Here is the list of top 3 latest news in InsurTech sector
Greenlight Re invests in South African InsurTech Click2Sure
The South-Africa based Click2Sure has developed a platform for managing, distributing and purchasing insurance at the point of sale. The startup was founded in 2017 by Daniel Guasco (previously led Groupon South Africa) and Jacques Van Niekerk(served several e-commerce companies in South Africa). The move was welcomed by the Greenlight CEO Simon Burton who went on to say “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”
The Click2Sure founders commented “We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability, and potential. This partnership has brought global recognition to a South African business, and we welcome the insights that Greenlight Re Innovations will introduce to the platform.”
The investment was processed through the reinsurer’s insurtech unit Greenlight Re innovation which has started in March 2018.
InsurTech start-up Broker Insights has partnered with Zurich, Axa, Ecclesiastical and QBE
Broker Insights was launched in January 2018, founded by Fraser Edmond. The company has partnered with Zurich, Axa, Ecclesiastical and QBE following to their partnership with Hiscox. The goal of Broker insights is to provide a data sharing platform where insurers can get insights into the U.K regional broker customer data.
According to the Broker insights, insurers will get an accurate view of opportunities available in their regional broker market. It is a great platform that will connect the right insurers to right brokers at the right time. With the help of this technology, customers will also get products that align with their requirements.
Deepak Soni, director of commercial intermediary at Axa, says that the Broker insights support Axa’s branch network focus.
He further added “This platform has real potential in further strengthening our relationships in regional markets across the UK and provide more opportunities to support independent brokers and customers alike,”
Driverless and autonomous cars to impact the InsurTech industry
At the Intelligent InsurTech Europe 2018 conference in London on October 15, Vincent Branch the CEO of Accelerate at AXA XL gave a presentation titled “ ‘Autonomy and the challenges for the risk & insurance industry’. He talked about the advent of vehicular autonomy and the driverless cars and their impact on the insurance industry.
He went on to explain the five levels of vehicular autonomy from level 0 – level 5. Level 0 means no autonomy and level 5 meaning completely autonomous. Currently, the focus is on level 4 which means the optional participation of the human driver. According to him autonomy will not only change but will transform the world.
The cause of 90 percent accidents is human errors, and autonomous vehicles will reduce the accidents. Branch further added that efficient driving would alleviate the carbon dioxide emission up to 60% and reduce the transport costs.
But, the main question comes into the picture that is how will the insurance claims be managed in the cases mentioned above.
Questions for the insurance industries as posed by Branch:
1. Who is at fault for an autonomous vehicle accident?
2. How will car ownership change?
3. Can anyone steal a driverless car?
4. Does insurance have the capacity to cope with such high magnitude changes?
These questions do not have the answer as of yet, but it will be a turning point for the insurance industry in the future, and the picture will be completely different as it is now.
InsurTech is a late bloomer field that is now seeing the light of innovation and technology. So, it is not surprising to see that new companies and start-ups are taking a plunge in the Insurance sector and giving it a push. Artificial intelligence and machine learning form the crux of InsurTech, and we can expect some revolutionary changes soon.
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