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End User License Agreement
by Susanne Chishti, Nicole Anderson, Shân M. Millie, Sabine L.B VanderLinden
The INSURTECH Book
Cover
Preface
About the Editors
Acknowledgments
1 What is InsurTech?
InsurTech Definition as Its Own Manifesto
Three Enigmas: Who? What? How?
The InsurTech Definition as its own Manifesto
Why is Insurance Failing?
The Challenge
The History
Connecting Risk, Insurance, and Systemic Failure
Transparency and Due Diligence: Where Can the Industry go from Here?
Notes
Digital Transformation in Insurance – Four Common Factors from Other Industries
From Non-transparent Markets to Customer Transparency
Substitution of Middle Man – Direct Producer-to-Customer Connection
From Many Scattered Players with High Margins to Few Scaled Players with Low Margins
From Supply-driven (Company Focus) to Demand-driven (Customer Focus)
Incumbents Will be Among the Winners
Notes
InsurTech – Problem or Solution for Agents and Brokers?
The Rapidly Changing Insurance Consumer
Rapidly Changing Technology – CanBrokers Keep up?
Adaptive Brokers have a Fighting Chance to Win
Notes
The Best InsurTech May not be InsurTech
The Problems and Challenges of the Insurance Industry
Is it all Problem-solving or is There Real Innovation too?
Where Does InsurTech Play a Part?
InsurTech now and Going Forward
Notes
“Real” InsurTech Startups do it Differently!
InsurTech Startups Take the Next Step
Disruptive InsurTech Startups Take the Leap
Look Out for More
Notes
2 InsurTech Now and Next
A Cartographer’s Dream – Exploring, and Mapping, the New Unknown
Notes
Where Does InsurTech Leave the People who Work in Insurance?
Insurance, Technology, and the Future of Work
Commercial Insurance Broking and Underwriting – Technology as Enabler to Excellence
Manifesto for the Individual Broker or Underwriter
Notes
InsurTechs – Magical Thinking and Other Secrets of Success
Notes
“INSoT” – The Insurance of Things and the Proliferation of Protection
Integrated Insurance Products
Integrated Loss Prevention
Integrated Recovery Support
What’s Next?
Notes
From Insurance Premium to Discrete Event
Evolving Insurance Options – Consumer Discrete Events
Evolving Insurance Options – Business Discrete Events
Notes
Further reading
Seamless Insurance: The Time is Now
AI as Insurance PA
PA as Tailor
AI as the New UI
What about Seamless Insurance for Commercial Insurance?
The Time is Now
Notes
The Potential of a Pension Dashboard Infrastructure for UK Pension Savers
The Pension Dashboard Prototype Project
Collaboration as the Key Ingredient
Transparency
Innovation
From Prototype to a Live Service by 2019
Notes
Six Mega-trends that Will Take Insurance Back to the Future
Mega-trend 1: From Reactive to Proactive
Mega-trend 2: From “Customership” to Membership
Mega-trend 3: From Transactional to Social
Mega-trend 4: From Approximate to Individual
Mega-trend 5: From Analogue to Digital
Mega-trend 6: From Local to Global
InsurTech – Not a Zero Sum Game
Time to Move Beyond the Current InsurTech Debate
The Overlooked Multi-billion-dollar Market Opportunity
Using Technology to Close the Protection Gap
Notes
3 The Founder’s Journey
Not too Big to Learn not to Fail?
The Insurance Landscape: Introducing the Status Quo
Why Innovation is More Difficult for Incumbents?
A Mismatching Exercise
Right under our Noses?
How do we Learn not to Fail?
Learning not to Fail
Notes
Insurance Expertise, Family, and Integrity – The Story of SPIXII’s Founding Team
Defining the Target
Establishing the Working Charter
Our First Hires
The Importance of Adapting, and Saying “No”
So, How Can Startups Afford to Say “No”?
Notes
Disrupting Car Insurance – Drivies App Makes Driving More Fun, and Insurance Fairer
Emerging Usage-based Insurance
Drivies: A New Approach to Usage-based Car Insurance
Technical Differentiations
Our Spanish Beta: Lessons Learnt 18 Months Post-Launch
Product: The Value of Using Fast Iterations and Clear Key Performance Indicators (KPIs) to Optimize Performance
Information Brings Unique Insights
Conclusions
Genomics 101 – The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab
Notes
4 Internationalizing InsurTech
Internationalizing InsurTech – A Global Phenomenon in Different Markets
Introduction
Key Value Drivers of InsurTech
Uncovering Opportunities in the Insurance Value Chain
Future Applications: GAME Changing Technologies to Further Scale InsurTech
Conclusion
Increasing Access to Insurance in Developing Countries
The Role of Insurance in Economic Development
Penetration of Insurance is Lower in Developing Countries
Affordable, Accessible, and Appropriate
Technologies Applied to Insurance in Developing Countries
Examples of Technology
Conclusion
Notes
Insurance in China
InsurTech in China
Why Can China Become the Leader in InsurTech?
Early Regulatory Support
Ecosystem Power Players: BATJ
World Leader in InsurTech
Other Chinese InsurTechs
China’s Biggest Opportunity?
