Weekly News Roundup – 31st March
A new take on how insurance should approach embedded insurance, a warning for the industry from rating agency AM Best, a report on the ransomware pandemic and applications for ChatGPT in claims – all this and more in this week’s news update!
Reframing embedded insurance (Source: Insurance Thought Leadership)
This article argues that point-of-design embedded insurance may “help insurers reduce the over $1trillion protection insurance protection gap by making protection a part of products”.
Warning for London insurance market despite stable rating issued (Source: Global Reinsurance)
AM Best warns global economic challenges could destabilise current position and that there is a need to “adequately prepare for risks”.
73% of organisations hit by ransomware in 2022 – study (Source: Insurance Business Magazine)
A recent ransomware insight report has shown that 73% of organisations have been targeted, with 38% being struck twice or more.
Insurer Zurich experiments with ChatGPT for claims and data mining (Source: Insurtech Insights)
Zurich believes AI technology will drive efficiencies in data extraction and make improvements in underwriting through the interpretation of said data.
ARMD surpass Seedrs target (Source: Seedrs)
One of our MGAs, ARMD, has recently closed a funding round on Seedrs, with huge success. You can find out more about what they do and their future plans in the link.