Author

Dan Brightmore

Published

5 November 2025

Estimated Read time

3Mins

Read in brochure format

Welcome to the latest issue of Interface magazine! Click here to read the latest edition! Washington State DNR: People-Led Cybersecurity…

Welcome to the latest issue of Interface magazine!

Click here to read the latest edition!

Washington State DNR: People-Led Cybersecurity

Ralph Hogaboom is a seasoned cybersecurity leader, a CISO with a deep commitment to public service and a human-centred approach to information security. Our cover star talks about creating a people-led cybersecurity function for the Washington State Department of Natural Resources (DNR) defined by long-term thinking, commitment to the vision and keeping empathy at the forefront.

“Now we’re the team that helps people get to ‘yes’,” says Hogaboom. The core of it, he explains, is an approach to cybersecurity focused on people, their needs and outcomes, rather than a systems or technology-centric approach.”

IAG Firemark Ventures: Transforming Insurance

We check in again with Scott Gunther, General Partner at IAG Firemark Ventures, on how the company is bringing powerful investments to life to transform how insurance is delivered.

“We realised that if we were going to bring the best of the outside world in, we needed to be a truly global CVC.”

Delta Dental: Cybersecurity as a Business Enabler

Alex Green, CISO at Delta Dental Plans Association, talks cyber risk, resilience, and practicing servant leadership in a uniquely challenging cybersecurity environment.

“Cybersecurity isn’t about locking everything down; It’s about managing risk in a way that allows the business to operate, adapt, and grow.”

Alexforbes: Transforming & Diversifying Financial Services

Chief Information Officer, Jan Bouwer, explores the work Alexforbes has undertaken to modernise and expand its financial services for its 1.2 million members and retail customers alike. “Alexforbes can now engage its 1.2 million members more directly, offering a wider range of services.”

University of Tasmania: A Technology Transformation for the People

We spoke to four members of the University of Tasmania‘s, research, and student services team to dig into the incredible work the university is doing to support researchers and students, and what such a complex operation entails.

“We recognise that not all potential students get the support they need to go to university,” says CIO Kathleen Mackay. “But we want to be able to provide that support.”

Click here to read the latest edition!

Author

Gerry Goodwin

Published

27 October 2025

Estimated Read time

5Mins

Gerry Goodwin, VP Insurance, Western Europe at FintechOS on how InsurTech competition is forcing incumbents to modernise outdated systems

Digital-first upstarts that have built their operations around modern technology stacks from day one are placing competitive pressure on the traditional insurance industry. Lemonade and Root Insurance have demonstrated that seamless, instant experiences are possible for insurance, from quote to claim. In the UK market, Marshmallow has similarly disrupted traditional motor insurance by leveraging AI and modern data analytics. They appeal to underserved communities with personalised pricing and streamlined digital experiences. These modern insurers operate with dramatically lower cost bases and faster product development cycles than traditional carriers.

This disruption is an urgent imperative for modernisation among traditional insurers. Legacy players are caught between rising customer expectations for slick digital experiences driven by other financial verticals and the limitations of decades-old infrastructure. The result is a widening capability gap that threatens market share, profitability and ultimately survival. Most industry discussions focus on modernisation as a defensive response to competition. However, an equally compelling but less discussed strategic dimension is preparation for M&A opportunities.

Modernising Insurance is a Must

Mergers and acquisitions in insurance are notoriously complex. Integrating product portfolios, claims histories and policyholder data across multiple lines and regulatory environments can be fraught with risk. The technical reality of merging legacy platforms often determines whether acquisitions deliver their promised value. Or become costly technical quagmires that stall innovation for years.

The potential challenges become even more pronounced when considering major legacy players. The rumoured clash of technical complexities between Aviva and Direct Line Group, both legacy giants with significant technical debt, exemplifies this. Merging outdated systems can create integration nightmares. These can compound existing inefficiencies. Such combinations risk creating even more complex, fragmented technology estates that become increasingly difficult to modernise.

Davies Group recently secured £275 million for M&A and generative AI investment. This demonstrated that consolidation and digital transformation should be pursued in parallel. Consolidation is accelerating across the insurance industry. Carriers are discovering that reliance on outdated technology stacks doesn’t just hamper competitiveness; it makes them toxic acquisition targets or ill-equipped acquirers. According to ACORD’s 2025 Insurance Digital Maturity Study, only 25% of top insurers have truly digitalised their value chain. Furthermore, over half still exploring how to apply digitalisation to their business models.

Legacy Systems Limit M&A 

Most insurers’ IT environments are dominated by legacy systems that consume the majority of their resources. PwC estimates that 70% of an insurer’s annual IT budget is spent on maintaining these legacy systems. This leaves little room for innovation or strategic initiatives. While legacy infrastructure may appear inexpensive on paper, acquirers often discover upgrading or replacing core business systems post-merger requires substantial investment. This can erode the ultimate value of the deal or even derail transactions.

A 2025 industry survey found 46.4% of insurers cite inflexibility to adapt to market changes as the most significant limitation of their current core systems. This is closely followed by integration challenges with new technologies (45.5%) and high maintenance costs (44.5%). These challenges are not just technical; they directly impact M&A outcomes. Data consolidation becomes exponentially complex when bridging inflexible legacy systems with modern platforms. Even when dealing with standard data structures, product definitions and customer identifiers.

Modern Technology Accelerates Deal Flow

Insurers are increasingly viewing technology through an M&A lens. The critical question has shifted from “Is this system good enough to run the business?” to “Would a buyer be able to integrate this system with minimal friction?”. Modernisation is now a core rationale for many, with forward-thinking insurers proactively upgrading systems to reduce complexity and improve interoperability.

This approach works. The latest tranche of modernisation, including the robust integration of AI capabilities, can reduce annual expenses by as much as $480 billion in property and casualty insurance and $300 billion in life insurance globally. Internally, modernisation improves operations and accelerates innovation. Externally, it signals digital maturity and business agility, qualities that enhance an insurer’s appeal and can increase its valuation in competitive acquisition scenarios.

Private equity firms are particularly attuned to the importance of digital maturity. In 2025, 82% of PE-backed insurance consolidators reported focusing on enhanced technology and insurtech capabilities post-acquisition, aiming to avoid the time and cost of transformation while rapidly building market share. For example, Munich Re’s $2.6 billion acquisition of Next Insurance was driven by a strategy to acquire digital capabilities, not just market share.

Meanwhile, strategic acquirers, such as Gallagher’s $1.2 billion purchase of Woodruff Sawyer, reflect a focus on operational gains and scale. Both PE and traditional insurers agree 52% of buyers expect significantly more emphasis on technology due diligence over the next two years. This underscores the centrality of digital readiness in dealmaking.

Cross-Business Value Creation

Modernising legacy systems to become acquisition-ready also opens the doors to a broader pool of potential acquirers. An insurer with digital infrastructure can attract interest not only from traditional players but also from reinsurers and private capital seeking to build scalable platforms in niche segments like embedded insurance or SME cover. A well-executed modernisation programme empowers insurers to court acquisition interest or pursue joint ventures, partnerships, or IPOs from a position of strength.

Modernisation has progressed from a back-office IT concern to a strategic enabler of business growth and M&A success. The lower the barriers to an insurer being absorbed into a larger platform, the more attractive it becomes as a target. As the insurance sector’s digital transformation accelerates, those who modernise today will be in pole position for tomorrow’s deals.

  • InsurTech

Author

Dan Brightmore

Published

15 October 2025

Estimated Read time

5Mins

Five Insurtech companies poised to lead the market in 2026 — firms that combine scale, innovation, and resilience in one of the world’s most complex financial industries

As we approach 2026, the global insurance landscape continues to be reshaped by InsurTech innovators combining data, AI, and embedded finance to deliver faster, more transparent, and customer-centric insurance experiences. From underwriting automation to embedded protection and climate-risk modeling, these next-generation firms are redefining how risk is managed and distributed.

1. Shift Technology — AI-Driven Decisioning at Scale

Paris-based Shift Technology has emerged as a global leader in applying artificial intelligence to insurance decisioning — from fraud detection to claims automation. The company’s latest evolution, Shift Claims, leverages agentic AI models that can interpret complex policy data, assess claims, and detect anomalies faster than traditional systems.

Insurers using Shift’s technology are cutting processing times dramatically while improving fraud detection accuracy. With the launch of new AI-powered products designed for both underwriting and claims management, Shift is positioning itself as a core technology partner for global insurers modernising their infrastructure.

Why it matters: As AI regulation matures in Europe and beyond, Shift’s explainable AI models could set the standard for compliant automation in insurance operations.

Key challenge: Scaling these intelligent systems across legacy insurer environments — where data silos and outdated IT stacks remain the norm.

🌍 2. bolttech — Building the Embedded Insurance Ecosystem

bolttech, headquartered in Singapore, is one of the fastest-growing insurtech firms in the world. It operates as a technology-enabled insurance marketplace, connecting insurers, distributors, and consumers through a network that spans more than 35 markets.

Its embedded insurance solutions allow non-insurance brands — from e-commerce sites to telcos — to offer insurance products at the point of sale. This model aligns perfectly with digital commerce growth trends and customer expectations for frictionless protection.

In 2025, bolttech was named among the world’s top 100 insurtech innovators, underscoring its leadership in distribution technology.

Why it matters: Embedded finance is becoming a trillion-dollar global market opportunity, and bolttech’s API-driven platform is at the centre of it.

Key challenge: Sustaining profitability and navigating regulatory differences across dozens of jurisdictions while maintaining customer trust.

3. Parsyl — Smart Insurance for the Global Supply Chain

Denver-based Parsyl is redefining insurance for the logistics and marine sectors through IoT and data-driven risk assessment. The firm provides coverage for perishable and temperature-sensitive goods — using real-time sensor data to monitor shipments and proactively prevent losses.

As climate change and supply-chain disruptions intensify, Parsyl’s combination of data analytics and specialty insurance positions it uniquely in a high-value, under-served niche. Investors, including The Lightsmith Group, see its model as a blueprint for climate-resilient insurance.

Why it matters: Parsyl bridges the gap between traditional insurance and risk prevention — giving clients visibility, not just coverage.

Key challenge: Expanding from niche segments into mainstream marine and freight insurance markets while maintaining data integrity and regulatory compliance.

4. Weecover — Insurance as a Service for Europe

Spain’s Weecover is an emerging star in the Insurance-as-a-Service (IaaS) and embedded insurance ecosystem. Its platform enables retailers, fintechs, and e-commerce businesses to easily integrate insurance offerings into their digital flows through APIs.

In early 2025, the company closed a €42 million funding round led by Swanlaab and Nauta Capital, signalling investor confidence in its scalable platform model. With its focus on simplicity, flexibility, and compliance, Weecover is fast becoming a go-to solution for European businesses looking to embed protection products into customer journeys.

Why it matters: As Europe pushes for greater digital financial inclusion, Weecover’s B2B distribution model could make insurance more accessible to millions.

Key challenge: Ensuring consistent underwriting quality across diverse markets and managing regulatory complexity as it scales across the EU.

5. Counterforce Health — AI Meets Claims Advocacy

Launched in 2025, Counterforce Health is tackling one of the most persistent pain points in U.S. healthcare: insurance claim denials. The company uses AI and data analytics to help patients and providers navigate appeals, identify errors, and challenge wrongful denials.

In an era of escalating healthcare costs, Counterforce Health’s technology-driven advocacy model blends social impact with insurtech innovation, offering a fairer and faster route to claim resolution. If successful, it could redefine how consumers interact with insurers in one of the world’s most complex insurance systems.

Why it matters: Counterforce’s AI tools could significantly reduce administrative waste and improve transparency in health insurance.

Key challenge: Winning trust from both insurers and healthcare providers while navigating strict health data regulations.

The Future of Insurtech: What Will Define 2026

As 2026 approaches, the insurtech sector will pivot from hype to sustainable, revenue-driven innovation. The next wave of leaders will stand out not just for their technology, but for their ability to:

Achieve profitability at scale — growth must now translate into viable margins.

Master regulatory complexity — especially in multi-jurisdiction and cross-border operations.

Integrate deeply with ecosystems — through APIs, partnerships, and embedded finance.

Leverage ethical, explainable AI — ensuring compliance and consumer confidence.

Deliver measurable impact — whether through climate resilience, accessibility, or healthcare fairness.

    The insurance industry’s digital transformation is entering its most critical phase. The InsurTechs leading the charge — from Shift Technology and bolttech to Parsyl, Weecover, and Counterforce Health — exemplify how innovation, data, and purpose can combine to reshape an entire sector.

    By 2026, these firms won’t just be “startups to watch” — they’ll be the blueprints for how the insurance industry of the future operates: smarter, fairer, and more connected than ever before.

    • InsurTech

    Author

    Dan Brightmore

    Published

    17 September 2025

    Estimated Read time

    3Mins

    Revolutionary integration ensures real-time policy verification, combats document fraud, and boosts trust in the supply chain

    Business Choice Direct (BCD), a leading insurance provider to the transport and logistics industry, has announced a groundbreaking partnership with Trustd, the government-certified digital identity platform for transport and logistics. They launch the logistics sector’s first use of verifiable insurance credentials. This platform facilitates digital proof of valid insurance which can be instantly confirmed by any third party. Whether a fleet owner, freight forwarder, or shipper.

    Traditionally, insurance documentation relied on physical or emailed copies. These were easily outdated or manipulated, leaving carriers, subcontractors, and freight businesses vulnerable to fraud. In many cases, invalid or refunded insurance policies are mistakenly accepted because there’s no easy way to verify them when they are presented as proof of cover. Figures from BCD renewal statistics 2025 show that on average almost 30% of insurance policies are cancelled per month. Whilst not all of these cancellations are due to fraudulent activity, this statistic highlights the significant volume of potential risks that could have gone undetected by manual paperwork processes.

    The Trustd and BCD Partnership

    Through integration with Trustd, BCD policyholders can now generate secure, real-time verifiable credentials. These provide instant verification of valid insurance coverage, accessible and confirmable by any third-party. Including fleet owners, freight forwarders, or shippers, at any time. The insurance details can be instantly authenticated through secure digital channels, ensuring full transparency and reliability. In addition, the credentials are portable and tamper-proof and can be checked without relying on phone calls or visual inspections.

    These digital insurance policies benefit over 10,000 logistics businesses on the TEG platform, one of Trustd’s flagship customers. This is achieved by providing instant updates if a policy is cancelled or expires, allowing quick action without confusion. This prevents instances of fraud and unauthorised carriers moving freight without the correct insurances. 

    The First Industry Compliance Tool for Insurance 

    “This is a game-changer for insurance verification in logistics,” said Tristan Scaife, Director of Commercial at Business Choice Direct (BCD). This is the first time the logistics industry has access to real-time confirmation that a courier genuinely holds the right insurance. Through our partnership with Trustd, we’ve eliminated the uncertainty that risk and compliance teams have faced for years. No more guesswork, just instant, verified proof. We’re proud to be the first insurer to offer this capability with Trustd. Ensuring our customers’ credentials are both secure and effortlessly verifiable”. 

