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5 Key Factors Every Entrepreneur Should Know about Personal Injury Law

H. — Tue, 12 Mar 2024 06:00:15 +0000

Bringing yourself up to speed with personal injury law can seem like a formidable task for any entrepreneur. Yet, it’s essential to recognize its significance, not just as a legal framework but as a cornerstone for safeguarding your venture.

From liability insurance must-haves to compliance protocols and professional demeanor, there’s an array of safeguards that shield your business from unexpected setbacks. Understanding these facets is more than mere legal obligation; it’s strategic foresight.

Each decision you make could either invite risk or bolster your company’s defenses against potential disputes. Let’s unmask the elements you need to master to maintain both peace of mind and operational continuity.

The Entrepreneur’s Shield: Liability Insurance Basics

Liability insurance isn’t just a safety net—it’s your first line of defense in a world where accidents happen and lawsuits loom. As an entrepreneur, securing comprehensive liability insurance should top your to-do list, along with a number of other key types of coverage.

This critical coverage acts as a buffer, protecting your financial resources against claims of injury or property damage tied to your business activities. Think of it as an investment in your company’s longevity (and don’t skimp—opt for a policy that provides ample coverage for various scenarios).

Steering Clear of Legal Pitfalls

Proactive legal compliance is not merely following the rules—it’s crafting a culture steeped in caution and care. And working with expert personal injury lawyers, like those at Vaughan & Vaughan, can transform a maze of state and federal regulations into a clear path forward.

The right legal team will help tailor your business practices to avoid common missteps that could lead to litigation, ensuring that your day-to-day operations align with industry standards and keep you out of the courtroom. As the saying goes, prevention is always less costly than a cure—particularly in legal matters.

Cultivating a Culture of Safety

Safety is not an afterthought—it’s the blueprint from which resilient businesses are built. By implementing rigorous safety protocols, you’re not just complying with regulations; you’re also instilling a mindset that prioritizes wellbeing.

This commitment reduces the likelihood of personal injury claims by creating an environment where caution is common and risks are rarely taken for granted. It’s about nurturing a workspace where employees and clients alike feel secure, knowing that their welfare is paramount. Ingrain safety in your company ethos, and watch as it pays dividends in loyalty, reputation, and reduced legal exposures.

Approaching the Fallout of Incidents

When incidents do occur, what comes next is a critical period that requires deliberate action. It’s essential not just to respond, but to respond correctly. This means documenting every detail meticulously, communicating openly with all parties involved, and initiating an internal review process to prevent future occurrences.

Swift and thorough incident management not only aids in defending against personal injury claims but also demonstrates your business’s commitment to accountability and continuous improvement. Equip yourself with an actionable response plan—because when the unpredictable happens, time and clarity are of the essence.

Establishing Fair Play: Professional Conduct

In the arena of business, professional conduct does more than just set the tone for workplace culture—it serves as a bulwark against personal injury litigation. Adhering to ethical standards and fostering respect in every interaction can significantly diminish conflict.

It’s about building relationships on a foundation of trust, where clients and employees alike know their concerns are taken seriously and addressed promptly. This level of professional integrity not only elevates your brand but also minimizes the friction that can lead to legal disputes. In essence, leading with decency is both morally right and strategically smart.

The Bottom Line

In the whirling waltz of entrepreneurship, understanding personal injury law is akin to learning the right steps—essential for navigating through challenges with grace. Embracing these key factors lets you equip your venture with a robust defense, ready to face the rhythms of risk and opportunity with confidence and poise.

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How Might an Injury Affect Your Earning Power — and What Can You Do About It?

H. — Wed, 03 Jan 2024 22:33:26 +0000

Unfortunately, accidents can occur at any time. If you should experience an injury, it could affect your earning power – in the short term or the long term. However, there are things you can do to help the situation.

Let’s first look at how an injury might affect your ability to earn an income.

Temporary Loss of Income

An injury, especially a severe one, may require a period of rest and recuperation. During this recovery phase, you might not be able to work, which can lead to a temporary loss of income.

