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Insurance and Technology: The Rise of Insurtech

December 22, 2023 Guest Author

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

4 Trends Shaping the Commercial Property and Casualty Insurance Industry

June 26, 2023 Tate Ellison

insurance trends in commercial property sector

The year 2022 was the worst one for the property insurance and casualty insurance industry (P&C) since 2011. Insurers are likely to pay out billions of dollars due to severe weather conditions in the United States. Hurricane Ian, which struck Florida in late 2022, caused the second largest insured losses after Hurricane Katrina, resulting in $65 billion alone. Swiss Re has revealed that the natural catastrophe losses of more than $100 billion surpassed the ten-year average by 40% last year. Even AM Best’s new special report has made shocking revelations.…

International Industry Leaders Convene at Global Insurance Symposium

June 4, 2023 PR Article

The premier three-day event featured industry-shaping insights for attendees The 2023 Global Insurance Symposium brought together industry and regulatory leaders from around the world for three days of collaboration, networking and learning in Des Moines, Iowa, – the hub of the US insurance industry. With the theme of “Thriving in a Changing World,” 500 attendees participated in relevant panels, networking opportunities, breakout sessions and more, gaining valuable insight and direction. “The Global Insurance Symposium offered industry expert speakers and attendees the ideal setting for collaborative efforts as we to continue…

Insurance technology is driving the industry’s evolution

September 19, 2019September 24, 2019 Julie Campbell

Various types of tech are changing insurers’ approach to appealing to prospective and existing customers. Insurance technology, also known as InsurTech, is pushing the industry in a fresh and targeted direction for all stakeholders. This tech is a vital component to appealing to a younger generation of consumers. Insurance technology deal values are up by 32 percent year over year as insurers and investors push to upgrade the industry and improve its profitability, said a recent Property Casualty 360 report. The report cited data and conclusions from the recent Global…