Insurtech Insights

POLL ✔ ❌ Embedded insurance solutions are transforming the way customers purchase and interact with insurance. From seamless integration to personalised coverage, the benefits are vast. We'd love to hear your thoughts! Which benefit do you think stands out the most? #insurtechinsights #embeddedinsurance #insurance

POLL ✔ ❌ What major challenges do AI integrations pose to the insurance industry - and how best can they be tackled? Share your thoughts with us in the comments below - join the conversation. #insurtechinsights #insurance #ai #ml #digitaltransformation

💵 Asking for a raise? 💵 Don't miss this invaluable advice from Nationwide's President of Personal Lines, Casey Kempton, as she talks about the challenges women have when it comes to recognising their worth in the corporate arena and asking for a raise. Kempton was taking part in a live on stage panel debate moderated by Megan Kuczynski, during Insurtech Insights USA 2024 in New York last month. She says: "They don't teach us [women] as well how to have that sort of ego 'I just deserve it' - right - unabashedly. Women should should have more of that - level the playing field." #insurtechinsights #insurance #payrise #renumeration #leadership

POLL ✔ ❌ It's been called "the most serious outage the world has ever seen" with a potential clean-up bill mounting in the billions. Has your business been affected - and what can we learn from it? Tell us your thoughts on the Microsoft/CrowdStrike failure in the comments below. #insurtechinsights #cyber #insurance

The global outage linked to IT giant Microsoft has caused widespread disruption, affecting banks, airlines, train companies, and media organisations - with dramatic implications for the global insurance industry as businesses worldwide report significant disruptions. In the UK, the outage led to Sky News going off the air on Friday morning. Govia Thameslink Railway (GTR), which operates Southern, Thameslink, Gatwick Express, and Great Northern, along with TransPennine Express, issued alerts. Ryanair warned of “potential disruptions across the network,” and Edinburgh Airport reported longer waiting times due to the outage. Crowdsourced website Downdetector indicated outages at several banks and telecom companies. The cyber outage is believed to be linked to an issue at global cybersecurity firm CrowdStrike. Speaking to Insurtech Insights, David D., President of Brokerage and Head of Insurance, Flow Specialty said: "CrowdStrike operates in more than 176 countries with the CrowdStrike Falcon reportedly processing more than 30 billion endpoint events daily worldwide. This could end up costing organisations billions of dollars in lost revenue collectively and already appears to be the largest IT outage in history." Sid Mouncey, CEO of Blink Parametric, took to Linkedin to share reports, saying: "It’s times like these that real-time parametric solutions really deliver for customers of insurers and insurers claims teams alike." The outage also caused shares of CrowdStrike to plunge 18% in premarket trading, while Microsoft stock dropped over 2%. The tech giant attributed the issue to a recent update of CrowdStrike’s Falcon software, which impacted its Windows platforms. “We have been made aware of an issue impacting Virtual Machines running Windows Client and Windows Server, running the CrowdStrike Falcon agent, which may encounter a bug check (BSOD) and get stuck in a restarting state,” Microsoft said. Read the full report here: 👉 https://lnkd.in/eFQEr6nb #insurtechinsights #microsoftoutage #cyberrisk #insurance Al L. AuthN by IDEE

Verisk Extreme Event Solutions, a leading global data analytics and technology provider, estimates that industry insured losses to onshore property from wind in the U.S. due to Hurricane Beryl will range between USD 2 billion and USD 3 billion. Hurricane Beryl formed on the evening of 28 June, quickly becoming a hurricane on 29 June and strengthening into a major hurricane the following day. On 1 July, Beryl passed through the Windward Islands as a Category 4 hurricane and later that day became a Category 5 hurricane, the earliest Category 5 hurricane on record in the Atlantic. On the morning of 2 July, Beryl reached its peak intensity with 165 mph sustained winds before beginning to weaken later in the day due to increasing wind shear. Read the full story here 👉 https://lnkd.in/euBguRXH #InsurtechInsights #InsuranceNews #Flooding

The charismatic Sabrina Hart, President and CEO of Munich Re Specialty - North America, during a live panel discussion 'The Women's Leadership Congress' at Insurtech Insights USA 2024 in New York last month. The session was moderated by Insurtech Insights USA President, Megan Kuczynski and explored the challenged women face when succeeding in leadership roles. #insurtechinsights #insurance #leadership #confidence

Safe-Guard Products International has announced a new investment from Hellman & Friedman, a private equity firm. Founded in 1992 and based in Georgia, Safe-Guard Products is a provider of third-party private label finance and insurance protection products for the automotive, RV, marine, and powersports industries. Randy Barkowitz, Executive Chairman at Safe-Guard, commented: “We are thrilled to welcome Hellman & Friedman as our new majority investor. Safe-Guard’s commitment to excellence remains steadfast. With Hellman & Friedman’s backing and Stone Point’s continued support, we are positioned to deliver even more innovative solutions, superior service, and unmatched value to our partners and their customers.” Hunter Philbrick, Partner at Hellman & Friedman, added: “Safe-Guard is a differentiated provider of private label protection products, offering value to dealers, strategic partners, and consumers. We see several significant growth opportunities and look forward to working together to realise the immense potential ahead.” Read the full story here 👉 https://lnkd.in/erAhSwEm #InsurtechInsights #InsuranceNews

AEGIS London, the London-based Lloyd’s syndicate, has established a new data science and analytics team to enhance its underwriting capabilities and data-driven initiatives. Giuseppe D'Angelo, Head of Data Analytics and Portfolio Underwriting, said: “Data Science and Analytics is an established field within general insurance and in recent years has become a specialism in the London market within high-performing syndicates. Skill sets are highly sought after, so it’s great that we have been able to put together two strong teams." Alex (Aj) Powell, CEO of AEGIS London, added: “Maximising the potential of data is one of my key strategic priorities. So with this team of experts, we will turn our rich pool of data into the raw material for decisions, insights, and product development. Read the full story here 👉 https://lnkd.in/eeUzMVuF #InsurtechInsights #InsuranceNews

Juno - the first company in the US to provide child disability insurance closes US$8.5 million Series A funding to expand reach of new core employee benefit. The fresh capital will enable Juno to expand its client base and broker network, and increase product flexibility to accommodate the budgets of various companies interested in offering this innovative employee benefit. Jordan Epstein, CEO and co-founder of Juno said: “Child disability insurance protects parents from their largest uncovered financial risk, and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.” “Juno is the pioneer of child disability insurance in the U.S., and we are proud to help establish this new core benefit category,” added Stephen Wemple from Spero Ventures. Read the full story here: 👉 https://lnkd.in/em9QA3S6 #insurtechinsights #insurance #funding #insurtech #disability