The INSURTECH Book by VanderLinden, Sabine L.B. -- Read -- Imperial Library of Trantor

Index

Cover Copyright Titlepage 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 EULA

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