Looking Forward…
Notes
Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market
1. The German Insurance Market is a One-stop Shop
2. Incumbents in Germany: a Success Story with Underlying Problems
3. InsurTechs in Germany: a Success Story, but no Disruption – Yet
4. The Technological Legacy of Incumbents Binds Billions of US Dollars
5. Incumbents’ Cultural Constraint Wastes Uncounted Resources
6. Incumbents Have One Strategic Advantage, but They Need to Use it
7. Insurance in Germany is Like the Bundesliga
Notes
InsurTech in Turkey – Challenges and Opportunities
Introduction
Insurance in Turkey: The Industry Overview
The Turkish InsurTech Ecosystem
Main Challenges
InsurTech Opportunities
Conclusion: Unlocking the Potential
Notes
InsurTech in Latin America – The Promise of Insurance for Everybody?
The InsurTech Movement in Latin America
Other Actors Building the Latin American InsurTech Ecosystem
Notes
InsurTech Trends – Why Regionalization Matters
Peer-to-Peer (P2P) Insurance
Microinsurance
Blockchain
Telematics, Biometrics, and IoT
On-demand Insurance
Cyber Insurance
Conclusion
5 Collaborative Innovation: Observe – Partner – Invest
The Corporate Collaboration Opportunity in InsurTech
Background
Collaborative Digitalization
Collaborative R&D
Collaborative Incubation
Collaborative Acceleration
Collaborative Investment/CVC
Conclusion
Competition vs. Coopetition in the Insurance Market
Competition vs.Coopetition
InnovationCentresand Incubation
Notes
Incumbent and InsurTech Collaboration via Open Innovation Strategy
Internal Innovation
Driving Innovation via Collaboration and Partnerships
Buy from Startups
Partner with Startups
Invest in Startups
How to Respond and Choose the Right Strategy?
Notes
A Collaborative Approach in the InsurTech World – One Platform in One Click
How Does this Model Work?
How to Manage the Collaboration Platform for an Innovative Project?
From Idea to a Project
Conclusion
Dating InsurTech Startups
Dating and Relationships inInsurTech
Notes
Altered Attitudes, Altered Outcomes – Collaborating for a Better Future
The Penny Drops
Change is Slow and Difficult
The Case Study
How We Won Them Over
Building a Future Based on Collaboration
The Only Thing to Fear is Fear Itself
Notes
Think InsurTech Culture Before InsurTech Adoption
6 The Value Chain
A Four-Step Practical Guide to Build InsurTech Value Chain Ecosystems
Step 1: Conduct Startup-Storming
Step 2: Organize Startups’ Themes Using the Kawakita Jiro Method
Step 3: Scout for Relevant Solution(s) Using the Quality Function Development (QFD) Matrix
Step 4: Select the Right Solution Using the Pugh Matrix
Conclusion
Notes
Sell Your Insurance at the Right Time – Consider Micro Policies
What is Expected of Insurers When it Comes to Creating an Effective Digital Customer Experience?
Micro-policies or Short Duration Insurance: Approaches to Sell Timely and Distribute the Right Coverage at an Affordable Price
Notes
InsurTech: Refreshingly Different – Like Lemonade!
Innovation along the Insurance Value Chain
Innovation or Disruption?
Is the Peer-to-Peer Insurance Model a Revolutionary Idea?
Notes
Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric
First Fundamental: Distribution Will Be Invisible
Second Fundamental: The Rise of Parametric Insurance
Conclusion
Notes
Behavioural Design and Price Optimization in InsurTech
InsurTech and the Role of Psychographics during the Pre-sale Process
Behavioural Design in the Post-Sales Process
Some Ethical Concerns
Conclusions
Appendix A
Notes
Data Changes Everything
There is a Large Untapped Potential to Collect Relevant Data about Policy-holders and their Homes
Helping Policy-holders Understand Actions or Characteristics that Put them at an Increased Risk of a Claim
Validating that Policy-holders Understand their Obligations
Resolving the Issues Related to the Collection and Aggregation of Significant Pools of Untapped Data Sources
Conclusion
Notes
Beware of GDPR – Take your Cyber Risk Responsibility More Seriously
Data Dependence Comes with a Price
The 2016 Global Cyber Impact Report
How do Organizations Transfer Cyber Risk?
Ask your Organization These Key Questions
General Data Protection Regulation (GDPR)
Growing Responsibility for Organizations
Power to the People
Consequences Beyond Reputational Damage and Disruption
So Why Did we Start our Argument Focusing on Cyber Risk?
Notes
Why Claims Sharing? Innovating within the Business-to-Business Insurance Claims Handling Ecosystem
Streamlining Claims Processing
Leveraging Apps and the Internet of Thing (IoT) for Real-time B2B Insurance Claims Data
The Revised Role for the Broker
Uberization of Claims Surveying
Blockchain Technology for Reliable Data and Fraud Prevention
Notes
Reinsurers Need Backward Innovation
A Story from the Industrial Revolution
What about Reinsurance?
