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Exploring the Essential Features of “Matt Christopher – CFI Education – Introduction to InsurTech”
Introduction to InsurTech
Discover how InsurTech is revolutionizing the insurance industry and gain a competitive edge in this rapidly evolving field. • Learn about InsurTech and how it’s changing the traditional insurance industry with technology • Explore the different areas of InsurTech and its impact on pricing, underwriting, and claims • Understand the importance of key metrics such as frequency, severity, loss ratio, and combined ratio in InsurTech
Overview
Introduction to InsurTech Course Overview
InsurTech, or insurance technology, is disrupting the traditional insurance industry by leveraging technology to make the insurance process more efficient and cost-effective. In this course, we’ll first define what InsurTech is and its importance before exploring the history and evolution of insurance distribution. We’ll then identify the main areas of InsurTech, guided by technological and economic trends, and how they differ from traditional practices. Next, we’ll examine some of the InsurTech innovations that are impacting pricing, underwriting, and claims, including data science, telematics, drones, and robotics. We’ll also look at important metrics such as frequency, severity, loss ratio, and combined ratio. Finally, we’ll explore the future of InsurTech, including embedded insurance, changing customer expectations, and diversifying risk through new products and services.
Introduction to InsurTech Learning Objectives
Upon completing this course, you will be able to:
- Define what InsurTech is and its importance
- Explain the history and evolution of insurance
- Identify the main areas in InsurTech and how they differ from traditional practices
- Identify InsurTech innovations and impact to pricing, underwriting, and claims
- Explain the future of InsurTech
Who Should Take This Course?
This is a beginner-level course suitable for insurance professionals, data analysts, and aspiring entrepreneurs who are interested in leveraging technology to transform the traditional insurance industry.
What you’ll learn
- Introduction
Course IntroductionÂ
Downloadable Materials
Learning Objectives - Overview of InsurTech
What Is InsurTechÂ
The InsurTech ExplosionÂ
Why Has InsurTech Attracted So Much CapitalÂ
Interactive Exercise 1Â
Evolution of Insurance Distribution (1920s-1930s)
Evolution of Insurance Distribution (1990s – 2000s)
Evolution of Insurance Distribution Today
Interactive Exercise 2
Application Programming Interface (API)
Barriers to Entry
Managing General Agency
Interactive Exercise 3 - Areas Within InsurTech
Traditional Areas Within Insurance-Auto Insurance
Home or Renters Insurance
Life Insurance
Workers’ Compensation Insurance
Interactive Exercise 4
New Areas Within InsurTech-Cyber Insurance
Ridesharing Coverage
Host Liability Coverage
Warranty
Interactive Exercise 5 - InsurTech Innovations and Impact
Frequency
Severity
Impact of Pricing
Impact to Pricing – Example
Impact to Pricing – Risk Profile
Interactive Exercise 6
Impact to Pricing – Telematics
Impact to Underwriting
Impact to Underwriting – Acquisition
Impact to Underwriting – Managing the Book
Interactive Exercise 7
Loss Ratio
Combined Ratio
Understanding Loss Ratio and Combined Ratio
Impact to Claims
Impact to Claims – Example
Impact to Claims – AI Estimating
Interactive Exercise 8
Impact to Claims – Drones & Robotics
Impact to Claims – Fraud Prevention
Impact to Claims – Video
Impact to Claims – Incident Detection
Interactive Exercise 9
Impact to Claims – Roadside Assistance
Impact to Claims – Digital Payments
Loss Adjustment Expense
Interactive Exercise 10 - The Future of Insurance
Future Challenges & Opportunities
Embedded Insurance
Changing Customer Expectations
Interactive Exercise 11
Diversifying Risk
InsurTech Long-Term Outlook - Course Summary
Course Summary - Qualified Assessment
Qualified Assessment
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