Your financial situation could be heavily strained if you are without a regular paycheck, and the amount of lost income will depend on the length of your rehabilitation.

Long-Term or Permanent Disability

In some unfortunate circumstances, an injury may result in long-term or even total permanent disability. In turn, that could significantly limit your capability to perform certain tasks. This type of situation could necessitate changes in your career trajectory or job duties.

Change in Career Path

Post-injury, you may face circumstances where continuing your current job is no longer possible. For example, if you were employed in manual labor and suffered a back injury, returning to that same line of work might not be feasible anymore.

In these instances, you will likely need to seek new employment opportunities that could potentially pay less than what you were earning previously.

Limited Job Opportunities

Certain injuries may reduce the pool of jobs for which you are eligible or capable of doing effectively.

For instance, if dealing with issues like chronic pain or limited mobility after an accident, physically demanding roles could be off the table. Reduced job prospects could decrease your earning potential.

Increased Medical Expenses

Aside from a direct impact on your income, injuries may also bring about increased medical expenses. The costs of medications, surgeries, therapy sessions, or even specialist visits can quickly accumulate.

If you cannot offset those costs with your current income or savings, you could find yourself in financial distress.

Mental Health Impact

The mental health component is often overlooked when discussing how injuries affect earning power. Long recovery periods may result in depression or anxiety, which can hinder productivity and motivation levels at work.

Lower performance generally means fewer opportunities for salary rise or career advancement.

What Can You Do About It?

Unfortunately, injuries can significantly affect one’s earning power, but there are several ways to manage these drawbacks. Here are some strategies that can help.

Invest in Insurance

Insurance plays a crucial role in covering income loss due to injuries. Disability insurance or personal accident coverages provide you with financial assistance during the recovery period, thereby minimizing the impact on your earnings.

Hire a Local Personal Injury Lawyer in Your Local Area to Fight for Compensation

If your injury is due to someone else’s negligence, it will be beneficial to pursue legal action. So, look for an experienced attorney in your local area.

Hiring a personal injury lawyer in Houston, for example, could help you to hold those responsible accountable and gain monetary compensation to cover your medical expenses and lost wages.

Seek Rehabilitation Services

Professional rehabilitation services can help accelerate recovery and facilitate a smooth return to professional life. The quicker you get back into shape, the sooner you can start earning at full capacity again.

Find Alternative Lines of Work

Depending on the nature of your injury, you might consider seeking alternative job opportunities that align with your abilities.

It is pivotal to keep an open mind and look for roles that may differ from what you are accustomed to but are suited to your current physical capabilities.

For instance, you might have to give up laboring and instead look for a desk job in a sector like sales, social media management, or artificial intelligence programming. The latter could be a good idea because the industry of AI software is booming.

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Cybersecurity insurance is missing the risk

Horacio — Sat, 18 Nov 2023 05:14:57 +0000

By Matthew Rosenquist on November 24, 2023

Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance.

The traditional actuary models do not apply well to an environment where highly motivated, creative, and intelligent attackers are dynamically pursuing actions that cause insurable events. Accurate estimation of losses is key to determining customer premiums. But even after two decades, there’s a wide range of loss ratios between insurers (-0.5% to 130.6%). The underwriting processes are not robust enough to properly estimate the losses and accurately price reasonable premiums.

Why is the insurance industry struggling with this?

The problem is with the nature of the threat. Cyber attackers escalate and adapt quickly, which undermines the historical-based models that insurance companies rely on. Attackers are continually shifting their maneuvers that identify victims, cause increasing loss, and rapidly shift to new areas of impact.

Denial of service attacks were once popular but were superseded by data breaches, which cause much more damage. Recently, attackers expanded their repertoire to include ransomware-style attacks that increased the insurable losses ever higher.

Trying to predict the cornerstone metrics for actuary modelers — the Annual Loss Expectancy and Annual Rate of Occurrence — with a high degree of accuracy is beyond the current capabilities of insurers. The industry currently conducts assessments for new clients to understand their cybersecurity posture to determine if they are insurable, what should be included/excluded from policies, and to calculate premiums. The current process is to weigh controls against best practices or peers to estimate the security posture of a policyholder.

