Insurance Nexus organizes an event around connected insurance on June 11th in London and publishes a white paper to support it named “IOT is just a technology“. Continue reading “Insurance Nexus – IOT is just a technology”
Here is a little overview of articles that caught my attention and deserve to appear in the press review of April 17, 2018!
Subaru offers 3 years of insurance
Those who read me regularly know that I often talk about a decomposition of the value chain to come. Indeed, I believe that it will be necessary tomorrow for insurers to go further in their response to the needs of their policyholders at the risk of being supplanted in the commercial relationship. The example above is symbolic for me of this situation! Subaru, automaker, intermediates the insurer in the proposal of a motor insurance. This is obviously not new, but it raises again the question of the role that can play the trademark of the insurer in this if it no longer assumes the distribution to the client.
The blockchain is dead, live Hashgraph
Links: Article from Journal the net – Hashgraph .
When it comes to blockchain, it happens quite quickly that we fall back on the technical difficulties of scalability and performance. A new technological solution would make it possible to overcome a number of these constraints. The proposal seems interesting and the subject promising, but we are obviously still far from a concrete applicability. All you have to do now is read white paper to get an idea ( Note: I have not read it yet! )
When call centers predict customer emotions
There is a lot of talk about affective computing or how artificial intelligence could move us on the path of emotional intelligence. However, so far, few reliable sources allow to see more clearly what happens. We knew the solution of Affectiva , we can now add Cogito. This solution is based on sociometers, developed by an MIT team. It’s about detecting subtle signals in speech, tone and body language, regardless of the words used.
Solar panels, a puzzle for firefighters
Link: XLCatlin- Solar Panels
Innovation in insurance is not only new technologies that come to transform the business, they are also new risks . We talk about cyber risk very often, but here’s another, quite unexpected, but still difficult to manage.
Make car insurance “cool”?
Karl Heinz Passler is one of the leading influencers in the insurance innovation market. He is very active on the social networks , and a little less frequently on his blog, but the article above presents some often simple ideas for boosting car insurance!
Key points to remember about UBS insurtech Shifting Asia
- Asia is one of the least insurance-covered markets and there are huge catch-up prospects
- Insurtechs have the opportunity to transform this market more than any other. They could generate, for example, up to $ 300 billion in savings by 2025.
- Competition is tough on the continent and forces to improve the quality of service as well as to find differentiation criteria
- Customers are going to be the big winners of the arrival of insurtechs.
- Incentive prevention actions could lead to significant effects on risky portfolios and thus significant improvements for the benefit of society.
The update of my landscape insurtechs goes on with 14 additions on February 23rd, 2018. You’ll find the update here. There are now 150 startups documented, from 21 countries.
Additions to the landscape insurtechs on February 23rd, 2018
- RiskGenius: Using artificial intelligence to better categorize the content of insurance policies, ensure a better reading and facilitate underwriting operations.
- Go Bear: Price and quality insurance product comparison engine, enriched with a scoring system.
- Codeoscopic: Provider of digital solutions dedicated to the insurance business, Multi-pricing motor, Risk manager dedicated to Solvency 2.
- Gistek Insurance solutions: Set of software solutions to facilitate the management of insurance contracts or claims, Automation of processes.
- Numen: Provider of digital solutions dedicated to the improvement of the insurance process and the management of the triangles of claims.
- Satisfi: Exploit customer data to automatically make recommendations through automation, artificial intelligence and robots..
- Captricity: Exploitation of the data to increase sales, reduce processing cycles or offer quick subscriptions without losses on the quality of risk analysis.
- Ideeo: Brokerage of insurance contracts, Compensation defined with the applicant.
- Addon-ACS: Behavioral analysis in real time of the consumers, during the course of care, Prevention, Improvement of the course of care via a scoring of the practices.
- Aukazou: Damage management Water damage on behalf of the insured.
- Assurup: Insurance dedicated to the specific needs of startups.
- Wizzas: Co-design of customized insurance products to cover the needs of communities, Community building, Search for insurers to bear the risks.
- Guard Time: Blockchain solutions to limit fraud and improve trust and automation of decisions.
- Boundlss: Using chatbot and artificial intelligence to encourage improvement of lifestyle behaviors, Increased engagement with policyholders.
Contact me if you still don’t appear in the landscape insurtechs!
