Harnessing Technology to Narrow the Insurance Protection Gap - A Geneva Association Report
17.1.2017 15:42 | Business Wire
Leading think tank of the international insurance industry, The Geneva Association has published a new report that describes how digital and other modern technologies can be harnessed by the insurance industry to narrow insurance protection gaps in mature, and especially in developing insurance markets, by enhancing the awareness, affordability and attractiveness of insurance products and solutions. Harnessing Technology to Narrow the Insurance Protection Gap also offers an in-depth review of key insurance economics concepts, practitioner approaches and specific case studies in relation to technology. The findings are complemented and validated by 23 executive and expert interviews provided in the report.
The impact of digitisation across the value chain is pervasive, permeating the areas of pre-purchase, sales and operations. Firstly, it reshapes the way customers discover and perceive insurance propositions pre-purchase. Secondly, sales are enhanced by dropping costs as a result of disintermediation, and increased conversion of leads on the back of tailored solutions and ‘digitally enhanced’ physical distribution channels. Thirdly, the adoption of straight-through-processing can lead to a massive reduction in back-office costs. Coupled with big data and predictive analytics, it can also translate into significant improvements of the claims ratio and, therefore, improves the affordability of insurance.
Embracing modern technology such as telematics makes it much less likely that insureds will be more careless and take greater risks, i.e. behave against the interest of other insureds simply because they are protected (moral hazard). Also, big data enables quantum leaps in risk classification and makes insurance more attractive to good risks who benefit from more favourable individual pricing. Adverse selection where primarily high-risk individuals would buy insurance is effectively mitigated. Overall, insurance markets become more efficient and offer a better deal to risk-conscious insureds.
Deputy Secretary General of The Geneva Association and report co-author, Dr Fabian Sommerrock said, “The use of technology is one of the most relevant and topical dimensions of the global protection gap debate. With this report, we want to highlight, gauge and quantify win-win situations for insurers, policyholders and societies at large. On this basis, we hope to sensitise the global (re)insurance community, governments, lawmakers, regulators, standard-setters, development banks, supranational organisations and consumers to the enormous leverage technology can deploy to make societies more resilient through risk mitigation, and protection products and solutions.”
Senior Advisor to The Geneva Association and report co-author, Dr Kai-Uwe Schanz added, “Even though the insurance industry’s digital (r)evolution has just begun, technology has already contributed to narrowing protection gaps. Digitisation is a unique lever for insurers to develop more affordable, efficient and customer-centric products and solutions, thereby enhancing the societal value of insurance.”
The report Harnessing Technology to Narrow the Insurance Protection Gap is available at: https://goo.gl/WgjVH1
A report summary is available at: https://goo.gl/Gxsiol
The Geneva Association
+41 789 20 56 77
+41 44 200 49 96
Om Business Wire
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
The Valence Group Issues Fairness Opinion to SK Capital in Connection with Archroma18.8.2017 13:30 | Pressemelding
The Valence Group has provided a fairness opinion to SK Capital Partners, LP in connection with its recapitalization of Archroma, including investments made by various affiliates of SK Capital. Terms of the transaction were not disclosed. About SK Capital SK Capital is a private investment firm focused on the specialty materials, chemicals and pharmaceutical sectors. The firm builds strong and growing businesses that generate substantial long-term value for its investors. SK Capital utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing companies with improved strategic positioning, growth, profitability and risk profiles. The firm currently has approximately $1.9 billion of assets under management and its portfolio companies generate revenues of over $5.0 billion annually and employ approximat
Biker Summer 2017 campaign: What’s happening during Biker Summer 2017? Moto-tyres.co.uk is giving away exciting prizes!18.8.2017 09:22 | Pressemelding
Whether it’s a short weekend break or a long-distance tour – once again this year Moto-tyres.co.uk is asking bikers from 10 countries about their dream destinations and longest journeys as part of its “Biker Summer 2017” campaign. To ensure than nothing gets in the way of your next tour, the two-wheeler tyre store from Delticom, Europe’s leading online tyre dealer, is entering anyone who completes the survey before 30 September 2017 into a prize draw to win some great biking accessories. Simply answer three short questions about your plans for bike tours this year (don’t forget to provide your name and email address), and with a bit of luck, you might win one of these great prizes. Up for grabs are a GARMIN motorbike GPS system, a GoPro camera with helmet bracket and five 200-Pound vouchers for new motorbike tyres from the online store – thanks to the product range at Moto-tyres.co.uk, eve
Lenovo Continues to Gain Momentum in First Quarter FY 2017/1818.8.2017 00:04 | Pressemelding
Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fueled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2 Force, available now on all major U.S. carriers, and ramped up its branding efforts worldwide. “In the first quarter this fiscal year, we had stable performance as we executed our 3-wave strategy with commitment. We
Spirent Tests Wi-Fi Network Performance with O2 at the Coca-Cola London Eye17.8.2017 15:57 | Pressemelding
Spirent Communications plc (LSE:SPT), today announced its Landslide E10 network test platform has been used with O2 to validate the Wi-Fi network performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005758/en/ Spirent Landslide E10 helped O2 validate Wi-Fi performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. (Photo: Busines Wire) Merlin Entertainments plc, operator of the London Eye, wanted to measure its Wi-Fi network performance, to ensure its infrastructure could provide an excellent experience for users of the new app, which puts increased demands on the Wi-Fi network. “The London Eye is a global attractio
Watch BizWireTV: A Camera You Can Wear and Krispy Kreme’s Famous Donuts Get Eclipsed with Chocolate17.8.2017 12:08 | Pressemelding
On BizWireTV, catch some Quick Biz Hits and see the latest in Star Power. Also see what’s happening in the startup world with the Accelerator Report, featuring the VC Watch and this week’s Startup Standout. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005305/en/ BizWireTV is hosted by Jordyn Rolling (Photo: Business Wire Now you can watch BizWireTV, and the latest breakthroughs in tech from the biggest brands, on any screen you want by downloading the new app through the Apple TV and iPhone App Store and Google Play for Android devices. Top of the Wire Introducing FrontRow: the camera re-invented. Watch BizWireTV to see more disruptors as well as the top 5 trending stories of the week! A core c
PsiOxus Therapeutics Announce Two New Board Appointments: New Board Appointments Strengthen Company’s US Presence17.8.2017 07:00 | Pressemelding
PsiOxus Therapeutics, Ltd. (PsiOxus) today announced the appointment of Charles Rowland and Duncan Higgons to the Board of Directors as part of an ongoing drive to expand in the US. Charles Rowland was most recently the President and Chief Executive Officer (CEO) of Aurinia Pharmaceuticals, a clinical stage pharmaceutical company focused on the global lupus nephritis market. Prior to this, he served as the Vice President and Chief Financial Officer (CFO) of ViroPharma, during which time the company grew into a global biopharmaceutical business with $500 million in annual revenues until it was acquired by Shire plc for $4.2 billion. Before joining ViroPharma, Mr. Rowland was executive Vice President, CFO, and interim co-CEO, for Endo Pharmaceuticals. In his earlier career, Charles held finance and operational positions at Biovail Pharmaceuticals, Breakaway Technologies, Pharmacia
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom