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Insurtech 2018: Trends & Innovation in Insurance Technology



Tech-driven disruption in the insurance industry continues at pace, and we’re now entering a new phase — the adaptation of underlying business models.

That’s leading to ongoing changes in the distribution segment of the industry, but more excitingly, we are starting to see movement in the fundamentals of insurance — policy creation, underwriting, and claims management.

Global VC-Backed Insurtech Funding

Business Insider Intelligence

Established insurance companies are investing heavily in insurtech technology to compete with lean startups. Insurtech investments cut operating costs, giving new insurtech companies a chance to compete on pricing.

The Insurtech 2.0 Report from Business Insider Intelligence, Business Insider’s premium research service, will briefly review major changes in the insurtech segment over the past year. It will then examine how startups and legacy players across the insurance value chain are using technology to develop new business models that cut costs or boost revenue, and, in some cases, both. Additionally, we will provide our take on the future of insurance as insurtech continues to proliferate. 

Here are some of the key takeaways:

  • Funding is flowing into startups and helping them scale, while legacy players have moved beyond initial experiments and are starting to implement new technology throughout their businesses. 
  • Distribution, the area of the insurance value chain that was first to be disrupted, continues to evolve. 
  • The fundamentals of insurance — policy creation, underwriting, and claims management — are starting to experience true disruption, while innovation in reinsurance has also continued at pace.
  • Insurtechs are using new business models that are enabled by a variety of technologies. In particular, they’re using automation, data analytics, connected devices, and machine learning to build holistic policies for consumers that can be switched on and off on-demand.
  • Legacy insurers, as opposed to brokers, now have the most to lose — but those that move swiftly still have time to ensure they stay in the game.

 In full, the report:

  • Reviews major changes in the insurtech segment over the past year.
  • Examines how startups and legacy players across distribution, insurance, and reinsurance are using technology to develop new business models.
  • Provides our view on what the future of the insurance industry looks like, which Business Insider Intelligence calls Insurtech 2.0.

The companies included in this report are: Zhong An, Lemonade, Clover Health, Bright Health, Bought By Many, Worry+Peace, Brolly, Aviva, Neos, Simplesurance, Trov, getsafe, Slice Labs, Wrisk, Next Insurance, Drover, bestow, Tractable, Oxbow Partners, Ageas, IBM, Majesco, Guidewire, Cuvva, Dinghy, Oscar Health.

Interested in getting the full report? Here’s how to get access:

  1. Purchase & download the full report from our research store. >>  Purchase & Download Now
  2. Sign up for Fintech Pro, Business Insider Intelligence’s expert product suite tailored for today’s (and tomorrow’s) decision-makers in the financial services industry, delivered to your inbox 6x a week. >> Get Started
  3. Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. >> Inquire About Our Enterprise Memberships
  4. Current subscribers can read the report here.

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Boeing 737 Max: Foreign object debris found in stored undelivered jets



  • Boeing has found debris, likely left over from manufacturing, in several stored 737 Max aircraft, Leeham News reported.
  • The items, known as foreign-object debris, or FOD, were in the planes’ fuel tanks. Boeing will inspect all 400 finished, undelivered airplanes for FOD.
  • Boeing has been plagued by quality-control issues on other aircraft, and has been accused of prioritizing delivery deadlines over safety in manufacturing.
  • Visit Business Insider’s homepage for more stories.

Boeing has discovered foreign objects in the fuel tanks of some undelivered 737 Max aircraft, according to a new report from Leeham News.

The items were considered foreign-object debris, or FOD, Leeham reported. FOD consists of items left over from manufacturing, such as tools, rags, or spare parts.

FOD is usually found during inspections before delivery to airline customers.

However, problems involving FOD have plagued Boeing at the North Charleston, South Carolina factory that produces the 787 Dreamliner wide-body aircraft. An April New York Times investigation found claims of shoddy production and poor quality control, and airlines complained to Boeing about quality issues in delivered aircraft in 2019.

Boeing has faced criticism that it rushed development of the 737 Max in order to catch up with its rival Airbus, which had unveiled an updated version of its successful A320 family of planes.

It has also been accused of prioritizing delivery deadlines over safety at various manufacturing sites, including the Renton, Washington, factory where the 737 Max is built, leading to missed problems and production mistakes, including FOD.

Boeing will inspect all 400 stored, undelivered 737 Max planes before they’re delivered to customers, Leeham reported. The inspections are reportedly unlikely to delay the plane’s return to service.

Boeing is already planning to perform extensive maintenance checks and tests on stored aircraft when the grounding ends. Business Insider first reported in September that the plane-maker was reaching out to retired technicians for help getting the planes ready for delivery quickly.

The FAA was notified about the FOD discovery, Leeham reported. The issue is unrelated to the technical problems that have grounded the 737 Max for nearly a year.

Boeing did not immediately return Business Insider’s request for comment.

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Wuhan coronavirus: US-China import and export trade state maps



  • The deadly coronavirus outbreak has begun to have an impact on China’s economy.
  • Trade with China is a major part of several US states’ economies.
  • Using data from the US Census Bureau, we looked at which states could be most affected by a slowdown in trade with China as a result of the coronavirus.
  • Visit Business Insider’s homepage for more stories.

The deadly coronavirus outbreak originating in a wet market in Wuhan, China has reached a death toll of 1,875 with over 73,000 people infected.