When we look at the connected objects of vehicles, or more technically what is called telematics, a major problem appears: the exploitation of data! The startup Otoconnect focuses on this segment and is working on the provision of multiple connectors, around a first target, the portability of contracts under the GDPR regulation. Continue reading “Otoconnect – Vehicle’s data platform”
Here is a little overview of articles that caught my attention and deserve to appear in the press review of January 30th 2018!
Astonishing experimentation of CPAM
The question of personal data and above all health data is really sensitive in France. Market players are also very focused on these issues in the context of the arrival of the GDPR regulation. However, this is the moment chosen by the Social Security to try an initiative really out of the ordinary. In an attempt to fight absenteeism, the Social Security has communicated to companies, whose absentee rate was 4 to 5 times higher than the average, the reasons for work stoppages, and first those related to MSDs ( Musculoskeletal disorders) and those of the PSR (Psycho-Social Risks).
The stated objective, in agreement with the trade unions, is to encourage the company to question the practices, and to consider prevention solutions upstream.
We are here in a very interesting process of exploitation of health data for the purpose of prevention! Crossing sources now allows this type of analysis, and it is interesting to note that neither the French CNIL nor the unions have opposed the approach, which shows the quality of the exercise!
Case to follow in a few months, with the first results of the test and an extension of the companies concerned.
Expanding Google’s artificial intelligence in Paris
Following his visit to Paris on the road to Davos, Sundar Pichai, CEO of Google has announced its desire to strengthen, in Paris, his team dedicated to artificial intelligence. France is positioning itself as a real actor for the future on the subject.
More interesting, it turns out that Google’s offer tends to a SaaS offer, on the shelf, intended to be accessible to everyone, even without knowing how to code. This is the goal of Cloud AutoML vision (ML for machine learning).
Note: There is a free trial, I note in my todo to go try for you! If you have a specific use case (why not the pictures during claim’s FNOL), let’s do it together!
Emotional intelligence, or the complement to artificial intelligence
A reminder of what is emotional intelligence and how it is now essential! In a context where artificial intelligence seems to take more and more space, it is interesting to follow a subject for which the role of the human seems to remain necessary!
The event to be
Novarica and the IOT insurance observatory offer a webinar on their research on February 28:
Matteo Carbone is an opinion leader in the insurtech industry today as one of the most prominent on the market. He created the Connected Insurance Observatory, an international working group, first in Europe, then in North America, dedicated to insurtechs. Matteo participates in numerous conferences around the world throughout the year. He unfolds his theory of 4P’s of insurtechs, and I wanted to make a presentation for a long time.
The 4P’s of insurtechs
First of all, you can listen to Matteo Carbone in his presentation at the 2017 Global Insurance Symposium in Des Moines.
You can also find slides at this link, if you are an aficionado of his prose, without listening to his wonderful English accent!
Key points to remember
According to Matteo Carbone, insurtechs can intervene on 4 axes:
- Productivity : be more efficient
Profitability : get a better technical result
Proximity : to be closer to the customer and his needs
Sustainability of the portfolio (the term it uses is “Persistency” which means persistence over time, and therefore no attrition): Build a profitable portfolio on the long run term, with a small rotation.
In the absence of these objectives, there is no interest in innovating because the solution will not bring anything useful.
The second subject addressed in this presentation is telematics, because it is one of the key topics of Matteo Carbone. The Swiss Re report which I was echoing a few months ago is directly worked with him, when it comes to the Italian example.
3 topics to consider:
- The connected object : often a black box connected to the vehicle
- Insurance coverage : and the notion of incentive reduction associated with it
- Associated services : access to a set of additional services that can be provided for a fixed fee.
Under the arguments that telematics allows of itself and of course a selection of the best risks ( Note: it is questionable ) and a better controls of the compensations ( Note: that on the other hand, I share ), he comes to the conclusion that the financial result of the insurer is improved thanks to this technology.
It is also possible to rework the customer experience on all of its use of the vehicle and the different needs that might be relevant. Note: this aspect is absolutely essential, because it is from the use that one deduces the exploitation that one can make technologies.
Finally, the figures it presents show that attrition will be lower with telematics than without (11% instead of 14%).
In short, that positive points!
I share a lot of Matteo’s conclusions.
By reading, you will understand that the questions of use and business need interest me first. The 4P’s of insurtechs are a key to reading that is interesting to keep in the lead.