    A Breakthrough for Trust, Safety, and Transparency in the Sector

    For drivers and carriers, this means an easy way to share and verify your insurance with anyone or any company for transport work.

    For businesses, it offers a reliable and seamless method to ensure every policy presented is current and valid. Minimising risk, improving compliance, and streamlining operations.

    Scaife continues: “In terms of our partnership with TEG, we can offer exclusive savings and drivers can be confident that everyone on the platform and insured with BCD, is a Trustd courier. We’re proud to offer exclusive insurance discounts to Trustd users who choose to verify their credentials digitally”.

     “I’ve always known providing credible documents can be a challenge, so this integration with BCD is exciting. Together, we’re pioneering innovation in logistics by solving problems that have existed for decades. This partnership with BCD is just the beginning. Our platform is designed to support a growing network of credential issuers, creating a single source of truth for all the verifiable credentials that carriers and drivers need. It’s a win for everyone, from fleet operators to individual drivers.”

    Lyall Cresswell, Founder & CEO of Trustd

    Once launched, this solution will be available to all TEG users with a BCD-issued policy.

    About Business Choice Direct

    Business Choice Direct (BCD) is a specialist insurance broker offering tailored cover for professionals in the transport, courier, and logistics industries. With expert advice and competitive pricing, BCD helps small and large businesses stay protected on the move.

    About Trustd

    Trustd is the first government-certified digital identity management platform designed specifically for transport and logistics. It digitises key industry documentation into secure, verifiable profiles that enhance trust and security across the supply chain.

    • InsurTech

    Author

    Dan Brightmore

    Published

    9 September 2025

    Estimated Read time

    3Mins

    CI&T and Reuters Events report – poor data quality is the biggest barrier to AI transformation, says almost ¾ of UK underwriters

    CI&T, a global AI and tech acceleration partner, has released new research highlighting the AI opportunity in the UK. The report, created alongside Reuters Events, reveals poor data quality, rather than technology limitations, is the number one obstacle preventing UK underwriters from accelerating AI adoption. 

    Strategising for the AI Insurance Revolution

    The report, Strategising for the AI Insurance Revolution, draws on original UK survey data and real-world case studies. It aims to uncover how insurers are tackling the AI opportunity. And what’s holding them back. Much of the market discussion focuses on technology capabilities. The findings show that data fragmentation, unstructured formats and siloed systems are the real roadblocks. The goal is to deliver faster, more accurate underwriting and pricing.

    Key Findings from the Study

    • Efficiency over personalisation: Just 15% of claims leaders believe greater personalisation will significantly improve customer satisfaction. Compared with 41% prioritising streamlined internal processes and 39% favouring a blend of digital and human touchpoints.
    • AI as a cost shield. 60% of claims leaders believe AI-led efficiency will be crucial to offset rising claim costs and premiums.
    • Sandbox before scale. Insurers are adopting Generative AI cautiously, testing in sandbox environments. This mitigates risks such as hallucinations, bias, and data privacy breaches.
    • Proven ROI in action:
    • Working with CI&T, Mitsui Sumitomo (part of Asia’s largest insurance group) saved £800,000 annually. And cut quotation times by 54% through strategic modernisation.
    • A leading Brazilian insurer cut SME onboarding time by 46%. And achieved a 26% fraud denial rate, automating 2.2 million claims.

    Mike Young, VP Insurance Industry Growth at CI&T

    “AI’s success in insurance won’t be determined by how advanced the algorithms are, but by the quality and accessibility of the data that feeds them. This research shows UK insurers are ready to innovate—but they need to get their data house in order first.”

    With deep experience in the insurance sector, CI&T has helped insurers modernise legacy systems, improve customer journeys, and achieve measurable operational gains. Central to this is CI&T FLOW, CI&T’s enterprise-grade GenAI platform. It is designed with rigorous governance and privacy safeguards so insurers can innovate without compromising sensitive data.

    About CI&T

    CI&T is an AI and tech acceleration partner. We help businesses navigate the complex, changing European technological landscape to unlock real, measurable impact with digital-first solutions. CI&T brings a 30-year track record of helping clients deliver accelerated impact through tech-integrated business solutions, with deep expertise across AI, strategy, customer experience, software development, cloud services, data and more. As one of the world’s first digital native companies, innovation is in our DNA, helping us empower clients to win by embedding digital maturity into the heart of their operations. With over 7,400 employees across 10 countries, we combine the expertise of a global business with an entrepreneurial mindset to drive transformation at scale and turn strategy into action.

    About Reuters Events

    Reuters Events is one of the largest and fastest growing events companies anywhere in the world. Reuters Events serves a diverse range of industries and places a focus on the challenges and opportunities resulting from technological and strategic innovation. Our purpose is to provide senior level executives with the trusted insight and meaningful connections they need to confidently navigate change, unlock opportunity and inform their strategy. We curate world-class events and content that are high value to our customers. For more information, visit reutersevents.com. .

    Read the full report here

    • Artificial Intelligence in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    4 September 2025

    Estimated Read time

    5Mins

    The Financial Transformation Summit (FTS), presented by MoneyNext, took place June 18-19 2025 at London’s ExCeL Centre, Royal Victoria Dock. With over 2,000 attendees, 300+ speakers, and 400 roundtables, it stood out as one of the most immersive and interactive events in the financial services calendar.

    FinTech Strategy hit the conference floor at the heart of the action delivering insights from experts across Banking, Insurance, Wealth, and Lending at Financial Transformation Summit (FTS).

    Financial Transformation Summit attendees from banking, insurance, wealth, lending, fintech, consultancy, and regulatory sectors convened for two days packed with keynotes, panel talks, immersive demos, and networking among 60+ exhibitors and startups.

    Co-located streams – Banking, Insurance, Wealth, and Lending part of themed zones – meant that ticket-holders could explore adjacent sectors fluidly across a guiding theme: culture, collaboration, and customer centricity driving tech adoption and transformation.

    Programme Highlights

    Keynotes & Panels

    1. Data Silos & Cross‑Institutional Collaboration

    A panel featuring senior leaders from EVLO, Aon, Schroders, and Brit Insurance tackled how institutions – despite collectively spending over $33 billion annually on data – still struggle to collaborate due to privacy concerns and regulation. Innovative solutions included federated learning, anonymised client IDs and consent-backed APIs.

    2. Digital Insurance via Wallets

    Anna Bojic (Miss Moneypenny Technologies) unveiled a fresh take on insurance – embedding policy and claim data into Apple/Google Wallets. The idea: dynamic customer interaction directly from smartphone wallets, enhancing real‑time engagement and retention.

    3. ESG Economics & Market Reality

    Marc Kahn (Investec) challenged ESG orthodoxy, urging firms to emphasise human and planetary wellbeing – beyond purely financial returns – to capture stakeholder trust and sustainable growth.

    4. People & Psychological Safety

    Kirsty Watson (Aberdeen Group) and Vikki Allgood (Fidelity International) underlined that technological investments are futile without organisational design and psychological safety. Allgood cited a McKinsey study revealing only 26% of leaders build teams with a sense of safety – a critical step toward innovation.

    5. Human‑Centred AI

    Monica Kalia (Planda AI) championed AI that models individual financial contexts – recognising diversity within demographic cohorts and personalizing services accordingly.

    Roundtable Experiences at FTS

    At the event’s heart were the TableTalk roundtables – 400+ small-group sessions, each led by a subject-matter expert. These were limited to six participants each, enabling deep, peer-led discussions on themes like:

    • AI in risk and compliance
    • Open banking integration
    • ESG data standards
    • Cyber resilience
    • Change management and culture adaptation

    Attendees consistently praised their interactive nature – far removed from the stage‑focused “listening” format often critiqued at other conferences.

    Demonstrations & Exhibitor Showcase

    Over 60 exhibitors presented tech-driven innovations: Generative AI, open‑banking APIs, ESG reporting tools, embedded finance solutions, and more. A few standouts were:

    • CRIF highlighted AI-powered credit scoring with ESG overlays – promising dynamic risk assessments backed by sustainability data
    • Emerging FinTechs demoing AI compliance engines, digital wallet insurance packaging, and data-sharing platforms
    • Hyland demonstrated the intuitive end-user experience of its Hyland Content Innovation Cloud™ and showed how easy it is to configure, tailor and deploy solutions that can empower key stakeholders across any business

    The demo zone allowed engaging, hands-on exploration and real-time Q&As; it complemented the content with practical insights.

    Standout Themes & Strategic Insights

    1. Tech is Not Enough Without Culture

    Recurrent messaging emphasised that culture, trust, governance, and psychological safety are foundational – not secondary – to digital initiatives. Technology alone won’t deliver transformation without a people-first mindset.

    2. Cross‑Sector Data Collaboration

    Despite heavy investment, institutions still operate in silos. Shared, secure infrastructure and regulatory-aligned frameworks are being prototyped, but broad adoption remains a work in progress.

    3. AI-as-a-Personalisation Backbone

    AI is shifting from automation to empathy. Organisations showcased tools to hyper-personalise offers yet maintain privacy and inclusion – moving beyond outdated demographic frameworks into genuine behavioural understanding.

    4. Embedded Finance & Digital Wallets

    Insurance via wallet applications and embedded finance models point to seamless customer journeys – less app hopping, more value delivered at the point of need.

    5. Rebalancing ESG & Profit Metrics

    Speakers emphasised integrating ESG factors into performance metrics – not just for compliance, but as an operative advantage anchored in long-term stability and stakeholder trust.

    Who Should Attend FTS Next Year?

    Ideal for:

    • Transformation and change leaders
    • CTOs, CIOs, and Heads of Innovation
    • Data and AI strategists
    • Operational and HR leaders focused on culture
    • FinTech innovators and solution providers

    If you’re crafting digital transformation strategies, an attuned leader in financial services, or a consultant embedding tech in legacy environments, this summit provides rich, actionable content.

    Expect next year’s event to build on this foundation:

    • More AI-specific tracks, possibly Generative AI streams
    • ESG deep-dives with case studies on implementation
    • Expanded regulator involvement around data governance and cross-border compliance

    FTS: Final Verdict

    Overall, the FTS 2025 delivered on its brand promise:

    • Interactive and inclusive: 400 roundtables empowered voices across levels.
    • Cross‑sector learning: Banking, Insurance, Wealth, and Lending streams offered both breadth and depth.
    • Insightful keynotes: Big ideas on AI, ESG, data-sharing, and culture were well-explored.
    • Real-world relevance: Exhibitor demos connected theory with practice.
    • Networking with purpose: Opportunities to engage, learn, and collaborate were abundant.

    The Financial Transformation Summit struck a compelling balance between big-picture vision and granular, execution-level insight. It emphasised that while technology enables; culture, customer centricity and collaboration drive real progress. The format – with its roundtables, demos, and keynotes – offered a dynamic platform for knowledge exchange.

    If you attended, chances are you left with practical next steps. If you didn’t, you missed one of the most interactive, future-focused events shaping financial services transformation today.

    • Artificial Intelligence in FinTech
    • Digital Payments
    • Embedded Finance
    • Events
    • Host Perspectives
    • InsurTech

    Author

    Dan Brightmore

    Published

    6 August 2025

    Estimated Read time

    6Mins

    Read in brochure format

    FinTech Strategy speaks with Jonas von Oldenskiöld, Head of Partnerships at Qover, about the future for the insurance industry

    Financial Transformation Summit 2025 EXCLUSIVE

    At Financial Transformation Summit, Jonas von Oldenskiöld, Head of Partnerships at Qover, spoke on a panel (alongside peers from Davies Group, Accenture, Superscript and YuLife) entitled ‘Bridging the Gap: How InsurTech is Reinventing Traditional Insurance Processes’.

    Following the panel, we spoke to Jonas to find out more…

    Hi Jonas, tell us about your role at Qover?

    “I’m the Head of Partnerships at Qover. We are focused on embedded insurance. We try to enable that for a lot of different players in the markets. Everything from motor insurance, SMEs, going the whole way down to simple things like classes[1]  such as travel, trying to be the enabler between the typical risk carrier and the distribution platform.”

    You spoke on a panel at the Summit about InsurTech innovation. Give us an overview of your thoughts…

    “It was a very interesting group of people on the panel coming from different angles across the industry. And the key things for me were around where InsurTech needs to go now and how it enables insurance companies at this point in time. The common understanding was that we, the InsurTechs, come from being disruptors to being more of a force into them where we can plug in and help them to change a little bit the behaviours that are currently going on. Being that catalyst in the organisation and helping them to drive innovation. Because I think a lot of large organisations have realized that innovation cannot be driven by a single hidden team somewhere, it needs to be driven from a business perspective.”

    Why is this an exciting time for Qover?

    “I think there are many reasons. Of course, you cannot be at an event like this without speaking about AI and the opportunity that gives to us. Also, we’re seeing a generational shift. The industry needs to get ready to service a completely different type of customers going forward and that will drive a lot of exchanges we’ll see in the next couple years.”

    “I think a key one is to be able to navigate the future role of AI regulation. That will be very interesting to see what opportunities are there and what opportunities would be possible to use. More importantly, I think it is taking data from something, using data from something that is good to have, to really put it in the forefront of the operation to start planning your business process from a data perspective. This is the data that we need to have in order to deliver a good product rather than having data as the outcome of the whole process. You have set up and try to do something from that perspective. So, we need to turn the table on that.”

    What other pain points your customers are experiencing that you need to address? What are they asking you for help with? How are you meeting the challenge?

    “They particularly need help with the UX and how to deliver the product. I think the underlying product itself doesn’t change so much, but it’s a lot about the delivery, making sure that it actually does get delivered at the point in time that we like to call events driven. So, for us it is distributing insurance when you have a life event, if that is having a child, buying a car, buying a house or whatever it might be, data can help us to drive that. So, for us it’s very much around the delivery rather than the product underneath.”

    Tell us about a recent success story…

    “We’re very proud that we now have several new motor programmes in place where we have been working with large motor organisations that have realized that they’re not only selling a car, they’re selling a means of transportation and convenience, which also then includes insurance across that whole journey. We recently announced partnerships with both Volvo and BMW. And we have more in the pipeline. So, I think that has been a great success where large established industries have realised they need to go further in order to have that UX design.”

    What’s next for Qover? What future launches and initiatives are you particularly excited about?

    “In 2025, our focus is on expanding into more new verticals. We are involved in driving that engagement to see where we can expand. We started traditionally with a lot of the travel organisation and bike providers. We’re now working with neobanks[2] , traditional banks and the motor industry. I also see more opportunities in areas like utilities, in SME supporting functions, everything from accountancy to data provision and being a software provider. These expansions will be the goal over the next 24 months.”

    Why do you think the evolution of collaboration between industries and InsurTechs is set to continue? What are you excited about?

    Partnerships is one of the key things changing the insurance industry. We still have some very large players around. They’re fulfilling their function, and they do it very well. But in order for them to adapt into the new situation, partnerships are important. You always need to be able to work at scale, which is important for them. Of course, with a partnership you lose a little bit of control compared to acquiring something or developing it yourself. But on the other hand you win on the speed to market and potentially also on the cost side. So, for me, the winners will be the ones that can handle partnerships in the right way. And at the end of the day, a partnership is a relationship. You can have as many contracts as you want, but it comes down to people.”

