It pains me to admit this, but I’m not really knowledgeable when it comes to the sport of soccer. And – hear me out – I don’t think that’s my fault.
I didn’t grow up at a time and in a place where every child played in a soccer league. Where and when I spent my formative years, the overwhelming choice of activities for bleeding energy out of your overactive child was Little League baseball.
I grew up playing Little League, street hockey, touch football and basketball with my friends – but never even owned a soccer ball. I spent my teenage years rooting on a new Yankees dynasty. I cheered from the couch as the greatest goaltender of all time, Martin Brodeur, hoisted Stanley Cups over his soulless ginger melon. So…it’s safe to say that I was pretty wrapped up with baseball, hockey and football when that other football (futbol?) became a thing in the United States in 1993 following the creation of Major League Soccer (MLS).
Now, soccer is a big deal here again. The US Women’s Soccer Team (USWNT) is a hugely successful soccer juggernaut and the men’s team…is also in existence. If you walk into a bar for some brunch or good ole’ fashioned day drinking, they’ll probably have Premier League or Champions League games on the telly. And now, the granddaddy of them all – the World Cup – is in full swing.
I may not be a diehard soccer fan, but even I can get into the weird amalgamation of soccer tournament, display of nationalism and hotbed of corruption that is the World Cup.
This year’s World Cup has had it all; surprise Cinderella stories, including the host nation going further than anyone expected; the sacking of a winning coach immediately before the start of the tourney; and even a star player becoming a viral Internet sensation for his amazing ability to make simple contact look like outright murder.
No, I might not be a huge soccer fan, but even I’m caught up in World Cup madness. And, in honor of this year’s World Cup, let’s look at some of the best insurtech solutions from all corners of the world that are making headlines.
Lloyd’s of London launches insurance matching site in digital push
As we learned in our recent conversation with the company’s Head of Innovation, Trevor Maynard, Lloyd’s of London is going all in on insurance technology and digitization.
The company’s newest announcement involves the launch of Lloyd’s Bridge, a matching site designed to bring together the company’s brokers and insurers. According to reporting from Reuters, this new site will, “enable Lloyd’s cover-holders – brokers or other insurance firms around the world allowed to offer Lloyd’s insurance – to go online to seek insurance from the 80-plus syndicates operating in the Lloyd’s market.”
Reuters goes on to compare the Lloyd’s Bridge to Airbnb or Tindr, “enabling Lloyd’s syndicates to cut distribution costs…[and] reach small, more regional, brokers and underwriters in international markets.”
We’ll swipe right on that!
Los Angeles insurtech fund secures $75 million
If the latest digital moves by Lloyd’s of London aren’t enough to convince you of the growth potential for insurtech solutions and the companies that make them, then this news out of LA may do the trick.
A new venture capital firm called MTech Capital has secured $75 million for a fund focused on insurtech. According to this article in the Los Angeles Business Journal, the VC firm, which has offices in LA and London, has anchor investors that include CNA Financial Corporation, NN Group, and a top-three global insurance company.
And the company believes there’s enough potential for digital disruption in the insurance space to make a profit in that industry.
“Insurance executives understand their industry is being transformed by technology and want to be in front of developments,” MTech Capital co-founder, Kevin McLoughlin, said. “Insurance companies are our investors, and we look forward to welcoming more of them into our insurtech fund. Brian and I designed the fund with their strategic goals in mind. Our ambition is to become the preeminent venture capital firm for insurtech entrepreneurs globally.”
Is insurance a rich enough game to disrupt?
With so much talk about the ways in which technology can redefine and revolutionize insurance – from IoT devices making insurers more proactive, to Big Data and data analytics helping to automate risk assessment and the pricing of policies, it’s fair to start wondering, “When will those big tech guys make the jump and just start doing this themselves?”
The answer to that perfectly reasonable question? Probably sooner than you might think.
This excellent article in TechCrunch looks at the moves that tech giants like Google, Apple and Amazon have made towards the insurance industry. It also looks at the disparate ways that those companies could excel, by bringing advanced technologies to the table to make insurance better, easier and more efficient for policy holders.
Finally, article author, Martha Notaras, asks the big question, “is there enough margin and profit in the insurance game to make it worth the while for these big companies?” This article is excellent, and I suggest checking it out – if only to learn Martha’s answer to that question (I’m not spoiling it…sorry!).