Latest update from The Digital Insurer Library

Published: Mon, 02/11/19

The Digital Insurer Library Update

Pádraig Floyd

Digital Insurer Library Editor

padraig.floyd@the-digital-insurer.com

January is something of a shock to the system. A long month before getting paid is often made
harder by the same trepidation shared by any unprepared traveller facing an unknown journey.
They will often focus on what may go wrong rather than what they will achieve in the journey
itself. This can lead to indecision, inertia and poor decision making.

This is the position that large sections of the global insurance market faces in 2019. Having proved itself to be a viable concept, InsurTech will begin to make that leap into proof of returns in the coming year. It simply has to.

Organisations have put their shoulder to the wheel – not to forget large capital sums – to ensure they are able to transform their business into one that not only functions in the digital age, but thrives and ultimately becomes sustainable.

It’s a challenge. Many businesses face cultural upheaval before they get anywhere near
implementing some of their good ideas. Many will implement and fail. But insurers must finally get to grips with their InsurTech strategies this year, or in 2020, we will see real division of the ‘haves’ and the have nots. Though it won’t be for long – the have nots will soon face extinction unless they have a niche role or a USP that cannot be replicated.

In 2019, we will see robotics and artificial intelligence take a major step forward beyond the smoke and mirrors that some may have used to exaggerate their capabilities. By the end of this year, incumbents will demand to see returns. Those who succeed will prosper and the rest will need to demonstrate some evolutionary capability. And the devil take the hindmost.

Enjoy the edition!

Join our LinkedIn Group

Featured Report

Competing in a world of sectors without borders

Customers are increasingly demanding products they understand that fit their own specific needs. In order to achieve this, insurers are launching many more products and collaborating with competitors in order to satisfy these demands.

Read report summary here

10 insurance innovations for 2019: XL Innovate

Seventh Consumer Trends Report

Digital changes the game in Financial Services

How Blockchain will transform healthcare

Building trust: MAS Principles for the use of Artificial Intelligence and Data Analytics

What should insurers do today to prepare for tomorrow? Asia-Pacific outlook 2019

InsurTech: Enabler or disruptor? An assessment of the Australian insurtech ecosystem

Safety & Shipping Review 2018 An annual review of trends and developments

Latest updates from across TDI

1. The Digital Actuary – Preparing for the future... Now! Webinar registration open

On Wednesday, 27th February 2019, 9am (EST), 10pm (HK/SG time), we will explore the opportunities for actuaries to take a more proactive involvement in the digitisation of the insurance industry. Including Will Pritchett, Partner, KPMG, Tan Suee Chieh, former Group CEO NTUC Enterprise, Siobhain O'Mahony, Head of Analytics, Investec Private Bank South Africa, Valerie du Preez, Fellow of the Institute of Actuaries (pictured), Chris Nyce, Principal, Actuarial Services, KPMG and Hugh Terry from TDI. Follow the link below to register, view an infographic and more info on the webinar now.

2. China in Focus: 2018 Digital Insurance in China Review

A look back at the major developments of 2018 in Chinese insurance including the most progressive InsurTechs. Although was characterised by continued optimism with regard to digital insurance, several notable regulatory actions have signaled that the honeymoon is over, and only those organisations with sustainable business models will succeed in the long term.

3. LIVEFEST 2018 Zone including major highlights online now

View LIVEFEST 2018 major highlights: session recordings covering North America, Europe, Asia/ANZ, Africa and global. With sessions on everything from micro-insurance to AI, and with both regional and global Insurance and InsurTech Awards pitches.

Watch on-demand now

4. Read the latest Newswire updates

Keep up to date with all the latest global digital insurance news via our Newswire. Check out all this week's articles below, and follow us on Twitter @DigitalInsurer for daily updates.

View This Week's News

DIGITAL INSURANCE LIBRARY SPONSOR

Our sponsors help us to deliver more and better content to our subscribers.

Find out how your company can sponsor us

SHARE WITH YOUR COLLEAGUES

If you enjoy The Digital Insurer please share this digest with your colleagues and they can also sign up for future editions (membership is free)