In Episode 18 of my weekly update, I’m sharing stories and insight around developments in insurtech, the collision of AI and space, and blockchain’s role in secondary market trading.
In their Global CEO Outlook, KPMG revealed that the insurtech agenda is top priority for over 70% of insurance CEOs. I’m thinking about how the interconnectedness of AI, IoT and other exponential technologies are dramatically shifting the nature of this industry, and the types of decisions executives must start making around acquisitions and digital transformation in order to meet the digital age head on. A few noteworthy highlights include Allianz doubling the size of its corporate venture arm to over $1B, New York Life’s recent deals for Carrot and Trifecta, and venture funding in the industry hitting an all-time high of $2.5B ($4B globally) in 2018.
Conversations around a newly developing space economy usually center on commercial space travel. However, the ability to leverage new rockets to launch satellites is fast becoming an important narrative. In addition to blanketing the globe with internet access via thousands of satellites, some companies are now looking to create AI-powered insights via data from those satellites. This allows industries such as agriculture and mining to have access to compelling findings that were previously unattainable.
Strengthening regulatory oversight and securely upgrading the speed of transactions are just some of the reasons a growing number of global financial institutions are investing time and capital in testing blockchain implementations. As an exponential technology, it is enhancing traditional mechanisms and adding confidence when it comes to raising capital and actioning securities.