September 22, 2015

Artificial Intelligence In Insurance: Virtual or Reality

It is undeniable that massive streams of change are coming to the insurance sector. Just a few days ago, AXA announced investing €100m InsurTech incubator. Disruptive technology will be a big part of that change led by data, advanced analytics and the Internet of Things. Such upcoming disruption will also require the delivery of unique customer engagements supported by disruptive experience design thinking techniques...
April 15, 2015

Four steps that matter the most to achieve great results across new world customer interactions

Traditional sales techniques are void. Current consumer, digital and accessibility trends have transformed most business buyers into intelligent, assertive and well-researched decision makers. Indeed, as noted […]
Palantir and Credit Suisse join forces to target rogue traders

A Palantír or "Seeing Stone" is a crystal ball, used for both communication and as a means of seeing events in other parts of the world in.. you guessed it Lord of the Rings! The real life Palantir, that uses data-driven behavioural analysis to spot rogue traders, has created a 50:50 JV called Signac with Credit Suisse. 

The venture will track traders’ activities and try to identify aberrations both from their own norms and from those of their colleagues. Credit Suisse said the UBS and SocGen trading scandals shared factors, which they called “toxic combinations”, including trading in internal accounts and a large number of “cancel and correct” trades. The new product will analyse those outliers and marry the data on them with behaviour analysis, such as cell phone usage and door key-card swipes.
Silicon Valley is eager to disrupt the trillion dollar regulated insurance sector

Silicon Valley venture capitalists are turning to a different area of finance: the trillion dollar insurance industry, where very little innovation seems to have permeated so far.

American investors recognise that the Insurance market is a massive market that remained untouched, and consider the current approach to insuring people, property and assets to be broken as it is not helping customers when they need it the most. 

It is understood that capital is a major barrier to entry. A startup would need licenses in every US state to be able to trade, a time-consuming and expensive process. They would also need to hold funds to pay out any potential claims.

Broker and managing general agency models can shortcut the need for capital and managing claims.

Will insurance startups succeed to disrupt a 300 year old market?

Fundraising ended the year strong and has kept the momentum. In December 2015, Lemonade, a peer-to-peer insurance company, raised $13 million in seed funding from Sequoia Capital—the VC’s biggest seed funding round ever. Insurance comparison site PolicyGenius secured $15 million in funding in January in a Series B round, bringing its total funding to $21 million. Next Insurance—an insurance startup led by executives from Check, a mobile payments startup acquired by Intuit in 2014 for $360 million—announced it raised $13 million earlier this week (March 15). And sources say secretive insurance startup Slice Labs raised a seed round last month of around $3-$4 million. Tim Attia, Slice’s CEO, confirmed a deal to Quartz but declined to discuss specifics.
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