Insurtech Insider Episode 26: More news you need to know

Episode 26 · October 17th, 2018 · 35 mins 43 secs

About this Episode

Sarah is back hosting with Nigel this week with a great guest, Dylan Bourguignon, CEO and Founder of SoSure to talk all about the latest news in insurtech. Including:

Beale reveals barrage of abuse after taking Lloyd's job. Outgoing Lloyd’s boss reveals the homophobic and sexist abuse she received after taking the top job. Lloyd’s chief executive, Dame Inga Beale has outlined the extent of abuse she received after taking the job at the insurance market. She told The Sunday Times that she received letters and messages from male brokers and underwriters within Lloyd’s.

AXA XL partners With Parsyl to offer enhanced marine risk prevention services. AXA XL announced it is working with Parsyl Inc., a Denver based supply chain data platform that helps shippers, insurers and their clients understand the quality of the conditions that sensitive or perishable products are kept in. Sensors are placed alongside sensitive cargo, providing insights into the travel of a product through the entire supply chain, from the first mile to the last. AXA XL uses Parsyl’s sensors and its expertise in large-scale data mining to analyse data such as location, temperature, light, humidity and movement impact on cargo. This allows AXA XL to offer clients enhanced loss mitigation and risk prevention services.

Aviva takes on fraud with new tool. The fraudulent behaviour identification tool allows Aviva to screen in real-time more than half a million motor insurance quotes daily. “We have moved the fight against claims fraud from ‘detection’ to ‘prevention’, from the point of claim to the point of sale, and from post-sale to real time,” said Tom Gardiner, head of fraud at Aviva UK General Insurance. “We’re finding 20% more fraud that previously went undetected.

World InsurTech Report 2018: Collaborative approach between incumbent insurers and insurtechs gains traction. The report finds that insurance executives across the industry believe that InsurTechs will be a major catalyst to redefine the customer experience, deliver widespread efficiencies, and create new business models. 67.1% of incumbent insurers said insurtechs could ‘redefine customer experience’, 36.7%said they could ‘bring in new business models’ and 35.4 % felt that InsurTechs would ‘enhance incumbent insurers’ capabilities.

17 Startups selected for batch one of the "Insurtech Europe powered by Plug and Play" program. The startups will join Batch One of the innovation platform launched last year November by Plug and Play Insurtech and Insurtech Hub Munich. The corporate partners on the platform include Allianz, Munich Re, Versicherungskammer Bayern, Talanx, Irish Life, Willis Towers Watson, and Swiss Re. During the next three months, the startups will be introduced to Plug and Play's corporate partners and have the chance to work with various business units to evaluate POCs, pilot projects, and investment opportunities. Plug and Play does not take equity as a prerequisite to join the program and there is no cost for the startups.

Buzzmove gears up to launch smart app-based home insurance product. The insurtech, which secured £6m in super seed funding in August, will launch a product first announced back in February. Buzzvault uses a ‘smart inventory tool’ to log items in a personalised digital ‘vault’ which can be matched accurately to book certified removal firms and subsequently get quotes for home insurance. It is free to use and update and aims reducing administration costs and lengthy application and claims procedures.

This episode of Insurtech Insider was produced by Laura Watkins and edited by Michael Bailey.

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