However, these rudimentary practices are not delivering the necessary level of predictive accuracy.

The loss ratio for insurance firms has been volatile, in a world where getting the analysis wrong can be catastrophic. Variances and unpredictability make insurers nervous. At maximum, they want a 70% loss ratio to cover their payouts and expenses and, according to the National Association of Insurance Commissioners Report on the Cyber Insurance Market in 2021, nearly half of the top 20 insurers, representing 83% of the market, failed to achieve the desired loss ratio.

In response to failures to predict claims, insurers have been raising premiums to cover the risk gap. In Q4 2021 the renewals for premiums were up a staggering 34%. In Q4 2022 premiums continued to rise an additional 15%.

There are concerns that many customers will be priced out of the market and the insurance industry and left without a means of transferring risk. To the detriment of insurers, the companies may make their products so expensive that they undermine the tremendous market-growth opportunity. Additionally, upper limits for insurability and various exception clauses are being instituted, which diminish the overall value proposition for customers.

The next generation of cyber insurance

What is needed are better tools to predict cyber-attacks and estimate losses. The current army of insurance actuaries has not delivered, but there is hope. It comes from the cyber risk community that looks to manage these ambiguous and chaotic risks by avoiding and minimizing losses.

These cybersecurity experts are motivated by optimizing limited resources to prevent or quickly undermine attacks. As part of that continuous exercise, there are opportunities to apply best practices to the insurance model to identify the most relevant aspects that include defensive postures (technology, behaviors, and processes) and understanding the relevant threat actors (targets, capabilities, and methods) to determine the residual risks.

The goal would be to develop a unified standard for qualifying for cyber insurance that would adapt to the rapid changes in the cyber landscape. More accurate methodologies will improve assessments to reduce insurers’ ambiguity so they may competitively price their offerings.

In the future, such calculations will be continuous and showcase how a company will benefit by properly managing security in alignment with shifting threats. This should bring down overall premium costs.

The next generation of cyber insurance will rise on the foundations of new risk analysis methodologies to be more accurate and sustain the mutual benefits offered by the insurance industry.

Link: https://securityboulevard.com/2023/11/cybersecurity-insurance-is-missing-the-risk/?utm_source=pocket_saves

Source: https://securityboulevard.com

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MAPFRE maintains its #1 ranking in Latin America in the Non-Life line of business

Horacio — Fri, 06 Oct 2023 22:23:01 +0000

MAPFRE is the international insurance group with the most business in the region, with €9.229 billion in total premiums and a 5.3% market share
In the Non-Life segment, the company maintained and expanded its #1 position in the 2022 ranking, with total premiums of $6.468 billion and a 6.5% market share
In 2022, total premium income for the top 25 insurance groups in Latin America was $107.900 billion, 15.5% higher than the previous year’s figure

The MAPFRE Group is the top international insurance group operating in Latin America, with $9.229 billion in premiums and a 5.3% market share. This information is taken from the recent report entitled Ranking de Grupos Aseguradores en América Latina 2022 (2022 Ranking of Insurance Groups in Latin America), prepared by MAPFRE Economics and published by Fundación MAPFRE. The overall ranking is led by the two largest Brazilian insurance groups, although their operations are concentrated exclusively in that South American country.

The industry continues to show positive post-pandemic momentum, also benefiting from the strong performance seen in two of the region’s largest markets, Brazil and Mexico, all in a context of higher interest rates, reduced inflation, and good performance by local currencies. The Brazilian market, which represents 34.8% of all insurance premiums in the region, grew at a rate exceeding inflation (16.5% measured in the local currency), also benefiting from a 4.3% rise in the value of the Brazilian real. Meanwhile, in the Mexican market, which represents 19.3% of the total premiums in Latin America, there was 4.6% growth measured in the local currency, with the value of the Mexican peso increasing by 0.9% in 2022.

