However, one sector that seems to have escaped the impact of the event is the cyber insurance industry, as most of the costs were uninsured, the Financial Times’ Vanessa Houlder noted in an opinion piece Tuesday (Aug. 13).

“Had the chaos gone on for longer, it could have been a different story,” Houlder wrote. “Most policies do not kick in for eight hours or so after the incident starts.”

The event happened following a glitch in a software update by the cybersecurity firm CrowdStrike, she added, pointing out that an error is easier to remedy than a cyberattack.

Risk retention and policy limits also protect insurers, who are likely to pay out under 20% of the estimated $5.4 billion losses suffered by Fortune 500 countries, a figure that does not include Microsoft, whose Windows systems were affected by the outage, per the report.

One cyber insurance company, Beazley, “shrugged off” the outage, saying its profit guidance would be unchanged despite a potential loss of $80 million to $120 million, the report said.

“Insurers can’t be confident they’ll come off so lightly in the future,” wrote Houlder. “This is one of the raciest corners of the insurance market. There is limited data on which to form judgments, although the recent outage will provide useful data points. There is no escaping the enormity of the potential risks.”

Last month — before the CrowdStrike outage — specialist insurance broker Howden released a report showing that cyber insurance premiums were falling around the world, despite a surge in ransomware attacks.

“Favorable dynamics have persisted into 2024, with the cost of cyber insurance continuing to fall despite ongoing attacks, heightened geopolitical instability and the proliferation of [generative artificial intelligence],” Sarah Neild, Howden’s head of cyber retail for the United Kingdom, said at the time.

Meanwhile, PYMNTS wrote last week that the aftermath of the outage, which has seen Delta Air Lines threaten to sue CrowdStrike after thousands of its flights were grounded, illustrates the importance of firms having a recovery plan.

“Effective disaster recovery planning requires collaboration between businesses and their B2B partners,” the report said. “This includes sharing information about potential risks, coordinating response strategies, and conducting joint drills and simulations. By working together, businesses and their partners can ensure a more comprehensive and cohesive approach to resilience.”

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These tech-driven firms are revolutionizing the way insurance is bought, sold and managed, bringing unprecedented levels of efficiency, customer satisfaction and innovation to the sector and signaling its digital transformation and positioning within the connected economy.

But smaller InsurTech startups are still subject to the same volatile macro events that their policyholders and peers must deal with.

And on Tuesday’s (Aug. 6) second quarter 2024 earnings call, the homeowners insurance and vertical software platform Porch stressed both its nimbleness and the unavoidable occurrence of catastrophic events.

“The team delivered a solid performance this quarter. Despite a May hurricane-like event in Houston with 100 miles per hour sustained winds that caused catastrophic weather claims worse than historic experiences and expectations, our results are still broadly in line with plan and showed solid year-over-year improvement. Our insurance profitability actions continued to result in attritional losses performing better than anticipated and substantial improvement in our gross combined ratio year-over-year,” Matt Ehrlichman, CEO, chairman and founder of Porch, said during the call.

The company reported total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023: $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding.

Porch’s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions.

Read more: Insurance Industry $500 Billion Digital Shift Driven by Gen Z Expectations 

Data-Driven Operational Leverage

One of the biggest advantages of InsurTech companies is their ability to harness big data and advanced analytics to improve underwriting and pricing accuracy. Traditional insurers often rely on limited datasets and outdated actuarial models, resulting in generalized pricing and risk assessments. InsurTech firms, on the other hand, leverage vast amounts of data from various sources, including social media, telematics and connected devices, to gain a comprehensive understanding of individual risk profiles.

“Our focus remains on deepening our long-term competitive moat by expanding our data platform, monetizing data products such as Home Factors in the market, and executing the reciprocal exchange to structure our insurance operation in a way we believe scales rapidly and profitability with lower volatility,” Ehrlichman explained to investors.

Porch has been approved in 13 states to use its own unique property data to improve underwriting risk accuracy for the 29,000 companies it serves.

“Our unique data is core to our insurance profitability,” said Porch executives on Tuesday’s call.  “There are tons of valuable insights.”

