Google Tanslate

Select Language

Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
Let us know how we can help. You can expect a response within 24 hours
Services of interest
Untitled

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

IBM: Dynamic pricing with AI syncs insurers with market realities

Executive summary 

The price is right–or is it?

 The Digital Insurer reviews IBM’s Report on Dynamic pricing with AI syncs insurers with market realities

Pricing needs a new approach

For insurance industry leaders, getting prices right has become intensely complex and sophisticated. When pricing is out of alignment with market conditions or individual behaviours, whether too high or too low, the result tends to be the same —lost revenue and narrowing margins.

Traditionally, insurance premiums have been set using the “cost-plus” method. Cost-plus is an actuarial assessment of the risk premium, a component to cover direct and indirect costs, as well as a margin uplift.

In many cases, especially in personal property and casualty products such as auto and household, cost-plus can still work well by generating an accurate price that a buyer can accept and that also allows insurers to operate at the desired combined ratio at or below 100 percent.

Yet, even though traditional pricing methods work today, they have several drawbacks that inhibit future-readiness. In its relative simplicity, for example, cost-plus lacks the ability to easily incorporate non-technical pricing factors and the adaptability to respond quickly to changing market conditions. These can be factors such as:

  • New transparency created by price comparison websites such as check24.de or bizcover.com.au. Transparency, in turn, creates greater competition in more commoditised personal and commercial product lines.
  • New unstructured data sources, such as those made available by way of telematics and IoT. These can provide greater context of the insured persons and objects, increasing or decreasing risk and, thus, risk premium.
  • Increasing demand for personalisation, highlighted in a survey by the IBM Institute for Business Value (IBV), which revealed that 50 percent of customers prefer tailor-made products. Traditional pricing models aren’t designed for individualised products.
  • Expansion of insurtechs. By their very nature, born-on- the-cloud green-field players, such as Lemonade, have higher flexibility to react to market changes, showing customers what is possible and increasing pressure on incumbents to react.

 

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in