    Why Financial Transformation Summit? What is it about this particular event that makes it the perfect place to embrace innovation? What’s the response been like for Qover?

    “We get a lot of good feedback and the great thing with events like this is that you have the chance to do networking both informal and formal. You’re having a formal agenda but also have a chance to rotate around. I always make sure to join the sessions and round tables. It has been interesting to speak to peers across the industry. It’s a good way of getting away from the desk and finding some new inspiration.”

    Learn more at qover.com

    About Qover

    Embedded insurance orchestrators… We’re creating a global safety net with insurance,

    empowering people to live life to the fullest.

    Qover was founded in 2016 by Quentin Colmant and Jean-Charles Velge. From the very beginning, our co-founders had a clear vision of the future of insurance: a simple, transparent and accessible service across borders.

    Through embedded insurance, we can create a global safety net that protects everyone, everywhere. To that end, our embedded insurance orchestration platform enables any company to harness the power of technology to embed insurance as a native component of or add-on to their core product or service.

    In doing so, embedded insurance becomes a powerful tool for businesses to enrich their value proposition, enable their success and care for their community.

    Author

    Dan Brightmore

    Published

    28 July 2025

    Estimated Read time

    3Mins

    Read in brochure format

    Our cover story charts the rise of RAKBANK in the UAE driven by agile practices and a people-first culture delivering…

    Our cover story charts the rise of RAKBANK in the UAE driven by agile practices and a people-first culture delivering banking with a human touch.

    Read the latest issue of FinTech Strategy here

    RAKBANK: A Banking Transformation in the UAE

    Our cover story explores the digital transformation journey of RAKBANK in the UAE. Head of Digital Transformation, Antony Burrows, reveals the agile practices, enterprise-wide enablement and people-first culture delivering digital banking with a human touch.

    “Culture is the cornerstone,” Antony stresses. RAKBANK codifies this into its Four Cs Framework – Connect, Communicate, Collaborate and Celebrate. “Here in the UAE, banks are pivoting from a model of ‘we know everything’ to recognising that one of the best ways to deliver continuous change and value to customers is through partnerships with startups and FinTechs. It’s no longer banks versus startups – it’s banks and startups, working together for the customer. This shift is especially meaningful as banks expand beyond traditional services to focus on customers’ broader financial lives.”

    MTN MoMo: Empowering Africa Through FinTech

    Hermann Tischendorf, Chief Information & Technology Officer at MTN MoMo (the telco’s mobile money division) reveals a bold roadmap for leveraging FinTech to drive financial inclusion across the African continent.

    “MoMo is comparable in monthly active users to some of the top ten FinTechs globally. We’re playing in the same league as Revolut or Nubank – but in much more complex markets,” notes Hermann. “Access to financial services is fundamental. Without it, people are excluded from the global economy. Our services are the equaliser allowing individuals in frontier markets to participate in trade, store value, and ultimately improve their quality of life.”

    Republic Bank: Building a Digital Bank

    Republic Bank has been serving customers via its branches for over 185 years and now serves 16 different countries across the Caribbean and beyond. It’s “a regional bank with a growing global reach,” explains Group Chief Information & Digital Transformation Officer, Houston Ross.

    His team is building a digital bank during a Year of Delivery and Accountability (YODA). “When we talk about digitalisation it’s a journey that never ends. And product is the vehicle to make sure we’re continuously improving.This is our digital pathway and we have to change minds in terms of going beyond the challenges to achieve what’s possible with the right frameworks, tools and processes for our people to serve our customers.”

    Also in this issue, we keep you up to date with the key FinTech events across the calendar and read on for insights from Lloyds Banking Group, Recorded Future, AAZZUR, Ayre Group, Marqeta, SCOR and TerraPay.

    Read the latest issue of FinTech Strategy here

    • Artificial Intelligence in FinTech
    • Blockchain & Crypto
    • Cybersecurity in FinTech
    • Digital Payments
    • Embedded Finance
    • InsurTech
    • Neobanking

    Author

    Dan Brightmore

    Published

    22 July 2025

    Estimated Read time

    4Mins

    The insurance industry, long known for its complex processes and legacy systems, is undergoing a dramatic transformation. At the heart…

    The insurance industry, long known for its complex processes and legacy systems, is undergoing a dramatic transformation. At the heart of this shift is InsurTech – the fusion of insurance and technology – bringing faster claims, personalised policies and more efficient operations. In 2025, several tools are leading the charge. Here are five of the top InsurTech solutions reshaping the sector.

    1. Tractable – AI-Powered Claims Automation

    Tractable uses computer vision and artificial intelligence to assess vehicle and property damage in real time. With just a few photos uploaded by the policyholder, the tool can evaluate damage and generate repair estimates instantly. This significantly shortens claims processing times from days or weeks to mere hours. Tractable is already used by global insurers like GEICO and Covéa and is expanding into home insurance applications as well.

    Why it’s a game changer: It replaces manual claims inspection with automated, objective AI assessments – cutting costs and improving customer satisfaction.

    2. Shift Technology – Fraud Detection Engine

    Shift Technology offers an advanced AI platform specifically trained to detect insurance fraud. Using machine learning, it analyses claims data, historical fraud patterns, and external sources to flag suspicious activities. Its algorithms adapt over time, improving their detection accuracy.

    Key advantage: It empowers insurers to prevent millions in fraudulent claims annually, without sacrificing the customer experience for legitimate policyholders.

    3. Zego – On-Demand Insurance for the Gig Economy

    Zego offers usage-based insurance tailored to gig workers, delivery drivers, and small businesses. Its app-based platform integrates with telematics, ride-hailing apps, and work schedules to offer dynamic, pay-as-you-go coverage. This flexibility makes it ideal for freelancers and platforms like Uber or Deliveroo.

    Innovation point: Zego rewrites traditional insurance models by aligning premiums with real-time usage and risk levels – ideal for the on-demand economy.

    4. Cover Genius – Embedded Insurance API

    Cover Genius provides APIs that allow digital businesses to offer embedded insurance directly within their platforms. For example, a travel booking site can offer flight cancellation protection at checkout, or an e-commerce retailer can embed product warranty options. Cover Genius handles everything – from pricing and underwriting to claims and global compliance.

    Impact: It brings insurance directly to the customer at the point of need, improving uptake and customer convenience while opening new distribution channels.

    5. Sprout.ai – Intelligent Claims Triage

    Sprout.ai combines NLP (natural language processing) and data enrichment to automate the first notice of loss (FNOL) and claims triage process. It can pull insights from emails, documents, and databases to provide context-rich claim summaries, which are then used to assign the right workflows or handlers.

    Business benefit: Sprout.ai reduces administrative overhead and speeds up claim resolution by up to 70%, while maintaining transparency and fairness.

    Insurtech tools like Tractable, Shift, Zego, Cover Genius, and Sprout.ai are not just digitising insurance, they’re reimagining it. With AI, APIs, and real-time analytics at their core, these platforms are improving efficiency, reducing fraud, and delivering a customer-first experience. As insurers adopt these innovations, expect faster, smarter, and more responsive insurance services for the modern age.

    • InsurTech

    Author

    Dan Brightmore

    Published

    28 May 2025

    Estimated Read time

    2Mins

    Join 6,000+ attendees at Javits Center, New York June 4-5 for InsurTech Insights USA

    More than 6,000 of the world’s leading executives, entrepreneurs and investors will gather for the fastest-growing InsurTech conference. Improve your knowledge on challenging and strategic issues relevant to any organisation. Stay on top of future trends and seize new opportunities. Expand your toolbox and effectively solve the challenges of today and tomorrow. Join the decision makers and gain new insights from over 400 expert speakers, including representatives from AXA, MetLife, Munich Re, Gallagher and more.

    Join the InsurTech Revolution

    The insurance industry, no stranger to gauging risk, is facing one of the most disruptive periods in its history. Artificial intelligence, Machine Learning, Internet of Things, Blockchain, Data & Analytics, and other emerging technologies are enabling many startups to chip away at incumbent businesses. How can you transform, disrupt, and compete in the age of InsurTech?

    Join 6,000 attendees – from Insurers, InsurTechs and Investors – taking a strategic approach in a competitive landscape.

    Insurtechs

    • Understand the market and problems you are challenged with solving
    • Sharpen your proposition and identify what parts of the insurance value chain are ripe for innovation
    • Build awareness by networking with investors and insurance executives

    Insurers

    • Forge commercial partnerships and explore new ways of doing business
    • Learn how InsurTech fits in with your innovation agenda
    • Find where to gain competitive edge and find opportunities for growth in 2025
    • Discover how to adopt a culture that embraces innovation from the top down

    Investors

    • Meet the entrepreneurs shaping the future of insurance
    • Develop partnerships with insurance companies
    • Take the right approach in an increasingly strategic and competitive landscape
    • See where the money is going in 2025

    Book your tickets here.

    Author

    Liselotte Munk

    Published

    22 May 2025

    Estimated Read time

    6Mins

    Liselotte Munk, CEO at core insurance solution provider Fadata, on the benefits of InsurTech digitalisation

    Unpredictable market shifts, weather crises, and increasingly digital-only policy holders are all putting demands on the insurance industry and their ability to deliver a modern, efficient service. Insurers recognise that they need to become more agile and digital. Time-to- market is crucial. What better way to tackle these challenges, than revitalising internal IT departments and empowering them to manage digital transformation?    

    Insurance Going Digital

    Insurance digitalisation has been ongoing longer than we have seen in other industries. Thanks to a shift in mindsets, new tech talent, and a wealth of emerging technologies, digital transformation is ramping up. Insurers reclaiming control of their IT strategy, infrastructure, and execution is fuelling the InsurTech surge. The decisive step to nurture and utilise internal IT skills to enhance digital capabilities is solving many pain points. The challenges associated with traditional external implementation are being overcome. Insurers are becoming empowered with agility, reduced infrastructure expenses, and future proofing. All of which is essential to ensuring competitiveness amid the fast-paced evolution of the insurance market.

    Redefining IT’s Role in the Insurance Value Chain

    The move to strategic internalisation for digital transformation is as much a strategic and cultural decision as a technical one. Working closely with underwriting, claims, marketing, and distribution to embed digital capabilities across the entire value chain, internal IT departments foster cross-functional collaboration, turning the IT function from a support function into a business enabler. No longer operational backwaters, internal IT departments are central to business strategy. This is why insurers are recognising the need to continually enhance their IT skills to secure future-proofed technology.

    Insurance Chief Digital Officers (CDOs) are making strong business cases for high level in-house IT capabilities. They argue internalisation of digital transformation is essential for long term success. It ensures critical knowledge is kept within the business, processes are significantly more efficient, and that the cost savings are unquestionable. On top of that, it should be much easier for insurers to attract, recruit and maintain top tech talent when more engaging and strategic career paths are on offer. Ultimately, this also improves retention.

    IT transformation is also changing the nature of vendor partnerships. Instead of traditional “implementation projects,” insurers are now “onboarding” platforms, and internal teams are taking charge of leading configuration and long-term evolution. Shifting focus from one-off rollouts to continuous collaboration, insurers are teaming up with external partners that provide scalable platforms and expert guidance.

    IT and Vendor Marriage

    Insurers are adept at building substantial internal IT organisations. The complexity and regulation-intensive nature of insurance demands deep integration between technology and business processes. The appointment of high-level roles like CDOs underscores just how imperatively strategic IT is to the industry.

    At its core, the decision to internalise control of digital transformation stems from a need for greater influence over platforms that support local regulatory requirements, customer behaviour, and product innovation. The long-term partnership between insurer and core vendor flourishes when it fully incorporates an internal IT team. Insurers are turning to the core platform vendors such as Fadata, that come hand-in-hand with dedicated expert teams, promise collaboration, share KPIs, and deliver the granular understanding required to reflect insurance market-specific nuances. Outsourced executors are being phased out so that insurers can avoid inefficiencies and slow rollouts. These are among the intrinsic problems developed from reliance on a third party with a culture of locking out IT departments or building overly generic solutions that require excessive, often complicated and costly customisation.

    Maximise Scalability, Minimise Customisation

    Insurers increasingly realise that all important scalability and agility come from adhering closely to out-of-the-box solutions. The trend toward minimal customisation not only simplifies future upgrades but also accelerates implementation timelines. This positions internal teams to rapidly launch new products and respond to market changes without the delays of extensive code rewrites or vendor negotiations. In times of shifting regulatory compliance – DORA being a great example – a standardised system providing the ability to upgrade swiftly is a high priority. And a major driver for internal IT. Insurers need to feel confident that any updates in order to comply can be made fuss-free.

    Fadata has already responded to this shift by supporting clients in regaining control of their technology environments. Rather than acting solely as an external implementation partner, Fadata is supporting its clients to create ‘centres of excellence’. These bolster an IT department’s understanding of its core solution, INSIS, to promote independence. The IT departments we work with are already able to seamlessly replicate product in new geographies, and up to 85% of out-of-the-box INSIS features are being copied with the click of a button. 

    SaaS Pizzazz – The Digital Future of Insurance IT

    The industry-wide shift to SaaS models shines a spotlight on the pivotal role IT plays in digitalisation and business strategy. With infrastructure responsibilities managed externally, internal IT resources can focus on strategic application of technology and drive insurance innovation from within. Inherently upgrade-friendly cloud-based solutions make this much simpler and more viable. These deliver ongoing automatic platform enhancements and maintenance without disruptive overhauls. Which also eliminates scope creep or unexpected integration issues, and helps to avoid IT resource bottlenecks.

    Next Generation Digital Mindset

    With focus being put on fulfilling the modern expectations of policy holders, which undoubtedly is driven first and foremost by speed and simplicity, insurers are shifting their mindset to a more customer-centric insurance business. Insurers are ready to embrace agile methodologies. These create the seamless digital journeys across mobile, web, and emerging channels that modern customers expect. To be digitally successful, insurers understand that a more hands-on strategy is key. And is why a natural understanding of modern technology is becoming increasingly relevant. IT departments are 100 percent best positioned to manage long-term digital strategy. This highlights the importance of nurturing a skilled IT team that can secure future-proofed technology.

    The fast-paced, changeable insurance market calls for faster iteration and product launches with continuous deployment. Insurers are becoming much more open to SaaS platforms, APIs and ecosystems. They recognise that the partnerships which have typically been seen as a threat to internal teams, are conducive with accelerating transformation. These digital trends, which lead to the faster decision making and improved responsiveness that can define success, are challenging legacy processes and partnerships that slow innovation. Insurers looking for competitive advantage are also increasingly turning to data. Greater emphasis is being put on real-time data and analytics. Prioritising the creation of customer data platforms, automated insights, and AI-driven decision-making, all of which require digital backing. Ultimately, internalising IT offers insurers the flexibility, security, and agility they need to thrive in a competitive landscape. With trusted platforms and collaborative partners, insurance companies are becoming better positioned to shape their digital futures – on their own terms.