See also: New Data: Insurance Industry Adopts Instant Payments Amid Rising Consumer Demand  

By using artificial intelligence (AI) and machine learning (ML), InsurTech companies can analyze data in real-time, enabling personalized pricing and more accurate risk assessments. This not only allows insurers to offer competitive premiums but also reduces the likelihood of adverse selection and fraudulent claims.

“Our data platform team is innovating at an impressive pace … allowing us to continually bring impactful products to market,” said Michelle Taves, VP and group GM, data and marketing.

InsurTech companies are inherently technology-focused, allowing them to rapidly innovate and adapt to changing market dynamics. Unlike traditional insurers burdened by legacy systems and bureaucratic structures, InsurTech firms can quickly develop and deploy new solutions. This agility enables them to stay ahead of customer expectations and regulatory requirements, continuously improving their offerings.

And the customer-centric approach of InsurTech companies is a differentiator. By prioritizing user experience and leveraging digital tools, they create seamless interactions that resonate with modern consumers. This focus on convenience, transparency and personalized service fosters customer loyalty and attracts tech-savvy individuals who seek hassle-free insurance experiences.

“Any kind of insurance that is completely online and seamless is hyper-attractive to an insurance company,” One Inc CEO Ian Drysdale told PYMNTS, adding that “the future of insurance is ‘instant.’”

The post Competitive Data Builds Competitive Moats for InsurTech Porch appeared first on PYMNTS.com.

The insurance sector is so large and complicated that it’s hard to get a read on how big it is. Some estimates put it at $12 trillion cutting across health ($1.3 trillion), property and casualty ($1.5 trillion) and auto ($652 billion). And that’s just three categories.

In terms of “pay and get paid,” take a simple auto accident. Funds flow as consumers pay premiums to insurance companies. Funds flow as insurance companies pay one another. Lien holders must be paid off in order to satisfy the terms of car loans. Adjusters, brokers and suppliers are all stakeholders, too. Things get even more complicated when there are multiple vehicles involved in a crash or multiple payment modalities in the mix.

“Insurance is one of the most complex markets on the planet,” One Inc CEO Ian Drysdale told PYMNTS, adding it is sorely in need of a digital overhaul — and there are still $500 million worth of paper checks flowing in the United States alone.

The goal is for providers such as One Inc to turn those paper payments into electronic ones, automatically reconciled in various back offices. In the meantime, the emergence of the company’s digital payments network, linking far-flung stakeholders, also improves the user experience, he said.

The industry has made some strides. Drysdale said that five years ago, insurers were 20 years behind any other verticals in terms of moving toward an eCommerce, mobile-focused and modern world. Now, with the emergence of InsurTechs, many of the leading and mid-market insurance companies are becoming more digital. But we’re still far from the Amazon or Netflix-like experience that so many people expect from the activities of everyday life.

Payments at the Center of It All

The digital shift has a significant touch point: payments. Embedded payments can help improve the overall user experience while helping to improve corporate margins, he said.

“You might pay your auto insurance 12 times a year, or you might pay for other insurance several times a year,” he said. “That’s when you really ‘experience’ your insurance company.”

One Inc provides client firms with the ability to remind people that it’s time to make a payment for their insurance.

And with a nod to payments, he said, “We make sure that modern wallets are there, we make sure it’s completely embedded in their core system” and that claims submissions and sign-offs are done digitally.

For the insurance companies, he said, “we’ve been able to reduce the cost of payouts by 60%.” That boost to margins comes as firms like Ernst and Young have estimated that by the end of the decade, 30% of insurance transactions will be done through embedded channels.

Consumers already have some experience with embedded channels, said Drysdale, who noted that in many commerce transactions, the opportunity is there to buy insurance along with a purchase (think electronics or airline tickets).

“If you’re in some digital portal, whether it’s buying a car or getting a lease on an apartment, more and more you’ll see that insurance is offered during that transaction,” said Drysdale.

Younger consumers, especially, are drawn to these options and find them convenient.

In the years ahead, One Inc estimates that $70 billion in premiums will be embedded — fast, easy and with no agent to be paid, Drysdale said. The promise of embedded insurance, too, is that data can be shared seamlessly between parties, and insurers can gain some top-line growth and momentum.

