Happy Together: Yesteryear's InsurTech Disrupters Are Today's Broker Partners

A decade ago, startup InsurTech firms startled both insurance carriers and brokers with an expanding array of innovative tools leveraging emerging digital technologies. For brokers, the firms' ingenuity and agility in providing client services more efficiently and cost-effectively were perceived as a competitive threat. This danger appears to have eased, given the increasing volume of... read more

How to Outperform Competitors: McKinsey Reveals Strategies of Top-Tier Profit Makers

Most insurance companies aren't bold enough in their strategies to boost profits, according to a recent report from McKinsey & Company, which also says that industry CEOs must lead the way to successful transformations that generate profits. Purposeful, bold moves include shifting resources between businesses, boosting underwriting margins, improving productivity, and pursuing "thematic and programmatic"... read more

Key Allianz Insurance Unit Slumps, but PIMCO Arm Excels

Allianz SE, the German insurer that owns bond manager Pacific Investment Management Co., relied on inflows at the asset management unit to offset lower earnings at its property and casualty business. read more

Typhoon Hagibis Could Be One of 2019's Costliest Catastrophe Events: Aon

Typhoon Hagibis is likely to become one of 2019's costliest events, with economic costs of more than $10 billion and insured losses minimally in the billions, according to Aon's monthly catastrophe report. read more

Insurance Distribution Platform Cover Genius Plans Expansion With $10M Financing

Cover Genius, an InsurTech centered around an insurance distribution platform, has raised $10 million in new financing designed to fuel hiring and further global growth. read more

Neptune Flood's Albert: InsurTech Enables Cheaper and More Efficient Flood Coverage

While few carriers are in the flood insurance market, Neptune Flood Insurance sees opportunity. Most of the market is covered by the National Flood Insurance Program, but founder and CEO Jim Albert said he saw a serious coverage gap that a nimble startup could help fill. "I saw a huge gap in the market, where... read more

FEMA Postpones Switch to New Risk-Based Flood Insurance Rating Until 2021

The federal government is delaying implementation of a major change to its pricing formula for federal flood insurance that bases rates on a more accurate assessment of the real flood threat for each home and reflects the cost of rebuilding. The new methodology, called Risk Rating 2.0, had been set for an October 2020 launch... read more

James River Dropped Uber Due to Coverage Risks, Particularly in Florida

A Bermuda-based insurer that recently severed ties with an Uber Technologies Inc affiliate said on Thursday the risk of providing driver ride-hailing coverage had become too great and that it had mispriced policies during its initial years on the account. read more