October 28, 2022
What: Security startups are seeing a significant boom as cybersecurity risks increase. The global sale of technologies to secure the software development cycle is expected to increase to $9.2 billion in 2026, more than double the $3.7 billion in sales last year, said Katie Norton, a senior research analyst with IDC Corp.
Why it matters: The demand for better cybersecurity is a trend we’ve been watching in recent years, and we expect the demand to continue to increase for at least the next 5 years. Cyber is a massive market with considerable growth potential. The next curveball coming for the market is Artificial Intelligence, which will be deployed both for cyber attacks and defense.
What: Amazon is launching a home insurance comparison portal in Britain. They have signed 3 major UK insurers and are expecting to add more early next year.
Why it matters: The commoditization of comparative raters is hitting a new milestone with Amazon’s entrance into the market. The “everything store” has been moving into insurance bit by bit, and this is just the next step in their foray into the retail insurance market.
What: While innovation in underwriting has been a major focus of past conferences, at the recent ITC, operational efficiency was the key driver.
Why it matters: Straight-through-processing matters now, more than ever, and systems that can enable full automation are skyrocketing in value. As part of the move toward straight-through-processing, data is also becoming more valuable, as having the right data enables one to automatically process more policies.
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