We’re headed toward a future where, rather than waiting for the check to arrive in the mail, a payment can be disbursed before the claims adjuster is even off the phone — deposited digitally into an account.

“Any kind of insurance that is completely online and seamless is hyper-attractive to an insurance company,” said Drysdale, who added that “the future of insurance is ‘instant.’”

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With this expansion of its offering, Simply Business can digitally quote and bind workers’ compensation policies for more than 300 different types of small businesses across all eligible states, the companies said in a Wednesday (July 17) press release.

“Employers is known for delivering comprehensive workers’ compensation solutions that help small business owners safeguard their businesses and employees,” Samantha Roady, U.S. CEO at Simply Business, said in the release. “Through their extensive appetite and national footprint, we’ll be able to effectively serve more small business customers across various industries.”

The addition of Employers expands Simply Business’ panel of workers’ compensation providers, according to the release.

By working with these providers to offer tailored and affordable solutions for small business owners, Simply Business aims to help those who don’t know where to purchase the coverage they need or find the coverage prohibitively expensive, the release said.

The company’s technology platform, which can be complemented by guidance from licensed insurance agents, allows small business owners to compare quotes from more than 20 carriers, customize their coverage, and purchase and access their policies online, per the release.

“We’re excited to partner with Simply Business, which shares our mission to provide cost-effective insurance to America’s small businesses,” Chris Champlin, vice president of digital sales at Employers, said in the release. “Simply Business’ intuitive platform will enable us to meet more customers where they are and help them secure the workers’ compensation coverage they need.”

The insurance sector is undergoing a digital makeover, with InsurTech startups leveraging artificial intelligence (AI), big data, and other advanced tools and technologies to transform how people choose and purchase insurance, PYMNTS reported in April.

Between 2022 and 2023, the proportion of consumers shopping online for insurance surged from 22% to 27%, while those turning to agents dropped from 42% to 35%, according to a research report from TransUnion.

The insurance industry has also been fast to leverage AI, as the industry already operates in a technology sophisticated sector with deep libraries of operating data.

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Harris said this in a press release announcing the DFS’s adoption of guidance for insurers that use AI in underwriting and pricing.

“New York has a strong track record of supporting responsible innovation while protecting consumers from financial harm,” Harris said. “Today’s guidance builds on that legacy, ensuring that the implementation of AI in insurance does not perpetuate or amplify systemic biases that have resulted in unlawful or unfair discrimination, while safeguarding the stability of the marketplace.”

The DFS’s guidance outlines its expectations for how insurers that write insurers in the state will use external consumer data and information sources (ECDIS), artificial intelligence systems (AIS) and other predictive models, according to the release.

When developing and managing ECDIS and AIS, insurers are expected to analyze them for unfair and unlawful discrimination, demonstrate their actuarial validity and provide appropriate oversight of the overall outcome of their use, the release said.

Insurers are also expected to maintain appropriate transparency, risk management and internal controls over both their own operations and those of third-party vendors, per the release.

The adoption of this guidance builds upon a statewide policy governing AI that was announced in January by New York Governor Kathy Hochul, according to the release.

That policy aims to ensure that state government agencies understand how to “responsibly harness the opportunity of AI technology,” according to a press release issued at the time.

“The establishment of the first-ever statewide policy governing AI will serve as a roadmap to leverage this rapidly emerging technology to find maximum benefit while mitigating risk, and complement the extraordinary work our employees are already doing to benefit the people of New York,” Dru Rai, chief information officer and director of the New York State Office of Information Technology Services, said in the release.

In October 2023, New York City Mayor Eric Adams and Chief Technology Officer Matthew Fraser announced the release of the city’s Artificial Intelligence (AI) Action Plan, saying it will help protect against the potential risks of AI while developing tools and knowledge to help city government employees use the technology.

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1. Young Consumers Are Driving the Trend

Younger consumers are particularly keen on shopping for these services from a financial institution. For example, Generation Z consumers are 43% more likely than average to consider getting their insurance from an FI. “Gen Z consumers specifically are four times more likely than baby boomers to think that insurance offerings are important part of the decision-making process in choosing a financial institution,” Mahoney told PYMNTS. This shift in consumer preferences is likely to continue, he said, making insurance products an essential part of attracting and retaining younger customers. Banks that fail to recognize this trend may find themselves at a competitive disadvantage in the future as these younger consumers become a larger part of the market.

