There is a sea change coming to Insurance, this sea change is about AI, its been talked about for a few year but now it is coming. The big promise is that it will be used to improve process in dealing with claims pricing, and placing insurance. It will open up a sea change in innovation.
Brokerslink global insurance conference. Another successful year of growth.
Posted in MicroInsurance blog on Aug 31, 2019
Oh! - Darling, you got to let me know - Should I stay or should I go? - If you say that you are mine - I'll be here till the end of time - So you got to let me know - Should I stay or should I go? The Clash, not quite the soundtrack people will be listening to with Dorian expected to make landfall on Tuesday. But the sentiment will be well known to Florida residents as they are engaged in a complex, high-stakes set of financial, logistical and psychological calculations of whether to stay or go.
Studies have proven that high insurance penetration significantly reduces or even balances out the negative effects of catastrophic events economically. The positive economic effect of risk transfer is thus particularly strong in emerging economies. What use case is there for this and what can insurance companies do to help drive higher insurance adoption rates?
The sharing economy is growing up fast, message is that the growth will reach or surpass PwC’s projections which show that five key sharing sectors—travel, car sharing, finance, staffing, and music and video streaming — have the potential to increase global revenues from roughly $15 billion in 2015 to around $335 billion by 2025. Massive growth.
Is Artificial Intelligence (AI) taking over everything? Do we have to fear or welcome this new AI tech? Is the reality that AI Augmentation more deliverable and welcoming?
In the USA and China an increasing number of tech companies are bringing more in house. Is this the lesson for Insurance? In-source not Outsource? Is this a path for a digital insurer.
Posted in MicroInsurance blog on Jun 07, 2019
June is the start of the hurricane season, the world is warming up and yet it is predicted as a 'normal' season. Also what are these stripes all about....?
The first methods of providing a form of insurance can be found in Chinese and Babylonian history from the 3rd and 2nd millennia BC. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system where a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea. These were systems built around communities sharing in hazardous activities. The idea of insurance and community support seems to be lost to the current insurance industry.......
When the produce being transported is fruit and vegetables, any disruption in the supply chain can lead to substantial losses because they are perishable goods. In these situations how can businesses know what decisions to make and how to deal with these issues? Real time tracking of supply chain is an answer.