Overall, the Latin American insurance market recorded a total of $173.700 billion in premium volume in 2022, representing an increase of 15.9%. This figure is significantly higher than the $153.100 billion recorded in 2019, demonstrating recovery of the upward trend that the industry had been experiencing before the pandemic. When broken down into the Life and Non-Life lines of business, the Life segment produced a figure of $73.500 billion (15.3% higher than the previous year), with $100.200 billion recorded in the Non-Life segment (16.4% above the previous year’s figure).

In 2022, the total premium income for the top 25 insurance groups in Latin America was $107.900 billion, which is 15.5% higher than the previous year. If the focus is reduced to just the 10 largest groups, the annual growth level is 13.5%.

Specifically, the stronger performance seen during 2022 for Non-Life insurance has allowed MAPFRE to maintain and expand its #1 position in the ranking for that segment, with a premium volume in the amount of $6.468 billion and a 6.5% market share:

As summarized by the experts from MAPFRE Economic Research, “the increases seen for the Non-Life line of business in the most representative markets, such as Brazil (29.9%), Mexico (8.6%), Puerto Rico (7.6%), and Argentina (33.0%), have driven growth in this market segment for insurance groups such as MAPFRE, Zurich, and Allianz.

However, although all of those companies generate about half of their premium income from the Non-Life line of business in Brazil, only MAPFRE has been able to achieve growth above the level seen for the Brazilian market (29.9% with respect to the previous year), by 2 percentage points.” Another significant detail is that according to the figures emerging for the first half of 2023, the MAPFRE Group’s business in the LATAM region has now become the main contributor to profitability.

In total, the 25 largest insurance groups operating in Latin America, and that offer insurance in the Non-Life segment, reported $61.200 billion in premium income in 2022, which represents a 16.8% increase compared to the previous year’s figure of $52.400 billion. The top 10 insurance groups in the Non-Life segment also recorded higher figures compared to 2021, with $36.800 billion in premium income, an increase of 11.1%.

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Insurtech demand is expanding swiftly at a 15% CAGR to attain US$ 34.7 billion by 2033

Horacio — Mon, 24 Apr 2023 07:11:11 +0000

The global insurtech market is valued at US$ 8.6 billion in 2023 and is projected to reach US$ 34.7 billion by the end of 2033.

The insurance industry, known for its traditional and conservative nature, is undergoing significant transformation with the emergence of insurtech. Insurtech refers to the use of innovative technologies, such as artificial intelligence (AI), data analytics, and automation, to upgrade and optimize various processes in the insurance value chain. This wave of technological innovation is empowering start-up companies to challenge incumbents and revolutionize the insurance market.

One of the key drivers of the insurtech market is changing consumer expectations. Today’s consumers demand seamless and convenient experiences and they expect the same from their insurance providers. Insurtech companies are using digital channels to offer online information, purchase policies, and manage claims, making insurance more accessible and convenient for customers.

The Internet of Things (IoT) is also driving the growth of the insurtech market. Connected devices such as wearables, telematics devices, and smart home devices, are generating vast amounts of data that can be used to assess risks, prevent losses, and offer personalized insurance solutions. Insurtech service providers are harnessing this data to create usage-based insurance, pay-as-you-go policies, and preventive insurance, resulting in more accurate pricing and customized coverage.

Key Takeaways from Market Study

· Sales of insurtech services are predicted to increase at a CAGR of 15% from 2023 to 2033.

· The United Kingdom is a prominent insurtech market in the European region due to the introduction of value-added customer services.

· With a high number of insurtech companies, Singapore leads the insurtech market in the Asia Pacific region.

· Key market players and start-ups are reshaping the insurance sector in the United States.

“Blockchain technology is effective in simplifying claim process, and enhancing trust and security in the insurance value chain,” says a Fact.MR analyst.

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Make Your Insurance Provider Recession Proof With Salesforce Automations

H. — Tue, 18 Apr 2023 06:00:25 +0000

Many economists are forecasting a recession soon. Some say it has already started. Naturally, businesses need to prepare for that economic downturn. Since growth is much more difficult during a recession, insurance agencies need to figure out ways to keep profits stable while they weather any cyclical contraction.

