On Monday, November 6th, 2017, April Group organized the event Insurection, wanted as the biggest French event dedicated to insurtechs. 300 people attended, and as part of our insurance innovation activities, I was there to represent Siltea .
Back to this day, with the key elements to remember: roundtables and startups present.
Some of the exchanges can be found on Twitter under the hashtag #Insurection .
Round Table Insurection by Group April
Insurance in a world of autonomous and connected cars?
Some BCG partners came to present an autonomous vehicle experiment deployed in Chicago in January 2017: in less than 4 months, BCG was able to convince the authorities to allow this full-scale test in ADAS level 4 and level 5. In other words, true autonomy without the intervention of a driver in downtown Chicago!
More generally, 3 numbers to remember:
- 60% of customers are ready to use autonomous vehicles
- 80% of cities are interested in these projects, especially through independent fleets
- 4 months to deploy! Note on this point: this obviously does not count the time of development of the technological solution in advance!
This, of course, raises a number of important questions for the future of motor insurance, especially regarding liability issues.
Insurance in AI augmented world
The 2nd round table brought together around the theme of artificial intelligence:
- Munich Re
- Verena Capital
Several points to remember:
- All startups now incorporate artificial intelligence, one way or another
- Far too many are still trying to improve existing processes rather than inventing others! Facebook’s Alexandre Lebrun cites a very good example to understand: he consulted the plans of the first patents of washing machines that sought only to reproduce the manual action performed in the washing, before inventing a new way of washing, thanks to what technology could bring. It is therefore a question of applying the same ambitions around artificial intelligence.
- 3 use-cases are found around the artificial intelligence:
- Increase the customer relationship: on this subject, I invite you to read what Zelros does …
- Helping to better control and predict risks
- Simplify processes, thanks to automation.
- Finally, the last essential point: it is imperative to work on the explicability of the decisions if one wishes to replace the human by artificial intelligence. Indeed, it is necessary to keep a record of all the elements and rules applied which led to a choice to be able to justify it (regulatory constraint, fairness of treatment, non-discrimination, etc.)
How does “automated claims management » impact our business models ?
The claims roundtable brought together:
- Internal Moonshot
- Shift Technology
Most of these actors are people or solutions that I know, to have traced them in our landscape of innovations for claims management .
The points to remember:
- Utocat is Axa’s partner on the Fizzy experiment, which I have already mentioned on this blog. They maintain the elements of language already given by Axa on the issue of security given to the insured by the blockchain. I still do not agree with these arguments and invite you to read about it The Guardian article on the $ 300m cryptocurrency disappeared with the Ethereum blockchain due to a bug . You said security?
- In general all the solutions presented are very interesting solutions for the future, but the aspect of the human impact has been somehow forgotte, while it is often the first limit for insurers. More concretely, what to do with teams if we automate most of the actions.
- For more details on the proposed solutions, I’ll let you see my insurtech panorama
- A little focus on the solution presented by Alexandre Rispal from Moonshot Internet: they offer an insurance solution dedicated to the cancellation of airline tickets, with an operating model based upon APIs, and a whole set of additional services that revolve around (access to lounges during the wait, transfer to restaurants or hotels from the airport space, etc.). This combines two elements that seem to me essential for the future: the service ecosystems, and the decomposition of the value chain, which requires the ability to interface the various partners.
Distribution replaced or augmented by AI?
Around the 4th round table:
- Astorya VC
Some things to remember:
- Zelros offers a solution to consider the augmented advisor: in fact, by referring to the advisor “hot topics”, as new suggestions of conversation, it allows him to improve the personalization of the speech and consider cross-selling or even up-selling depending on a certain number of life moments.
- The chatbot is only a tool to go from point A to point B, it is the use that must define what is the purpose of this technology
On-demand or custom insurance opportunities
A round table once again of quality:
- Road B-score
The points to remember:
- According to Qover ( of which I have already spoken on this blog ), the insurer will ultimately only be a risk manager, we are heading towards the decomposition of the value chain: I am completely in phase with this aspect.
- Drivequant announced a partnership with April Moto for the” Moto coach”, a personalized assistant to improve driving, thanks to a telematic solution.
Connected Health in Europe
This session becomes more international:
- Healthy Health which I have already spoken here )
The points to remember:
- Should we fear an impact of GDPR? The answer of Medlanes is without appeal: If your value proposition is high enough, the user will always agree to share his data.
Note: I unfortunately missed a small part of this presentation, due to meetings and networking purposes 😉 However, I could hear and meet Luca Schnettler Health Healthy that I had already on the phone but I wish to meet!
Insurtech on the rise – the re-born insurance
The stage is dedicated to a presentation of Robin Kiera, one of the most famous influencer of the insurtech community. If you’ve never heard him, he’s very good. I will only repeat here his recommendation of 8 steps to transform:
- Honest look into the mirror
- Preserve and optimize existing business model
- Become an Agile tech company yourself
- Nike principle: just do it
- Not products, but solutions and ecosystems
- Cultural change
- Innovation by structure
- Combine strength and experience with innovation
Inevitably, without all the context and his explanations, it may sound a bit hollow, but in reality, it’s full of common sense!
All the startups presented have been (or will soon be) added to my insurtech panorama .
Conclusion of Insurection by Group April
Wanted as a reference event of the world of insurtechs in France, Insurection by Group April managed to enter the field by bringing together an exciting round table, including main influencers of the sector (Robin Kiera as a guest is rather good).
On the other hand, it is clear that the mobilization of French insurers did not live up to expectations around this event. Thus, April Group had to ( Note: this is my understanding, not shared with the organizers ) mobilize many internal resources to fill the room (Almost 20% of participants!).
We bet that this is the fact of the 1st edition and that next year, everyone will find the way to Lyon!
Finally, I really enjoyed using the Bizzabo application , which allows to have access to the schedule of the day but also, and especially, to the list of participants (related to their profile Linkedin). It’s really handy to prepare for your meetings!