The new report dives into the future of claims management featuring Q&As with a number of TPAs and loss adjusters including Crawford & Company, Genpact, and Cunningham Lindsey as well as a case study of recent initiatives by Allstate on the claims side.
In five years, 2/3rds of the claims executives polled believe 10-20% of P&C claims will be settled on a fully automated basis.
Bestow, a Dallas-based digital life insurance startup, which works with the North American Company for Life and Health Insurance, raised $3.1M in seed funding according to a filing caught by CB Insights.
The startup is co-founded by Jonathan Abelmann, previously a co-founder of single family home leasing operator Invitation Homes (NYSE: INVH).
Travelers Alan Schnitzer weighs in on new small commercial entrants
On Travelers second quarter earnings call, CEO Alan Schnitzer had this to say on new entrants, both from larger insurers and startups, in the small commercial segment:
“I think different competitors and others are at different stages of their engagement in the marketplace…There is a lot of rhetoric out there. How much business is actually being transacted on that basis and how much is aspirational from the perspective whether that you are saying is something that is worth looking into. But I would say that we are as engaged as anybody on – in all those areas and as aspirational as everybody in all those areas.”
As of today, there are at least six (re)insurers or corporate VC arms backing small commercial insurance distribution startups including Starr, Markel Ventures, Hiscox, XL Innovate, Munich Re/HSB Ventures, and Nationwide Ventures. This doesn’t include older startups that have since entered small commercial distribution.
New cyber risk report
Lloyd’s of London teamed up with Cyence to publish a new joint report on the financial impact of certain cyber scenarios and the state of cyber coverage. The full report is available here.
InsureTech Connect 2017
Our newsletter subscribers can access a special rate for $300 off your ticket ($1095 versus $1395) at InsureTech Connect, the industry’s largest insurtech event – bringing together more than 3,000 entrepreneurs, investors and insurance industry incumbents from across the globe.
The official ITC speaker lineup and agenda has been announced and is available here.