    • InsurTech

    Author

    Dan Brightmore

    Published

    13 May 2025

    Estimated Read time

    2Mins

    The global InsurTech sector experienced a notable resurgence in the first quarter of 2025. Funding levels surged to $1.31 billion…

    The global InsurTech sector experienced a notable resurgence in the first quarter of 2025. Funding levels surged to $1.31 billion – an impressive 90.2% increase compared to the previous quarter. This was driven by AI and P&C Sector Investments. It marks the strongest funding performance since Q3 of 2022. This signals renewed investor confidence and a maturing ecosystem poised for innovation.

    P&C

    A major catalyst behind this upswing is the significant capital flow into Property & Casualty (P&C) insurance technology providers. P&C-focused InsurTechs accounted for a staggering $1.13 billion of the total Q1 investment. This highlights a strategic shift among investors towards sectors with proven demand for digital transformation. The ability of these firms to deliver scalable, tech-enabled solutions for underwriting, claims processing, and risk assessment has made them highly attractive investment targets.

    AI

    Furthermore, artificial intelligence (AI) has emerged as a dominant theme in this funding cycle. Roughly 61.2% of the capital raised – totalling over $710 million – was allocated to AI-driven InsurTech companies. These firms are leveraging AI to disrupt traditional models by automating decision-making. This further enhances customer experience, detecting fraud, and enabling hyper-personalised policy offerings. The increasing reliance on AI reflects a broader trend across FinTech sectors, where data-driven technologies are reshaping business models and customer engagement.

    What does the future hold for the InsurTech sector?

    Meanwhile, despite this funding resurgence, early-stage startups in the InsurTech space saw a notable decline in capital inflows, hitting a five-year low. This suggests a market preference for more mature, proven business models with clearer paths to profitability. Investors appear to be adopting a more cautious, value-driven approach. Moreover, the focus is on companies with strong fundamentals and existing market traction rather than speculative early-stage ventures.

    The Q1 2025 results not only point to a healthy rebound for the sector but also underline a directional pivot towards sustainable innovation. InsurTechs that can integrate AI and address the evolving needs of insurers and policyholders alike are positioned to lead the next wave of growth. As the industry continues to digitise, the emphasis on efficiency, personalisation and resilience will likely guide future investment patterns.

    • InsurTech

    Author

    Dan Brightmore

    Published

    14 March 2025

    Estimated Read time

    2Mins

    Join the world’s largest InsurTech community hosting 13,000 Executives, Entrepreneurs and Investors each year…

    Insurtech Insights is the world’s largest insurance technology community. It offers unprecedented connection to the most comprehensive and global gathering of InsurTech entrepreneurs, investors, and insurance industry incumbents.

    Over the course of two days at its conferences, the industry gathers to showcase the forefront of innovations and form the partnerships of tomorrow. The unparalleled networking experience, with thousands of meetings, is a staple at any Insurtech Insights event.

    “The biggest feat was the sell out crow of 4,000. Seeing so many from across Europe and the US was just brilliant!”

    Nigel Walsh, Managing Director – Insurance, Google

    Book your ticket for InsurTech Insights Europe at London’s O2 March 19th-20th.

    Gain insights from over 400 expert speakers include representatives from Zurich, Allianz, Lemonade, Zego and many more…

    “Such a great event with such a great level of attendance”

    Steven Zuanella, Group Chief Digital & Innovation Officer, Generali

    Insights

    Improve your knowledge on challenging and strategic issues relevant to any organisation.
    Stay on top of future trends and seize new opportunities.
    Expand your toolset and effectively solve the challenges of today and tomorrow.

    Inspiration

    Challenge your way of thinking with new perspectives.
    Expand your professional horizon by meeting with and listening to leading insurance experts.
    Equip yourself with ideas and knowledge that adds value to you, your team, and your organisation.

    InsurTech Networking

    Expand your network by meeting with 6,000+ executives, entrepreneurs and investors from all over the world.
    Create new opportunities leading to a stronger and more global network.
    Meet with and attract the talent of tomorrow.

    Register now!

    Author

    Dan Brightmore

    Published

    11 March 2025

    Estimated Read time

    2Mins

    The UK-Australia Insurtech Pathway has been introduced as a joint effort to support insurance technology firms seeking expansion opportunities in…

    The UK-Australia Insurtech Pathway has been introduced as a joint effort to support insurance technology firms seeking expansion opportunities in both markets.

    The programme was launched in Australia on 18 February 2025, while a launch event is scheduled in the UK on 20 March 2025. 

    It has been developed through a partnership between the UK’s Department for Business and Trade (DBT), Insurtech UK, and Insurtech Australia. The initiative is designed to help Insurtech companies navigate regulatory frameworks, establish business operations and connect with investors and industry stakeholders.

    InsurTech Pathway

    The pathway will offer structured support to selected firms looking to enter either market, addressing key challenges related to compliance, business development, and market integration.

    The UK and Australia both have well-established insurance sectors that encourage innovation through regulatory structures and technology adoption.

    The Insurtech Pathway aims to lower entry barriers for firms by providing targeted guidance and fostering industry collaboration.

    The initiative builds on the UK-Australia Free Trade Agreement (FTA), which took effect on May 31, 2023. The agreement is intended to reduce trade restrictions and facilitate easier market entry for businesses, including through streamlined visa pathways, expanded access to government procurement, and lower investment barriers.

    Facilitating cross-border market access

    Louise Cantillon, Deputy Trade Commissioner for Australia and New Zealand, said the initiative reflects both regions’ commitment to strengthening trade ties in financial services and technology:

    “By working together, we can unlock new opportunities for insurtech companies in both markets, driving innovation and supporting job creation.”

    Insurtech UK CEO Melissa Collett said the initiative aligns with UK firms’ interest in the Australian market:

    “Insurtechs consistently feedback to us on their appetite for the Australian market due to its strong insurance industry, wide-spread insurance uptake and anglophone ties.”

    Simone Dossetor, CEO of Insurtech Australia, further highlighted the pathway’s benefits:

    “The UK is the top-rated market for global expansion for our insurtech members and with Australia being the fourth largest market for Lloyd’s there are strong synergies between the two regions.”

    The program will provide tailored support, including regulatory and compliance guidance, networking with insurers and investors, trade delegations, and engagement with key regulatory authorities to streamline market entry.

    • InsurTech

    Author

    EY Insurance Leaders: Isabelle Santenac (Global), Jeff Gill (Americas), Anita Sun-Young Bong (Asia-Pacific) & Philip Vermeulen (EMEIA)

    Published

    7 March 2025

    Estimated Read time

    6Mins

    EY Insurance Leaders Isabelle Santenac (Global), Jeff Gill (Americas), Anita Sun-Young Bong (Asia-Pacific) & Philip Vermeulen (EMEIA) present EY’s Global Insurance Outlook 2025 report. Learn how insurers can embrace InsurTech to accelerate value creation from gaps to gains

    Even as shifting global dynamics challenge insurers, EY’s 2025 Global Insurance Outlook Report shows there have never been more viable paths to innovation-led growth across the industry. Indeed, the huge gaps in protections against cyber and climate threats – with 99% of losses from cyberattacks and 60% from natural disasters uninsured – plus the massive shortfall in retirement savings present compelling value creation opportunities. Strategically orienting the enterprise around richer data and fully modernised technology is one critical step.

    Uninsured Losses

    99% of losses from cyber-attacks are uninsured

    60% of losses from natural catastrophes are uninsured

    But whether insurers prioritise new product development, M&A or geographic expansion in their growth strategies, a few key actions can unlock growth through innovation.

    1. Design purposeful products

    The biggest protection gaps – retirement savings and climate- are poised to get even bigger. The global retirement savings gap is set to grow from US$106 trillion in 2022 to US$483 trillion in 2025. Thanks to longer lifespans and aging populations worldwide, there is greater need for products that deliver income for older citizens. That’s how insurers can promote financial security across society.

    The “silver tsunami” – the huge demographic wave of Baby Boomers reaching retirement age – will cause a spike in demand for financial estate planning services as well as life and health insurance augmented with wellness programs. In the US alone, those aged 65 and over will grow from 58 million in 2023 to 82 million in 2050. Leading insurers will need to position themselves for the coming transfer of assets by demonstrating clear value propositions.

    Global Retirement Savings Gaps

    $106t in 2022

    $403t projected gap in 2050

    Purpose can also provide the motivation to deliver climate solutions with more robust coverages and tailored prevention services for the huge populations – over 40% worldwide, according to Geneva Association – that live in high-risk areas. Strengthening climate protections necessitates rethinking traditional approaches to risk management, pricing and claims modelling. Purpose can also fuel positive collaborations and partnerships with governments and other stakeholders, an important step given the increasing likelihood of new government mandates.

    US Citizens Aged 65+

    58m in 2023

    82m in 2025 (projected)

    2. Personalise offerings to expand share of wallet

    Usage-based products, modular add-on features and tailored pricing demonstrate to consumers that you are committed to serving their unique needs – a proven way to promote loyalty and engagement. Artificial intelligence (AI) tools can help in this area with tailored messaging, more accurate pricing and faster underwriting and binding processes.

    On-demand coverage and real-time risk prevention are other ways that personalisation strategies can add value. AI and advanced analytics can also target the highest-potential customers for product bundles and other offerings that maximise customer value.

    Technology Boost

    10-25% increase in operating profits for insurers with successful data and analytics strategies

    35% increase in employees’ underwriting capacity from generative AI (GenAI)-enabled automation

    3. Seek innovation at scale

    With a lean and highly automated operating environment, insurers can look to scale low-margin products to new segments via partners and ecosystems and other channels. The rapid expansion of embedded offerings demonstrates what’s possible.

    Parametric insurance – policies that pay out when specific events occur – expands the type of attractive products insurers can deliver to new customers and is expected to grow to US$29.3 billion by 2031. Parametric solutions have gained traction in the agricultural industry and as protection against natural disasters, but can also be applied to business interruptions, supply chain disruptions and cyber-attacks.

    Parametric Insurance Market Size

    $11.7b in 2021

    $29.3b in 2023

    4. Use regulation as a prompt to innovate

    The combination of more and more stringent rules in Europe and softening oversight in the US may create an unbalanced competitive playing field, with 61% of insurers cite evolving regulatory requirements as the top operational challenge for the year ahead. But firms that go beyond a minimalist, check-the-box approach may generate business value from their compliance programs.


    Consider how the EU Financial Data Access (FiDA) legislation, slated to be enacted in 2025, paves the way for consent-based data sharing across pension, savings and nonlife insurance companies and products. That’s an invitation for firms seeking to expand their offerings. Similarly, the opportunity to participate in government pension schemes requires insurers to enhance their ability to share data securely and seamlessly. The Danish Compromise is reshaping the competitive landscape by creating new opportunities in bancassurance channels in Europe. Lastly, more detailed disclosure and reporting standards should prompt more automation and integration of data flows.

    Regulation Prep

    61% of insurers cite evolving regulatory requirements as the top operational challenge for the year ahead

    5. Embrace a unified data strategy for the entire enterprise

    Success in the digital age demands that every business have a unified data strategy – one that is comprehensive and led by the C-suite. Because better data underpins every aspect of the business and is crucial to innovation, the data and technology agenda must be driven by the CEO, rather than the IT team. Further, strategic planning and resource allocations – basically any and all senior management decisions – should be redesigned to reflect the richer data sets executives now have at their disposal.


    A data strategy must reflect the need to harness the power of AI and other advanced technologies and define the necessary components of a flexible, future-ready data infrastructure. It will also need to establish appropriately robust governance models and controls environments for fully automated processes to ensure quality and build trust.

    6. Commit to serving the underserved

    What industry wouldn’t like to find tens of millions of new customers? For insurers, devising new solutions (e.g., micro coverages, starter policies) for just 1% of the estimated 4 billion underserved people worldwide could result in 40 million new customers, according to research from Forrester. Here again, it’s all about purpose – delivering protections to the people who need them most.

    New products – more affordable, easier to buy and modify – hold the key. Parametric policies, microinsurance for smaller farmers and precise coverages for small businesses and gig workers are just a few of the ways to create value for underserved segments. Carriers in some emerging markets offer health and life insurance for as little as $0.20 per month. It will take bold strategic thinking and creative action to deliver what these customers want (and can afford), but the underserved (who contribute to the lion’s share of the worldwide protection gap) offer the biggest potential for insurers to sustain their solid bottom-line performance.

    Serving the Underserved

    40m projected new customers from engaging just 1% of the 4 billion uninsured, low-income people worldwide

    Summary 

    Volatility and uncertainty – both within individual markets and across regions – define the global insurance industry to an extent not seen in decades. The run of economic prosperity and integration that benefitted the financial services sector for several decades seems gone forever. But insurers are uniquely qualified to create value during periods of instability. Those that target investments in AI-enabled tech and stronger data management capabilities to personalise communications and products will be able to create more value, create it faster and deliver it to more customers and communities than ever before.

    Read the full Global Outlook Insurance Report here

    • InsurTech

    Author

    Dan Brightmore

    Published

    12 February 2025

    Estimated Read time

    1Min

    Aviva, one of the UK’s leading insurance, wealth and retirement businesses, has chosen AutoRek, a leader in automated reconciliations, as its…

    Aviva, one of the UK’s leading insurance, wealth and retirement businesses, has chosen AutoRek, a leader in automated reconciliations, as its reconciliation and CASS tool.

    The collaboration will ensure greater efficiency and compliance through automation. Aviva will leverage AutoRek’s end-to-end platform to implement a fully audited, rules-driven reconciliation process, ensuring complete transparency for CASS auditors and internal stakeholders.

    With AutoRek, Aviva will gain an improved automated solution for client money and regulatory reporting, reducing the manual effort and inherent risk associated with manual processing.

    This new capability will enable Aviva to reduce operational inefficiencies, streamline compliance, and enhance overall financial control.

    “Aviva is dedicated to investing in technology to further our growth strategy. Following an extensive tender process, we were highly impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allows us to confidently address future scalability and volume requirements.”

    Chris Golland, Head of CASS & Middle Office, Aviva

    “We’re thrilled to onboard Aviva as a client to the AutoRek platform, empowering them to achieve greater efficiency and accuracy in their operations. Together, we’re driving innovation and setting new benchmarks for financial excellence.”

    Jack Niven, VP Sales, AutoRek

    • InsurTech

    Author

    Dan Brightmore

    Published

    23 January 2025

    Estimated Read time

    2Mins

    According to a new report published by WiseGuy Reports (WGR), The Insurtech Insurance Technology Market was valued at $ 31.05 billion in…

    According to a new report published by WiseGuy Reports (WGR), The Insurtech Insurance Technology Market was valued at $ 31.05 billion in 2024 and is estimated to reach $322.7 billion by 2032. It is set for growth at a CAGR of 33.99% from 2025 to 2032.

    InsurTech revolution gathers pace

    The insurtech insurance technology market is revolutionising the traditional insurance sector by integrating advanced technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and data analytics. InsurTech solutions streamline operations, improve customer experiences, and enable data-driven decision-making. These technologies cater to various aspects of insurance, including underwriting, claims processing, and policy management.

    The market has witnessed robust growth due to the rising demand for digital solutions and personalised insurance products. With startups and established insurers collaborating, the industry is becoming more agile and competitive, creating new opportunities for innovation in risk assessment and fraud prevention.

