EIP Limited’s Post

Legacy systems have hindered the advancement of Open Insurance, but the advantages for insurers and brokers are evident – with #insurtechs playing a crucial role. In July 2018, a whitepaper titled "The Open Insurance Initiative" introduced the concept of Open Insurance, proposing the seamless integration of insurtechs into insurance processes via #APIs to foster connectivity and standardisation. Open Insurance involves sharing #data and services through APIs to drive efficiency and innovation, following the model of Open Banking. According to a recent whitepaper by Arthur D. Little, insurtech startups are essential for realising the potential of Open Insurance due to their agile frameworks and technology-driven approach. However, despite the innovation prospects and benefits for insurtechs, incumbent insurers have shown mixed interest in the idea. Challenges include legacy technology migration, concerns about consumer awareness and trust, and the need for standardisation and regulatory clarity, particularly regarding competition and data security. Read more here Insurance Times Clare Ruel👉 https://bit.ly/49SjHkr Howden #insurance #fintech #openbanking #openfinance

Are you looking to introduce an💡embedded insurance💡programme into your customer value proposition, or perhaps you're looking to upgrade an existing programme? At EIP we've been helping leading global 🌍 brands to design, build and manage embedded insurance programmes for over twenty years. So what are you waiting for? Get in touch 📧 with our expert team today 👉 enquire@eip.tech #embeddedinsurance #fintech #

“Fintechs are connected by nature; insurance companies are not. For rails to exist, it requires true modernization, rather than replace-in-place. In order to build the rails of digital insurance, there’s a lot that has to be purpose-built for this new embedded ecosystem.” Our own Wayne Slavin joined the Open & Embedded Insurance Observatory to drop some knowledge about all things embedded insurance. Check us out to learn more about how Sure is powering digital insurance programs for the world’s largest brands and carriers on our insurance technology rails: https://lnkd.in/eydMdjNC #digitalinsurance #embeddedinsurance #insurtech #fintech

Insurance Business has unveiled the Global 5-Star Technology and Software Providers of 2024, showcasing insurtech companies that are setting new industry benchmarks. The recognition is based on a rigorous 15-week process involving insights from brokers and insurance professionals worldwide. https://hubs.la/Q030nDpc0

𝐄𝐚𝐬𝐲 𝐏𝐨𝐥𝐢𝐜𝐲 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐮𝐫𝐭𝐞𝐜𝐡   Insurtech is making policy management simpler and more efficient than ever before, with advanced technology at our fingertips, managing insurance policies is becoming a breeze. Here’s how: 𝐒𝐭𝐫𝐞𝐚𝐦𝐥𝐢𝐧𝐞𝐝 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: Automated systems reduce manual tasks and paperwork. 𝐑𝐞𝐚𝐥 𝐓𝐢𝐦𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Instant notifications keep you informed about policy changes. 𝐔𝐬𝐞𝐫 𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐈𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞𝐬: Intuitive platforms make managing policies easy and accessible. What features do you find most valuable in policy management? Let’s discuss! #Insurtech #Insurance #PolicyManagement #TechInnovation #FutureOfInsurance 

Do you know how many "captive insurance" are running worldwide? That's what you could learn from that FT article: 👉 https://lnkd.in/ew94Beke The article starts with a reminder of what these risk carrying vehicles are. It details their dynamic worldwide as new risks are popping out. And then, it explores the UK market more specifically, highlighting the relatively lower presence of captive insurance. This raises challenges for insurers which have to compete with these new players on their core business. I believe this underscores the importance for incumbents to collaborate with tech and data startups to effectively address these challenges. #insurance #insurtech #venturecapital

The emergence of insurtech is revolutionising the role of the broker! Insurance safeguards our financial resilience, offering protection against the unexpected and ensuring peace of mind for individuals, businesses, and families alike. Navigating the insurance landscape can be daunting, requiring expert guidance and advice. Independent insurance brokers serve as advocates for consumers, offering access to a wide range of insurers and negotiating the best terms. Unlike agents tied to a single company, brokers have the flexibility to arrange cover from the entire market, tailoring solutions to meet each client's unique needs. Traditionally, brokers invested significant time in understanding clients and crafting tailored solutions. Insurtech now empowers brokers with technology to streamline research, analysis, and negotiation processes, enhancing efficiency and effectiveness. With insurtech, brokers can leverage data analytics, digital platforms, and automation to deliver personalised solutions quickly and efficiently, ensuring optimal coverage and peace of mind for their clients. Discover how insurtech is transforming the insurance landscape: https://bit.ly/3TvVnP4 #Insurtech #InsuranceBroker #FinancialResilience

Zala Insurtech News: NexPhase Capital, LP, announced it has made an investment in Insurance Systems in Insurance Systems Inc, one of the oldest insurtechs providing enterprise software solutions, to the P&C insurance industry. The post NexPhase Capital Announces Investment in Insurance Systems Inc. appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

Regulatory Innovations and Digital Push: NAICOM (National Insurance Commission) is actively working on revitalizing the industry by pushing for digital transformation, regulatory reforms, and the adoption of Insurtech solutions. This is aimed at addressing Nigeria’s low insurance penetration and improving public trust by enhancing accessibility and transparency in insurance services. NAICOM’s draft guidelines for Insurtech operations, expected soon, reflect the emphasis on technology and customer-centric approach. Source: The Vanguard

So what about Open Insurance? We get to read a lot about #openbanking and #openfinance so we thought why not bring some attention to #openinsurance. Open insurance — sharing insurer-held data and capabilities within a specialized partner ecosystem — offers benefits to customers and industry players alike. As a key enabler for embedding insurance solutions within product and service purchases, it provides customers greater convenience, flexibility, and personalization. For insurers, it allows for better targeting, efficiency, product/service enhancement, and data accuracy. Yet there are significant barriers hindering progress toward the open insurance model. In this Viewpoint, we examine the building blocks and priorities for overcoming barriers and making open insurance a reality. Arthur D. Little 👋 Ronald Engel Andreas Buelow Javier Fernández Mendiolea Martin Rauchenwald #embeddedfinance #embeddedinsurance #insurtech #innovation #data #apis #insurance