AM BestTV at Philly I-Day: Insurers Fear Missing Out on Insurtech

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FOR IMMEDIATE RELEASE

OLDWICK - APRIL 15, 2019 10:36 AM (EDT)
In this episode of ^AM BestTV from the Insurance Society of Philadelphia’s annual Philly I-Day conference, industry leaders discuss the fear of missing out on the next Apple or Amazon when it comes to investments in technology. Click on http://www.ambest.com/v.asp?v=phillywrap419 to view the entire program.

“There is a big fear of missing out. That is a large reason why companies are investing in insurtech right now,” said Mark Purowitz, senior partner, Deloitte Consulting.

Echoing Purowitz, Jonathan Kalman, founding general partner, Eos Venture Partners said, “Definitely, there should be concern that if insurers are not being attentive to innovation and the use of technology to transform the business, they will be missing out. They should have a fear and a general level of anxiety. The fact of the matter is there is an incredible opportunity for savvy insurers to harness technology to grow premium and to reduce expenses.”

Other executives that appear in this episode:

• Inaki Berenguer, chief executive officer and founder, Cover Wallet;


• Christopher Hampshire, vice president, Gallagher Bassett Services; and


• Michael Elliott, senior director of knowledge resources, The Institutes.

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• French Nonlife Insurance Sector Remains Competitive But Resilient, Says AM Best Director: Ghislain Le Cam, director for analytics, AM Best, discusses the factors behind the rating agency’s stable market segment outlook on France’s nonlife insurance market: http://www.ambest.com/v.asp?v=frenchnl319 .


• U.K. Life Companies Aided by Annuity Market, Says AM Best Associate Director: Tony Silverman, associate director of analytics, AM Best, said that despite possible complications from Brexit, the market segment outlook for the U.K. life insurance sector remains stable: http://www.ambest.com/v.asp?v=U.K.life419 .


• Negative Outlook on U.K. Non-Life Sector Based on Political Uncertainty, Performance, Says AM Best Senior Director: Catherine Thomas, senior director of analytics, AM Best, discusses the rating agency’s negative market segment outlook on the U.K. non-life sector, citing the need for improvements in technical performance and developments in regulatory and political issues: http://www.ambest.com/v.asp?v=U.K.nonlife319 .


• Legalized Cannabis Creates Insurance Concerns and Opportunities, Say AM Best Analysts: Josie Novak, associate analyst, and David Blades and Robert Raber, associate directors, all of AM Best, discuss how expanding legal use of cannabis is impacting personal and commercial lines of insurance coverage: http://www.ambest.com/v.asp?v=cannabisreport419 .

^AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View ^AM BestTV episodes at http://www.ambest.tv .

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.