When COVID-19 first struck, insurance companies around the world had to scramble to figure out their exposure to the systemic socio-economic event. No one had a clear ...
Real-world driving data from connected cars is both a treasure trove and a minefield for auto insurers. Big banks’ efforts to deal with financial technology ...
The insurance industry is in the middle of a significant evolution, largely driven by the changing expectations of modern customers, new competitors, and the unique ...
The next phase in the evolution of auto insurance claims will be heavily influenced by two key elements – telematics and vehicle build data.
Telematics tools are ...
To many consumers, buying life insurance can be painful. Despite insurance companies’ substantial investments over the past several years in digitizing customer ...
Like every other market, insurtech will feel the effects of the COVID-19 pandemic in the coming years. But unlike many sectors, the global health crisis may slow the ...
On June 30, 2020 the National Association of Insurance Commissioners' (NAIC) Artificial Intelligence Working Group approved principles that call on insurers and others ...
Financial services companies are becoming hooked on artificial intelligence, using it to automate menial tasks, analyze data, improve customer service and comply with ...
US auto safety regulators are set to will unveil a voluntary effort to collect and make available nationwide data on existing autonomous vehicle testing. States have a ...
Banks and insurance companies believe AI is critical to unlocking new growth opportunities and reducing costs. In this new study from the Economist, companies report how ...
Given that vehicle usage is a fundamental and historical rating factor – a predictor of accident frequency – one could conjecture that telematics might be heading ...
RiskGenius, an insurtech using artificial intelligence to evaluate emerging risks across insurance portfolios, has released a checklist of potential coverage issues ...
The effects of the coronavirus pandemic have been felt in the global economy, and also for startups. This is potentially problematic for those that are underfunded , as ...
Ping An Insurance (Group) Company of China, Ltd. has announced that its smart audio screening system has successfully identified more than 1,600 suspected cases of ...
Reinsurance broker Guy Carpenter & Co. has entered into a strategic relationship with RiskGenius, an insurtech firm that utilizes AI technology to evaluate emerging ...
The Latest from Mayer Brown
Brexit Brexit: The Way Forward Across the Brexit Finish Line – And Now What? Brexit: How Will It Affect My Business? The Implications ...
Notable developments in the e-discovery and information governance space in 2019 included the lead-up to the California Consumer Privacy Act, which came into effect ...
Insurance giants have long hoped to bring more innovation into their business, but strict regulations and long-standing processes have hindered their progress. This ...
Ongoing public consultations from the World Intellectual Property Organisation and others demonstrate a focus by IP policymakers on better understanding issues posed by ...
The world of insurance is changing as new ways of doing business are making their mark on the industry.
Investment in the insurance technology space is continuing to ...
On January 7, 2020, the White House issued a draft memorandum setting forth proposed principles for agencies to follow when regulating and taking non-regulatory actions ...
The White House on Tuesday, January 7 proposed regulatory principles to govern the development and use of artificial intelligence (AI) aimed at limiting authorities’ ...
When it comes to innovation and utilization of emerging technologies in the insurance industry, reinsurance companies once led the way as early adopters of technology. ...
The Latest from Mayer Brown Regulatory Corner: California Attorney General Releases Proposed Regulations for the CCPA [Mayer Brown] Cyber Resilience for Insurers - ...
New data from research forecasts immense growth in artificial intelligence ("AI") underwritten insurance premiums.
The study predicts that the value of AI ...
As companies digitize businesses and automate operations, cyber risks proliferate, necessitating cybersecurity organizations to support a secure digital agenda. ...
Enterprise cloud operations are expanding and maturing, but as with any natural maturation, inevitable growing pains must be endured and overcome.
As organizations ...
AI licenses require many of the same terms and conditions that you would expect in “regular” licenses for software, technology and SaaS. However, licensing AI ...
The Latest from Mayer Brown Regulatory Corner: Acquiring Ownership – Considerations in Acquiring a “Controlling” Interest in a US Insurance Company [Insurtech by ...
The innovative use of technology by insurance companies ("Insurtech") is growing and offers the potential to improve customer experiences while also lowering insurer ...
The Latest from Mayer Brown Regulatory Corner: Breaking Down Blockchain - Implications of Blockchain Technology for the Insurance Industry [Insurtech by Mayer ...
Mayer Brown’s Technology Transactions Practice is pleased to announce the release of Legal Perspectives for Technology & Innovation: Insights. Written for in-house ...
The Latest from Mayer Brown Regulatory Corner: The California Consumer Privacy Act - Key Takeaways for Insurers and Insurance Regulators [Insurtech by Mayer ...
Complicated computerized models and quantitative analyses are a fundamental mainstay in the financial services industry, from quantitative investment asset managers who ...
The Latest from Mayer Brown Regulatory Corner: Corporate Governance Gaining Ground – An Update on the NAIC Corporate Governance Annual Disclosure Act [Insurtech by ...
Insurers Want to Know How Many Steps You Took Today: The cutting edge of the insurance industry involves adjusting premiums and policies based on new forms of ...
