Business Wire

Harnessing Technology to Narrow the Insurance Protection Gap - A Geneva Association Report

Del

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

Contact information

The Geneva Association
Anthony Kennaway
Communications Director
+41 789 20 56 77
anthony_kennaway@genevaassociation.org
or
Isabel Barratt
Communications Manager
+41 44 200 49 96
isabel_barratt@genevaassociation.org

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

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

NEORIS Announces Creation of Innovation Labs Worldwide to Create a Smarter Future19.7.2018 15:32Pressemelding

NEORIS, a global digital consulting services company, announced today it is consolidating the most innovative solutions it has developed in different geographies and allocating unprecedented resources to deploy a network of Innovation Labs worldwide. The main objective is to lay the foundation for the continuous development of disruptive solutions for its four core industries: Manufacturing, Financial Services, Healthcare and Telecommunications. Due to its disruptive nature, NEORIS decided that its first Innovation Lab should be housed in the Monterrey Digital Hub, which today is the first-of-its-kind as it is a space where entrepreneurs, companies, universities and investors converge to foster an ecosystem for Digital Transformation. The lab inaugurated in Monterrey, Mexico is the first of a series of Innovation Labs that will open in the different countries that NEORIS operates, and is a space where customers can experience emerging technologies through real-life scenarios. One such

CORRECTING and REPLACING Albar Capital Deploys FlexNOW19.7.2018 15:29Pressemelding

Subhead of release should read: Out-of-the-Box Multi-Asset Execution Management System (instead of Easy-to-Install Multi-Asset Execution Management System). The corrected release reads: ALBAR CAPITAL DEPLOYS FLEXNOW Out-of-the-Box Multi-Asset Execution Management System FlexTrade (@FlexTrade) today announced that Albar Capital Ltd., a new hedge fund led by Javier Velazquez (formerly of Millennium Capital Partners LLP), is now trading equities and futures using FlexNOW, FlexTrade’s new execution management system. “The FlexNOW team was instrumental in solving several of our problems,” said Jason Ruder, Trader at Albar Capital. “Not only are they helping us with our compliance requirements, they are also responsive to requests that improve my workflow.” According to Rhyd Lewis, FlexNOW Product Manager, FlexNOW’s quick onboarding and easy installation process was critical for Albar Capital’s launch on 2 July. “We had no problem integrating FlexNOW with Albar’s portfolio and risk managemen

Full Core of Westinghouse Fuel Achieved at South-Ukraine Nuclear Power Plant Unit 319.7.2018 13:25Pressemelding

Westinghouse Electric Company announced today that Ukraine’s State Enterprise National Nuclear Energy Generation Company (SE NNEGC) Energoatom’s South-Ukraine NPP Unit 3 near Yuzhnoukrainsk in Mykolaiv province was loaded with a full core of Westinghouse VVER-1000 fuel. This is the first unit in Ukraine to operate with Westinghouse VVER-1000 fuel assemblies as the sole fuel source. “Westinghouse began supplying fuel to Ukraine in 2005, when the first lead test assemblies were delivered to South-Ukraine Unit 3,” said Aziz Dag, vice president and managing director, Northern Europe. “We are proud to continue supporting Ukraine with their energy diversification by supplying a full core of Westinghouse VVER-1000 fuel to our customer, Energoatom.” Westinghouse currently supplies fuel to six of Ukraine’s 15 nuclear power reactors. Beginning in 2021, the number of reactors with Westinghouse fuel will increase to seven. “Westinghouse has made significant investments over the last several years

Seoul Semiconductor Delivers Its Innovative LED "SunLike" to U.S. Lighting Market19.7.2018 13:00Pressemelding

Seoul Semiconductor Co., Ltd. (KOSDAQ:046890), a market leader in LED (light emitting diode) design and manufacturing, announced that its innovative LED “SunLike” is applied to brand new lightings to be launched by three lighting premium brands in U.S., Pure Edge Lighting, LEDRAbrands, Inc. and Elite Lighting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180719005377/en/ The product of LEDRAbrands, Inc., NU4RA-SUN, which applied SunLike of Seoul Semiconductor (Photo: Business Wire) Seoul Semiconductor supplies SunLike to pendant lighting for Pure Edge, a U.S. lighting solution company. It is applied to high-end lighting for museums and art galleries that require the highest color quality. The leading lighting design companies, LEDRAbrands, Inc. and Elite Lighting, apply SunLike to downlights and spotlights respectively. “We have selected Seoul Semiconductor’s innovative LED SunLike for our human centric lighting and believ

Kite and Gadeta Announce Strategic Collaboration to Advance Gamma Delta T Cell Receptor Technology for Solid Tumors19.7.2018 12:30Pressemelding

Kite, a Gilead Company (Nasdaq: GILD), and Gadeta B.V., a privately-held company focused on the discovery and development of novel cancer immunotherapies based on gamma delta T cell receptors (TCRs), have entered into a strategic collaboration to develop novel gamma delta TCR therapies in various cancers. Under the financial terms, Kite will provide research and development (R&D) funding for the collaboration and Gadeta will be eligible to receive future payments upon achievement of certain regulatory milestones. In addition, Kite will make an upfront purchase of equity in Gadeta from Gadeta’s shareholders and may acquire additional equity in Gadeta upon achievement of certain R&D milestones. Kite will have the exclusive option to acquire Gadeta. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180719005418/en/ Gadeta has developed a proprietary technology to engineer alpha beta T cells with gamma delta TCRs, called TEGs, for

Boehringer Ingelheim and Lilly announce Trajenta®’s CARMELINA® cardiovascular outcome trial met its primary endpoint19.7.2018 12:08Pressemelding

CARMELINA®1 (CArdiovascular safety and Renal Microvascular outcomE with LINAgliptin in patients with type 2 diabetes at high vascular risk) met its primary endpoint, defined as time to first occurrence of cardiovascular death, non-fatal myocardial infarction or non-fatal stroke (3-point MACE), with Trajenta® (linagliptin) demonstrating similar cardiovascular safety compared to placebo. Boehringer Ingelheim and Eli Lilly and Company (NYSE: LLY) announced today positive top-line results, which evaluated the impact of treatment with linagliptin vs. placebo on cardiovascular safety on top of standard of care. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180719005409/en/ The study included 6,979 adults with type 2 diabetes and high cardiovascular risk.1 The majority of patients also had kidney disease, an important risk factor for cardiovascular disease. The overall safety profile of linagliptin in CARMELINA®, including adults