.)

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

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Apple WWDC 2021, Facebook f8, Microsoft Build: What’s in it for Developers and Consumers this year

14 minutes read

Apple WWDC 2021 is the second all-virtual conference hosted by the company this year, one that will see both hardware announcements and software updates. WWDC 2021, which begins June 7 with the traditional Apple keynote will run the whole week long and will contain pavilions, daily recaps available to revisit, and more in this free-for-all developers virtual meet. 

WWDC 2021 is bringing big changes to iOS 15 and iPad OS 15, along with a new more powerful M2 chip and a redesigned MacBook Pro that gets rid of its maligned features like the Touch Bar, to re-introduce the HDMI port and MagSafe. 

Apple CEO Tim Cook began the keynote address welcoming “familiar” faces back again in the audience, virtual avatars aka Memoji instead of real people, given the ongoing pandemic. 

ALSO READ: Google I/O 2021: What’s in it for Developers and Consumers this Year

Here’s everything we noticed at the Apple WWDC 2021 keynote: 

iOS 15 

The new iOS update will come with a series of improvements including a better Facetime experience. FaceTime will now include features like Spatial Audio making calls more comfortable and natural, like you and the person on the other end are in the same room. The mic gets a Voice Isolation update, which, through the use of Machine Learning will block ambient noise and prioritize your voice. Another noticeable update is Wide Spectrum, to capture your voice and everything around you.  

The software update also introduces Portrait mode to blur backgrounds, and a grid view to enable multi-conversations with a highlighted tile to know who the speaker is. Users can also schedule individual FaceTime calls with Facetime links, similar to Zoom. Additionally, users can share their screen, music, TV show, or movie through a new feature called ShareTime, to enable a Watch Party of their own. FaceTime will, with this update, be supported on Android and Windows through a web browser.

iMessage, the messaging platform, available only on Apple devices, will now come with features that group similar images into galleries. A brand-new feature called “shared with you” will save links that people sent you and collects them in one place. It works across Safari, Apple Music, Apple TV, and Apple Podcasts.

ALSO READ: Here’s what a tech-enabled world will look like for future pandemic phases

Notifications will now have an updated design on the lock screen, featuring a clearer look. Titled the Focus feature, users can choose to go on Do Not Disturb mode or choose Work, Life hours to be able to receive notifications depending on their preferences, much like the OnePlus Zen Mode and Work-Life Balance feature that came with the OnePlus 7 series in 2019. 

Live Text, a new camera feature, will automatically identify and scan text or visuals in photographs. Another feature called Memories will use Machine Learning and AI to combine photos into galleries and add music from Apple Music. 

Apple Maps software is also updated with 3D data with this release. It now includes lanes, clearer city details, AR-led detailed directions, and more. The Weather app gets an interactive update where data and layout will change according to weather conditions. 

A new feature is also coming to AirPods called “conversation boost” which will help people better understand who they are talking to in real-time. Siri will be able to announce messages and read out your shopping list as well. Apple Wallet adds a new functionality which now includes corporate badges.

Quicknote is a fast and easy way to get to a note saved for later, while also allowing a user to jot notes using the Apple Pencil. Consumers can now add tags to organize their notes better and even mention others in shared notes.  

With iPadOS 15, Apple is adding features for multi-tasking, bringing widgets and app library to the iPad as well. Apple has also announced an iCloud+ subscription service with a focus on privacy. 

Privacy and Security: 

New privacy features, and a subscription-based iCloud+ was also announced at the keynote. Apple is now adding new privacy features across its devices. The Mail App, for instance, will have a feature called tracker-blockers to hide your IP address, location and other information that help building a digital personality for third-party apps. An App Tracker Report section in the Settings will allow users to see how often apps have used their info in the last seven days.

iCloud+ will also include a key feature called Private Relay, which essentially helps route web traffic through two separate servers, just like VPN.

Siri, on the other hand, has some new features including availability on third-party apps, and users can also request tasks from the Voice Assistant without an active internet connection. 

Speaking of legacy contacts, Apple has introduced a Digital Legacy Program that will help your trusted contacts to manage your account, close them et al, even when you’re no longer around. 

Digital Health: 

The latest Apple Watch software allows more interaction possibilities while also connecting health trackers that monitors everything from your gait to the sleep patterns via the Breathe app called Mindfulness and let’s you know as soon as it finds something out of the ordinary which can be addressed promptly. This is possible through Apple’s collaboration with a few electronic health record companies. If you’re away from your loved ones, the new software allows you to share health data too. 

New watch faces on Watch OS8 are available in Portrait mode and one also has the ability to write a text with their finger to send a text message. 

