The first quarter of 2019 saw a 17% increase in cyber criminals using impersonation in phishing attacks primarily by imitating well-known brands, revealed new research from cyber security company FireEye which analysed 1.3bn phishing emails. This has stressed the need for organisations to engage in better training and education as well as insurance as a last line of defence.
Kakao Pay, the FinTech division of IT giant Kakao, has acquired insurance platform start-up, Inbyu's shares and secured its management rights, reported The Korea Times. The acquisition is considered a strategic move for the FinTech to enter the insurance business as Inbyu will act as a general agency for Kakao Pay's insurance services.
This week, we speak to Assurant president, Asia Pacific Manfred Schmoelz on the importance of data, warranties and telematics.
According to a report by the Centre for the Study of Financial Innovation (CSFI) and PwC, technology tops the list of risks in 2019 that insurers need to look out for. Alongside other pressing risks such as cyber and regulation, the Insurance Banana Skins report surveyed 927 industry members across 53 territories, of which 36% were from Asia.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted an insurance broking licence to Nearby Technologies, reported moneycontrol.com. The FinTech will be operating its insurance broking services under the newly-created Nearby Insurance Broking Services division and launch a new brand called InsureNearby. As part of its launch strategy, the start-up has acquired We Care Insurance Broking Services.
Moody's Corporation and Team8, a leading cyber security think tank and company creation platform, have announced the formation of a joint venture to establish a global standard for evaluating and assessing cyber risk for enterprises.
As the deadline for the new international financial reporting standard (IFRS) rapidly approaches, Aon has introduced a new IFRS17 solution on its ReMetrica capital modelling platform for insurers. This will help them manage the increased volume of data and complexity of calculation required for IFRS17.
Traveloka has introduced a new Schengen visa insurance for Indonesian travellers planning to visit Europe, reported The Jakarta post citing a statement from the travel booking app. Underwritten by Simas InsurTech, the insurance is said to provide coverage for accidents, medical expenses, baggage loss, flight delays and cancellations as well as emergency medical evacuation.
In early 2018, French software company Dassault Systemes partnered with the Singapore government to create Virtual Singapore, a 3D digital replica of the city-state. With a price tag of $73m, Virtual Singapore is a data rich, live digital clone of the city, one of the pioneer examples of modern 'digital twin' technology.
Lloyd's has launched a new software tool called 'Contract Confidence' which seeks to improve the quality of insurance contract review for both customers and insurers globally. It benefits customers by creating more right-first time contracts which means fewer disputes, faster claims resolution and lower policy costs. Meanwhile, the tool helps insurers in Lloyd's in reducing administration and claims costs which improves profitability consequently.