Another deadline for the FCA’s Consumer Duty regulations is coming up in July, and for many insurers, it’ll be more important than the first. The first deadline was more of a checkbox exercise. It gave insurers room to manoeuvre, saying, “Yes, we can generally prove we’re not being unfair to our customers,” and was much easier to comply with. Now, things are getting more difficult, and regulators are turning up the heat on financial service institutions. What’s different about this deadline? The July deadline will require businesses to be more specific in their compliance… in a very, very real ..read more

From integrating AI to the rise of blockchain in health data, insurers will be adapting some seriously innovative strategies in 2024.  But just because these strategies are optimizing on recent tech trends doesn’t mean they’re falling prey to shiny object syndrome. These digital transformations and adaptations are rooted in core system updates that have been a long time coming, and will help insurers stay digitally resilient for years to come.  This blog post was adapted from this article in Actuarial Post, where we released our insurance sector forecast for this year. 1. Settling th ..read more

It’s hard to believe another year is about to wrap to a close, isn’t it? ? Time flies when you’re having fun‌ — ‌or, at the very least, when a lot is happening, and you’ve got a lot to be grateful for.  And since we like to keep our fingers on the pulse of what’s changing for the better in insurance, we wanted to express our gratitude for all the work our clients, partners, and even our competitors put into making insurance so much better for everyone. No More Crappy Customer Experiences As we were compiling these stories, we‌ expected them to be all over the place with where innovation w ..read more

Announcement! ? In line with our commitment to serving ambitious insurers all over the globe, we’re thrilled to announce we’re now members of GRiD (Group Risk Development) in the UK. As a key entity in the group risk sector, GRiD helps businesses in the UK provide financial wellness for their employees. EIS provides a cloud-native insurance platform that helps group protection insurers build truly customer-centric platforms. These two commitments from both companies make for a perfect match-up. Jonathan Phillips, our own protection market lead, said, “We are really excited to be working with G ..read more

They’re creepy and they’re kooky, and the “spookiness” so popular this time of year has us wondering… if the Addams family worked in insurance, what would they do?  And… would they make the insurance world better, or worse? ? Here are our thoughts on the matter… but we’d love to hear what you think! Gomez Addams: Chief Financial Officer Gomez is a family man, and while his mansion might have a little bit of dust and spider webs around it, with his large household and staff, he clearly knows how to manage his wealth. Plus, his dedication to his family means that even if he does take on som ..read more

Numerous employers have had difficulty managing the post-COVID increase in leave requests, due to sheer volume as well as varying (and frequently changing) state-by-state regulations. To solve for this, benefits carriers are expanding absence management offerings and want these solutions to function seamlessly alongside disability insurance and other relevant coverage. Doing so benefits employee and employer satisfaction while aiding insurers: Inclusion of absence management on a client’s case can increase plan sponsor retention from 80%-95%. Without the digital insurance ecosystem approach ..read more

To put it lightly, AI, machine learning, generative AI, and language learning models (LLM) have caused a storm in the business market – including in insurance. It’s left insurers grappling with some pretty big questions: How do I use AI and generative AI effectively in my business?  Where should I channel my efforts with this new technology? They’re good questions to be asking. True innovation, especially with AI, isn’t just about trends; it’s also about creating value and enhancing humanity. Let’s navigate the noise and pinpoint the real story of AI in insurance today. Generative AI i ..read more

“My company’s behind the times” isn’t something most people would willingly admit, especially in large, well-known industries.  But the truth is, the modern legacy technology that’s rife within many corporate-level operations is stopping large industries, especially insurance, from meeting the ever-increasing status quo for how large companies serve and interact with their customers. The recent shifts in employee benefits — and the resulting demand on benefit providers’ technology capabilities — means benefits insurers must make fast-paced tech upgrades to keep up. Without the right unde ..read more

After hosting the inaugural Ambitious Insurer Awards at ITI Europe, we couldn’t wait to do the same at ITI in New York.  In our nomination process, we gathered over 200 global submissions, including 50 for North America. The submissions were fascinating, but ultimately 10 were chosen as finalists, and our panel of judges selected one as the winner. The Winner: Cowbell’s Cyber Insurance Education As important as cyber insurance is becoming, 48% of brokers and agents don’t feel comfortable explaining it to their clients. Cyber insurance is a complex and constantly-evolving topic, and the t ..read more

As insurers battle rising claims volume and the costs of servicing those claims, the industry must find ways to protect itself against price pressure or see its profits dwindle further. Being adaptive is going to be the single biggest success factor for the industry moving forward. However, that change must go further than moving established processes online. As we’ve seen in the banking, retail, and travel industries, real gains come from reimagining the way you do business for how people live today. According to Statista, the global app economy surpassed an estimated value of USD $6.3 trill ..read more