ALSO READ: What will ‘Behavioural Changes’ Mean for India’s Digital Health Future

Additionally, in the Workouts app, new workout types including TaiChi and Pilates have been added guided by popular names such as Jeanette Jenkins as well as a new Artist Spotlight series that offers workouts on the music of Lady Gaga, Keith Urban, and more.

macOS Monterey: 

At the WWDC 2021 keynote address last night, Apple announced a new version of macOS. Titled Monterey, after the pristine beach town in California’s central coast, the new macOS brings a number of features including multiple screen-usage while using the same mouse and keyboard across a Mac or an iPad. This feature is called Universal Control. 

iOS devices can (for the first time) beam their screen to a Mac, thanks to AirPlay. The Safari web browser has also got a redesign with new and improved features including tab grouping and tab bookmarking. 

What piqued your interest the most at this year’s Apple WWDC? Facebook f8, held earlier this month also had a few interesting announcements. Take a look. 

WIIFM at Facebook f8? 

Facebook f8, held on June 2 this year kicked off with a promise that Facebook was returning to its roots and focusing on the developer community for this year’s virtual event. 

“This year we are refocusing F8 on developers,” Mark Zuckerberg said. “Some of the most important services in the world started when someone looked at an existing issue, and just found a better way to build. And I’m optimistic that some of the next generation of services are going to start right here with you.”  

On the business messaging front, Facebook announced that its Messenger API for Instagram is available to all developers. The social media giant is also testing a way for people to opt into messaging with businesses through a new feature called Login Connect with Messenger. 

Through WhatsApp Business API, it’s now easier for businesses to get started with using the tool effectively for their businesses. Among its key updates, Facebook said it has reduced the entire API onboarding process from weeks to five minutes. The company also announced new WhatsApp messaging features with an aim to give people a quicker way to make a selection when interacting with a business’s chatbot on WhatsApp. 

Augmented Reality, AI and Machine Learning: 

Facebook’s development of its futuristic augmented reality glasses is still ongoing, but the company has exhibited broad ambitions in terms of its AR experiences built on its SparkAR software. In the near future, Facebook has said that it wants to make it easier for developers to build augmented reality effects for group calls via its new Multipeer API.  

The SparkAR platform now has 600,000 creators in 190 countries, with 2 million AR filters and effects created to date, according to Facebook. 

PyTorch, the deep learning framework co-developed by Facebook in 2016, is now becoming the default framework for building all its AI and machine learning models in the foreseeable future. 

“PyTorch not only makes our research and engineering work more effective, collaborative, and efficient, it also allows us to share our work as open-source PyTorch libraries and learn from the advances made by the thousands of PyTorch developers all over the world,” Facebook said in a blog post. 

Missed Microsoft Build? Here are key highlights tailor-made for you: 

Microsoft Build, also a developer conference, was also held virtually this year from May 25 to 27. 

Following his keynote address, Microsoft CEO Satya Nadella wrote on a LinkedIn post, “As computing becomes embedded in every aspect of our lives, there will be no longer such thing as the tech sector. The world will be transformed through tech intensity at scale. Every organization will need to not only adopt the latest technology, but more importantly, build their own unique digital technology, or be left behind.”

“We are building the platform for platform creators. It’s not about setting new rules or constraints that dictate how or what you should build. It’s not even about celebrating our own innovation. It’s about enabling your innovation and creating new opportunities for you,” he continued. 

From Microsoft Teams that allows users to complete projects from any location and at any time without needing to switch across different apps and data, to Windows Updates providing GUI support on Windows Subsystem for Linux (WSL), it will also allow seamless integrations with other workflows with Linux, GUI apps, and GPU-accelerated ML training.

In terms of privacy and security, Microsoft announced the integration of its Azure Security Center with GitHub. This integration will further enhance collaboration between the development and security teams. Interestingly, this collaborative effort will feature an update to enable security teams to be aware of the holistic development life-cycle instead of trying and fixing bugs only once the software is released. This measure will further allow the DevSecOps teams to run vulnerability scans, resolve findings, and visualize the security of workflows within their CI/CD pipeline.

The company also announced key updates to its Azure AI services, including Azure Bot Services, Azure Video Analyzer, and more. That’s not all, Microsoft also announced ML capabilities updates to accelerate its AI model deployment, namely Azure Machine Learning Managed Endpoints and Power Fx.

Automatic Aggregations was yet another feature that debuted at MS Build this year. Power BI dataflows that suitably handle streaming data sources, starting with Azure Event Hubs and Azure IoT Hubs, promises to make streaming data and real-time analytics accessible. 

Microsoft also introduced a low-code programming tool that allows users to write code without any prior coding knowledge. Called Power App Ideas, is the first-of-its-kind collaborative effort between Microsoft and artificial intelligence (AI) research company OpenAI. The app uses OpenAI’s Generative Pre-Trained Transformer-3 (GPT-3) AI model, among one of the highly advanced natural language AI models in the world today. 

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