Welcome to Future Insurer #17!
Loads has occurred for the reason that final version of Future Insurer, Wimbledon has come and gone, Barbie has taken over the cinemas (who would have thought) and a US president has been indicted. The one fixed is that there’s nonetheless InsurTech information!
It’s typically laborious to see the forest from the timber with a lot InsurTech Information. On this fortnightly e-newsletter, I’ll be choosing out among the most attention-grabbing #insurtech and #insurance coverage developments from the previous fortnight.
In case you’re new right here, welcome! 👋 Ensure that to hit subscribe if you wish to obtain this every fortnight. Now onto this week’s prime picks…
On this version’s information:
🌐 People and robots to work facet by facet
AXA has turned on Generative AI for workers, enabling them to make use of a safe cloud hosted AI system (primarily based on Microsoft’s OpenAI) for on a regular basis duties. AXA workers will be capable to use AXA Safe GPT to generate, summarize, translate, and proper texts, photos, and codes.
⛔ ACCC blocks Suncorp sale
The bancassurance operation at Suncorp is about to proceed following the ACCC’s refusal to offer competitors clearance for its sale of its banking operation to ANZ Financial institution. The ACCC is worried that the sale would cut back competitors within the provide of residence loans and banking providers if it went forward.
📜 Meta stage fines
The Federal Court docket has fined two subsidiaries of Fb proprietor Meta in Australia a complete of $20m for deceptive and misleading conduct. The Onavo VPN app was marketed as defending consumer’s information however didn’t correctly inform customers that an in depth number of information was collected and utilized by Meta for industrial functions. The advantageous, whereas important, nonetheless pales compared to Google’s $60m advantageous final yr for failing to let Android customers know in regards to the settings affecting the gathering of location information.
📢 InsurTech funding slipped in Q2 however development continues to be wholesome
Following some sturdy efficiency over previous quarters, Q2 2023 has proved to be an exception with InsurTech funding falling by 34% quarter on quarter, in line with Gallagher Re’s newest World InsurTech Report. Nonetheless, whereas there may be some brief time period volatility, total figures present a wholesome InsurTech ecosystem. The profitable InsurTechs are additionally extra targeted on delivering built-in insurance coverage options somewhat than merely promoting know-how as a service.
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Tim Chan is an insurance coverage & insurtech lawyer at international regulation agency Norton Rose Fulbright and Founding father of The InsurTech Lawyer weblog. He commonly advises insurers and startups on rising authorized points affecting the trade. Observe Tim on Twitter: @timinsydney
Disclaimer: This article offers common data solely and doesn’t represent authorized, monetary or different skilled recommendation. It doesn’t tackle the circumstances of any specific particular person or entity. You need to search your individual skilled recommendation.