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ITA Pro Weekly, July 30,2020

Insurance opportunities in ecosystems, Sapiens acquires Delphi Technology, accelerated underwriting’s impact on life insurance, and more…

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Hot off the presses!

The future of life and business – including insurance – is drifting toward ecosystems, which may have had their beginnings in simple distribution and marketing partnerships, but are increasingly pervasive in today’s world. In this week’s blog post, Denise Garth of Majesco examines ecosystems like Uber, Apple, Amazon, and Grab as clues to determine how insurance will operate in the very near future.

“For decades, insurance has been the home of trust and loyalty (low churn), but the younger generation is finding trust in large tech companies and hip corporate brands that cater to them with the engagement methods that they find are easy to use and make their lives easy. This younger generation will soon be the primary buyers of insurance. They will be seeking ways to buy it at the point where they have motivation and a prompt…Where do insurers fit within the new realm of a younger demographic and connected ecosystems? The short answer is, ‘Everywhere!’”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Earlier this week, global software provider Sapiens announced that it has entered into an agreement to acquire P&C software vendor Delphi Technology Inc. Delphi, founded in 1989 and headquartered in Boston, offers core products for medical professional liability (MPL), including policy administration, claims management, and financial and risk management.

 

“Industry consolidation has challenged MPL insurers to deliver differentiated products and services for the full scope of healthcare providers, including large institutions and networks, individuals, small groups and captives,” said Martina Conlon, executive vice president, Research & Consulting, Novarica, Inc. “Insurers need a strong technology partner to deliver flexible, digital offerings with best-in-class service options. The Delphi acquisition gives Sapiens rich MPL domain knowledge and a customer base to advance its position in the U.S.”
 

 

Life insurance’s broadest new application of technology comes in the form of accelerated underwriting, or AU, which uses powerful data analytics to speed up the delivery of a risk classification. Russ Bostick of MPV Advisory Group looks how insurers can leverage the power of AU, especially during the stressful times of the current COVID-19 pandemic.

“We can address new challenges with new tools. There is a nexus between big data, pandemic response, and life insurance. Carriers should weigh their options and recognize that the pandemic has delivered a tipping point for digitalization. As we guard our personal health, let’s also attend to the health of our life insurance business franchises by embracing the big data tools available to us today.”

 
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