Life Insurance International lists five of the most popular tweets on insurtech in Q3 2021 based on data from GlobalData’s Insurance Influencer Platform.
The top tweets are based on total engagements (likes and retweets) received on tweets from more than 150 insurance experts tracked by GlobalData’s Insurance Influencer platform during the third quarter (Q3) of 2021.
The most popular tweets on insurtech in Q3 2021: Top five
1. Florian Graillot’s tweet on the growth of insurtech start-ups in Europe
Florian Graillot, founding partner at venture capital and private equity firm astoryaVC, shared an article on the growth of insurtech start-ups in Europe. A study conducted by astorya.io for insurance magazine L’Argus revealed that insurtech start-ups are transforming the sector’s development, which is expected to expand further in the future.
The European insurtech ecosystem has reached matured over the last two years and insurtech start-ups have gained a significant foothold in the market despite initial resistance. Furthermore, 20% of European insurtech start-ups including Alan, Luko and Shift Technology are based in France. Majority of the start-ups are focused on the individual insurance segment, mainly car and home rather than health, the article detailed.
As the #InsurTech industry is surging in Europe 🇪🇺, here are lessons we could learn from analyzing 10 years in that space, including how startups have covered / performed alongside the value chain & by market. (BestOf) #FinTech
— Florian Graillot (@FGraillot) August 19, 2021
Username: Florian Graillot
Twitter handle: @FGraillot
2. Xavier Gomez’s tweet on artificial intelligence (AI) being used in banking and insurance
Xavier Gomez, founder and chief operating officer at technology services provider INVYO, tweeted an article on the use of AI in banking and insurance. A survey conducted by investment company Temasek found that just 13% of the sector uses AI solutions in its operations, while 31% of companies are merely experimenting with AI-driven solutions.
The report detailed that nearly all financial services companies are using AI, but differ in the extent of the technology deployment. Majority of banks and insurance companies deploy different AI technologies and methods for various processes including loan and insurance underwriting, fraud detection, claims management, and marketing.
The survey also found that nearly two-third of businesses are concentrating more on machine learning (ML) and advanced statistical algorithms. The article added that adopting ethical AI and analytics can generate roughly $2tn a year in value to the worldwide banking and insurance businesses.
Only 13% of #banking & #insurance industry fully utilising #AI solutions https://t.co/smRRPFrsCK #fintech @DeepLearn007 @sallyeaves @SpirosMargaris @efipm @gvalan @Shi4Tech @mvollmer1 @PawlowskiMario @psb_dc @jblefevre60 @SabineVdL @Nicochan33 @Paula_Piccard @Ym78200 @UrsBolt pic.twitter.com/vIzkSDQeh9
— Xavier Gomez #CES2022 (@Xbond49) August 23, 2021
Username: Xavier Gomez
Twitter handle: @Xbond49
3. Mike de Waal’s tweet on big data, ML and AI transforming the insurance industry
Mike de Waal, CEO of AI-driven group insurance procurement technology platform Global IQX, shared an article on how big data, ML and AI are transforming the insurance industry. The global insurance industry is estimated to be worth more than $5tn comprising commercial life insurance, property and casualty, and health and medical insurance companies.
Insurance companies can build new policies that target new audiences by accessing the massive libraries of big data that are available to them and combining this data with ML and AI capabilities, the article highlighted. Insurtech start-up Traffk, for example, is aiming to transform the insurance industry by utilising data and applying analytics tools and technologies. Furthermore, AI platform revenues in the insurance industry are projected to grow by 23% to $3.4bn from 2019 to 2024, according to a report issued by GlobalData in April 2021.
Transforming The #Insurance Industry With #BigData, #MachineLearning And #AIhttps://t.co/W2axHUovFq #Insurtech #IIoT #IoT #wearables @JolaBurnett @AshokNellikar @Droit_IA @sebbourguignon @Nicochan33 @enilev @EvaSmartAI @tlloydjones @RagusoSergio @tobiaskintzel @drruchibhatt pic.twitter.com/KRfdR2HDO8
— Mike de Waal (@globaliqx) August 4, 2021
Username: Mike de Waal
Twitter handle: @globaliqx
4. Michael Fisher’s tweet on the number of insurtech companies in various insurance segments
Michael Fisher, senior systems analyst at aerospace parts manufacturer Whitcraft Group, shared an infographic on the number of insurtech companies within different insurance segments. The highest number of companies are operating in the comparison marketplace segment at 144, followed by infrastructure insurance at 110 and auto insurance at 89, according to the infographic.
Health insurance (68), enterprise insurance (67), insurance data (54) and home insurance (54) are other segments with significant number of insurtech companies. The user acquisition segment has 29 insurtech companies, while peer-to-peer (P2P) insurance segment has 24, consumer platforms segment has 24, and insurance investors segment has 22 companies. Reinsurance and product insurance segments have the lowest number of insurtech companies at 14 and 16, respectively.
— Michael Fisher (@Fisher85M) July 6, 2021
Username: Michael Fisher
Twitter handle: @Fisher85M
5. Spiros Margaris’ tweet on the benefits of using AI for insurers
Spiros Margaris, board member at venture capital firm Margaris Ventures, shared an article on the benefits of AI for next-gen insurers. Insurers can make use of image-based data and ML models to understand the scope of damage to vehicles and speed up the claims resolution process. UK-based technology firm Tractable, for example, has developed a technology using AI and ML to determine the exact the level of damage to vehicles. The company is now partnering with 20 of the world’s major insurers to expand into home and property insurance.
The article highlighted that over the next five years, large insurers will start utilising AI technologies developed by start-ups such as Tractable as proof-of-concept. Improvement in claim processing could lead insurance companies to increase the use of AI by acquiring such start-ups to bring the technology in-house, the article added.
Are Going to Need (Way) More #AI Horsepower https://t.co/kxbdwsnxg2 #fintech #insurtech #ArtificialIntelligence #MachineLearning #BigData @TheNextPlatform @JeroenBartelse @nigelwalsh @andi_staub @SabineVdL @floriansemle @FGraillot @insurtechforum pic.twitter.com/6F0LEEqYnf
— Spiros Margaris (@SpirosMargaris) August 13, 2021
Username: Spiros Margaris
Twitter handle: @SpirosMargaris