KPMG: The 'one-size-fits-all' approach to insurance no longer works

KPMG | November 29, 2019

To better serve millennials, insurance companies in Canada should not only be willing to transform their business approaches, but also capable of utilizing big data, a new report from KPMG suggests. According to KPMG’s new report, “Insurance frontiers: Here to horizon,” 86% of chief executives at insurance companies surveyed said that they are concerned over how millennials will change their business – particularly when millennials are not following historical norms in terms of predicted life paths or milestones. The report also found that 84% of Canadian millennials do not trust traditional advertising. Ninety-five per cent (95%) also said that the most credible source of product information is their friends. “The insurance industry will look radically different in 10 years from how it does today,” said KPMG partner and national insurance sector leader Chris Cornell.

Spotlight

Traditional insurance organizations must adapt to compete in the digital age. In today’s evolving insurance market, being stuck with complex, inefficient systems risks disrupting the customer experience, hampering revenue opportunities, and magnifying operational costs across lines of business. Insurance organizations need a more efficient, agile approach to integrating data from across their business.

Spotlight

Traditional insurance organizations must adapt to compete in the digital age. In today’s evolving insurance market, being stuck with complex, inefficient systems risks disrupting the customer experience, hampering revenue opportunities, and magnifying operational costs across lines of business. Insurance organizations need a more efficient, agile approach to integrating data from across their business.

Related News

INSURANCE TECHNOLOGY

Embedded Insurance Platform Mulberri Raises $4M Seed

MULBERRI | July 29, 2022

Mulberri, the business insurance platform for modern PEOs and brokers, announced it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). A shared platform that makes business insurance easier to access and manage, Mulberri will use the funding to continue to expand its infrastructure and data modeling to help make business insurance more simple, efficient, and transparent. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.” The process of buying, selling, and managing business insurance has always been complex, but increasingly it has become too slow. With manual workflows, archaic processes, and low-tech solutions, business insurance processes have lagged behind other insurance sectors, which have embraced automation and data-first approaches. But that’s where Mulberri comes in. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. “Business insurance processes have been long overdue for an overhaul,” said Jon Soberg, Managing Partner at MS&AD Ventures. “Mulberri recognized this problem and has developed an innovative, streamlined solution.” Mulberri delivers on the speed, transparency, and efficiency that PEOs and brokers have been asking for. The platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others. “Mulberri’s embedded platform empowers each one of the critical parties –– the SMB, the PEO, the broker, and the carrier –– while meaningfully leveling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense,” said Joseph Malchow, founding partner of Hanover Technology Investment Management. “Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.” ABOUT MULBERRI Mulberri is a pioneering embedded insurtech that is revamping the way insurance is delivered. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. To learn more, visit https://www.mulberri.io/.

Read More

RISK MANAGEMENT

Surefire Cyber Introduces Incident Response Company to Aid the Cyber Insurance Industry

Surefire Cyber | June 01, 2022

Surefire Cyber, a new incident response company, debuted today to assist cyber insurers, brokers, legal firms, and the enterprises they support in better managing cyber events like ransomware, email hacking, and other cybercrimes. The firm received a $10 million Series A round of funding from Forgepoint Capital. Surefire Cyber's goal is to work with our clients and partners to swiftly manage a cyber incident and then bring forward capabilities to help them become more cyber resilient. Our delivery of end-to-end digital forensics and incident response capabilities is built on a tech-enabled framework and delivered through a platform that aligns and connects an organization's executives, technical team, insurance carrier, and legal counsel." Billy Gouveia, the CEO and Founder of Surefire Cyber. Surefire Cyber is committed to being great partners to carriers, brokers, Breach Coaches®, and the clients they work together to support. We are pleased to welcome them as new contributors to the cyber insurance ecosystem who offer deep experience and a valuable perspective." Mark Greisiger, President and Founder of NetDiligence®. Based on two long-term trends: the rising cost of cyber incidents and the growing adoption of cyber insurance, industry veterans found Surefire Cyber as a purpose-built response firm that leverages a proven team and a tech-enabled platform to improve transparency, improve decision making, minimize business interruption, and guide organizations from recovery to long-term resilience. Forgepoint Capital, the world's most active early-stage cybersecurity venture capital firm, is backing Surefire Cyber. Before he started Surefire Cyber, Gouveia worked as an Entrepreneur-in-Residence at Forgepoint. There, he helped develop the company's strategy, business model, technology, and team, as well as build important partnerships with companies across the firm's portfolio.

Read More

INSURANCE TECHNOLOGY

Inszone Insurance Services Acquires B-W Insurance Agency, LLC

Inszone Insurance Services | July 22, 2022

Inszone Insurance Services, a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of B-W Insurance Agency, LLC. B-W Insurance was founded in 1984 by Bev Watenpaugh who entered the insurance industry after a successful professional career operating her own preschool. The agency was created to provide needed insurance for the more difficult driver and property owners. With the addition of husband Gene Watenpaugh and daughter and current owner Kim Steffen, this family-owned agency grew in the commercial space, supporting a diverse range of business industries. B-W Insurance was able to harness the power of word-of-mouth, as happy customers referred their friends and family to the agency and helped fuel their growth. “We are excited to bring B-W Insurance into the Inszone Insurance family, Through our acquisitions our agency has grown rapidly within the state of Colorado, we look forward to continuing to serve the state and provide additional resources and insurance options to protect all customers.” Norm Hudson, CEO of Inszone Insurance Services Inszone Insurance is expected to announce several acquisitions as well as new locations in the upcoming months. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 30 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

Read More