The subject of insurtech productdevelopment trends encompasses a wide range of important elements. Insurance Topics | Insurtech | NAIC. InsurTech innovation is occurring across the entire insurance value chain—from distribution and marketing, product design, underwriting, claims management and balance sheet management and across all lines of insurance—property and casualty, life and health. Glossary of Insurance Terms. NAIC’s consumer insurance glossary provides definitions of common insurance terms, helping consumers easily understand key concepts across health, auto, life, and home insurance.
It is helpful for beginners and policyholders seeking explanations. Insurance Topics | Peer-to-Peer Insurance | NAIC. Peer-to-peer insurance allows groups to self-organize and self-administer pooled coverage. It promises transparency and lower costs but must manage basis risk.
The NAIC monitors innovations like P2P via the Innovation, Cybersecurity and Technology Committee. CIPR InsurTech Study. CIPR InsurTech Study This NAIC Center for Insurance Policy and Research (CIPR) will be releasing a study, tentatively titled, “How InsurTech is Reshaping Insurance: A Guide for Regulators and Innovators,” in the spring of 2020. InsurTech company, Lemonade has reported that its chatbots, Jim and Maya, are able to secure a policy for consumers in as little as 90 seconds and can settle a claim within 3 minutes.
It's important to note that, in addition, chatbots are available around the clock and are able to work with thousands of users at once, eradicating high call volumes and long wait times. Innovation Cybersecurity and Technology (H) Committee. 2025 Membership (PDF) The mission of the Innovation, Cybersecurity, and Technology (H) Committee is to: 1) provide a forum for state insurance regulators to learn about and have discussions regarding: cybersecurity, innovation, data security and privacy protections, and emerging technology issues; 2) monitor developments in these areas that affect the state insurance regulatory framework; 3 ... Contacts - National Association of Insurance Commissioners.
Discover a comprehensive list of contacts for State Insurance Departments across the United States. Find direct links and contact information for state insurance regulators, enabling you to access valuable resources and assistance for insurance-related inquiries and concerns. Technology, Innovation, and InsurTech (H) Working Group.
The insurtech space is rapidly evolving along these key trends Product innovation and convergence New insurance value propositions reward for avoiding risks (e.g., rewarding safe driving and absence of claims) Embedded insurance reaches customers seamlessly, at the right time (e.g., ancillary services/partners offering insurance to their customers) Materials - Innovation, Cybersecurity, and Technology (H) Committee. Similarly, accordingly, to manage workloads, the Committee is disbanding two groups: the Technology, Innovation, and InsurTech (H) Working Group and the E-Commerce (H) Working Group. Commissioner Gaffney thanked the leaders of these groups.
Cyber Insurance Report - content.naic.org. This report examines the cyber insurance market using data from the NAIC’s Property & Casualty Annual Statement Cybersecurity and Identity Theft Supplement (Cyber Supplement) and alien surplus lines data from the NAIC’s International Insurers Department (IID). The Cyber Supplement requires U.S. domiciled insurers to report the following information on stand-alone cybersecurity insurance ...
📝 Summary
In this comprehensive guide, we've analyzed the key components of insurtech product development trends. These details don't just teach, but also empower people to apply practical knowledge.