Market Reality
Reinsurance as a Service
The Impact of InsurTechs on Reinsurers
Emergence of New Risk Trading Platforms
Notes
7 Business Models
Business Model Innovation – From Incremental to Disruptive
Notes
The Future of Insurance – From Managing Policies to Managing Risks
The End of the Current Model
InsurTechs Fill the Gap
Confusing Aims and Means
A New Paradigm
Making it Happen
Conclusion – The Way Forward
Notes
Seeing through the Hype – A Closer Look at Key Smart InsurTech Business Models
Smart Health Insurance
Smart Homes and Property Insurance
Driverless Cars and Car Insurance
Person-to-Person Insurance
Capacity and Specialization
Notes
Assessing the Long-Term Viability of the Insurance Peer-to-Peer Business Model
Background
Comparing Business Models – Common Elements
Comparing Business Models – Differing Elements
Key Advantages of the P2P Insurance Business Model
Conclusion
Notes
You Said … Sharing Economy?
Not an Insignificant Market
Why is this Happening?
What is the Sharing Economy?
The Key to this Market Economy is the Platform
So, What Does all this Mean for Insurance?
Peer-to-Peer: Friendsurance
Business-to-Consumer: BlaBlaCar
Business-to-Business: CBien
How to Thrive in this New World
Notes
From Claim Settlement to Claim Prevention – How Insurers Can Make Use of Predictive Analytics to Change their Business Model
Enormous Potential for Insurance Companies to Gain Profitability
Big Data Technologies Enabling Data-driven Business Models
Identifying Sources to Collect and Analyse Relevant Data
Individualized Offerings Based on Prevention Efforts
Notes
True Business Model Innovation – a Credit-Based Approach
Status Quo
Signs of Change
A New Credit-based Approach
Notes
From Event-Focused Insights to Coaching
Traditional Insurance Business Relies on Lack of Knowledge
Digital Ecosystems Lead a New Era of Knowledge
The One who Knows can Anticipate and Influence the Future
Coaching, the Future of Insurance
Conclusion
Notes
8 You Said Tech
Becoming Tech-First – Why Adopting a “Tech-First” Mindset is Non-Negotiable
Creating the Right Workplace
Attracting the Best Talent
Change is Inevitable
For the Greater Good
Notes
Practical Robotics in Insurance – The Future is Here Already
When to Deploy Robotics in an Insurance Organization
What are the Typical Benefits Robotics Can Deliver?
The Different Types of Robotics and When and How to Use Them
Identifying which Processes are Viable for Robotics
Examples of Processes that Can be Automated with Robots
The Human Factor and the Role it Plays in Success
Summary
Notes
Frictionless Insurance in a Land of Utility
So How Does all this Relate to Insurance Organizations?
When I Look at Simplicity, I Often Refer to this Quote: “Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away”
The Smart Journey – From Contract Hype to Insurance Reality
What is this Blockchain that Underpins the Concept of Smart Contracts?
So What is a Smart Contract?
The Issues with Semantic Information and Smart Contracts
Deterministic versus Non-Deterministic
Insurance Contracts: Opportunities for Smart Contracts
The Next Steps to the Smart Contract Transformation of Insurance Policies
But is it Still Insurance?
InsurTech and AI – You Can Run but You Cannot Hide from the Future
Cognitive Computing
Chatbots Change how Humans Interact with Machines
Artificial Intelligence and Goal-based Insurance
The Next Generation of Insurance Will be Built on AI
Blockchain Startups – Unlikely Heroes for the Insurance Industry?
Does the Glove Fit?
Working with Startups
A Way Forward
Notes
Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice-Based Assistants
Relevance of Voice-Based Assistants – From Touch to Talk
Technology Snapshot – Players and theirStrategies
Achieving the How To
The Crystal Ball: Future Potentials of Voice-Based Assistants
Notes
InsurTech’s Big Questions – Why the Customer is Still Always Right
Tomorrow’s Tech, Today’s Problems
Where the Customer Leads…
Savvy Startups
ClaimsTech – The InsurTech’s Action List
The Supplier Landscape
CX in claims
Analytics in Claims
Robotics … Arise the Claim Machines
IoT Applications in Claims
Digital Evidence and Thwarting Claims Fraud
Technology is Not Enough
Design as a Problem Solver
Design to Differentiate
Design Beyondthe Design Department
So, to Conclude
Notes
9 InsurTech Futures
Digital Transformation and Corporate Innovation Management – an Incumbent’s Action Plan
Notes
The New World of the Connected Customer – The Future of Microinsurance?
Notes
Personal Asset Liability Management System
Notes
Social Media in Insurance
Notes
InsurTech and the Promise of “Property Value Hedging Technology”
The Insurance Value Chain
Technology Trends
Opportunities for InsurTech
Insurance as “Property Value Hedging Technology”
IaaS Will Propel the “Property Value Hedging Technology” Story
IaaS is not Limited to the First Movers
Insurance 2029 – Life Backup Companion
Back in Time: Back to Reality
The Power of a Utility
Journey to the Future
Insurance Value Stack: Quick Refresh
First Phase: Optimization
Phase 2: Product Redesign – Closer Mirror Risks and Needs
Phase 3: Insurance as a Utility – Welcome to the Future!
List of Contributors
Index
End User License Agreement
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