2. Convenience and Trust Are Key Selling Points

Consumers are drawn to the idea of purchasing insurance from their banks due to existing relationships and trust. In fact, consumers are more than twice as likely to name trust as a deciding factor on where they get their insurance, at 39%, than cost, at 19%. “I wasn’t surprised to see and learn that consumers are interested in buying insurance from their primary financial institution. That just makes a lot of sense to me to have a relationship there,” Mahoney said. “It’s convenient and they trust them.” This trust factor gives banks a significant advantage over traditional insurance providers. By leveraging their existing customer relationships and data, Mahoney believes, banks can offer personalized insurance products that meet their customers’ specific needs, further enhancing convenience and strengthening trust.

3. There’s a Gap in Specialized Insurance Offerings

While many financial institutions offer property and casualty insurance, there is an opportunity to expand into specialized products. The report shows that the average consumer has 3.7 different insurance types. Wealthier consumers carry a bit more, averaging 4.4 different types. Most consumers have health (78%) and auto coverage (75%). Beyond the must-haves, consumers’ need for specific types of insurance — such as life, pet or travel— varies. As Mahoney said, “More and more consumers are recognizing the importance of specialized insurance coverages, such as pet, long-term care, travel insurance, personal cyber insurance, maybe supplemental accident plans. So, there’s really … definitely a lot of opportunity for financial institutions to offer and expand a set of products to meet these growing needs from consumers.” By diversifying their insurance offerings, banks can tap into new revenue streams and position themselves as one-stop shops for all their customers’ financial needs. This comprehensive approach can lead to increased customer loyalty and higher lifetime value per customer.

4. Embedded Offers Can Boost Engagement

Banks can increase insurance sales by offering relevant products at key moments. “Embedded offers can be included in a new loan or maybe a refi car loan, new credit card opening, or even a line of credit college education loans,” Mahoney said. “There are all sorts of transactions or even just opening a savings and checking account for the first time at the financial institution. All of those are excellent opportunities to bring forward, timely and relevant offers to that consumer.” This strategy of contextual offering not only increases the likelihood of insurance uptake but also enhances the customer experience by providing relevant products at the right time. Mahoney believes banks can leverage their wealth of customer data to create highly targeted and personalized insurance offers, increasing conversion rates and customer satisfaction.

5. Awareness Is a Major Hurdle

Over half of consumers don’t know if their bank offers insurance products. Addressing this issue, Mahoney emphasized the opportunity for financial institutions to meet customer needs for coverage and win a greater share of that consumer’s wallet — and increase retention — at the same time. To overcome this awareness gap, Mahoney recommends banks implement comprehensive marketing strategies that educate their customers about available insurance options. This can include targeted email campaigns, in-app notifications, branch promotions and even traditional direct mail. “Having a balanced omnichannel approach I think is still important,” Mahoney said.

As the insurance landscape evolves, banks that successfully integrate these products into their offerings stand to benefit from increased customer loyalty, additional revenue streams and a competitive edge in attracting younger consumers. By addressing these five key areas — catering to young consumers, leveraging trust, expanding into specialized offerings, using embedded offers and increasing awareness — banks can position themselves to capitalize on the growing trend of consumers seeking insurance products from their financial institutions.

The post Why More Banks Say Yes to Insurance as a Consumer Product appeared first on PYMNTS.com.

Younger consumers are particularly keen on shopping for these services from a FI. For example, Generation Z consumers are 43% more likely than average to consider getting their insurance from an FI. Their interest could be enough to shake up the status quo.

These are just some of the findings detailed in “Why Consumers Are Looking to Financial Institutions for Insurance,” a PYMNTS Intelligence and Franklin Madison collaboration. This report examines consumer perceptions of FIs as insurance providers. It draws on insights from a survey of 2,195 U.S. consumers conducted from March 22 to March 28.

Other key findings in the report include:

Consumers need insurance and prefer to get it from convenient sources.

