The top 5 insurtech stories from 2023
December 19, 2023 6:16 AM
Aerial imagery tech used in CSAA decision to revoke homeowner insurance
As the insurance industry increasingly turns to digital technology for underwriting decisions, some homeowners are having policies revoked based on aerial images taken of their property.
One homeowner received a non-renewal notice from CSAA based on images taken of his backyard, showing multiple broken-down vehicles and other clutter, according to reporting from ABC 7 News in California. CSAA public relations consultant Jason Willett told Digital Insurance that underwriting decisions are made using "third-party proprietary aerial imagery captured byfixed-wing aircraft and satellites from Cape Analytic s; drones are not used to capture these images."
One homeowner received a non-renewal notice from CSAA based on images taken of his backyard, showing multiple broken-down vehicles and other clutter, according to reporting from ABC 7 News in California. CSAA public relations consultant Jason Willett told Digital Insurance that underwriting decisions are made using "third-party proprietary aerial imagery captured by
SVB collapse: An insurtech account-holder's view from Covie
In March, Trent Harvey, CEO and co-founder of the Austin-based insurtech Covie, noticed a Reuters article being passed around in some of his online groups. The article was about the pending collapse of Silicon Valley Bank, which held the majority of Covie's cash. Digital Insurance spoke to Harvey about his experience.
What will define the next wave of insurtech startups
Early in the insurtech wave, insurtech was defined by policyholder-facing innovations, devised by twenty-something "whiz kids." But the next wave is likely to be defined by back-end solutions from industry veterans who bring to the table their experiences working for carriers.
State Farm, insurtechs explore use cases for the metaverse
When insurtech startup Spokk launched in 2022, it didn't just launch in the physical world, it also launched in the metaverse. While the metaverse has been a useful promotional and communication tool for startups like Spokk, established carriers are looking at the metaverse more carefully and cautiously. However, it can have its uses for the insurance industry – and as more than just a consumer portal, State Farm innovation executive Jim Ryan believes.
"There's a lot of opportunities for immersive context, whether that's in training, whether that's in education. There's a lot of things even within the company that you can do. A lot of things within working and having tighter engagement with your customers. That is a more B2B or B2B2C approach versus standing a kiosk in the metaverse that says, 'Hey, now your State Farm agent is three-dimensional.' If that's all you do, you really haven't done much."
"There's a lot of opportunities for immersive context, whether that's in training, whether that's in education. There's a lot of things even within the company that you can do. A lot of things within working and having tighter engagement with your customers. That is a more B2B or B2B2C approach versus standing a kiosk in the metaverse that says, 'Hey, now your State Farm agent is three-dimensional.' If that's all you do, you really haven't done much."
As carriers abandon states with wildfire risk, insurtechs say they can help
Wildfires and other natural disasters have become more frequent in many states, and insurers have reacted by discontinuing property and casualty coverage in high-risk regions. But some say insurance providers could be using a combination of historical data and new AI technology to make decisions about which properties to insure as the 2023 wildfire season starts.