risk

How digitalization of life insurance will transform a static industry

Life insurers have a big problem: Younger adults are not buying life insurance. Despite year-over-year population and GDP growth, the number of U.S. residents under 45 who applied for life insurance in 2018 fell 2.7 percent from the previous year, according to the nonprofit group MIB. Insurers have turned to emerging markets such as India […]

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Digital transformation in the insurance industry: Part 1 – Data is the new natural resource

Today, with the help of sensors, drones and mobile devices, we are are generating unprecedented amounts of data that create both opportunities and pitfalls for the insurance industry. As data continues to become more ubiquitous and grow exponentially, insurers must establish a sustained capability to effectively use this data to remain competitive. Whilst companies have […]

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AAIS and IBM begin new chapter of blockchain in insurance

Timing may not be everything, but in life and business it is a critical element for success. When it comes to blockchain in insurance, we may have just witnessed the perfect confluence of timing with people, process and technology. The American Association of Insurance Services (AAIS) is one of just two US insurance ratings and […]

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Groupama and IBM find opportunity through disruption

As an insurance provider, you are most likely seeing your industry change drastically around you. Your clients look for a level of stability and constancy in their providers and disruption and change are not always a welcomed or embraced. With or without an industry consensus, the insurance landscape is going through some fundamental changes. Technology, […]

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Unintended Consequences & Opportunities: Department of Labor Fiduciary Rule

The intent of the Department of Labor (DOL) Fiduciary Rule is pretty clear.  The goal is to protect the American consumer and his/her qualified retirement assets.  By expanding the scope of the instruments which qualify under ERISA to include life and annuity products, among many others, the DOL has expanded the fiduciary obligations of those […]

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The Future of Everything: Risk Shocks, Risk Shifts for Insurers

The report of the first automated driving fatality, with a Tesla aficionado using the embedded Autopilot driver assist program crashing into a semi-trailer truck turning across its path, raises a number of issues for insurers. I’ve had ongoing discussions with several insurers around how quickly automated driving will impact auto insurance, and it’s fair to […]

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Invest, Prepare, and Collaborate – or Disconnect the Internet and Move back to 8” Floppy Disks

Unlike the US nuclear arsenal, which is still operated using 8” floppy disks (original 2014 story is here), all modern corporations rely on the Internet, websites and social media.  And while the 1970s technology makes that arsenal safe from hackers, today’s connected enterprises face ever growing diversity of digital risks, ranging from being held hostage […]

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Sneak Peek: Cyber Risk and Cyber Insurance

The release of our upcoming insurance study on the risks of digital interconnectedness, a.k.a. cyber risks, is just 5 weeks away; time to give our readers a first peek at some of the data and/or conclusions. For the study, we surveyed 800 insurers and 1,000 non-insurance companies, i.e. insurance clients – although not necessarily clients […]

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Insurance’s Future with Big Data on the Cloud

The speed of the unrelenting technology evolution now underway, as well as the impact it is having on business can’t be overestimated. Even for those of us keeping a pretty close eye on the ‘play-by-play,’ the fusion of mobile, Big Data, cloud and analytics – all moving quickly by themselves as major technologies – still surprises. […]

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The Risks of Digital Interconnectedness

I hope all readers had a quiet Xmas, Hanukkah, Saturnalia, Presentmas or whatever else you happened to be celebrating. This year, I started out wanting to write the usual overview post, but quickly discovered that the Random Thoughts posts I had been putting out over the course of the year covered pretty much all of […]

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The Impact of Cognitive on Insurers

With IBM launching its newest IBV study on Cognitive, it’s worth reviewing the impact that cognitive business will have on an insurance industry under significant competitive stress… and an industry that has had significant uptake of IBM Watson. Insurers see significant competitive advantage in the cognitive space and for every public mention of insurers using […]

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Industry 4.0 and Risk – Part 1

We live in an age of unprecedented interconnectedness. As consumers, we are seeing and benefiting from this every day, whether it is gathering information on the most esoteric of topics, online shopping at one o’clock in the morning, or communicating instantly with friends or colleagues all over the world. But interconnectness is also changing the […]

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