Save money on insurance payments by making the right buying decisions.

In a tough economic climate, South Africans are always on the lookout for ways to save. Cutting back on insurance premiums is often seen as an easy way to save money. All good, until you lodge a claim and suddenly find that your ‘saving’ now leaves you with an expensive problem. “With Savings Month focusing attention on budgeting it is a great idea to review personal spending and consider saving money on insurance premiums”, says Hannes Oelsen, Head of Claims at MiWay Insurance.

Spotlight

Acadia Insurance

Acadia Insurance specializes in commercial property casualty insurance. Our company began in 1992 insuring businesses in Maine. Today we offer insurance programs for small and midsize businesses throughout New England and New York State with local offices in Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont. Acadia Insurance is a member company of W. R. Berkley Corporation.

OTHER ARTICLES
Insurance Technology

Reinsurance Market Maintaining Its Firming Trend

Article | July 15, 2022

Despite economic pressures on reinsurers and cedants, nearly all buyers were able to secure coverage during the reinsurance renewal period. However, attachment levels and the cost of ceding risk were higher than most buyers desired, and supply constraints in some lines and territories caused stress not seen in years. As a result, according to Gallagher Re's latest 1st View renewals report, the reinsurance market has maintained its firming trend. Despite mostly positive H1 2022 results, the combination of inflation and rising interest rates has caused reinsurers to adjust their balance sheets and reserves while also taking into account how a recessionary environment may increase claims frequency. These economic factors, combined with sustained loss levels, allowed reinsurers to maintain upward pricing pressure as they sought to reduce their appetite for volatility. Key Contributions to Understanding: Natural disaster capacity decreased overall as reinsurers continued to shift away from low-level layers, which differed by country and region. Reinsurers were seen assessing cedants' inflation-related actions and applying carefully calculated loadings to relevant treaties. The Russian invasion of Ukraine increased interest in cyber and war contract provisions. Long-tail casualty placements remained popular among reinsurers, but there was more debate about ceding commissions than in recent renewals. Higher ILS risk transfer prices have attracted net new capital, but this has not resulted in market softening. The inflation discussions have been detailed and technical, with reinsurers eager to challenge cedants' model outputs. Most reinsurers are assessing reserve adequacy as interest rates rise, in addition to their concerns about primary rate adequacy in the new inflationary environment. They are experiencing effects simultaneously on the asset and liability sides, which has strengthened their resolve to maintain the pricing momentum of the previous two years.

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Insurance Technology

10 Most Impactful AI-based Insurance Innovations of 2019

Article | July 19, 2022

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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Claims

Advancement of Technology in the Insurance Industry

Article | July 15, 2022

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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How Will COVID-19 Affect Insurtech

Article | April 13, 2020

It is common knowledge that there is virtually no industry that has been immune to the effects of COVID-19. The global pandemic has caused massive shifts in individual and industrial behavior and will continue to do so in the months, if not years, to come. The P&C industry, like many others, is reeling from the effects of the virus. Amidst all these events, it is important to assess how the insurtech industry is going to be affected by COVID-19.

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Spotlight

Acadia Insurance

Acadia Insurance specializes in commercial property casualty insurance. Our company began in 1992 insuring businesses in Maine. Today we offer insurance programs for small and midsize businesses throughout New England and New York State with local offices in Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont. Acadia Insurance is a member company of W. R. Berkley Corporation.

Related News

Auto Insurance Rates Are on the Rise - Here’s Why

capitalgazette | May 22, 2019

Auto insurance rates have been climbing up at a steady rate lately, and this is becoming more and more obvious to the average person. In fact, some people have started to get worried about the situation and the implications it holds for the future. And the worst part is, many of those people have a very poor understanding of the auto insurance market and how it works, and as a result have no idea what's causing these changes. Understanding the current market dynamics is important if you want to get the best deal on your own insurance, and it's even more important if you're planning any big purchases of this type in the future. You have to make sure that you can get the best deal on your future insurance plans.

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Aquiline to Acquire Relation Insurance Services in California

Aquiline Capital Partners LLC | February 22, 2019

Aquiline Capital Partners LLC, a private equity firm investing in financial services and technology, has entered into a definitive agreement to acquire Walnut Creek, Calif.-based Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners. Terms of the deal were not disclosed. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2019.

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Auto-Owners Insurance snaps up regional insurer

Capital Insurance Group | February 20, 2019

Auto-Owners Insurance, a multi-line property and casualty insurer operating through independent agencies in 26 states, has announced that it has entered into a definitive agreement with Capital Insurance Group (CIG). CIG is a regional property and casualty insurer serving the western United States. The company insures personal lines and a wide range of commercial and agricultural businesses in California, Washington state, Oregon, Nevada and Arizona.

Read More

Auto Insurance Rates Are on the Rise - Here’s Why

capitalgazette | May 22, 2019

Auto insurance rates have been climbing up at a steady rate lately, and this is becoming more and more obvious to the average person. In fact, some people have started to get worried about the situation and the implications it holds for the future. And the worst part is, many of those people have a very poor understanding of the auto insurance market and how it works, and as a result have no idea what's causing these changes. Understanding the current market dynamics is important if you want to get the best deal on your own insurance, and it's even more important if you're planning any big purchases of this type in the future. You have to make sure that you can get the best deal on your future insurance plans.

Read More

Aquiline to Acquire Relation Insurance Services in California

Aquiline Capital Partners LLC | February 22, 2019

Aquiline Capital Partners LLC, a private equity firm investing in financial services and technology, has entered into a definitive agreement to acquire Walnut Creek, Calif.-based Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners. Terms of the deal were not disclosed. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2019.

Read More

Auto-Owners Insurance snaps up regional insurer

Capital Insurance Group | February 20, 2019

Auto-Owners Insurance, a multi-line property and casualty insurer operating through independent agencies in 26 states, has announced that it has entered into a definitive agreement with Capital Insurance Group (CIG). CIG is a regional property and casualty insurer serving the western United States. The company insures personal lines and a wide range of commercial and agricultural businesses in California, Washington state, Oregon, Nevada and Arizona.

Read More

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