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Insurance Trend Watch
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Insurance Trend Watch

We’ve spotted a few interesting recent articles that we’ve gathered into an insurance trend watch roundup.

The Future, and Present, Belong to Specialty P/C Insurers: Conning Insurance Journal:

 

Specialty property/casualty insurers are now a dominant force in the market and generate more than half of the industry’s premiums, Conning Inc. asserts in a new report.

 

Specialty property/casualty insurers are now a dominant force in the market and generate more than half of the industry’s premiums, Conning Inc. asserts in a new report.

Long-term, Conning said that advances in data analytics, emerging risks and the battle for underwriting talent will place specialty insurers at an advantage in terms of growth opportunities."

Usage-Based Insurance is Gaining Traction, Particularly Among Millennials

Nielsen

 

Customer acceptance is a big hurdle for UBI carriers, primarily because of concerns about privacy, car malfunctions and the accuracy of driving reports. These concerns stem from the fact that UBI requires onboard telematics technology that transmits driving habit information from vehicle to insurance carrier. Even so, given the rapid growth in connected tech, U.S. household participation in UBI policies is on the rise, growing from 13% in 2013 to 20% in 2015.

 

Innovation Trends in 2016

Matteo Carbone of Bain Financial Services, posted at Insurance Thought Leadership

 

Digital transformation is, of course, leaving its mark in four macro areas.  
First, consumer expectations: A Bain survey suggests that more than three out of four consumers expect to use a digital channel for insurance interactions.  
Second, product flexibility: The traditional Japanese player, Tokio Marine, for example, started offering temporary insurance policies via mobile phone, e.g., travel insurance limited to the dates of travel and personal accident coverage for people playing sports.  
Third, ecosystems: They are created when the insurance value proposition depends on collaboration with partners from other sectors. For example, when Mojio sells a dongle (at, say, a supermarket) that requires connection to an open-source platform to be installed in a car, third-party suppliers are able to extract driving data from that platform and create services based on it. Onsurance, for one, offers tailor-made insurance coverage based on the data collected.  
Fourth, services: Insurers today are moving away from the traditional approach of covering risks to a more comprehensive insurance plan, which includes additional services.

Matteo Carbone of Bain Financial Services, posted at

 

Outsmarting Smart Technology: Top 3 IoT Trends Affecting Insurance

Jordan Reabold, Independent Agent

 

The Internet of Things (IoT) is a web of connected people and devices that, simply put, quantifies life. Kevin Ashton, known as the father of the IoT, calls it “a standardized way for computers to understand the world.” This includes anything from soccer balls that measure skills to security systems that use your cardiac rhythm to validate identity.

 

Massachusetts M&A Activity Increased Again in 2015

Julia Ybara, Agency Checklists

According to Mr. Menzer, in 2014, there were a total of 17 merger & acquisition transactions in the Commonwealth. In comparison, in 2015, there were 18 transactions. While this figure shows little change from the prior year with deals increasing only by >25%, Mr. Menzer cautions that this result could just be timing rather than a trend.

8 conversations shaping technology

Monica Anderson, Pew Research

  • Privacy vs. security
  • Personal data concerns
  • Online harassment
  • Smartphones as a central part of the digital world
  • The rise of the 'gig economy'
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