This Week in Insurance: Providers enhance customer experience through digital transformation and expand distribution channels
Latest Industry Insights from Draup Braindesk
Insurance Players are focusing on the enhancement of digital transformation and cyber risk control.
Brit group collaborates with Google Cloud to launch Ki, the first algorithmically driven Lloyd’s of London syndicate, and launch its online platform for cyber risks.
Brit Group Services keen to partner with service providers with expertise in digital transformation and risk management.
Blue Cross and Blue Shield Association drive technological advancement in healthcare insurance operations through their initiatives and investments in new-age technologies. Anthem, Health Care Service Corporation, Highmark, Premera Blue Cross, and CareFirst are major BCBSA companies driving digital growth across the healthcare insurance operations.
Companies under BCBS organizations are implementing a wide range of solutions to shift their revenue model by leveraging data-driven decision-making and automation capabilities.
One of the first things you can do to have a solid customer experience strategy is enhancing client experience across all the touchpoints. Consumers expect a positive experience, not just a transactional relationship with the brands. Companies should deliver a delightful customer experience to make their business stand out from its competitors.
Chubb is more interested in making innovation that enhances customer service and focuses on the invention of inspection elements where human footprint cannot reach.
Service providers with expertise in digital insurance – perfect outsourcing partner for Chubb.
Crum & Forster focuses on improving its cyber liability by increasing the claim and frequency to reduce the customers’ risk and understand the value of their coverage.
Latest Reports Published in Draup
Alliance Bernstein account intelligence report: The global asset management firm provides investment management and research services. It provides nontraditional investment and strategies to diversify portfolios with new sources of risk and return. Its revenue CAGR from 2015 to 2019 increased by 3.88%. Read More>>
Global Insurance market analysis: Draup conducted a comprehensive analysis of the industry with a focus on critical challenges and opportunity areas. Draup identified three business intentions that enhance the industry. Read More>>
Key Funding Alert
InsurGrid raises pre-seed financing to help modernize legacy insurance agents InsurGrid makes it easy for agents to serve existing and new clients. The startup integrates with 85 insurance carriers and serves as the software layer instead of the provider. InsurGrid raised USD 1.3 Mn. It is starting with property and casualty management. Read More>>
Company – SafetyWing HQ Location – San Francisco Bay Area, United States Total Funding – USD 12.12 Mn Year of Inception – 2017 It is a travel medical insurance provider that offers ‘Remote Health’ products for remote and gig economy workers outside their home country. Benefits include emergency medical treatment, coverage for lost luggage, and travel delay. Read More>>
Key Insights and Signals in Insurance
Mergers and Acquisition Kyobo in advanced talks to acquire AXA with a digital partner The companies will go ahead with a split acquisition of AXA and turn it into a digital-only non-life insurer. Read More>> Athene Holding’s USD 11 Bn merger with Apollo Global Management The parties expect that the transaction allows Athene to rapidly scale asset and liability origination, broaden distribution channels, and act as a leading global solutions provider. Read More>> CUNA Mutual Group acquires Assurant’s Rapid City office Assurant has agreed to sell its prearranged funeral insurance and final expense business, Global Preneed, and related legal entities and assets to CUNA for approx. USD 1.3 Bn. Read More>>Partnerships AXA Partners and Ancileo renew partnership The partnership bolsters the position in the travel insurance market post-pandemic. It accelerates the potential of personalized insurance distribution through digital ecosystems. Read More>>Deals and Deals Renewals MGA Ensurance completed the deal with AXA after replacing Swiss Re The companies have completed the deal for its various products like constructions and engineering. Read More>> Swiss Re Corporate Solutions and Coalition extend the strategic agreement The new multi-year agreement reinforces the companies’ ongoing collaboration and Coalition’s position as one of the leading providers of cyber insurance and security for small to midsize businesses. Read More>> RAC extends warranty contract with Assurant The deal covers extended warranty, cosmetic insurance, service plans, and digital marketing packages. Assurant will continue providing its expertise in automotive protection and warranty products to the RAC dealer network for the next five years. Read More>>Executive Movement Aon hires for roles in Bermuda and London capital advisory Mr. Marcus Foley will join the firm as head of capital management and will be based in Bermuda, reporting to Tony Fox, chairman and CEO, Bermuda, and Eric Paire, head of London capital advisory of reinsurance solutions. Read More>> Frankenmuth Insurance Promotes Donnellon to Vice President Donnellon was instrumental in streamlining and implementing human resource information systems for payroll, compensation management, onboarding, and records management. Read More>> Liz Heitner joins Penn Mutual Life Insurance Company as VP of HR Heitner comes to Penn Mutual with more than 15 years of leadership experience in all aspects of human resources management. Read More>> Liberty Specialty Markets announces exec changes Liberty named former XS Global Logistics ABN executive Manuel Moreno chief underwriting officer, U.S., and Latin America, and promoted Heath Merrill to COO, the U.S., and Latin America. Read More>> Munich Re announces new leadership for life and health in Southeast Asia and digital solutions Aravind Srinivas will be the group’s Southeast Asia business, and Tobias Frenz takes on responsibility for the newly formed business capability called Digital Solutions. Read More>> Zurich Insurance shakes up management Zurich Insurance promoted Sierra Signorelli to head of its corporate business (the Commercial Insurance division). Signorelli succeeds James Shea, who has decided to leave. Read More>> RLI announces leadership promotions and changes Eric Raudins, VP, Personal Lines, has been promoted to Senior Vice President. Before joining RLI, he served as Chief Operating Officer for RIS Holdings, LLC. Raudins has 30 years of industry experience. Read More>> Aegon appoints Will Fuller as CEO of Transamerica Formerly Executive VP of Lincoln Group will succeed Mark Mullin as President and CEO of Transamerica. Read More>> MetLife elevates Global Chief Diversity & Inclusion Officer role through New reporting line to CEO Dr. Cindy Pace, the company’s Global Chief Diversity & Inclusion Officer, will add a new reporting line directly to the CEO, underscoring its commitment to embedding diversity, equity, and inclusion (DEI) in its business strategy. Read More>>
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