Part of China’s response to the outbreak has been to quarantine Wuhan and several other cities. These city-wide lockdowns along with shuttered factories and stores have begun to have an impact on China’s economy.

Several industries, including luxury fashion and liquor, could be hit hard by supply chain disruptions and reduced demand in China. Apple has warned that its revenues for the current quarter are likely to be lower than initially expected as the consumer electronics giant faces both slowdowns in iPhone manufacturing and shuttered Apple stores across China.

The American and Chinese economies are tightly intertwined. Many industries rely on imports from supply chains with a large footprint in China, and an economy with over a billion people and a growing middle class represents one of the biggest markets for American exports.

Different parts of the US could be affected to a greater or lesser extent by a broad slowdown in trade with China as a result of the ongoing outbreak. The US Census Bureau tracks annual figures for international trade in goods for each state.

We made the following maps illustrating each state’s import and export trade with China as of 2018, the most recent year for which data is available, to show just how much each state could be impacted by a slowdown.

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John Bolton slams Trump’s N Korea efforts in post-impeachment speech



  • Former National Security Advisor John Bolton slammed President Donald Trump’s continuous quest for North Korean denuclearization in a Monday speech at Duke University.
  • Bolton, known for his hawkish foreign policy, said there was “not a single piece of evidence that the government of North Korea intends to give up nuclear weapons.”
  • Bolton also warned that North Korea was nearing the capability to drop a nuclear weapon on a US city, and slammed Trump’s one-on-one meetings with leader Kim Jong Un as ineffective.
  • This was his first public appearance since the start of Trump’s impeachment trial, where Republican senators overwhelmingly refused to hear his testimony.
  • Bolton also teased excerpts of his upcoming book, which is reported to contain damaging information on Trump’s Ukraine dealings.
  • Visit Business Insider’s homepage for more stories.

Former National Security Advisor John Bolton has slammed President Donald Trump’s “failed” efforts to denuclearize North Korea in his first public appearance since the impeachment trial, where Republican senators refused to let him testify.

In a Monday speech to students at Duke University, Bolton said Trump’s attempts to get North Korea to ditch their nuclear weapons program was “going to fail” and that there was “not a single piece of evidence that the government of North Korea intends to give up nuclear weapons,” according to The Washington Post.

“This idea that they can be coaxed into giving up … their nuclear program was flawed from the start,” Bolton said, according to The Post.

Trump Kim

North Korea’s leader Kim Jong Un and President Donald Trump talk in the garden of the Metropole hotel during the second North Korea-US summit in Hanoi, Vietnam, on February 28, 2019.

Leah Millis/Reuters

Bolton, known for his hawkish stance on foreign policy, also criticized Trump’s attempts at one-on-one diplomacy with Kim. The two leaders have held a series of high-profile meetings on neutral territory over the past two years, but have moved little on denuclearization.

“That’s failed, too, and it was perfectly evident it was going to fail,” he said, referring to Trump and Kim’s meetings, according to The Atlantic. He concluded that those talks were a “wasted two years.”

Bolton said that Kim was “jiving the Americans” and that, instead of getting closer to denuclearization, North Korea was getting closer to building a nuclear bomb that could target US cities, according to The Post.

“North Korea in the last 40 years has on four separate, memorable occasions publicly committed to get rid of nuclear weapons and just never seems to get around to doing it,” he said, according to The Duke Chronicle.

Bolton teased his new book

The Monday speech was Bolton’s first public appearance the beginning of Trump’s impeachment proceedings by the House and Senate.

The Senate voted, largely on party lines, to acquit Trump on February 5. Senate Republicans refused to hear Bolton’s testimony after The New York Times reported that his upcoming book contained damaging information on Trump’s dealings in Ukraine, and after he hinted that he would testify if subpoenaed.

During the Q&A section of his Monday talk, Bolton was pressed to update attendees on his highly-anticipated book, which is due to be released on March 17 but is currently under review by the National Security Council.

Extracts of the book, seen in advance by The New York Times, have suggested that Bolton will accuse Trump of directly soliciting a so-called quid-pro-quo deal with Ukrainian President Volodymyr Zelensky.

According to Bolton, Trump said he would withhold millions in military aid in exchange for an investigation into his Democratic rivals, according to The Times.

When asked about the July 25 call between Trump and Zelensky — which had prompted House Democrats to launch Trump’s impeachment inquiry — Bolton simply said: “You’ll love chapter 14.”

Trump Bolton

National Security Advisor John Bolton (R) listens to U.S. President Donald Trump talk to reporters during a meeting of his cabinet in the Cabinet Room at the White House February 12, 2019 in Washington, DC.

Chip Somodevilla/Getty Images

The book is currently under review by the National Security Council, where he once worked, before it can be published.

On January 23, the White House wrote to Bolton’s lawyer saying “the book appears to contain significant amounts of classified information. It also appears that some of this classified information is at the TOP SECRET level.”

On Monday, Bolton said he hopes his new book is not censored over national-security concerns. 

“This is an effort to write history, and I did it the best I can,” Bolton said. “We’ll have to see what comes out of the censorship.”

Read more:

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Trump is not a fan of civil liberties, and Americans are more willing to give up their rights when they’re scared. Here’s why there’s reason to be concerned, regardless of what happens with Iran

Trump doesn’t really respect members of the military. He uses them as props.

‘Never Trump’ Republicans need to decide whether the GOP is worth saving

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