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GlobalData
GlobalData

Insurance

Insurtech’s recent funding rounds signals their success in insurance as market bounces back after pandemic gloom, says GlobalData

Investment in insurtech grew strongly between 2018-2019 and looked set to continue thriving until the pandemic hit in 2020. However, as of mid-2021, insurtech outliers are breaking the pandemic gloom and attracting some ground-breaking investment, says GlobalData, a leading data and analytics company. Wefox, a German-based insurtech raised a $650m series C funding round and […]
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Aon embracing IoT to insure COVID-19 vaccine cargo demonstrates the technology’s potential in the insurance market

Aon’s specialized cargo insurance protection product integrated with Internet of Things (IoT) capabilities in order to provide supply chain protection for the global transportation of COVID-19 vaccines is a game-changer – especially for cargo insurance, which can take months to identify and settle, says GlobalData, a leading data and analytics company. IoT capabilities have become […]
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Consumers will benefit from price comparison websites partnering with insurtechs as it will provide more customizable polices, says GlobalData

The latest partnership between Comparethemarket.com and insurtech Getsafe could create a shift in the UK’s personal insurance market. Insurtechs have developed tailored policies for individuals using customers’ own data to personalise features. These include usage-base-insurance or fitness trackers alongside protection policies. By partnering with an insurtech, Comparethemarket.com will expose a wider range of customers to […]
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Increasing natural catastrophes accelerate reinsurance demand in Asia-Pacific, says GlobalData

Increasing frequency of natural catastrophic events has created demand for reinsurance in the Asia-Pacific (APAC) region as domestic insurers seek financial resources to cover such massive risks, according to GlobalData, a leading data, and analytics company. GlobalData’s insight report, ‘Global Reinsurance Market Outlook, 2021 Update – Market Analysis, Key Trends, Competitive Intelligence, Drivers, Challenges, Regulatory […]
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Opportunity for goods in transport insurers to revamp their products as Brexit trade delays continue, says GlobalData

Brexit-induced controls at the UK/EU border creates an opportunity for goods in transit (GIT) insurers to adapt their products as the nature of risks change, while increased red tape will drive premiums up, says GlobalData, a leading data and analytics company. According to GlobalData’s report, ‘Brexit in Insurance – Thematic Research’, GIT insurance, which provides […]
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Mental health benefits will become increasingly valuable to insurers and employee benefit providers post-COVID-19, says GlobalData

The COVID-19 pandemic has opened up a wealth of opportunities for insurers and employee benefit providers to deliver mental health packages as prolonged lockdowns and periods of mental strain and stress, as well as financial concerns for some, have further raised the significance of mental health in the workplace, says GlobalData, a leading data and […]
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Lemonade well-positioned to capitalize on motor insurance post-COVID-19 with its digital and value-first approach, says GlobalData

Lemonade’s digital and value-first approach is well-suited to the post-pandemic world and provides an opportunity for the insurer to capitalize on the motor industry, says GlobalData, a leading data and analytics company. GlobalData’s UK Insurance Consumer Survey found that a more flexible and digital motor insurance policy, like the one that Lemonade is likely to […]
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Investments into data analytics set to pick up pace as it remains a key insurance theme, says GlobalData

The COVID-19 pandemic hit investor confidence and halted business, which led to investments into big data declining, but it is a temporary decline and the theme remains critical to insurance, according to GlobalData, a leading data and analytics company. GlobalData’s latest report, ‘Thematic Research: Big Data in insurance’, reveals that the value and volume of […]
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Digital transformation speeds ahead in insurance market as AI platform spending to grow by almost a quarter each year between 2019 and 2024, says GlobalData

The changing customer landscape due to the COVID-19 pandemic has necessitated innovation within the insurance industry. Not only are incumbent firms at threat from insurtechs using technology to personalize the insurance experience, but the shift towards digital insurance has been hastened. Data and analytics company GlobalData forecasts that AI platform revenues in the insurance sector […]
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UK insurance brokers aim to bounce back from unique challenges in 2020, says GlobalData

National insurance brokers in the UK are once again looking towards upselling, acquisition and marketing to grow their business and recover from an extremely challenging 2020, according to GlobalData survey data. GlobalData’s 2021 UK Commercial Brokers Survey found that the three most popular growth strategies for national brokers (cross-selling/upselling, acquisition, and increasing marketing activity/web presence) […]
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Personal accident insurance market in India to benefit from policy standardization, says GlobalData

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated all general and health insurers in the country to offer standard personal accident insurance ‘Saral Suraksha Bima’ from 1 April 2021. This product with standard coverage and policy wordings will simplify product offering and promote the uptake of personal accident insurance policies in the […]
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Sale of insurance by third-party digital platforms to increase e-commerce share in South Korea, says GlobalData

The Financial Services Commission (FSC) of South Korea plans to allow third-party digital platforms to sell non-life and micro-insurance as part of the country’s financial ‘sandbox’ program. The move is expected to increase the e-commerce share in South Korea. The sandbox program aims to promote insurtech companies by easing regulations and encouraging innovation, says GlobalData, […]
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