In this week’s news, the oil lubricating the insurance engine is well understood by carriers. But how well it is managed and integrated into the underwriting process still varies widely. Read building underwriting systems fit for the future.
Welcome to The Digital Eye, your weekly roundup of the latest technology news.
Our team of experts have scoured the internet for the most exciting and informative articles so that you can stay up-to-date on all things digital, data, blockchain, AI & analytics.
This week’s the Top Reads:
- Crypto fintech lands £7m of crowdfunding
- InsurTech Lemonade Acquire Metromile
- Digital insurance platforms could be worth £125 billion by 2026
- What are some critical legal issues when contracting insurtechs?
- Build underwriting systems fit for the future
Bonus Article:
- LEADING with the Right Digital Strategy
We hope you find this information valuable and would appreciate your help in sharing it with others who may also be interested.
Crypto fintech lands £7m of crowdfunding.
Ziglu care about changing our relationship with money for the better.
👁️🗨️ Read Article
“The crypto banking platform has seen strong growth during the pandemic and more recent crypto boom.
UK crypto app Ziglu has raised £7.19m from a crowdfunding campaign via Seedrs as part of an ongoing Series A round.
Ziglu offers customers access to a curated range of cryptocurrencies: Bitcoin, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Ether, Litecoin, Polkadot, Solano and Tezos.
The crowd round is the most significant equity raise on Seedrs in 2021. It represents a slight uptick on its £6m Seedrs round in 2020, similar to the most extensive Seedrs campaign last year. Shares were £34 in the 2020 campaign and now stand at £48.30.”
shared by @AltFiNews
InsurTech Lemonade Acquire Metromile
Lemonade Will Acquire Metromile in Acceleration of Auto Insurance Growth Plans
Metromile offers pay-per-mile car insurance.
👁️🗨️ Read Article
“InsurTech Lemonade Will Acquire Metromile in Acceleration of Auto Insurance Growth Plans.
Digital insurer Lemonade plans to acquire pay-per-mile auto insurance startup Metromile in an all-stock transaction as it aggressively continues expansion plans. With the M&A agreement, the New York-based InsurTech stands to gain a national foothold in car insurance, on top of its expanding presence in home, renters, pet and life insurance.
Lemonade’s auto insurance product -Lemonade Car – only launched in Illinois a week ago, with an app that uses telematics and is designed to measure how much and how safe people drive. But as Lemonade noted, Metromile has 49 state licenses. On top of that, Lemonade gets to add to its roster Metromile’s more than $100 million of in-force auto insurance premium, over $250 million of cash on its balance sheet, and the San Francisco-based InsurTech’s experience using big data and AI for its car insurance process.”
shared by @CarrierMgmt
Digital insurance platforms could be worth £125 billion by 2026
13% of Insurers haven’t integrated digital tech into their current business.
>30% have entirely digitised the value chain.
👁️🗨️ Read Article
“The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.
The digital insurance landscape had an estimated worth of US$102.2 billion at the end of 2020. By 2026, it is projected to blow up to US$169.2 billion (approx. £125.80 billion).”
shared by @InsuranceBizUK
What are some critical legal issues when contracting insurtechs?
KEY Considerations:
1 Data use & security
2 Exclusivity
3 Intellectual property
4 Customer experience
👁️🗨️ Read Article
“The insurance industry is undergoing substantial innovation as companies develop new technology to address evolving customer expectations and risks. Insurtechs have impacted nearly every aspect of the industry, from underwriting and claims management to distribution and product development.
However, with this growth, there are many important legal issues to consider when operating in the heavily regulated and ever-changing insurance ecosystem. This includes critical issues such as data use and security, intellectual property rights, compensation and confidentiality. When it comes to contracts, startups and emerging companies in the insurtech space must address these issues but often lack the leverage or resources to negotiate every term. In this series of articles, we highlight some of the critical issues to consider when contracting — to demonstrate what is truly important and where insurtechs should focus — whether it concerns program administrator agreements or other types of partnership, master services, or marketing agreements.”
shared by @_diginsurance
Build underwriting systems fit for the digital future
“TinyML makes it possible to run deep learning models on microcontrollers (MCU), which are much more resource-constrained”.
👁️🗨️ Read Article
“The fact that data is the oil lubricating the insurance engine is well understood by carriers. But how well it is managed and integrated into the underwriting process still varies widely.
In a bid to help carriers understand how to make the most of valuable proprietary information and add vital context and colour with third-party data, Eileen Potter, solution marketing manager, insurance, at ABBYY, will be speaking at Underwriting Innovation USA on November 9, 2021.
She will guide attendees through ways to acquire the most valuable third-party information, embed it into the business in a way that is easily accessible by those who can most benefit from it, and explore the value that insurtech can add to this process.”
shared by @bdtechtalks
Bonus Article
LEADING with the Right Digital Strategy
A great privilege to take part in the latest PR 360 Podcast
Take a listen, and please let me know what you think.
👁️🗨️ LISTEN HEAR
“Leading with the Right Digital Strategy with Incited Chief Operating Officer Dan Fiehn
Ep. 95
In This Episode…
We talk with Dan Fiehn about leadership in PR. We talk about successful digital strategies keeping up with emerging trends. We also talk about convincing people of your PR vision and how to get people on board with new digital trends.”
The DiGITAL EYE