Insurance agencies who aren’t leveraging the plethora of tools Salesforce provides, would do well to do so before such a downturn is in full swing. That way, your business is poised for success during what could prove a difficult time.

Out With the Old

Much of the software common in the insurance industry is outdated. While that software has myriad good elements, it lacks the automation capabilities of an all-in-one platform like Salesforce. Often, we see no reason to fix what isn’t broken. Because change can be difficult, we see little reason to do it.

But, as someone in the insurance industry, you understand — better than most — the value in an investment in the future. Preparation for devastating events out of your control is essential. Your whole industry is predicated on that concept. So, having a safety net in place ahead of such events is all but mandatory.

The Upgrade

While legacy software is far from “broken”, it rarely allows you to maximize the potential of the market during a time when every dollar counts. Moreover, you don’t know what you’re missing. When sales are harder to come by, it reveals the gaps in your methods. By then, it is too late.

Switching to Salesforce allows you to not only keep what you already have but also improve upon it. Automation is key. While many legacy software has such capabilities, it lacks centralization, which in turn precludes automation, the way Salesforce does.

A unified model, one that allows you to see all the relevant information in one easy-to-navigate place, maximizes resources, saving insurance providers time. And, as we all know, time is money.

Time is Money

It is no secret that there is high turnover in the insurance industry. With an ever-rotating cast of agents, renewing licensing to simply enable your team to do business can be laborious. Salesforce automation allows you to keep license status in sync, freeing your employees to focus on other operations that are more fruitful instead of getting bogged down with something that is just needed to even function. On a similar note, differing paperwork requirements between states can also cause snags that are better off left to automation.

Employing Salesforce to auto dial with Amazon Connect is another massive boon. When you allow Salesforce to shoulder the burden of some of the daily rigamarole of operations, you can begin to drill down into the ways you can generate more revenue, giving agents the gift of time. That gift of time allows them to focus on closing instead of dialing.

Since you’re in the business of selling policies, quotes are your bread and butter. Automating quotes allows you to pull agents into the process only when they are needed. If the customer has already gotten an email with a slew of options, they can deliberate at their own pace, improving user experience. Satisfied customers are more likely to renew.

With a quote in hand, a customer is ready to pull the trigger. Then agents step in to put the finishing touches on the process, allowing them to have a better chance of closing a deal with less time investment.

Turning the Dials

Since Salesforce allows you to track data down to the granular level, you can see how each agent is performing, and so can they. This gives you better insight into better ways to provide incentives to agents to close more deals, and, since sales agents earn commissions, motivates them to troubleshoot on their own accord.

Such visibility increases agents’ autonomy, reducing micromanaging and improving employee satisfaction. This allows them to understand when to intelligently follow-up with clients, which keeps the agency at the forefront of customers’ minds. Employee satisfaction is key during a recession. Keeping those employees that are driving your business forward on the payroll when times are tough, positions you to come out of the other side of any recession with minimal damage to your bottom line.

So, switching to Salesforce ticks all the boxes, dialing in every pillar good business practice. Centralized data and increased visibility saves time. Time saved makes agents more productive. Automation improves customers’ journeys. All together, Salesforce works synergistically with what you have and turns the benefits up to eleven by simply tweaking the dials a bit.

During the inevitable economic contraction, those tweaks can make a big difference.

Written by the experts at Accelerize 360

About Accelerize 360

We are a team of technology experts with more than 500 implementations to our credit. We work across clouds, advising clients on different aspects of the insurance industry. Our motto is to never stop learning, so we’re always pushing the boundaries of Salesforce. Contact us: https://www.accelerize360.com/contact

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Fintech for Insurance Companies: Revolutionizing Old School Institutions

H. — Fri, 17 Mar 2023 05:23:26 +0000

The insurance industry has been slow to adopt new technologies, but the rise of fintech is now prompting insurers to embrace digital solutions that can transform their businesses.