Our data shows that the average consumer has 3.7 different insurance types. Wealthier consumers carry a bit more, averaging 4.4 different types. Most consumers have health (78%) and auto coverage (75%). Beyond the must-haves, consumers’ need for specific types of insurance — such as life, pet or travel— varies. This report details which types consumers are most interested in obtaining from their FIs.

Nearly half of consumers show interest in buying insurance from their FI. Gen Z and millennial consumers are more interested.

Forty-four percent of consumers show interest in buying insurance from their FI. The shares rise to 63% among Gen Z and 60% among millennials. Consumers who bought these services from an FI will likely become repeat customers. In fact, 76% of those who bought insurance from an FI expressed interest in buying more in the coming year.

Trust in an FI is the main reason consumers look at purchasing from an FI.

Trust is the key factor driving consumer interest in purchasing these services from an FI. In fact, consumers are more than twice as likely to name trust, at 39%, than cost, at 19%. The report also includes insights into reasons consumers are uninterested in turning to their FI for insurance.

FIs have the opportunity to become a one-stop shop addressing all aspects of consumers’ financial and insurance needs. And consumers are warming to the idea. Download the report to learn about consumers’ interest in FIs as insurance providers.

The post New Report: Younger Consumers Could Make Buying Insurance From a Financial Institution Cool appeared first on PYMNTS.com.

The company will use the new funding to support its expansion in the United States and to further its product development, adding more connectivity in the insurance value chain and expanding its payment network, Vitesse said in a Tuesday (May 21) press release.

“This latest funding is a strong testament to the confidence our investors have in our mission to revolutionize payment and treasury management in the global insurance market,” Phillip McGriskin, co-founder and CEO of Vitesse, said in the release.

McGriskin and Paul Townsend founded Vitesse in 2014, according to the release. Today, the company’s platform provides insurance industry market participants with visibility and control over their claims; real-time management and capital safeguarding; and claims payment capabilities, according to the release.

Vitesse is headquartered in London, serves customers across Europe and is expanding in the U.S., the release said. The company also announced Tuesday that it has appointed former 10x Banking Chief Operating Officer and Chief Financial Officer Curt Hess as Vitesse’s executive president in the U.S. to oversee its growth in that market.

The company’s latest funding round was led by KKR, and Patrick Devine, managing director of KKR’s Tech Growth team, will join Vitesse’s board of directors after the investment, which is subject to regulatory approvals, per the release.

“The global insurance industry is a key strategic focus for KKR, and we see a real market opportunity for Vitesse to disrupt and add significant value to the industry,” Devine said in the release.

Vitesse’s Series C funding round comes a little over two years after a Series B funding round in which it raised $26 million.

Speaking with PYMNTS shortly after that February 2022 funding round, McGriskin said that as Vitesse has spent years operating within the insurance industry and getting to know key players, its reputation has grown and insurers have gained a clear understanding of the tangible benefits the FinTech offers.

“I think there’s room for a lot of us to play in this market,” McGriskin said. “We’ve spent a lot of time working slowly with the market to let them know we have done everything that they have requested to make sure that we fit within their requirements.”

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“With ePayPolicy’s latest feature release, Finance Connect, Agile now offers its customers convenient online financing enrollment and premium payment solutions,” the companies said in a Tuesday (May 14) news release.

“Finance Connect enables Agile customers to apply for premium financing – including e-signed premium finance agreements (PFA) — in a single, online session, utilizing secure connections to the customer’s systems and popular industry management systems.”

The release notes that financing options such as buy now, pay later (BNPL) have risen in popularity, with data from the Consumer Financial Protection Bureau showing that the top five lenders in that space grew 970% between 2019 and 2021.

However, the companies add, premium financing companies (PFCs) differ from BNPL upstarts in that they have long-held relationships with partners, and no need to justify their value.

“Central to the creation of Finance Connect was our intent to preserve existing partnerships with PFCs,” added Mark Engels, CEO of ePayPolicy. “We didn’t want to try and take business from them or create a marketplace. We want to help both sides work together faster, for the convenience of the insured.”

The partnership comes at a time when around two-thirds of consumers have used some sort of installment payment option at least once in the last year, according to a series of surveys by Splitit and PYMNTS Intelligence.

