GDPR: Catalyst or deterrent for innovation in Insurance?

ALEX ANISIE | December 10, 2017

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Despite perceptions as traditional and risk-averse, the Insurance sector is no stranger to digital transformation. Although digitization in insurance has seen a slow start, within the last 2 years InsurTech has experienced exponential growth triggered by a clear imperative to innovate in an otherwise stale and traditional Insurance sector.

Spotlight

Securite Assurance

Securite Assurance is one of the oldest insurance companies in Lebanon. It started its operations in 1955 as the agent of Union des Assurance de Paris (UAP), which was one of the largest insurers in Europe. Following the merger of UAP with AXA, shareholders decided to create a local insurance company, and this is how Securite Assurance came to life.

OTHER ARTICLES

Impact of Coronavirus on Life and Health Insurance Policies

Article | March 25, 2020

Coronavirus has caused 9 deaths in India so far, with confirmed cases to touch the 600 mark soon. As numbers increase rapidly, how can health and life insurance policies come to your aid if you or your family member is tested covid-19 positive? Earlier this month, the Insurance Regulatory and Development Authority of India (Irdai) had issued guidelines for health insurers asking to expedite coronavirus related claim settlement in the case of hospitalisation.

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The impact of Coronavirus on the insurance industry

Article | March 20, 2020

Unsurprisingly, that has had a knock on effect on financial service providers across the board and those in the insurance industry are no exception. In some cases insurers have started taking action to protect their businesses which, while sensible, left many consumers in the lurch as airlines failed to cancel flights and governments issued conflicting advice as to whether people should travel or not. Others in the insurance industry meanwhile are being forced into action to customers’ benefit by governments’ emergency responses to the virus.

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7 Business Models of the Future for Insurers

Article | March 18, 2020

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

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Will COVID-19 Disrupt the InsurTech Movement?

Article | April 1, 2020

If there is one thing that we have all learned with the spread of COVID-19, it is that there is virtually no industry that is immune to its impact. The global pandemic is disrupting the daily lives of individuals, the operations of businesses, the activities of governments, and even the approach of cherished institutions like museums, universities, and religious organizations. The P&C insurance industry, like many others, is reeling from the implications of the virus. Amid the rapid changes that are taking place, it is important to assess the impact of COVID-19 on the InsurTech movement. After all, InsurTech has always been touted as the ultimate disruptor of the insurance industry. But, might COVID-19 prove to be a disruptor to InsurTech?

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Spotlight

Securite Assurance

Securite Assurance is one of the oldest insurance companies in Lebanon. It started its operations in 1955 as the agent of Union des Assurance de Paris (UAP), which was one of the largest insurers in Europe. Following the merger of UAP with AXA, shareholders decided to create a local insurance company, and this is how Securite Assurance came to life.

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