WELCOME TO The POLICY REPORT
Global Reinsurance Highlights 2018
| August 10, 2018
Since 2016 Amlin has been wholly owned and fully supported by the financial strength and scale of MS&AD of Japan, the eighth largest non-life insurer in the world and has become MS Amlin.
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?
Data is the foundation of insurance, and two emerging technologies, the Internet of Things (IoT, and artificial intelligence (AI), are making that foundation more useful than ever. IoT allows internet-connected devices to send and receive real-time data. Insurers are increasingly using IoT data to streamline operations, improve customer engagement, offer discounts for and encourage healthy behavior such as safe driving and regular exercise, calculate risks more accurately, boost competitive advantage and streamline compliance.
Technology, consumer demand, new competition, and changing market dynamics are revolutionizing the insurance industry. The increased pace of innovation and change has challenged traditional insurance practices and created a new age of insurance defined by greater connectivity and automation. Technology and innovation are creating unprecedented opportunity to generate greater operational efficiencies and more value for your business.
Financial losses from a product defect, data breach, serious illness or work-related automobile accident can force business owners to close their doors if they're not prepared. The cost of an unexpected event can be substantial. Hiscox quotes a 2014 study of small business owners, saying the average cost to defend and settle an employee lawsuit was $160,000. Employment litigation is just one type of risk your small business may face.
Keep me plugged in with the best
Join thousands of your peers and receive our weekly newsletter with the latest news, industry events, customer insights, and market intelligence.
Put your news, events, company, and promotional content in front of thousands of your peers and potential customers.
Not a member yet? Not a problem, Sign Up
Sign up to contribute and publish your news, events, brand, and content with the community for FREE