Not all InsurTech startups are trying to steal your business
A large percentage of the burgeoning insurance technology sector is trying to improve the existing insurance industry rather than replace it according to a new report.
The study by Startupbootcamp and PwC discovered that customer service is the focus for 35 per cent of the InsurTech startups and 75 per cent of existing insurance businesses also believe that improving customer relations through new technology will be the biggest impact on the industry.
Along with improving customer interactions, a smaller number of these startups are trying to cut insurers’ costs.
“If insurtech start-ups and incumbent companies can successfully work together to build new and relevant insurance products whilst cutting their operating costs and passing some of these savings on to the customer, it is not just an opportunity to increase profitability, it is a real chance for insurers to build and retain trusted relationships with customers,” commented Jonathan Howe, PwC’s insurance leader in the UK.
Major insurer enters transaction liability market
Berkshire Hathaway Specialty Insurance has expanded into transactional liability insurance in the US and Canada it announced Tuesday.
“BHSI has the key attributes that companies value in transactional insurance: expertise, financial strength, capacity, and agility in analyzing risks and responding to the exposures of mergers and acquisitions and other corporate transactions,” said Dan Fortin, Head of Executive and Professional Lines, BHSI. “We look forward to continuing to expand our market presence and our team, with Robert’s experience and leadership at the forefront.”
The new operation will be headed by Robert Underhill as Senior Vice President, Head of Transactional Liability. He joins Berkshire Hathaway from law firm Locke Lorde and is based in Berkshire’s New York office.
Canadian storms cost insurance industry $34 million
The cost of storms in June in the Saskatchewan, Manitoba and Ontario areas caused more than C$34 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc.
In Saskatchewan and Manitoba, hail, strong winds and flash floods caused most of the damage. In Ontario, flooding in the Thunder Bay area caused the greatest damage. Isolated hailstorms across the region also caused significant damage to homes and vehicles.
"Storms such as these have been happening more frequently and with greater severity," said Bill Adams, Vice-President, Western & Pacific, Insurance Bureau of Canada.
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