    InsurTech’s key players

    The InsurTech insurance technology market features a dynamic mix of startups and established players. Key companies include Lemonade, Metromile, and Hippo, known for their innovative approaches to insurance delivery. Traditional insurers such as AXA and Zurich are also investing in InsurTech partnerships to modernise their operations.

    Companies like Policybazaar and Root Insurance are leveraging AI and big data to enhance customer engagement. Furthermore, tech giants like Amazon and Google are exploring the sector, further intensifying competition. Moreover, these players focus on integrating advanced technologies and developing user-centric platforms to stay ahead in a rapidly evolving market.

    • InsurTech

    Author

    Dan Brightmore

    Published

    20 December 2024

    Estimated Read time

    3Mins

    ‘FlyEasy’ parametric cover is now available on Zurich Indonesia’s Travel Product: offering real-time lounge access for delayed flights

    Blink Parametric, in partnership with Zurich, has launched flight disruption assistance solution ‘FlyEasy’. Coverage is on the Zurich Indonesia direct channel via the Zurich Edge platform. Leveraging parametric technology, the proposition has been designed to instantly activate coverage benefits upon confirmation of a flight delay. This seamless, fully-digital approach provides ultimate convenience to customers, relieving them of traditional claims processes and allowing them to enjoy their travels with greater peace of mind.

    The expansion is part of the agreement signed in January 2024. The award-winning flight delay solution can now be offered to Zurich’s customers across Asia Pacific via the Zurich Edge Platform.

    Zurich Asia Pacific Network

    This integration is the second rollout this year under the framework agreement to offer Blink Parametric solutions to Zurich Asia Pacific network partners and customers across Singapore, Hong Kong, Malaysia, Indonesia and Japan. The first was with Singapore-based OTA Klook in March.

    Once a customer registers their flight details pre-travel, Blink Parametric monitors that flight in real-time. Also, in the event of a flight delay of two-hours, the customer will automatically be offered real-time assistance of complimentary access to a VIP airport lounge. The lounge pass will have extended validity with a shelf-life of six-months if not used on the day of disruption. The benefit will be applicable for single trip and annual multi-trip executive and premier international travel plan insurance customers. No claims filing or application processing is required.

    Sukma Darman, Head of Digital, Zurich Indonesia commented, “One of Zurich Edge’s key objectives is to bring a fresh perspective on insurance to our partners and customers. We can then deliver personalised, customer-centric solutions using next-gen technology. Blink Parametric have helped us to achieve successful travel insurance integrations for the Asia Pacific region throughout this year. This includes delivery of innovative real-time assistance for our valued customers when they need us.”

    “This latest Zurich Indonesia integration coincides directly with our strategic move to further expand and support our business development and partner activities across the APAC region,” says Richard Pollard, Director of Strategic Accounts, Blink Parametric. “Furthermore, our work with the Zurich team this year has been significant, with two successful launches to date. It’s now possible for Zurich partners to tap into the Zurich Edge platform and deploy our real-time travel assistance solution under the FlyEasy brand with speed and efficiency. Exactly how it should be!”

    Blink Parametric is recognised as one of the most innovative and successful providers of travel InsurTech solutions to insurers world-wide. It offers real-time assistance and service choices to travellers impacted by flight disruption events. Blink Parametric travel solutions are fully customisable and designed to deliver operational efficiency. Moreover, processing high frequency, low value travel insurance claims when the traveller needs immediate real-time claim resolution.

    • InsurTech

    Author

    Dan Brightmore

    Published

    19 December 2024

    Estimated Read time

    7Mins

    Interface looks back on another year of ground-breaking tech transformations and the leaders driving them. We spoke with tech leaders…

    Interface looks back on another year of ground-breaking tech transformations and the leaders driving them. We spoke with tech leaders across a broad spectrum of sectors – from banking, health and telcos to insurance, consulting and government agencies. Read on for a round up of some of the biggest stories in Interface in 2024…

    EY: A data-driven company

    Global Chief Data Officer, Marco Vernocchi, reflects on the transformation journey at one of the world’s largest professional services organisations.

    “Data is pervasive, it’s everywhere and nowhere at the same time. It’s not a physical asset, but it’s a part of every business activity every day. I joined EY in 2019 as the first Global Chief Data Officer. Our vision was to recognise data as a strategic competitive asset for the organisation. Through the efforts of leadership and the Data Office team, we’ve elevated it from a commodity utility to an asset. Furthermore, our formal strategy defined with clarity the purpose, scope, goals and timeline of how we manage data across EY.  Bringing it to the centre of what we do has created a competitive asset that is transforming the way we work.”

    Read the full story here

    Lloyds Banking Group: A technology and business strategy

    Martyn Atkinson, CIO – Consumer Relationships and Mass Affluent, on Lloyds Banking Group‘s organisational missive around helping Britain prosper, which means building trusted relationships over customer lifetimes by re-imagining what a bank provides.

    “We’ve made significant strides in transforming our business for the future,” he reveals. “I’m really proud of what the team have achieved with technology but there’s loads more to go after. It’s a really exciting time as we become a modern, progressive, tech-enabled business. We’ve aimed to maintain pace and an agile mindset. We want to get products and services out to our customers and colleagues and then test and learn to see if what we’re doing is actually making a meaningful difference.”

    Read the full story here

    USDA: The people’s agency

    Arianne Gallagher-Welcher, Executive Director for the USDA Digital Service, in the Office of the OCIO, on the USDA’s tech transformation and how it serves the American people across all 50 states.

    “If you’d told me after I graduated law school that I was going to be working at the intersection of talent, HR, law, regulations, and technology and bringing in technologists, AI, and driving innovation and digital delivery, I’d say you were nuts,” she says. “However, it’s been a very interesting and fulfilling journey. I’ve really enjoyed working across a lot of different cross-government agencies. USDA is the first part of my career where I’m really looking at a very specific mission-driven organisation versus cross-agency and cross-government. But I don’t think I’d be able to do that successfully without the really great cross-government experiences I’ve had.”

    Read the full story here

    Virgin Media O2 Business: A telco integration supporting customers

    David Cornwell, Director – SMEs, on the unfolding telco integration journey at Virgin Media O2 Business delivering for Business customers

    “If you’ve got the wrong culture, you can’t develop your people or navigate change…” David Cornwell is Director of Technical Services for SMEs at Virgin Media O2 Business. He reflects on the technology journey embarked upon in 2021 when two giants of the telco space merged. A new opportunity was seized to support businesses with the secure, reliable and efficient integration of new technology.

    Read the full story here

    The AA: Driving growth with technology

    Nick Edwards, Group CDO at The AA, on the organisation’s incredible technology transformation and how these changes directly benefit customers.

    “2024 has been a milestone year for the business,” explains Edwards. “It marks the completion of the first phase of the future growth strategy we’ve been focused on since the appointment of our new CEO, Jakob Pfaudler.” Revenues have grown by over 20%, allowing The AA to drive customer growth with technology. “All of this has been delivered by our refreshed management team,” he continues. “It reflects the strength of our people across the business and the broader cultural transformation of The AA in the last three years.”

    Read the full story here

    Publicis Sapient: Global Banking Benchmark Study

    Dave Murphy, Financial Services Lead, Global at Publicis Sapient, gave us the lowdown on its third annual Global Banking Benchmark Study.

    The report reveals that artificial intelligence (AI) dominates banks’ digital transformation plans, signalling that their adoption of AI is on the brink of change. “AI, machine learning and GenAI are both the focus and the fuel of banks’ digital transformation efforts,” he says. “The biggest question for executives isn’t about the potential of these technologies. It’s how best to move from experimenting with use cases in pockets of the business to implementing at scale across the enterprise. The right data is key. It’s what powers the models.”

    Read the full story here

    Bupa: Connected Care

    Chief Information Officer Simon Birch and Chief Customer & Transformation Officer Danielle Handley discuss Bupa’s transformation journey across APAC and the positive impact of its Connected Care strategy.

    “Connected Care is our primary mission. We’ve been focusing our time, investment and energy to reimagine and connect customer experiences,” says Simon. “It’s an incredibly energising place to be. Delivering our Connected Care proposition to our customers is made possible by the complete focus of the organisation and the alignment leaders and teams have to the Bupa purpose. Curiosity is encouraged with a focus on agility, collaboration and innovation. Ultimately, we are reimagining digital and physical healthcare provision to customers across the region. Furthermore, we are providing our colleagues with amazing new tools to better serve our customers throughout all of our businesses.”

    Read the full story here

    ServiceNow: Tech disruption delivering change

    Gregg Aldana, Global Area Vice President, Creator Workflows Specialist Solution Consulting at ServiceNow, on how a disruptive approach to technology can drive innovation.

    While the whole world works towards automating as many processes as possible for efficiency’s sake, businesses like ServiceNow are supporting that change evolution. ServiceNow’s platform serves over 7,700 customers across the world in their quest to eliminate manual tasks and become more streamlined. We spoke to Aldana about how it does this and the ways in which technology is evolving.

    Read the full story here

    Innovation Group: Enabling the future of insurance

    James Coggin, Group Chief Technology Officer on digital transformation and using InsurTech to disrupt an industry.

    “What we’ve achieved at Innovation Group is truly disruptive,” reflects Group Chief Technology Officer James Coggin. “Our acquisition by one of the world’s largest insurance companies validated the strategy we pursued with our Gateway platform. We put the platform at the heart of an ecosystem of insurers, service providers and their customers. It has proved to be a powerful approach.”

    Read the full story here

    San Francisco PD: A technology transformation

    Chief Information Officer William Sanson-Mosier on the development of advanced technologies to empower emergency responders and enhance public safety

    “Ultimately, my motivation stems from the relationship between individual growth and organisational success. When we invest in our people, and we empower them to innovate with technology and problem-solve, they can deliver exceptional results. In turn, the organisation thrives, solidifying its position as a leader in its field. This virtuous cycle of growth and innovation is what drives me.” CIO William Sanson-Mosier is reflecting on a journey of change for the San Francisco Police Department (SFPD). Ignited by the transformative power of technology to enhance public safety and improve lives.

    Read the full story here

    • Digital Strategy

    Author

    Dan Brightmore

    Published

    8 November 2024

    Estimated Read time

    2Mins

    additiv, a global leader in fintech and digital transformation, has announced the launch of an InsurTech solution with AXA Switzerland

    AXA Switzerland has successfully launched its addProtect bancassurance offering, powered by additiv’s technology platform. Furthermore, this innovative InsurTech solution allows banks to directly protect their mortgage customers against key risks with a simple plug-and-play solution.

    addProtect InsurTech solution from additiv

    As a seamless plug-and-play solution, addProtect gives banks direct access to the platform without the need for additional integration with existing IT systems. Its user-friendly and intuitive design allows banks to effortlessly integrate the platform into their day-to-day business operations. With the death and payment protection insurance, bank advisors have easy-to-understand products at their disposal. These offer added value to customers beyond the existing offering. The addProtect platform is now available for banks, and an initial pilot will be launched in collaboration with PostFinance.

    Samuel Peter, Head of Partnerships at AXA Switzerland, stated:

    “With addProtect, AXA is responding to the growing need of customers and banks for appropriate insurance solutions where and when they are needed. The solution creates additional advisory potential and better protection for the customers of our partners’ banks. We look forward to making the solution available to other partners.”

    Dieter Lützelschwab, General Manager Switzerland at additiv, added:  

    “When developing addProtect, we focused on the user experience for the customer and the bank advisor. In addition, our platform provides an easily configurable, modular insurance solution that covers the entire value chain from quotation to claims processing.”

    About additiv

    additiv empowers the world’s leading financial institutions and brands to create new business models and transform existing ones. additiv’s API-first cloud platform is one of the world’s most powerful solutions for wealth management, banking, credit, and insurance. The InsurTech technology, together with the global ecosystem of regulated financial services providers, opens up new opportunities for banks, insurance companies, asset managers, IFAs and consumer brands to quickly and flexibly offer their own and third-party financial solutions through existing or new customer channels.

    Headquartered in Switzerland, with regional offices in Singapore, UAE, Germany, and the UK, and more than 250 employees, additiv serves over 400 financial institutions (banks, insurers, asset managers, pension providers, IFAs, etc.) and brands worldwide.

    • InsurTech

    Author

    Dan Brightmore

    Published

    6 November 2024

    Estimated Read time

    3Mins

    Analysing “The State of Global Insurtech” report by Dealroom.co, Mundi Ventures, and MAPFRE

    Insurance technology funding from venture capitalists is projected to close at $4.2 billion by the end of the year, according to “The State of Global Insurtech” report by Dealroom.co, Mundi Ventures, and MAPFRE.

    Global InsurTech investment

    In the first nine months, global insurtech investment already amounted to $3.2 billion. The fourth quarter is expected to see mostly Series B and C funding rounds for breakout-stage startups. These firms are said to be approaching pre-pandemic funding peaks.

    “After the uncertainty of previous years, the global insurtech market is now showing signs of further stabilisation,” said Javier Santiso, Chief Executive and GM of Mundi Ventures. “While the frenzy has cooled, we are seeing a positive rebound in early-growth/breakout stages, particularly with Series B funding picking up.”

    However, late-stage startups are facing significant funding challenges, with large-scale investments into Series D and later rounds seeing steep declines. The setbacks highlight investor caution around high-valuation, mature companies struggling to maintain momentum. Meanwhile, some late-stage ventures are refocusing on profitable unit economics to position themselves for potential initial public offerings in the next few years.

    US leading on InsurTech

    Regionally, the US leads InsurTech investment with $1.8 billion so far this year, followed by Europe at $1.1 billion. In contrast, emerging markets like Latin America and Africa continue to lag behind with $37.1 million and $32.4 million, respectively. Although funding in these regions remains limited, experts see growth potential due to a narrowing insurance gap.

    “The Latin American ecosystem is resilient, and entrepreneurs continue to seek new formulas, models, and businesses to revitalize the sector,” noted Leire Jiménez, Chief Innovation Officer at MAPFRE. “The region has great potential, more so at a time when the insurance gap is gradually shrinking due to the large volume of opportunities in it.”

    B2B growth

    According to the report, business-to-business software-as-a-service (B2B SaaS) providers are seizing a significant share of InsurTech funding, capturing 43% of total investments in 2024. This category includes solutions for underwriting, claims management, risk assessment, and administrative efficiency.

    Yoram Wijngaarde, founder and CEO of Dealroom.co, commented: “Insurance is a vast industry that has been largely unchanged for hundreds of years. It remains a huge target for tech efficiency and scale, but one that has been difficult to crack.

    “Insurtech 2.0 is unbundling the challenge, zeroing in on niches like B2B SaaS, risk management, climate and cyber, with greater traction. Global breakout-stage investment is on track to grow year on year in 2024, and European insurtech VC has already passed 2023’s total. Insurtech is iterating.”

    • InsurTech

    Author

    Amelia Lowe

    Published

    18 October 2024

    Estimated Read time

    5Mins

    Amelia Lowe, Vice President of Operations at SquareTrade, on the potential for AI to revolutionise InsurTech

    We have all witnessed the growth of AI in the past year. It’s quickly becoming an innate part of how we work. In the UK alone, the number of AI registered companies has increased by over 600% in under a decade. While the size of the AI market is expected to grow to over £800 billion by 2035. AI holds the power to radically reshape the way we live, learn, and conduct business. It can unlock possibilities we once only imagined. In the past two years, we’ve witnessed this transformational potential come to life. It’s driving innovation and redefining industries at an unprecedented pace.

    We stand on the brink of a new era. AI is poised to become an integral force that not only enhances our daily lives but also paves the way for a more effective way of doing business and connecting with customers. AI holds the key to supercharging the customer experience, by creating seamless, intelligent customer journeys. So how do we do it?

    In today’s highly competitive world, great customer service is essential. Customers do not want to feel like just another number. They want their individual needs to be recognised and addressed with personalised responses.

    At SquareTrade, we aim to engage with our customers in ways that feel authentic and personal, even when they are engaging with AI. Our objective is to deliver a level of personalised interaction that was once thought of as unattainable with automated systems. Furthermore, ensuring every customer feels appreciated and understood in each exchange.

    Enhancing customer experiences with AI for seamless, intelligent journeys

    At the core of any customer relationship is the confidence that issues will be resolved quickly and effectively. Your team, and the people behind your company, play a pivotal role in delivering that trust across all customer touchpoints.

    When integrating AI into a business, it is essential to align the technology with the company’s core objectives. For us, the focus has been on driving innovation and streamlining processes while ensuring customer service remains uncompromised. Our goal is to ensure, no matter how AI is implemented, the customer experience feels personal and authentic. Even with automated systems, we want to provide a level of personalised interaction that was once unimaginable. We see AI as an extension of our team. In light of that we apply the same values and principles to those we apply to our team, which focus on trust, transparency and respect.

    Have you met Sally?

    We now live in a world where AI tools and customer experience must work in harmony. According to Statista, 73% of consumers believe AI can enhance customer experience, with 80% reporting positive interactions with AI so far. Clearly, AI has reached a point where customers can appreciate its benefits during their times of need. It can seamlessly recognise and addresses issues productively.

    When businesses explore integrating AI solutions, it’s crucial to align them with their unique standards, customer service approach, and company culture. No two AI solutions are alike. For us, it was vital that any AI implementation seamlessly complemented our existing operations. A key example of how we’ve achieved this is through the introduction of Sally, our AI chatbot. Sally provides one of the quickest and most efficient ways for customers to engage with us when visiting our website. This enhances the user experience while staying true to our service values.

    We are already witnessing the benefits of introducing Sally. She consistently achieves high success rates in resolving customer incidents autonomously. By deploying her in a strategic and targeted manner, we can reserve human interactions for more complex queries and claims.

    AI Training for Operational Excellence

    AI’s potential goes beyond customer interactions. It is increasingly being leveraged for training and education within organisations. In an industry like insurance, where no two claims are the same, InsurTech companies need training systems that prepare team members to adapt to a wide variety of scenarios.

    Given that individuals learn in diverse ways and at varying speeds, the ability to create personalised learning experiences is immensely valuable. We see AI training tools as the equivalent of providing each employee with a personal tutor. Moreover, one that can adapt to their unique strengths, challenges, and learning styles.

    And the learning doesn’t stop when the training does. AI-powered platforms can now continuously assess performance in real-time. If an employee is struggling in a particular area, the AI can automatically adjust the learning program to address those needs. This ensures ongoing growth and development tailored to each individual.

    Fraud Detection

    AI is poised to revolutionise fraud detection and prevention. It is becoming an invaluable asset to the teams that monitor for suspicious activity. In the insurance industry, AI can be deployed at multiple levels to enhance fraud detection. For example, through intelligent automation that swiftly analyses large datasets and flags potentially fraudulent claims for further investigation. This can save valuable time and resources.

    AI can also enable the creation of predictive models that forecast fraud based on historical data and emerging trends. This helps insurance players to stay one step ahead of evolving threats. These models improve risk assessment accuracy by reducing false positives and allowing us to focus more effectively on genuine risks.

    Looking ahead, the potential for AI in fraud detection is immense. AI is breaking new ground in areas where traditional rule-based systems fall short. Its ability to process vast amounts of data in real time, identify patterns and anomalies that would be nearly impossible to detect manually, makes it a game-changer in tackling complex problems.

    Embracing AI Advancements

    AI has the potential to revolutionise countless industries, but its impact is particularly profound in InsurTech. Given the critical role insurance plays in people’s lives, the opportunities for innovation and improvement are vast.

    As an industry, it’s essential we recognise AI’s ability to transform customer experiences. As early adopters, we have witnessed its potential firsthand. We will continue to leverage these advancements to enhance personalised and automated processes. We can bridge language barriers, and create new methods of interaction.

    However, our focus must always be on finding the right balance. Identifying where these solutions can deliver the greatest impact in serving customer needs quickly and effectively. Moreover, also ensuring that we retain the opportunity for human connection whenever it is needed. As well as ensuring compliance and security are a core part of how we think about implementing solutions to enhance business operations.

    • InsurTech

    Author

    Dan Brightmore

    Published

    16 October 2024

    Estimated Read time

    2Mins

    The AXA Group aims to protect over 20 million customers through inclusive insurance globally by 2026

    AXA Egypt and Post for Investment (PFI), the investment arm of Egypt Post, are establishing the first micro-insurance company in Egypt. This strategic collaboration is made possible by leveraging the new insurance law and aims to revolutionise the insurance landscape in the country.

    Financial Inclusion

    This initiative is fully aligned with AXA´s conviction that postal networks play a crucial role in global financial inclusion. Over a quarter of the world’s adult population accesses formal financial services through their post office. AXA notably signed a partnership with the Universal Postal Union (UPU) in May 2024. Moreover, this collaboration with UPU includes a research program. It will showcase successful postal insurance models and the establishment of the Postal Insurance Technical Assistance Facility (PITAF). This will promote financial inclusion and risk mitigation among underserved populations. Through this partnership, AXA is pushing the boundaries of insurance to better protect all. Solidifying its dedication to inclusive insurance practices worldwide.

    The Egypt Post, who will be the main distribution channel of this JV, is a well-respected organisation. It has a strong nationwide presence, renowned for its last mile distribution capabilities and robust brand credibility. Additionally, with over 4000 branches, kiosks, and mobile trucks across all governorates, Egypt Post is an integral part of the country’s infrastructure. It caters to the population with unparalleled reach.

    “We believe in the power of collaboration to create lasting change, and this joint venture is a testament to our commitment to inclusive insurance. Together, we are revolutionising the insurance landscape in Egypt to better protect and empower communities, setting new benchmarks for millions seeking reliable and accessible insurance protection.”

    Garance Wattez-Richard

    Micro-insurance from AXA

    The product categories will include both retail and group offerings. Embedded and voluntary options will cater to diverse needs. The range of products will cover various areas. These include hospital cash, personal accident, term life, payment protection, credit life, livestock, and group protection, ensuring comprehensive coverage for the customers.

    The ambitious goal is to reach 12 million customers within the first decade of operation. Therefore, underlining the commitment to making a significant impact on the lives of Egyptians through tailored insurance solutions.

    This collaboration between AXA EssentiALL, AXA Egypt and PFI/Egypt Post marks a significant milestone in the local insurance industry. It paves the way for inclusive and impactful micro-insurance offerings that have the potential to transform the socio-economic landscape of Egypt. As the first of its kind, this micro-insurance company is poised to set new benchmarks. Furthermore, it can become a beacon of hope for millions of Egyptians seeking reliable and accessible insurance protection.

    • InsurTech

    Author

    Dan Brightmore

    Published

    15 October 2024

    Estimated Read time

    6Mins

    Read in brochure format

    Our cover story reveals the digital transformation journey at global insurance services company Innovation Group using InsurTech advances to disrupt…

    Our cover story reveals the digital transformation journey at global insurance services company Innovation Group using InsurTech advances to disrupt the industry.

    Welcome to the latest issue of Interface magazine!

    Read the latest issue here!

    We’re excited to be publishing the biggest ever issue of Interface this month. It’s packed with insights from the cutting edge of digital technologies across a diverse range of sectors; from InsurTech to Travel via eCommerce, Banking, Manufacturing and Public Services.

    Innovation Group: Enabling the Future of Insurance

    “What we’ve achieved at Innovation Group is truly disruptive,” reflects Group Chief Technology Officer James Coggin.

    “Our acquisition by one of the world’s largest insurance companies validated the strategy we pursued with our Gateway platform. We put the platform at the heart of an ecosystem of insurers, service providers and their customers. It has proved to be a powerful approach.”

    Leeds Building Society: Tech Transformation Driven by Data

    Carole Roberts, Director of Data at Leeds Building Society, on a digital transformation program driven by the mutual power of people and culture.

    “We’ve made the decision to move to a composable architecture. It’s going to give us much more flexibility in the future to be able to swap in and out components rather than one big monolithic environment.”

    AvePoint: Securing the Digital Future

    Kevin Briggs, Vice President of Public Sector at AvePoint, discusses pioneering data security and management transformation in the global public sector.

    “We ensure the security, accessibility and integrity of data for customers with missions from everything from finance and health services, through to national security, innovation, and science.”

    Saudia: Taking off on a Digital Journey

    Abdulgader Attiah, Chief Data & Technology Officer at Saudia, on the digital transformation program towards becoming an ‘offer and order’ airline.

    “By the end of this year we will have established the maturity level for data technology, and our digital and back-office transformations. In 2025 we will begin implementing our retailing concept and the AI features that will drive it. The building blocks will be in place for next year’s initiatives where hyper personalisation for retailing is a must.”

    Publicis Sapient: Global Banking Benchmark Study

    Dave Murphy, Financial Services Lead, International – gives Interface the lowdown on the third annual Global Banking Benchmark Study and the key findings Publicis Sapient revealed around core modernisation, GenAI, data analytics transformation and payments.

    “AI, machine learning and GenAI are both the focus and the fuel of banks’ digital transformation efforts. The biggest question for executives isn’t about the potential of these technologies. It’s how best to move from experimenting with use cases in pockets of the business to implementing at scale across the enterprise. The right data is key. It’s what powers the models.”

    Habi: Unleashing liquidity in the LATAM market

    Employees at Habi discuss its mission to help customers buy and sell their homes more effectively.

    “At Habi, you can talk with the AI agent and you can provide information that streamlines the whole process.”

    USDA FPAC: Achieving customer experience balance

    Abena Apau and Kimberly Iczkowski, from USDA FPAC on the incredible work the organisation is doing to support farmers across America.

    “We’ve created a new structure for ourselves, based on the fact that the digital experience is not the be all and end all, and we have to balance it with the human touch.”

    Adecco Group: Digital Transformation driven by business outcomes

    Geert Halsberghe, Head of IT, Benelux, at Adecco Group, talks transformation management, cultural consensus, and ensuring digital transformation starts (and stays) focused on solving business problems.

    “It’s very crucial to make sure that we aren’t spending money on IT transformation for the sake of IT transformation.”

    La Vie en Rose: Outcome-focused Digital Transformation

    Éric Champagne, CIO of La Vie en Rose, on ensuring digital transformations are defined by communication, vision, and cultural buy-in. 

    “I don’t chase after the latest technology just because it seems cool… My focus is on aligning technology with the business strategy and real needs.”

    Breitling: Digital Transformation and the omnichannel experience

    Rajesh Shanmugasundaram, CTO at Breitling, talks changing customer expectations, data, AI, and digitally transforming to deliver the omnichannel experience.

     “The CRM, the marketing, our e-commerce channels — they’ve all matured so much… we’re meeting our customers wherever they are or want to be.” 

    Read the latest issue here!

    • Digital Strategy

    Author

    Dan Brightmore

    Published

    1 October 2024

    Estimated Read time

    2Mins

    AXA UK has launched new online InsurTech tools to enable customers to notify claims digitally for both home and car insurance

    AXA customers can now benefit from a new and improved digital service when making an insurance claim. They can use InsurTech tools that allow them to notify losses online. The improved online service allows customers to notify AXA of their claim online anytime they choose. Not only will it be more convenient, but it will also make for a more efficient claims experience. This allows AXA to offer support and resolve claims in a timely manner. 

    AXA Online Insurance Tools

    Car insurance customers can register claims for road traffic accidents, theft of vehicle, lost or stolen keys, misfuelling, storm or flood damage and malicious damage. Using this service gives customers the option of an end-to-end digital notification experience. It offers a broader choice in the ways they can interact with customer service teams.

    Home insurance customers can also use the tools to register claims online for theft, escape of water, flood, storm, accidental damage and accidental loss. This is then picked up by the customer service team to take the claim forward.

    Making an impact with customers

    The improved service is already making an impact with customers. A recent home insurance claim was reviewed and a supplier was instructed within two hours of being registered online. Motor insurance customers have also been able to book in their vehicle for repairs within minutes of notifying AXA of a claim.

    “We know that our customers’ expectations have evolved in recent years. They want the claims process to be quick, clear and simple. That’s why we’ve worked hard to ensure that these enhanced digital claims tools offer customers fast and seamless journeys. At a time when they need it most as well as offering increased flexibility and improving their overall experience.”

    Suzy Tiffany, Retail Claims Director at AXA UK

    Headshot of Suzy Tiffany, AXA Retail Claims Director

    AXA has focused on how it can improve customers’ experiences and interactions by providing digital capabilities where possible across its claims journeys. The claims submission service can also be accessed by brokers, enhancing the claims journey for them and their clients.

    However, all the usual channels will still be available for brokers and customers to contact the claims teams. Even if they have notified a claim online, they can still pick up the phone and speak to someone if they prefer.

    • InsurTech

    Author

    Dan Brightmore

    Published

    2 September 2024

    Estimated Read time

    4Mins

    Fuelled by the Covid-19 pandemic and a projected market size of $166.4 billion by 2030, InsurTech companies are revolutionising the…

    Fuelled by the Covid-19 pandemic and a projected market size of $166.4 billion by 2030, InsurTech companies are revolutionising the insurance industry. 

    These firms offer digital alternatives in a typically slow-to-change industry. Furthermore, their innovative solutions have empowered traditional insurers to accelerate digitalisation and streamline processes. 

    These are the leading firms that have helped this traditional field both adapt and start rapidly catching up to efficiency trends associated with more dynamic industries.

    Introduction to InsurTech Innovation

    The insurance industry is undergoing a transformative shift fuelled by InsurTech. 

    Innovating technologies for insurers is about finding novel solutions to longstanding challenges and harnessing emerging trends to shape the future of the industry. 

    Insurance leaders are almost unanimous in recognising that innovation as not just important, but critical to future success. Moreover, insurers who fail to embrace InsurTech advances, and the wave of digital insurance products and opportunities they represent, risk falling behind in an increasingly competitive and dynamic industry. 

    Oscar Health

    Oscar Health built itself from the ground up with a tech-first approach focused on member service. This unique strategy aims to make healthcare more accessible and affordable for all Americans.

