Weekly News Roundup – 4th June

Can you imagine how great it would be if your flight got delayed (fingers crossed, we can all go somewhere abroad soon!) and, whilst you waited, your insurer provided cash compensation on the spot? That is the beauty of the parametric insurance experience. More and more companies are seeing the benefits of implementing this insurance model, including Willis Tower Watson who recently announced they would be working with the Mesoamerican Reef Fund on a range of insurance solutions to protect the 1000km of reef post-hurricane. In other news, the FCA revealed that from January they are introducing new rules to protect home and motor insurance renewal customers from facing big price hikes. You can read about the industry reaction below…

The growing prominence of parametric travel insurance solutions (Source: International Travel and Health Insurance Journal)
Although not a new concept parametric insurance is gaining momentum, particularly in the travel insurance space.

Industry stakeholders react to price walking ban (Source Insurance Business Magazine)
In an attempt to protect loyal customers from high renewal prices and to ensure insurance firms “deliver fair value on all their insurance products” the FCA plan to implement new rules.

The reinventing finance podcast – episode 6 with Steven Mendel, CEO and Co-Founder at Bought By Many (Source: Kasko)
There are lots of gems in this podcast, where the CEO of Bought By Many discusses what advice he would give in terms of product, distribution and what to focus on when looking to introduce the MGA model, as well as talking through the company’s relationship with Munich Re. Worth a watch!

CEO brief: the future of business building in insurance (Source: McKinsey)
Find out the six key elements that successful companies have to enable growth and drive innovation in their new business.

AI will save the insurance industry (Source: RT Insights)
A comprehensive article exploring how AI will allow the industry to make the most of the data at their fingertips, reach a greater number of potential policyholders and speed up the end to end process.

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