Insurers believe that fraud in on the rise, and they are increasingly turning to advanced analytics to fight it, according to the results of a survey released by the ...
Some of the world’s biggest insurers plan to work together on an assessment of the best cybersecurity available to businesses, an unusual collaboration that highlights ...
The Latest from Mayer Brown Global Insurance Industry Year in Review 2018 [Mayer Brown Publication] Regulatory Corner: An Unconventional Circular Letter - NYDFS ...
Recent research looking at leading commercial-focused property and casualty (P&C) companies over the past three decades affirms the traditional view that ...
Healthcare fraud costs tens of billions of dollars each year in the US alone, according to the FBI; this figure could soon be on the decline, though, as artificial ...
Regulatory Corner: Finding Common Ground - Recent Developments in International Supervision [Insurtech by Mayer Brown]
Artificial ...
As consumers are looking for a more personalized experience, especially when purchasing something as important as Property and Casualty ("P&C") insurance, the ...
The insurance industry, like so many others, is in a state of upheaval that will continue to play out in 2019. The disruptive forces at work in the industry have come ...
With technology initiating dramatic changes that are reshaping the insurance industry, the forward-looking insurers are taking action and making investments that will ...
Regulatory Corner: Keeping it Private - GDPR and Developments in Data Privacy in 2018 [Insurtech by Mayer Brown]
Push for Standardized ...
The 2018 McKinsey Digital Insurance Compendium synthesizes highlights from the past year that demonstrate the progress that has been made in reinventing the insurance ...
Machine learning and predictive analytics is helping the health insurance company identify customers likely to overdose.
Cigna Corp. is using artificial intelligence ...
Software makers offer more transparent machine-learning tools—but there’s a trade-off. Artificial intelligence (AI) software can learn from data or experiences to ...
Regulatory Corner: Eyeing AI - Artificial Intelligence and its Increasing Impact on the Insurance Industry [Insurtech by Mayer ...
While insurance has long been data-rich, it is slower than other industries to derive value from its data – an opportunity for the role of Chief Financial Officer ...
The Latest from Mayer Brown Regulatory Corner: Reinsurance Collateral Requirements - They Are A-Changing [Insurtech by Mayer Brown] Missiles, Malware and Merger ...
At the PwC Insurance Summit, presented by the Financial Times, that occurred in Bermuda this past November, various topics on innovation in the insurance industry were ...
The internet is a technology of low-cost communication and connection. Everything from email to e-commerce to social networks has hinged on the internet’s ...
Earlier this month, InsureTech Connect- "the largest annual insurtech event in the world" - was held at the MGM Grand in Las Vegas. This year the event attracted over ...
The top Artificial Intelligence (AI) trends for 2018 have been released in a study from CB Insights. The focus of the report is how AI is changing the basis of every ...
The Latest from Mayer Brown Regulatory Corner: Deciphering Cybersecurity Initiatives in the Insurance Industry [Mayer Brown] New Guidebook from Mayer Brown: ...
Insurtech transactions reached a new peak in the second quarter of 2018 - exceeding $5 billion - thanks to Artificial Intelligence (AI) advances in the sector giving ...
Artificial intelligence (AI)—sometimes referred to as “machine learning”—has begun to transform how financial services are provided. This trend will continue, ...
Farmers Insurance has implemented a more centralized use of its previous usage of AI in its business. The new mechanism, AI Council, is designed to dispel ...
Mayer Brown Tech Talks, Episode 1: Staying Ahead of AI with Rebecca Eisner [Mayer Brown]
California Enacts GDPR-Like Consumer Privacy Protections: What You Need to ...
Across a variety of industries, more and more companies are building, buying and using Artificial Intelligence (AI) in their technology services agreements to further ...
Data Critical to Insurance Value Chain: Key Quotes from Mayer Brown’s Tech Transactions Group [Business Insurance]
CFPB Exploring Fintech Sandbox ...
Amazon has contemplated offering home insurance as an offshoot of its development work on robots and other connected devices for the home, according to a person familiar ...
Lemonade Launches First Ever Open Source Policy [Insurance Business]
QBE Pours Investment into AI Start-Up [Market Insider]
And So it Begins.. South Carolina ...
Bermuda Invites Insurtechs to Play in its Sandbox [Bermuda Monetary Authority]
Beazley Bets on Blockchain [Reuters]
2030: Welcome to an AI-driven Insurance World ...
A report by McKinsey & Company details the "seismic, tech-driven shift" that will occur in the insurance industry by 2030.
Download the report here.
QBE has announced a partnership with HyperScience, a machine learning "company focused on building enterprise-grade artificial intelligence (AI) solutions for automating ...
Zurich Makes Chatbot Hype a Reality with “Zara” [Insurance Business]
Oscar Health not grouchy about $165 million fundraising round [Intelligent Insurer]
US ...
Global Regulators Team Up to Bring Ideas (and Toys?) to International Regulatory Sandbox [Reuters]
Cigna Partners with Amazon to Bring New Voice (and Answers) to ...