    Oscar’s commitment to exceptional service is reflected in its sky-high Net Promoter Score (NPS) of 50 and a near-perfect 97% member satisfaction rate for virtual care. With a presence in over 577 counties across 20 states, Oscar Health’s impact on the InsuTech industry is undeniable.

    NEXT Insurance

    A leader in small business insurance, NEXT Insurance offers easy-to-understand, digital coverage designed specifically for the self-employed. Also, their recently launched Copilot tool empowers agents to serve micro-businesses efficiently. Copilot streamlines the process for both sides. Business owners can get quotes and bind coverage online instantly, while agents gain a simplified workflow to boost revenue. 

    Vouch

    Since 2018, Vouch has emerged as a prominent force in the InsurTech space by transforming the way business insurance serves high-growth companies. Vouch recently launched AI Insurance, a groundbreaking product specifically designed to mitigate risks for AI startups in this rapidly developing field. 

    Hippo

    Hippo stands out for its proactive approach to homeowners insurance. Partnering with homeowners to implement smart home devices and personalised safety recommendations, Hippo prioritises preventing hazards before they occur. This commitment has secured their position as a top InsurTech firm, protecting over 200,000 homes across most US states.

    Bestow

    Bestow prioritises simplifying insurance and boosting financial security for everyone. It believes the process shouldn’t be daunting, so they leverage cutting-edge technology and data throughout the entire value chain to streamline everything. Furthermore, its commitment to innovation is evident in the recent launch of permanent life insurance and the addition of AI features to its underwriting workbench.

    QuanTemplate

    Founded in 2011, QuanTemplate uses machine learning and big data to empower businesses through digital transformation. Its core offering, a data integration, automation, and analytics platform, equips insurance professionals with the tools to unlock valuable insights and gain a deeper understanding of market dynamics.

    Dinghy

    Dinghy caters to the changing insurance needs of freelancers and businesses with its innovative pay-as-you-go model and focus on online and mobile accessibility. 

    This focus on accessibility is further enhanced through its partnership with ARAG, providing ‘Freelance Assist’. This is a unique package combining Dinghy’s flexible insurance with ARAG’s online legal resources tailored for freelance professionals.

    CoVi Analytics

    CoVi Analytics tackles both regulatory compliance and operational efficiency for insurers. Its AI-powered CORE platform automates complex reporting for evolving regulations, while the app suite featuring Policy 2.0 simplifies risk incident capture and boosts operational efficiency.

    ManyPets

    ManyPets, formerly known as Bought By Many, has emerged as a leading pet insurance provider by taking a unique approach to customer needs. 

    Born from a focus on analysing social media commentary, ManyPets uses customer feedback to shape its insurance policies. This customer-centric approach extends to its technology focus, making ManyPets the first pet insurance company to offer form-free online claims.

    Shift Technology

    Shift Technology provides a suite of AI-powered Software-as-a-Service (SaaS) solutions specifically designed to address the insurance industry’s needs. Its focus lies in fraud detection, empowering insurers with robust protection against financial losses, reputational damage, and cyber threats. 

    Key Factors for InsurTech Success

    Several key factors have fuelled the recent surge in InsurTech innovation. Digitisation plays a crucial role by speeding up information processing, leading to cost reductions, efficiency gains, and the development of new, customer-centric products.

    Additionally, personalisation is another key factor, enabling insurers to tailor services to individual needs and preferences. They consider factors like age, location, and lifestyle before providing quotes. Finally, advanced analytics capabilities provide valuable insights into consumer behaviour, allowing insurers to better target customers, while also offering real-time risk assessment data.

    • InsurTech

    Author

    Dan Brightmore

    Published

    23 August 2024

    Estimated Read time

    3Mins

    McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, reports Bloomberg. Faster adoption…

    McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, reports Bloomberg. Faster adoption of the technology is helping the consulting titan and its peers boost revenue, across industries like Insurtech, following a period of tumult.

    About 40 per cent of the New York-based firm’s client projects involve the technology. The number of AI-related customers in the past 12 months is approaching 500, Rodney Zemmel, senior partner and head of the firm’s digital business, said in an interview.

    “We believe the long- or the medium-term economic implications are very real,” Zemmel said. He was a final candidate in the recent global managing partner leadership elections at the firm. According to people familiar with the matter, who asked not to be identified discussing confidential information.

    Though there’s some degree of hype around AI, “we’re seeing the organisations that are doing that are getting value from it,” Zemmel said. “It’ll be a little longer, and maybe, a little harder than people think, but we’ve got no doubt that the value is there,” he added.

    AI adoption across Insurtech

    Among those deploying automation rapidly are the traditional and regulated industries such as banking and insurance, Zemmel said. In a June report, Citigroup Inc. said AI is poised to upend consumer finance and make workers more productive. Additionally, with a high potential for 54 per cent of jobs across banking to be automated. Citi also said that the technology could add $170 billion to the industry’s coffers by 2028.

    JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has called AI “critical” to his company’s future success. He also noted the technology can be used to help the firm develop new products, drive customer engagement, improve productivity and enhance risk management.

    The surge in automation has come as a relief for the broader consulting industry. It has been battling a slowdown in demand for its traditional services. McKinsey, Ernst & Young and PricewaterhouseCoopers have been cutting jobs to weather the slump. Furthermore, Accenture Plc shares tumbled in March after the company warned it’s seen financial-services customers, including Insurtech, rein in spending on its software.

    AI’s rise is also diverting some budgets toward specialist consultancies. Although AI-focused units like McKinsey’s QuantumBlack are growing rapidly, according to Zemmel.

    McKinsey – QuantumBlack

    McKinsey, which has advised everyone from the U.S.’ Pentagon to China’s Ping An Insurance Group Co., currently has about 2,000 people working across QuantumBlack. It has 7,000 staff in total in tech-related fields, according to Zemmel’s estimates. McKinsey’s headcount stood at about 45,000 globally as of 2023 and revenues were at a record $16 billion.

    Zemmel said that the firm is still evaluating how the use of AI will impact its own headcount over the longer run. McKinsey had earlier warned about 3,000 of its consultants that their performance was unsatisfactory and will need to improve.

    “We’re certainly planning on being agile about it,” Zemmel said. “One thing that’s clear is everybody in our organization’s going to need to know how to use AI and incorporate in their day-to-day work if they’re going to remain relevant to their clients.”

    • Artificial Intelligence in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    14 August 2024

    Estimated Read time

    3Mins

    The insurance sector is witnessing a growing adoption of digital insurance solutions. Machine learning (ML), artificial intelligence (AI), and embedded…

    The insurance sector is witnessing a growing adoption of digital insurance solutions. Machine learning (ML), artificial intelligence (AI), and embedded insurance are at the forefront of this wave across InsurTech.

    According to Acumen Research and Consulting, the InsurTech market is expected to reach $166.4 billion by 2030. This projection is reinforced by a high compound annual growth rate (CAGR) of 39.1 percent anticipated between 2022 and 2030. This growth is attributed to a surge of insurance technology innovations.

    Introduction to InsurTech

    InsurTech, short for “insurance technology,” combines traditional insurance practices with cutting-edge advancements in AI and blockchain. It plays a key role in transforming the insurance industry by making it more efficient, transparent, and accessible. Furthermore, automation, improved risk assessment, and tailored coverage options ensure the digital insurance industry meets evolving consumer demands.

    Digital Transformation

    InsurTech is a driving force behind the digital transformation of the insurance industry. This transformation isn’t just about software upgrades or automation. It’s a strategic shift that revamps core operations and how insurers deliver value to customers.

    Today’s consumers demand personalisation, speed, and convenience in everything, including insurance. They expect instant access to policy details and quick claims resolution—areas where traditional systems struggle. InsurTech empowers insurers to meet these changing demands by enabling customised interactions and faster service.

    Customer Experience

    InsurTech companies are transforming customer interactions with insurance. Convenience, speed, and personalisation are now priorities.

    This change is driven by a focus on improved customer experience. Digital platforms and mobile apps from InsurTech firms make buying policies, managing them, and filing claims easier. Self-service tools and chatbots provide instant support and assistance, reducing the need for traditional customer service channels.

    Efficiency gains with InsurTech

    A crucial element of InsurTech’s contribution to the insurance industry lies in claims management. InsurTech streamlines insurance claims by automating tasks with AI and ML. This means faster claim assessments, processing, and payouts for policyholders.

    InsurTech also boosts efficiency for insurers by automating tasks, which can lead to lower operating costs. These lower costs could potentially translate to reduced premiums for consumers. Consequently, digital insurance becomes more accessible and cost-effective.

    Case Studies

    Several insurance companies are demonstrating success through innovative InsurTech solutions. Chapter, for instance, uses online tools to connect users with advisors and advocates. These experts help people navigate the complexities of enrollment. They ensure people understand their options, deadlines, and how to choose the right plan for their needs.

    Health plan selection is another area where InsurTech is making a difference. GoHealth utilises a sophisticated platform powered by ML algorithms to match consumers with plans tailored to their unique needs. Licensed agents and dedicated telecare teams offer support throughout the selection process and beyond.

    Future Prospects

    InsurTech presents a future brimming with possibilities for the insurance industry. However, as more processes become digital, security concerns come into focus. Future Processing’s InsurTech survey revealed that 81 percent of respondents believe insurers need stronger cybersecurity policies.

    This underlines the need to revisit cybersecurity practices as digital transformation progresses. Looking forward, developments in AI and tools like ChatGPT, along with data privacy concerns, suggest quality will be the foundation of InsurTech’s future. By focusing on high-quality data and strong security, insurers can gain deeper customer insights and significantly improve the customer experience.

    • InsurTech

    Author

    Dan Brightmore

    Published

    8 August 2024

    Estimated Read time

    3Mins

    Read in brochure format

    Our cover story this month focuses on the work of Chief Information Officer Simon Birch and Chief Customer & Transformation…

    Our cover story this month focuses on the work of Chief Information Officer Simon Birch and Chief Customer & Transformation Officer Danielle Handley leading Bupa’s digital transformation journey across APAC and delivering a positive impact with its Connected Care strategy.

    Welcome to the latest issue of Interface magazine!

    Read the latest issue here!

    Bupa: Connected Care

    “ConnectedCare is our primary mission and we’ve been spearheading time, investment and creativity to reinvent and reinvigorate customer experiences,” says APAC CIO Simon Birch. “Delivering that ConnectedCare proposition to our customers is made possible by the collegiate focus of the organisation. Ultimately, what we’re able to achieve is supporting our most important colleagues, our healthcare practitioners working across our facilities.”

    Reflecting on that transformation goal, Chief Customer & Transformation Officer Danielle Handley believes that stakeholder engagement and alignment, while building relationships across the enterprise, have been key to their early success. “We’ve found the champions within the enterprise who are going to form part of the coalition of the willing to start to lead transformation here at Bupa.”

    Vodafone: Personalising Embedded Insurance

    Halil Teksal, Global Head of Fintech at Vodafone, discusses disruption in insurance, personalisation, and giving customers exactly what they need at the right time. “The main thing we’re aiming for is simplicity. How can we have really easy-to-use personalised solutions? At the end of the day, that’s what customers want. When they buy a smart device, they want to buy the insurance quickly from a reliable provider. It’s important that we satisfy all of those needs.”

    Young businessman writing on adhesive notes on glass partition in modern office, ideas, innovation, planning, strategy

    Walden Group: Advanced technology for a healthier tomorrow

    Denis Connolly, CIO of Walden Group and CEO of Walden Digital, talks about the incredible work the organisation is doing to leverage data and technology for the overall improvement of the world’s health. “We’ve created all these new initiatives just in the last year or so, moving from technology being a cost centre to being an R&D and development-focused organisation.”

    Also in this issue, Samer Fouani, Head of Cyber Transformation & Identity Access Management at TAL discusses the cyber journey for colleagues and customers at one of Australia’s leading insurers; Mark Turner, Chief Commercial Officer at Pulsant, explores how medium-sized businesses can best leverage new developments in AI; Martin Hartley, Group Chief Commercial Officer of emagine, examined the role of artificial intelligence in personalising the customer experience for financial services and Marius Stäcker, CEO of ToolTime, shares his four top tips for successfully implementing new software and driving digital transformation.

    Enjoy the issue!

    Dan Brightmore, Editor

    • Digital Strategy

    Author

    Published

    1 August 2024

    Estimated Read time

    4Mins

    A closer look at how artificial intelligence, machine learning, blockchain, IoT, and more technologies are transforming the InsurTech space.

    Customer expectations are changing fast. Great digital experiences set the standard, no matter the industry. This means insurance companies are no longer competing only with each other, but with every positive digital experience customers encounter daily.

    Many companies are actively exploring new technologies and partnering with InsurTech firms to develop innovative tools. Others strategically shift resources to move successful pilot projects from idea to implementation. Regardless of their approach, many insurers are seeking ways to accelerate their digital transformation plans.

    Technology is changing how the InsurTech space serves its customers

    Technologies like artificial intelligence (AI), the Internet of Things (IoT), and cloud computing revolutionise insurance. Outdated systems are being replaced with modern solutions, which offer greater efficiency, security, and data-driven insights. 

    This digital transformation enables a new generation of insurance services. For example, automated claims processing uses AI to speed up workflows and payouts. Additionally, AI helps detect fraud to protect both insurers and policyholders. 

    Insurance technology is also improving the customer experience. From personalised plans to user-friendly interfaces, digitalisation is making insurance more accessible and convenient.

    AI and Machine Learning

    People want more personalised experiences with insurance products and services. InsurTech advances, powered by AI and machine learning (ML), can help insurers meet this demand.

    ML algorithms analyse massive amounts of customer data, including behaviour and habits. This allows insurers to tailor insurance products and services to individual needs and create unique customer journeys.

    Beyond personalisation, AI has the potential to streamline core insurance processes. AI can speed up claim processing and streamline underwriting. Faster data access and reduced human error lead to more accurate and efficient reporting.

    A report by McKinsey suggests that AI could significantly change the insurance industry. It could shift the focus from reacting to problems to preventing them. This proactive approach would benefit everyone involved—brokers, consumers, and insurers.

    Blockchain Technology

    Blockchain technology offers a powerful solution for data security. It stores vital insurance information, such as claims and payments, in secure blocks on a shared ledger. Any attempt to alter this data would change the entire chain and make tampering easily detectable.

    A study by Boston Consulting Group shows 60 percent of insurance companies are actively investing in blockchain. Additionally, 80 percent of C-suite executives in these companies believe blockchain has the potential to significantly improve efficiency.

    IoT and Telematics

    Many consumers are now willing to share personal data for lower insurance costs. This willingness unlocks the potential of the IoT in the insurance industry. 

    IoT automates data collection from various sources, like smart home devices, car sensors, and wearables. This data becomes a key source of real-world information for insurance technology. By analysing it, insurers can improve risk assessment accuracy and refine pricing based on individual behaviour.

    Telematics devices take personalised insurance a step further, particularly in car insurance. These devices, equipped with GPS and motion sensors, track driving habits in real time. They collect data on speed, location, time of day, and other factors linked to accident claims. This comprehensive data allows insurers to create even more tailored insurance policies.