Fintech is revolutionizing the insurance sector, providing more efficient and streamlined processes for insurers, agents, and policyholders alike. With the use of artificial intelligence, machine learning, blockchain technology, mobile applications, and other digital solutions, insurers can provide more personalized, efficient, and transparent services to their customers.

In this article, we will explore how fintech is transforming the insurance industry, its benefits, and the challenges that insurers face as they seek to embrace new technologies.

What is fintech?

Fintech is a term used to describe the intersection of finance and technology. It refers to using technology to improve and automate financial services, including banking, insurance, and investment management. Fintech can be seen as a disruptive force in the finance industry, providing innovative solutions that challenge traditional business models.

Fintech encompasses a wide range of products, services, and technologies. Some examples of fintech include:

1. Mobile banking apps allow customers to check their balances, transfer money, and pay bills from their smartphones. They can even use it to check the best long-term care insurance before committing to a specific insurer.
2. Digital payment platforms enable individuals and businesses to send and receive money electronically, such as PayPal or Venmo.
3. Crowdfunding platforms allow entrepreneurs to raise funds for their projects from many investors.
4. Robo-advisors provide investment advice and portfolio management services using algorithms and machine learning.
5. Blockchain technology is used to securely store and share financial data and enable transactions without the need for intermediaries.

Fintech has become an increasingly important investment area for venture capitalists and financial institutions, with billions of dollars being invested in fintech startups each year. The growth of fintech has led to new business models and greater competition in the financial services industry, providing consumers with more choices and driving innovation in the sector.

Why the finance industry needs Fintech

Fintech applications have revolutionized the insurance industry, providing more efficient and streamlined processes for insurers, agents, and policyholders alike. It is important for industries in finance, like insurance, to adapt to new software and applications for several reasons:

Improving efficiency: New software and applications can automate and streamline many of the manual processes in the insurance industry, reducing administrative costs and allowing insurers to process policies and claims more quickly and accurately.
Enhancing customer experience: With new software and applications, insurers can offer policyholders more personalized services, providing a better customer experience. For example, insurers can use data analytics to understand the needs of their customers and offer policies tailored to their individual requirements.
Keeping up with the competition: The finance industry is constantly evolving, and insurers that do not adapt to new technologies risk falling behind their competitors. By adopting new software and applications, insurers can stay ahead of the curve and remain competitive in the marketplace.
Reducing risk: With new software and applications, insurers can more accurately assess risk, improving their underwriting processes and reducing the risk of fraud. This can help insurers to save money in the long run and provide more affordable policies to their customers.
Increasing revenue: New software and applications can create new revenue streams for insurers. For example, insurers can use data analytics to identify new market opportunities or offer new services, such as personalized risk assessments.

In summary, adapting to new software and applications is essential for insurers to remain competitive, improve efficiency, enhance customer experience, reduce risk, and increase revenue.

Fintech Applications

Here are some common fintech applications used by insurance companies:

Digital insurance platforms: These platforms provide an end-to-end digital solution for insurance, allowing policyholders to purchase, manage, and claim their policies entirely online. Digital platforms also offer insurers data insights and analytics, enabling them to personalize their offerings and improve their underwriting processes.
Artificial Intelligence (AI) and machine learning: AI and machine learning algorithms help insurers analyze large amounts of data quickly and accurately, allowing them to identify and assess risks more efficiently. This technology can also be used for fraud detection and claims processing, reducing the time and cost associated with these tasks.
Blockchain technology: Blockchain technology can be used to securely store and share policy and claims data, reducing the risk of fraud and improving transparency. Insurers can also use blockchain to automate claims processing, reducing administrative costs and improving customer service.
Mobile applications: Many insurers have developed mobile applications that allow policyholders to manage their policies, file claims, and communicate with their insurers from their smartphones. This technology can provide policyholders with real-time updates on their claims, reducing the time and effort required to resolve issues.
Telematics: Telematics technology uses sensors and other devices to track driver behavior, allowing insurers to more accurately assess risk and offer personalized policies. Telematics can also be used to monitor vehicle health, reducing the risk of breakdowns and accidents.

