Insurance market shifting quicker than before

insurancebusinessmag | June 21, 2019

Insurance market shifting quicker than before
Insurance. Those within the industry would hope it conjures up visions of something dependable, long lasting, stable.But year on year the insurance market is shifting quicker than could be imagined, according to Aons new report on navigating the changing market. According to the report, insurers are reassessing their business models, with unprecedented loss levels one of the main reasons why.

Spotlight

Today’s technology is almost unrecognisable in comparison. But the pace at which consumers adopt new technologies is phenomenal. Almost all consumers (95%) are aware of driverless cars, with around a fifth (17%)2 saying they’re likely to take up driverless car technology in the next year this, despite it not being available on the market. As consumer lifestyles continue to rapidly evolve, how should insurers communicate with consumers in a way that resonates? What can insurance learn from other sectors? And where do the biggest opportunities lie?

Spotlight

Today’s technology is almost unrecognisable in comparison. But the pace at which consumers adopt new technologies is phenomenal. Almost all consumers (95%) are aware of driverless cars, with around a fifth (17%)2 saying they’re likely to take up driverless car technology in the next year this, despite it not being available on the market. As consumer lifestyles continue to rapidly evolve, how should insurers communicate with consumers in a way that resonates? What can insurance learn from other sectors? And where do the biggest opportunities lie?

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FAO, GAIN and Johns Hopkins Alliance for a Healthier World Launches Online Food Policy Tool

FAO | June 05, 2020

The Global Alliance for Improved Nutrition (GAIN) and The Johns Hopkins Alliance for a Healthier World have launched a new online food policy tool designed to help decision makers. The Dashboard houses food systems of more than 230 countries and territories by bringing together data for over 170 indicators from 35 sources. Policymakers would also be able to look at long-term average annual precipitation in their country and how this is changing over time in the face of climate change. The Food and Agriculture Organization of the United Nations (FAO), The Global Alliance for Improved Nutrition (GAIN) and The Johns Hopkins Alliance for a Healthier World have launched a new online food policy tool designed to help decision makers. The Food Systems Dashboard is a holistic resource intended for policymakers, non-governmental organisations, businesses, civil society leaders, and other actors to enable timely visualisation of national food systems, understand the interconnections across multiple sectors, perform comparisons with other countries, identify key challenges, and prioritise actions. What struck us back in 2017 while working on the UN High Level Panel of Experts on Food Systems and Nutrition Report was the lack of accessible, organised, quality-checked information on food systems. Without that data, it’s difficult to identify the best evidence-based actions that could improve food systems. It was really important to us, given the level of complexity and interconnections inherent to food systems, that the data be presented in a way that is easily usable – and that’s what the Dashboard does. Now decision makers have easy access to both data and to policy advice that is specific to their situations, Johns Hopkins Global Food Ethics and Policy Program Director, Jessica Fanzo. The Dashboard houses food systems of more than 230 countries and territories by bringing together data for over 170 indicators from 35 sources. It aims to enable stakeholders to compare their food systems with those of other countries, and will provide guidance on potential priority actions to improve food systems’ impacts on diets and nutrition. Read More: IBM and Aegon Join Forces to Enhance the Service for Around 800,000 Customers Digitally “The Dashboard has the potential to halve the time required to gather the relevant data, helping public agencies and private entities to grasp the three Ds more rapidly: Describe national food systems, Diagnose them to prioritise areas for action, and then Decide on the action to take based on plausible interventions that have been tried in other countries,” said GAIN’s Executive Director and World Food Prize winner, Lawrence Haddad. For example, a policymaker in the Ministry of Health can look at country-level data about people’s intake of fruits, vegetables, and whole grains, as well as nutrition and health outcomes such as high blood pressure, which may indicate a correlation between lower intakes of these nutritious foods and a higher prevalence of high blood pressure. The data can be compared across countries by region, food systems type, or income classification to inform public health policies to promote increased intake of these foods. Policymakers would also be able to look at long-term average annual precipitation in their country and how this is changing over time in the face of climate change. This, paired with data on the percent of cultivated land equipped for irrigation, aims to help inform decisions such as how to best utilise their agricultural water sources to increase yields of key crops. FAO is contributing its extensive expertise in making complex food systems information more transparent and accessible to this project and looks forward to further collaboration with our partners and beyond to secure the success of this initiative, FAO Director-General, Qu Dongyu. “The Dashboard is open to all and will foster much needed cooperation in transforming our food systems. With the threats and opportunities presented by COVID-19, we need more collaboration between stakeholders who care about hunger, nutrition, livelihoods, climate, biodiversity, and sustainable natural resource use. Working together and sharing information is also essential in order to meet the Sustainable Development Goals, which are now just 10 years away,” Dongyu added. Read More: InsurTech Leaders Partner to Provide Independent Agents With Tailor-made Business Solutions About FAO The Food and Agriculture Organization (FAO) is a specialized agency of the United Nations that leads international efforts to defeat hunger. Our goal is to achieve food security for all and make sure that people have regular access to enough high-quality food to lead active, healthy lives. With over 194 member states, FAO works in over 130 countries worldwide. We believe that everyone can play a part in ending hunger.

