{"id":660,"date":"2021-06-12T16:28:21","date_gmt":"2021-06-12T20:28:21","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=660"},"modified":"2021-06-11T16:28:36","modified_gmt":"2021-06-11T20:28:36","slug":"3-things-6-11-2021","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-6-11-2021\/","title":{"rendered":"3 Things – IFRS 17 costs, Auto insurance moves\u00a0& Insurtech happenings – 6\/11\/2021"},"content":{"rendered":"
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Hi All!\u00a0 This week in insurance we are following IFRS 17 costs, auto insurance moves\u00a0 & lots of Insurtech happenings.\u00a0 Here are the three things we learned this week:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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IFRS 17 Costs to Insurers<\/strong><\/p>\n

A survey by Willis indicates that\u00a0insurers will spend up to $20B<\/a>\u00a0to implement changes needed to satisfy IFRS 17.\u00a0 People, process and technology all need to be addressed and will lead to these costs.\u00a0 Of course our opinion is that insurers have to address how new core systems, legacy and partner data feeding the downstream financials to have absolute control of data for major issues like this.\u00a0 More on our thoughts can be found in our\u00a0Downstream Data Whitepaper<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Future Giants in Auto Insurance<\/strong><\/p>\n

General Motors announced this week that they will offer their\u00a0OnStar service to non-vehicle owners<\/a>.\u00a0 This service will feature an embedded auto insurance component.\u00a0 We have been following their interest in getting into the insurance business and hiring of an industry veteran to led them in this area.\u00a0 In what looks to be another major auto play,\u00a0USAA acquires usage-based auto insurer Noblr<\/a>\u00a0and use their scale to expand the UBI offerings nationwide.\u00a0 We expect to see both of these new ventures capture auto market share.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Insurtech Happenings<\/strong><\/p>\n

A busy week of insurtech news.. Branch Insurance, a home & auto bundler,\u00a0completed a $50M Series B funding round<\/a>.\u00a0 The new capital will help with their methodical state expansion and efforts to embed low cost auto\/home into partner distribution channels.\u00a0 Embroker, an MGA focused on business insurance,\u00a0raised $100M<\/a>\u00a0while announcing that they plan to transition to a full stack carrier, they are also taking a methodical approach to growth and thus have been successful raising money.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay productive, stay safe and stay in touch!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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