Zurich UK has launched a "six-week chatbot pilot," Zara, as its first point of notification of emergency home and motor claims. Zara was developed using themes of ...
The Infosys digital outlook report finds that the four digital technologies most in use by re/insurers today are big data for customer insight and wallet share, cyber ...
Study: 2017 - Insurtech Deals Up, Funding Down [FT Partners]
Trump Administration to Unveil Autonomous Vehicle Guidelines Summer 2018 [Reuters]
Munich Re Partners ...
US Transportation Secretary Elaine Chao recently announced the Trump administration's plans to unveil revised self-driving car guidelines this summer. It is unclear what ...
Top 2018 Insurtech Predictions [Insurance Journal]
McKinsey: Ecosystems Necessary for Insurance Innovation [McKinsey & Company]
RGA Expands Tech Arm with LOGiQ3 ...
Insurance Journal's Ted Devine highlights the top predictions for the insurtech market in 2018. Some of these predictions include: more partnerships, integration of big ...
Hartford InsurTech Hub, the accelerator launched by Startupbootcamp in September, has announced which 11 startups will participate in the incubator’s first program, ...
Insurance companies are starting to offer ‘smart’ devices to consumers where the data can be used to lower insurance premiums.
Read more here.
At a recent global Financial Stability Board (FBS) meeting, regulators discussed the danger that replacing bank and insurance workers with machines pose to their ability ...
QBE has announced a partnership with RiskGenius, a machine learning company that will apply machine learning to policies sold by the carrier. This announcement comes on ...
Six Key Takeaways from Insuretech Connect 2017. Joe Castelluccio, one of the co-leaders of Mayer Brown’s Insurtech initiative, reports on key themes and highlights ...
XL Catlin’s internal innovation team, Accelerate, announced it is working with Cytora, a UK-based insurtech startup that uses artificial intelligence (AI) and open ...
Successful Integration in Transformational M&A Deals [Law360]
Blockchain Settlements: The Future of Cat Bonds? [Bloomberg]
Nationwide Commits to Insurtech ...
Nationwide has announced its commitment to invest more than $100M of venture capital in customer-centric solutions that help members: live comfortably in retirement; ...
The 2017 Accenture Technology Vision for Insurance report highlights the "tremendous opportunity" for insurers who can tap into uncharted waters of technology and ...
Legal & General America has launched SelfieQuote.com, a easy way to obtain a life insurance quote. Simply submit a photo of yourself and SelfieQuote.com provides a ...
Not all ‘Glitz and Glamour,’ Insurtech Targets the Back Office [Business Insurance]
Regulators to Industry: “Help Us” [Insurance Journal]
Red Hot: ...
AIG's Brian Duperreault discusses the impact that artificial intelligence and robots will have on the insurance industry. Brian highlights the benefits and draw backs of ...
Partnerships foster Blockchain Breakthrough for Insurers [Business Insurance]
Combining Big Data & AI: A Recipe for Disruption [Reinsurance News]
New Kid on ...
Willis Towers Watson's recent report identifies the combination of big data and artificial intelligence as an amplifying source to disruption in the re/insurance ...
Blockchain to gain its first reinsurance product [Insurance Journal]
The Bots are coming: Why insurers like them, and what it means for the industry [Insurance ...
Speaking at the Marsh & McLennan Companies Young Professionals’ Global Forum 2017, Chubb chairman and chief executive Evan Greenberg explains why the need to ...
Insurers to America’s Truckers: Embrace sensors or risk losing your coverage [Wall Street Journal, Subscription required]
Insurtech is keeping regulators on their ...
UK insurer Ageas embraces artificial intelligence technology to manage motor claims by partnering with insurtech startup Tracktable.
InsurTech startup Sherpa announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting ...
Allianz Global Corporate & Specialty SE (AGCS), is working with Praedicat, the Los Angeles-based insurtech analytics firm, to better predict key catastrophe ...
QBE announced it is poised to spend up to $50 million on insurtech startups this year. QBE's announcement is on trend with other incumbent insures who have begun ...
Next Insurance, a digital insurance company for small to medium businesses, said it has raised $29 million in a Series A funding round led by Munich Re/HSB Ventures ...
Accenture announced it is launching a new North American Innovation Center that will address the digital challenges that insurers face.
The new Center focuses on ...
Contrary to conventional wisdom a study by Verafore reveals consumers are not interested in completely replacing traditional insurance agent purchasing models with ...
AXA has been one of the most active insurers in the insurtech space; CEO Thomas Buberl discusses via LinkedIn AXA's goal of becoming a leader in innovation.
Read ...
In this report, Mayer Brown's Global Insurance Industry Group discuss developments and trends in insurance industry transactions in the past year in North America, ...
On February 11, 2019, President Trump signed an “Executive Order on Maintaining American Leadership in Artificial Intelligence” (the “Order”) and, in doing so, ...
By any measure, 2018 was a major year for data privacy regulation. The most significant regulatory development in this area was the European Union’s General Data ...
The use of artificial intelligence (“AI”), which may be defined as the development of computer systems able to perform tasks normally associated with human ...
