8 Ways the Insurance Industry Can Use Data to Improve Performance

| December 4, 2019

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2018 was a good year for insurers and many are on track to end 2019 on a high note. However, the outlook for 2020 may not be as rosy; according to Deloitte, challenges like the potential for economic slowdown and trade uncertainty may cast a shadow on insurance market projections. As we head into the new decade, insurance companies need to invest in data and technologies in order to maximize their market share and stay ahead in a competitive industry.

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Steamship Insurance Management Services Ltd

Steamship Mutual’s aim is to provide a comprehensive high quality P&I service backed by sound underwriting and strong reserves. Steamship is one of the most diverse and international of Clubs. Today we insure over 9,000 ships, of every conceivable type and size and the Clubs membership is drawn from over 50 countries Find out more about our comprehensive cover & exceptional service on www.steamshipmutual.com

OTHER ARTICLES

Coronavirus and insurance: threat or opportunity?

Article | April 17, 2020

The world is facing an unprecedented situation like never before. In the span of a couple of weeks, a visually undetectable virus has wreaked havoc and driven everyone home. COVID-19 had led offices to close, the economy to slow down, and has isolated us in our homes. Zooming in on the insurance industry, the effects haven’t gone unnoticed here either. Since no one was prepared for a pandemic of this scale, people are scrambling to know what their insurance covers. Those who weren’t covered are enquiring if they can get covered now. Travel and health insurance are the specific types are making the most news.

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10 Most Impactful AI-based Insurance Innovations of 2019

Article | April 13, 2020

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Does Business Interruption Insurance Cover COVID-19 Closures?

Article | April 2, 2020

Our clients are asking us: Do commercial property and, specifically, business interruption insurance policies provide coverage for COVID-19-related losses? As discussed below, it is critical that you promptly review your company’s policies, exclusions and relevant endorsements to evaluate whether your business has coverage in the wake of COVID-19. If appropriate, you should make a claim with your insurance carrier.

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Will Digital Overload Turn Consumers Away From Insurtech Products?

Article | February 14, 2020

Despite consumers never having had so much choice of technology, media and telecommunications (TMT) products and services, many UK households are becoming overwhelmed by the prospect of switching provider, which is leading to apathy among consumers. This kind of weariness with online tech could well hamper new insurtech start-ups, looking to win over new customers who are already browsing their fave websites and apps.

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Spotlight

Steamship Insurance Management Services Ltd

Steamship Mutual’s aim is to provide a comprehensive high quality P&I service backed by sound underwriting and strong reserves. Steamship is one of the most diverse and international of Clubs. Today we insure over 9,000 ships, of every conceivable type and size and the Clubs membership is drawn from over 50 countries Find out more about our comprehensive cover & exceptional service on www.steamshipmutual.com

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