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INSURANCE TECHNOLOGY

Verisk Analytics Lauded by Frost & Sullivan for Pioneering Telematics Data Exchange for Usage-Based Insurance in North America

Frost & Sullivan | August 17, 2021

Based on its recent analysis of the North American telematics data exchange market, Frost & Sullivan recognizes Verisk Analytics with the 2021 North American Company of the Year Award for pioneering connected telematics data exchange technology. With the largest data repository of connected vehicle driving data in North America, the Verisk Data Exchange provides significant value to consumers, insurers, and original equipment manufacturers. Consumers benefit from personalized premiums, insurers gain unprecedented access to telematics data from connected vehicles and operational efficiencies for their usage-based insurance (UBI) programs, and OEMs are able to deliver enhanced connected services that enrich the overall ownership experience for their drivers. "Verisk has successfully built a platform that supports major stakeholders, such as insurers and OEMs, while planning for the future of connectivity," said Niranjan Manohar, Consulting Director, Mobility. "By providing instant access to telematics data from connected vehicles, its platform allows insurers to assess risks accurately. The resulting operational efficiencies enable them to not only streamline underwriting processes but identify and retain safer drivers and increase customer touchpoints." With driver cosent, Verisk's platform collects data from more than 8 million telematics-equipped vehicles through relationships with four major OEMs: Ford, GM, Honda, and Hyundai. Through Verisk's risk analytics capabilities and reach to insurers, these OEM alliance partners can deliver high-value connected services that enhance the ownership experience, helping drivers improve and making it easier to unlock behavior-based discounts. Even though other telematics service providers draw data from millions of vehicles, few companies can boast the network effect that Verisk achieves through its Verisk Data Exchange. In addition to connected vehicles, the platform also supports other sources of telematics data: third-party telematics solution providers (TSPs), aftermarket hardware solutions, and smartphones. This source-agnostic approach allows the Verisk Data Exchange to support both personal and commercial lines of auto insurance. The data exchange model changes the dynamics between insurers and customers by enabling continuous and ongoing interactions. As connected vehicles become standard, insurers will find it easier to onboard new customers to usage-based insurance (UBI) policies because embedded telematics requires no additional monitoring. Verisk's popular DrivingDNA® solutions deliver advanced telematics risk scores and normalized telematics data to insurers at point of quote, allowing them to calculate safe driving discounts upfront. Furthermore, insurers can use this data to assess portfolio risk more accurately, create driver scoring models, and improve customer engagement tools, benefitting policy holders. "In a space that has seen many new entrants emerge, Verisk remains a trusted name with years of experience. Besides four of North America's largest OEMs signing into the network, Verisk serves five of the top 10 insurers as well as numerous other mid-market, regional, and insurtech customers," noted Niranjan Manohar. "As the network of connected vehicles continues to expand, the Verisk Data Exchange is poised to scale and adapt to the needs of insurance partners, OEMs, and drivers." Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration. Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

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Coverance Insurance Solutions Announces $10.5 million financing led by CUNA Mutual Group

Cision PR Newswire | September 29, 2020

Coverance Insurance Solutions is pleased to announce a $10.5 million financing led by CUNA Mutual Group, with participation from existing investor Strandview Capital. Coverance is an independent insurance agency that helps seniors navigate the complex Medicare insurance market to obtain the optimal policy and save money. CUNA Mutual Group is a leading insurance, financial services and technology company that helps credit unions provide their members with the solutions to attain financial security through all life stages. Coverance is rapidly building a trusted brand with its celebrity spokesperson Kelsey Grammer, from television shows Cheers and Fraser. The current COVID-19 pandemic highlights the critical importance of proper Medicare insurance for seniors and has accelerated the trend toward centralized call centers versus how much of the industry has been traditionally served through in-person insurance agents.

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