“Getting a bit more granular, the surveys indicate that 37% of consumers had used BNPL. More than a third of the lowest income consumers had opted for BNPL, a share that increases the higher up the income bracket one goes,” PYMNTS wrote earlier this month.

And consumers who tried BNPL liked it, with the research showing that almost 80% of consumers had a favorable experience with the product.

As to what they’ve been buying, more than a third of these consumers had used BNPL to purchase clothes and accessories, 18% had used installments to fill their grocery cart and more than 14% had chosen BNPL when paying for travel-related services.

Meanwhile, PYMNTS CEO Karen Webster spoke recently with Splitit Chief Executive Nadan Sheth about the options for financial institutions that want to claim a spot in the BNPL market.

“I’m worried about consumers taking on new loans — no matter if they are short-term loans, or [certain] buy now, pay later loans to afford items they may need — but where the APR is 25% to 35%,” Sheth said.

A more affordable option, he argued, can be found in installment loans from banks, which typically come with no interest charges attached.

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Traditionally reliant on agents for product sales, the industry is seeing a gradual shift away from this model, said Andrea Heger, senior vice president of insurance services at Franklin Madison, leaving consumers with fewer resources to navigate insurance options.

Recognizing this gap, companies like Franklin Madison, which provides insurance products and marketing services to financial institutions (FIs), are emphasizing digital engagement to meet consumer needs.

“One of the most important strategies is the ability to meet the customer in their home with insurance education and insurance product offers through the digital channels and devices that they frequently use,” Heger told PYMNTS in a recent interview.

But unlike a typical retail transaction, purchasing insurance is a nuanced decision-making process that requires “nurturing consumers through,” Heger said, emphasizing the need for traditional channels alongside digital to enhance the overall consumer experience and optimize results.

For instance, direct mail offers prompt a diverse response: approximately 40% of recipients utilize the QR code provided to initiate their online education journey. Around half of these individuals proceed to make an immediate purchase via the online channel. However, the remaining half opt to fill out paper applications or prefer seeking clarification on product details via phone conversations before completing their purchase.

According to Heger, this multifaceted approach underscores the significance of cross-channel integration, emphasizing the diverse preferences and pathways consumers take when exploring their insurance options.

Personalized vs Generic Experiences

Personalizing communication and enhancing the customer experience are pivotal objectives across various industries, including insurance and banking.

Drawing inspiration from successful practices within the banking sector, where personalized experiences are driven by customer segmentation and behavior analysis, companies like Franklin Madison have heavily invested in technology to deliver tailored experiences, Heger said.

“We possess extensive consumer data regarding insurance purchases and reactions,” she said, “so, we’ve started leveraging some of our data profiles to implement simple personalization strategies based on the number of products consumers hold with us or [their status] within our banking relationship.”

Expanding on this groundwork, recent initiatives have seen the integration of marketing technology within the company’s operations, including the utilization of personalized URLs and digital experiences to further enhance customer interactions.

While still in the initial phases, Heger noted that these efforts have shown promising outcomes. “There’s a certain level of expectation, particularly when dealing with your bank or credit union, that they understand you,” she said. “So, you just cannot offer a generic experience to consumers anymore. It’s almost deemed a faux pas within the industry.”

AI’s Potential in Insurance Marketing

Looking ahead, Heger said emerging technologies hold immense potential to revolutionize insurance marketing strategies.

First, she highlighted investments aimed at enhancing the end-to-end digital experience for consumers. These integrated online platforms, facilitating seamless buying, fulfillment and policy servicing, are gaining traction for their ability to bolster customer retention and unlock future revenue streams.

Additionally, the integration of artificial intelligence (AI) stands to significantly enhance marketing efforts, from improving call center experience to enabling real-time offers based on individual consumer behavior and triggers.

Ultimately, AI’s capacity to reshape data analysis and customize marketing campaigns has the potential to maximize the utility of organizational data, leading to transformative outcomes across the insurance industry.

“People have been talking about trigger marketing for a long time, but it’s been very rudimentary. However, with the advent of AI, there’s an opportunity to leverage that technology to maximize all the great data we have as organizations … without solely relying on manual modeling processes,” she said.

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