In summary

Overall, fintech applications are helping insurers to provide more personalized, efficient, and transparent services to their policyholders. These applications also enable insurers to reduce administrative costs, improve risk management, and create new revenue streams.

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Global insurtech investment plummets – report

Horacio — Mon, 06 Feb 2023 16:18:34 +0000

Global insurtech investment fell in the fourth quarter of 2022 to its lowest level since the third quarter of 2020, according to a new report from Gallagher Re. Investment declined 57% from the third quarter of 2022, the report said.

Insurtech funding in property and casualty plummeted 64.4% to $630.16 million in Q4, while total investments in life and health fell 33.7% to $383.76 million.

Average deal size across 106 rounds fell 42.3% to $11.79 million, the report found. Total funding for 2022 was down by 49.5% from the prior year, to $7.98 billion. Insurtechs also attracted $6.51 billion less in mega-round funding in 2022 – a year-over-year decline of 66.7%.

Early-stage funding fell 25.1% quarter over quarter to $408.27 million in Q4, driven by a 51.3% decline in early-stage P&C funding over 50 transactions averaging $4.63 million, Gallagher Re said. Early-stage L&H funding, however, increased by 46.5% to $213.64 million in Q4, driven by four deals exceeding $40 million.

End of the ‘disruption’ narrative

“At the end of 2019, we estimated the total number of insurtech businesses globally at 3,000, but now only about 2,050 are actively open for business,” said Dr. Andrew Johnston, global head of insurtech at Gallagher Re. “Meanwhile, venture capitalists are focused on profitability and well-understood KPIs. capital is available, but investment dropped dramatically in 2022 from 2021, with 2021 arguably marking the peak of expectations. The most significant feature of 2022 is that the narrative around ‘disruption’ seems to be truly over.”

Johnston said that a small number of individual businesses – all of which treat the industry as a community – did remarkably well in 2022.

“2022 has prompted an exodus of third-party capital providers, causing the sector to refocus on the real prize: wider adoption of appropriate technology to make the entire process of insurance more efficient, cost-effective, and less complex, leading to an improved customer experience,” he said.

Investment frontrunners

Gallagher Re’s Q4 Global InsurTech Report also compiled a list of 2022’s insurtech investment frontrunners. Leading with the highest number of individual deals was Y Combinator, which completed 17 rounds. Second place was shared by Gaingels and Anthemis, which each completed 12 deals. Plug and Play Ventures took third with 10 deals.

Greycroft topped the list for total investment value, investing $699 million over nine transactions in 2022. OMERS Ventures was second with $592 million, including a share of Q4’s only mega-round, for Clearcover. Allianz X took third with $565 million across three deals.

The top recipient countries for insurtech investment in 2022 were the US, the UK, Germany, France, India, Israel and Australia, all of which topped $200 million, Gallagher Re reported. At $4 billion, US companies received 35% more investment than the next six countries combined

Link: https://www.insurancebusinessmag.com/us/news/technology/global-insurtech-investment-plummets–report-435070.aspx?utm_source=pocket_saves

Source: https://www.insurancebusinessmag.com

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QIC Launches the First and Fastest all-inclusive Online Portal to Get Insurance in Qatar

H. — Mon, 30 Jan 2023 11:21:21 +0000

Doha, Qatar – Sunday 29th May 2022: Qatar Insurance Company (QIC), the leading insurer in Qatar and the Mena region, has announced the launch of the first all-inclusive online portal, offering the fastest digital solution to buy and renew insurance policies in Qatar.

Developed with an innovative customer-centric approach, qic.online allows customers to buy their car, motorcycle, travel, home contents, boat & yacht, and personal accident policies in just 2 minutes, without any need to scan and submit paperwork, or to call or visit a QIC branch to complete the onboarding journey.

Available in both Arabic and English, the new insurance portal offers instant covers comparison, allowing customers to get complete information on policy types, in addition to product recommendation to help them better identify the right insurance covers that suit their driving, traveling, and living needs. The online portal also allows customers to compare policy prices and select their preferred payment plans, including paying their insurance premiums in monthly installments while enjoying enhanced security for payments made via debit and credit cards.