    Case Studies

    Several insurance companies are already using InsurTech advances to streamline processes and improve risk assessment.

    For example, FRISS uses AI software to quickly detect suspicious claims. Their system analyses data to find possible fraud networks and hidden patterns. With this, FRISS cuts claims handling time by 66 percent and saves insurers money.

    Chubb Insurance is another example that shows the value of combining IoT devices with data analysis tools. By constantly monitoring environmental factors with sensors, Chubb can predict potential property damage. This proactive approach lets them offer personalised premiums based on risk profiles, ultimately helping policyholders avoid expensive incidents.

    Future Prospects

    Grand View Research projects the global InsurTech market size to expand at a compound annual growth rate (CAGR) of 52.7 percent from 2023 to 2030. This rapid transformation will be driven by advancements in various technologies, each presenting both opportunities and challenges.

    As more insurance processes become digitalised, concerns around cybersecurity naturally rise. A Future Processing survey underscores this concern, revealing that 81 percent of respondents believe insurers need stronger cybersecurity policies.

    The quality of data and security practices will be the cornerstones of successful InsurTech implementation. AI relies heavily on data, while strong security protects sensitive customer information. By prioritising these aspects, insurers can unlock deeper customer understanding and improve the customer experience.

    • InsurTech

    Author

    Dan Brightmore

    Published

    24 July 2024

    Estimated Read time

    3Mins

    An efficient and timely claims process is important in the insurance sector. Many companies use insurance technology or InsurTech innovations…

    An efficient and timely claims process is important in the insurance sector. Many companies use insurance technology or InsurTech innovations to streamline this complex process.

    The traditional insurance claim process is commonly stressful, lengthy, and vulnerable to fraud. However, by embracing digital innovations, such as AI, big data analysis, and machine learning, insurance companies can simplify this process and give a more positive customer experience.

    Role of InsurTech

    InsurTech solutions streamline claims processes by using user-friendly mobile apps or websites. Customers do not need to make cumbersome phone calls, paperwork, or office visits. Instead, claims can be initiated and managed seamlessly through the digital platforms.

    InsurTech accelerates the claims process, reduces turnaround time, and minimises customers’ stress. It also provides an opportunity for immediate insurance claim submission, such as after a car accident.

    Automation

    Digital insurance employs advanced technology like AI and automation, unlocking many benefits for customers’ claim processes. Reporting automation tools play an important role in claims processing by simplifying and accelerating the process.

    An automated system can be applied for data entry and extraction. AI algorithms can scan and extract document details from police or medical reports and automatically fill out digital claim forms.

    Meanwhile, automated chatbots allow customers to access around-the-clock services. Policyholders can ask questions, report claims, and get information more conveniently using this feature rather than relying on office time-bound human employees.

    Fraud Detection

    InsurTech enhances fraud detection in claims processing by using predictive analytics tools. Fraud detection is important for insurance providers to avoid false claims or exaggerated losses that can lead to significant financial losses.

    AI machine learning tools can detect suspicious patterns from a vast amount of data, allowing insurers to identify potential fraud.  This helps insurance companies reduce losses from fraud and mitigate potential risks.

    InsurTech Case Studies

    PwC reveals that 57 percent of insurance companies have invested in AI and machine learning technologies to enhance operational efficiencies.

    Lemonade, a digital insurance company for renters and insurance, has successfully used AI to underwrite policies and claims. The company achieved a faster and more transparent claim process for customers. The digital automated process also reduces the processing time and keeps costs down.

    Meanwhile, Metromile, an InsurTech company that provides pay-per-mile car insurance, offers AI-assisted automated claims named AVA. AVA can give guidance through damage photo collection and verify coverage. This system can also connect customers to repair shops and offer the option of reserving a vehicle if they have rental coverage.

    Future Prospects

    InsurTech’s potential impact on claims processing is expected to make a significant shift in the future. AI will be more integrated into the financial industry and will reshape the claim processes.

    According to McKinsey’s prediction, claims processing will be largely automated by 2030, with advanced algorithms handling initial routing. IoT sensors and emerging technologies like drones will replace traditional methods for reporting claims. Policyholders will also use video streaming for damage assessments that AI can immediately assess to detect fraudulent activities.

    Automated customer chatbots will manage most interactions, while human involvement will only be for complex claims and risk management. Integrated IoT and data aggregation will allow insurers to file accurate claims rapidly during major disasters.

    • InsurTech

    Author

    Dan Brightmore

    Published

    15 July 2024

    Estimated Read time

    5Mins

    InsurTech is an emerging sector of huge importance. It transforms an old and crucial industry by creating insurance technology that brings major tech advances to enable widespread change.

    The top InsurTech companies aim to revolutionise the industry with a rapidly evolving and advancing series of insurance technologies. All of these seek to make insurance more accessible and customer-centric. This improves insurance products and creates opportunities for new ones.

    By adopting a mobile-first approach, InsurTech reduces the need for face-to-face interactions. This means lower operational costs, allowing InsurTech startups to offer more competitive pricing models.

    The InsurTech landscape owes its growth to startups. These early-stage companies disrupt the insurance sector by bringing new tools to the game. These include AI, which can handle traditionally resource-exhausting and time-consuming tasks, such as determining the right policies to offer customers.

    According to a report by Spherical Insights, the InsurTech market was valued at $3.85 billion in 2021. Based on a CAGR of 52 percent, Spherical forecasts that it will grow to $166.7 billion by 2030. This growth is mainly fuelled by Insurtech startups. Read on to discover the top Insurtech companies to watch in 2024, as they make strides forward into a period of accelerating growth.

    According to a report by Spherical Insights, the InsurTech market was valued at $3.85 billion in 2021. Based on a CAGR of 52 percent, Spherical forecasts that it will grow to $166.7 billion by 2030. This growth is mainly fuelled by Insurtech startups.

    Read on to discover the top Insurtech companies to watch in 2024, as they make strides forward into a period of accelerating growth.

    1. Lemonade

    Lemonade brands itself as “an insurance company built for the 21st century.” With Maya, its cutting-edge AI tool, Lemonade can “craft the perfect insurance” coverage in as little as 90 seconds. The AI also contributes to the seamlessness of the insurance claims process, with customers needing to wait only three minutes after claim submission to get paid.

    In November 2023, Lemonade was serving 2 million active customers. It ticked the first million mark in 2020. Throughout the period, the premium per customer increased by 70 percent.

    In Q1 2024, the average premium per customer was $379, an eight percent increase year on year. The in-force premium was $749. The figure represents a 22 percent increase year-on-year and corresponds to total revenue growth of 25 percent.

    2. NEXT Insurance

    Next Insurance caters to small businesses, offering products such as workers’ compensation and equipment insurance. The company provides coverage for diverse professions, from contractors to entertainers.

    Next has developed an AI tool called Copilot, not to be confused with Microsoft’s AI with the same name. The tool allows insurance agents to increase operational efficiency and profitability by streamlining the quoting and binding process. It also helps reduce underwriting delays.

    Established in 2016, Next was serving 500,000 active customers in 2023, an increase from 420,000 in 2022. It has received $1.1 billion in funding from big-name investors such as Munich Re, Allstate, and Allianz X. Per November 2023, the company has a market valuation of $2.5 billion.

    3. Oscar

    The Oscar Health team provides digital-based health insurance. The company offers services for individuals and families. Through its app, customers can access remote health care anywhere, anytime. Established in 2012, Oscar has over 1.4 million customers across 20 states of the US.

    4. Metromile

    Metromile revolutionises automobile insurance with its premium-per-mile scheme. Premium rates are based on driving habits, which is claimed to allow customers to save around 47 percent, or $947 per year, compared to traditional car insurance.

    Metromile was acquired by Lemonade in 2022 for $145 million worth of LMND shares. In return, Lemonade took control of “over $155 million in cash, over $110 million in car premiums, an insurance entity with 49 state licenses, and precision data from 500 million car trips.”

    5. Asurion

    Asurion specialises in technology care. This InsurTech company provides electronic equipment coverage, catering to owners of smartphones, laptops, TVs, and smart home appliances. By using its services, customers gain access to quick repairs of only 45 minutes for their electronics through local repair experts and tech repair stores across the US.

    6. Zego

    Zego offers smart and flexible insurance coverage for self-employed drivers and fleets. A wide selection of insurance products is available to meet the needs of private taxi companies, haulage truck drivers, and courier vans. Zego became the UK’s first InsurTech unicorn in 2021 after raising $150 million, bringing its valuation to $1.1 billion.

    7. Hippo Insurance

    Hippo Insurance combines home insurance with smart home devices. The company provides customers with smart home monitoring systems to detect potential issues. These include leak sensors, motion detectors, and smart smoke alarms. In 2024, Hippo provides coverage for 200 US households.

    8. Pie Insurance

    Pie Insurance caters to small businesses. This InsurTech startup uses advanced analytics tools to determine the best premiums, considering comprehensive possible risks. The company aims to make insurance affordable and accessible to small businesses in the US.

    9. Clearcover

    Clearcover uses AI technology to speed the claims process up to just seven minutes. The startup has raised a total of $515 million over nine financing rounds. Its latest funding round was in April 2024, when it raised $55 million in a second Series E. The investment round was led by Omers Venture, with several undisclosed investors participating.

    10. Shift Technology

    Shift Technology is a claims fraud detection platform that uses AI to detect fake claims in real time. This InsurTech platform also detects underwriting risks and improper payments. Its financial crime detection feature ensures compliance with AML and KYC regulations. Shift’s technology speeds up the decision-making process, allowing insurance companies to operate with greater efficiency. With a market capitalisation of $2.89 million per June 2024, the company has raised $316 million since its inception in 2014, raising $219 million in its latest Series D.

    These top InsurTech companies are disrupting the market with advanced technologies such as AI tools. With their capabilities to streamline user experience, lower costs, and improve decision-making processes, these InsurTech startups will continue to challenge legacy insurance companies.

    • InsurTech

    Author

    Tim Hardcastle

    Published

    26 December 2020

    Estimated Read time

    5Mins

    Tim Hardcastle, CEO and Co-Founder of INSTANDA, on what will be top of mind for insurers in 2021 and why technology will be critical

    “Insurance is the industry of risk. But the depth and breadth of COVID-19 – its impact on society and the economy – was not in insurers’ near-term planning models this year. Insurers and their customers enter 2021 in a world transformed. Physical and mental barriers have deteriorated. Walls separating businesses from customers have collapsed, with the discovery that digital can strengthen customer relationships.

    By Tim Hardcastle, CEO and Co-Founder of INSTANDA

    “As we enter this new world, insurance must reboot and reenergise. Reboot their business development plans, by investing in sophisticated digital tools and partnering with organisations that accelerate innovation. Reenergise their propositions and offerings, so their products continue to excite and stimulate customers.

    “In practice, this means focusing on two areas: personalisation at scale and differentiation through digital engagement. Think Netflix and Disney plus, but in insurance. 

    “There is a more urgent pressure behind this need: cost. To avert another drop in earnings, insurers need to accelerate their digitalisation plans so they can take full advantage of reducing costs to industry leading levels of less than $1 per policy.  

    “What surprises could 2021 have in store? A potentially unavoidable one is the rapid acceleration of contextual or immersed insurance. Where customers buy insurance through another retail or business interaction – say, a new TV in Tesco – and insurance is embedded and sold through that. This not-so-surprise will bring new businesses challenges that only digital platforms can help solve.

    “Another area which is exciting in the year ahead is the industry’s appetite to develop wider service-based offerings, such as pet and cyber insurance which provide extensive service wrappers. A pet wrapper, for example, may include advice on pet health and best practise to keep your pet healthy, with the aim to reduce bills and the insurance claim. This reflects the recognition of serving customers with a wider proposition than simply the claim pay-out.

    “Our own business has adapted to respond to the challenge’s insurers faced this year. We’ve accelerated our plans to add more capability to the platform, such as launching our integration marketplace and digital billing and claims. We’ve done so in anticipation of a greater need from insurers to be braver in their approach to meet customer demand.

    “Finally, I think the industry can expect a rebounding next year. There has been a downgrade in analysts’ predictions of 2020 results for several major players, as revenues slipped and claims increased. But we are also seeing rate increases in other segments so we anticipate 2021 earnings will rebound.  

    “2020 has brought a year of surprises to an industry that has dealt with some of the worst kinds of surprises, for centuries. A lesson it has taught – as surprises often do – is the necessity of adaptability; to be able to respond to customer demand and regulation, quickly.

    “To prepare for this new year, organisations need to look at their existing infrastructure and business models and ask themselves: am I ready?”

    Author

    Kevin Davies

    Published

    2 October 2019

    Estimated Read time

    3Mins

    Over these last three years we have seen how the essence of ‘insurtech’ has evolved. The 300 insurtechs that we…

    Over these last three years we have seen how the essence of ‘insurtech’ has evolved. The 300 insurtechs that we had on stage so far, and the 2,500 that we have in our insurtech database, give us a pretty good picture of what has changed. But also of how things will develop in the coming years. Looking back and ahead, we distinguish four waves of insurtech. With each wave driving the future of insurance in a new direction.
    By Roger Peverelli and Reggy de Feniks

    THE FIRST WAVE OF INSURTECH: CHALLENGERS

    Three years ago, in 2016, ‘insurtech’ mostly meant ‘challengers’. New entrants were out there to attack the established order. Everyone spoke about ‘Disruption’.

    The main driver for this first wave? Eroding entry barriers – due to new technologies. New entrants took the lead in intelligent and innovative use of technology and data, designing new ways of working. New ways of working that solved the frictions that customers experienced when working with incumbents.

    Oscar, the famous US challenger, put it this way “We didn’t start this company because we love health insurance. Quite the opposite in fact.”

    We actually took a closer look at the value proposition of many of these new players. Almost all of them promise that they solve the main reasons for dissatisfaction.

    We listed those issues below. Across the globe, customers have the same kind of complaints about insurance firms. We concluded that virtually all pain points that customers experience are related to ‘simplicity’ and ‘being personal’.

    Of course, there is still sufficient room to improve here. But all these issues are in scope of operational excellence. So, it would be fair to say that all these issues should be solved shortly, and in fact, quite a few are solved already. We already see that Net Promoter Scores are improving. Perhaps not everywhere, but we’re getting there.

    Maybe this is the reason why so far only a few of these new players succeeded in acquiring a significant market share. Apparently, focus on solving operational issues only, simply is not enough to create a sustainable competitive advantage.

    The few winning new entrants are the ones that not only solve pain points but which have a truly distinctive new business model on top of that.

    A great example of a new entrant with such a winning distinctive business model is of course Lemonade. We were honoured that Daniel Schreiber, the co-founder and CEO of Lemonade, shared his vision at our recent DIA Amsterdam edition. Lemonade combines AI with behavioural economics into new business models, and moreover, new value for customers.

    The impact of Challengers in terms of market share may still be limited. But that does not mean that the Challengers are not important. The impact they have on market dynamics is significant, but on a different level.

    Their focus on less frictions and new service levels has changed the expectations of customers. New entrants set new standards. Customers expect the traditional players to offer comparable innovative services as well. This makes incumbents realise, that they really need to step up to the plate, if they want to keep up.