The insurtech movement has been underway for the better part of a decade. Now that we have entered the 2020s, it might be worth exploring what could be on the horizon for insurtech over the next ten years.

The National Transportation Safety Board says the driver of a Tesla SUV who died in a Silicon Valley crash two years ago was playing a video game on his smartphone while his vehicle was being controlled by a partially automated driving system.

Nationwide has announced a partnership with Toyota Insurance Management Solutions (TIMS) to launch a new telematics-powered insurance solution that will lead to more savings for customers.

As the risk management function becomes even more critical for today’s businesses, risk managers find themselves involved in making decisions that affect nearly every aspect of an organization’s physical, financial, and reputational health.

For me, one of the happiest, most inspiring headlines I’ve seen in recent months read — “Nationwide announces five-year, $160M Future of Work investment.” Finally, an insurer was putting a stake in the ground, announcing a major commitment to address a looming and significant reality — the nature of work is changing.

Modern information technology means two things for today’s insurance carriers: It means they have access to capabilities that can transform their business. It also means that failing to leverage those capabilities will cause individual insurance businesses to be left in the dust.

A U.S. cybersecurity company says criminal groups are exploiting fears over the new coronavirus to attack the global shipping industry. California-based Proofpoint says it has detected a new email campaign that uses Microsoft Word attachments designed to trick recipients into installing a type of malware known as AZORult.

The saga of Equifax’s massive 2017 data breach continues, as the Justice Department this morning announced formal charges against four members of the Chinese military allegedly behind the hack. Attorney General William Barr today made public an indictment (PDF) filed in federal court in Atlanta (where Equifax is based).

I have proudly worked in the North American insurance claims and information technology industry for over 30 years and have witnessed significant, albeit gradual, improvements in process and service. More recently, almost overnight, the switch of information gathering and distribution from analog to digital has transformed claims.

Collaborative robots aren’t just invading fast-food restaurants and warehouses. They will also take work from lawyers and underwriters. Recent developments in robotics and artificial intelligence have changed the playing field for automated technologies.

Years ago, an adjuster would be sent out to look at a claim after a client put their pot fresh off the stove directly on their linoleum countertop, leaving a round burn mark. Compare that to today, when a $50,000 basement flood claim might be handled entirely over the phone.

History provides interesting insights into the debate around automation and employment. In 1632, King Charles I of England banned casting of buckets, for fear that allowing it would ruin the livelihood of the craftsmen who were making the buckets the old-fashioned way.

The digital transformation of the insurance industry is first and foremost motivated by the demands of clients, who are always looking for the easiest way to solve claims. New technologies also can improve processes, eliminate fraud risks and collect data that can be used to personalize services.

Technologies in the artificial intelligence family have great potential in insurance, according to a recent SMA survey of P&C insurance executives. This should come as no surprise to anyone following the developments in machine learning, natural language processing, computer visioning, chatbots, virtual assistants and related technologies.

A climate research organization will offer access to a risk model that predicts the probability of flooding for homes across the United States, giving the public a look at the data institutional investors use to gauge risk.