The portal’s engaging design and modern interface properly support all display types and devices, allowing both new and existing customers to experience a simplified and intuitive navigation during both the onboarding and renewal processes. Customers can also request instant assistance from QIC’s customer service at all stages of their onboarding journey via the ‘Ask us’ button and receive instant support from the QIC’s customer service team all weekdays and round the clock.

For existing QIC customers, the portal offers a dedicated page for insurance renewals in just a few clicks by only entering their QID or policy number, and without any need to type their details linked to the QIC database anew. qic.online also hosts other features allowing customers to have extra control on their insurance needs, including upgrading policies and online claims management.

Commenting on the new portal launch, Mr. Ahmed Al Jarboey, QIC’s Chief Operating Officer – Qatar operations, said: “We are happy to launch the first and fastest all-inclusive insurance portal in Qatar, and to become the only insurance company in the country that allows customers to buy insurance policies in just 2 minutes. qic.online is revolutionary at all levels, and it is certainly another significant step in our journey towards the full digitization of all our insurance products and services. We have achieved record levels of customers’ reliance on digital channels over the past few months thanks to our relentless investments in developing our digital capabilities in line with our digital transformation strategy, and I have no doubt that qic.online will now be the one-stop shop that will allow further segments of our customers to be in control of all their insurance needs the way the like and in just a few clicks.”

Qatar Insurance Company is a publicly listed composite insurer with a consistent performance history of over 57 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is also the largest insurance company in the MENA region by gross written premium, profitability and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion.

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5 Reasons Why a Health Insurance Plan is Important for Young People

H. — Fri, 27 Jan 2023 22:57:35 +0000

As humankind has surpassed the pandemic and is still in the recovery phase, the demand for health insurance plans has evidently increased. However, the most vital group- the youth is still a few steps away from the knowledge of why health insurance is important.

The myth that healthy people don’t need health insurance plans as they don’t fall sick is mostly viable among young adults. However, it is not true. Today, through this section, we will decode five benefits a young adult may get if they buy health insurance at a young age.

Benefits of Buying Health Insurance at a Young Age

Underlying are five crucial benefits of a health insurance plan:

You Can Avail of Insurance at Lower Premiums

Health insurance plans are usually calculated according to the age of the proposer of a health insurance plan. The younger you are lower will be the premium you pay. The reason, you are less likely to fall sick; hence the risk of claiming your insurance is close to the minimum.

2. Easy Coverage for Pre-existing Diseases

Buying a health insurance plan at a younger age can also be easier because you are less prone to chronic illnesses. Therefore, the chances of your health insurance request getting rejected are relatively lower. Plus, by the time any need arises, the mandatory waiting period to be served for pre-existing illnesses shall be over.

3. Higher Coverage

As we mentioned above, you can avail higher coverage at lower premiums if you buy insurance at your early age. Health insurance is not limited to offering hospitalisation expenses only but the scope of coverage is also extended to OPD expenses, alternative treatment expenses, domiciliary tretament etc. Also, the No Claim Bonus reward is another most attractive feature, which can be availed for not claiming your insurance. That will eventually add to your sum insured amount up to 50%-100% as per the policy terms.

4. Benefits of Tax Deductions

While filing tax returns, you can also avail of tax benefits on health insurance premiums up to Rs 25000. Hence, buying health insurance at a young age can also help you to avail tax deductions.

5. Financially Prepared for Emergency

Whether it is an accident or an unprecedented heart attack, a medical emergency and the need for financial aid can arise any time! More than ever, you need health insurance when you are active and are taking risks. Hence, a health insurance plan helps you be prepared for an unprecedented emergency.

Finalising It

Although young age is the age of taking risks, it does not necessarily mean keeping health and finances at stake. Health insurance may not safeguard you from unprecedented ailments however it can ensure that your budget does not get harmed while treating the problems. Thus, health insurance is important regardless of your age.

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