PriyaPatel
TLDR:
Insurtech 2.0 is focusing on advancements in claims and underwriting, with experts highlighting the importance of innovation in these areas. Technologies such as AI are being utilized to improve the claims process and address changing climate risks in pricing and underwriting. Continuous underwriting is becoming a key feature, allowing insurers to keep coverage up to date in real-time and offer more granular pricing. Insurtech startups need to involve insurance experts to avoid failures seen in previous waves of startups.
Article Summary:
Insurtech 2.0 is moving towards advancements in claims and underwriting, with experts emphasizing the need for innovation in these areas. Ellen Carney of Forrester Research points out the importance of a good claims experience for customers. Bill Pieroni, CEO of ACORD, hopes that new technologies, particularly AI, will improve underwriting and claims processes in the insurance industry. Siddhartha Jha, founder of Arbol, stresses the role of technology in addressing changing climate risks in pricing and underwriting.
Insurtech startups are working on improving claims settlement processes, with companies like Arbol offering parametric products to handle claims based on data. Continuous underwriting, as demonstrated by Cover Whale, is becoming more common, allowing insurers to keep policies up to date in real-time. This approach also helps with accurate risk assessment in commercial trucking insurance.
Overall, the goal is to achieve more granular pricing in insurance to offer products to a broader customer base. Addressing changing climate risks is a key factor in this, as more technology involvement in pricing and underwriting is needed. Insurtech 2.0 is focusing on enhancing customer experience in insurance and avoiding the failures seen in previous waves of startups by involving industry experts in the development process.
