insurance disruption News

P/C Insurance Execs See Growth Coming from Technology Innovation, New Products

Technology innovation will provide the biggest growth opportunities for reinsurers in the year ahead, according to a survey by Guy Carpenter & Co. The annual survey polled executives from insurance and reinsurance companies during the 2016 Property Casualty Insurers Association …

Insurers Take Risk in Not Growing Technology Budgets in Age of Disruption: Novarica

Despite the increased challenges facing insurers from new technology-enabled competitors, insurers’ 2017 information technology budgets look a lot like those of prior years, according to consulting firm Novarica. Novarica’s annual study of U.S. insurer IT budgets and projects analyzes results …

Re/Insurers Need to ‘Reinvent’ Products to Participate in New Economy: XL’s McGavick

The re/insurance industry needs to innovate and become more efficient. It is facing more risk, but premiums are declining. Some of its products have become shop-worn and less relevant. Competitive pressures are immense. These are just some of the negative …

Insurance Execs’ Midlife Crisis Cure: Four AIG, ACE Veterans Join Startup P2P Insurer Lemonade

An instech startup looking to disrupt the property/casualty insurance industry with a new business model has turned to four seasoned insurance executives from traditional carriers AIG and ACE Insurance to round out its executive team. Lemonade, the peer-to-peer (P2P) insurance …

A Conversation on Innovation and the Industry’s Future with ACORD’s Hartnett

There are not many insurance executives who will quote inventor Thomas Edison, Microsoft’s Steve Baumer, futurist Alvin Toffler, Moore’s Law and philosophers Aristotle and Plato. There are also not many people in the insurance business who can flash business cards …

ACORD Names 2 Insurance Innovation Challenge Winners: Livegenic, Insurity

A technology that gives claimants more control of the claims process and another that makes data conversion easier for insurers have been named winners of the 2015 ACORD Insurance Innovation Challenge. ACORD, the insurance industry’s global data standards and services …