I update my landscape insurtechs with 15 new startups on January 19th, 2018. You’ll find the update here. There are now 123 startups documented, coming from 17 countries.
Au menu d’aujourd’hui:
- Hippo: Advanced home insurance and Quote in less than 60 seconds.
- Slice: On-demand insurance.
- Metromile: Insurance Pay-as-you-drive, based on driven miles.
- Bought by many: Grouped insurance buying.
- Understory: Environments captors (humidity, temperatures, wind, rainfalls), similar to mini weather stations which enable to audit afterwards the losses due to weather origins.
- Affectiva: Emotions detection, Sentiment analysis and SDK deployment.
- Jaco: Insured Behaviour data collect on web sites in order to improve the user experience.
- Coverfy: Multi Insurance contracts management from a mobile phone, double coverage identification and Proposal of price improvements.
- MyZuum: Telematics to add to the vehicle, Emergency alerts, prevention, driving behavior improvement, mechanical diagnosis….
- Brokoli: Insurance contracts assessment from mobile phone and Distribution.
- Drivies: Driving data analysis from a mobile app, Driving improvement propositions and Insurance price improvement proposition based upon collected data.
- Predictry: Sentiment, choice or behaviour prediction thank to Machine learning and Predictive analysis and automatic recommendations.
- Twiggle: Buying intention predictions thanks to natural language processing, machine learning and ontological models.
- Conversable: Chatbot with a Saas Platform.
- Leocare: Motor and Home insurance distribution via mobile, Quote in 45s and On-demand insurance for some additionnal options..
The broker Gras Savoye, belonging to the Willis Towers Watson Group, published in september 2017 an interesting economic note on the transformation of the insurance markets 2018. They come back therefore, by business line, on current trends.
Overall, the French insurance market is rather stable:
- The world market is down slightly
- France remains an important market (5th world player), with just over 200 billion euros of premiums
- Personal insurance accounts for 75% of this figure, and sees a rise in pension premiums
- Property insurance is subject to strong competition, and is experiencing a significant increase in claims, which affects the underwriting results. This is due in particular to climatic events.
In the details of the 2018 insurance markets
Given the richness of the report, it is complicated to synthesize it, and I prefer to suggest that you refer to it if necessary. I prefer to present the plan!
Each theme is treated according to 5 axes:
- Capacity / Appetite
Some key things to remember
- 3 alternatives to risk transfer are presented:
- Structured Insurance: covering the multi-year consequences of new or complex risks. (terrorism, pandemics, strikes, etc.)
- parametric insurance : or index-based insurance, which i have already talked a lot here
- Mutli-line / Multi-year approach: which reduces volatility
- D&O (Executive) policies continue to evolve and adapt to changing risks. The tailor-made is put on this profitable and dynamic market (new regulations, cyber risks, etc. which increase the risks for managers).
- There is growing interest in combined fraud / cyber collateral, although these mounts do not always yield the best proposals. Note: It is understandable that customers are always looking to hedge against an unknown risk, but perceived as critical .
- Kidnap & Ransom products are in full swing, because of an international geopolitical context that is sometimes hazardous.
Conclusion: My opinion
This report is a mine of information, very technical, but essential to a good understanding of the complexity of heavy risks. A disadvantage on the bedside table, but imperatively under the elbow!
In hollow, one sees there appear, as often, the insurance products which could be generalized tomorrow. The trends observed, especially on cyber, fraud or regulatory aspects are in this sense good indicators of the future.
Here is a little overview of articles that caught my attention and deserve to appear in the “press review January 15th, 2018”!
O’Reilly offers books on data and artificial intelligence
The famous publisher of computer science books has a library of 80 of its publications on big data, artificial intelligence and data science, published between 2012 and 2016. Essential detail: the download is free, in pdf, epub or mobi.
Remember: when it’s free, you’re the product! O’reilly asks for your name, first name and email to download, but nothing forces you to enter the real …
Not so accidental road accidents
Mathieu Grossetête is a researcher at the university research center on public action and politics. We propose in the Diplomatic World a reading interestingly, accidentology by car.
It appears that the prevention policies of Road Safety may now reach their limits because they are poorly targeted! Or when the art of data analysis becomes essential to better control a phenomenon, and treat it correctly!
Exciting article to read, which makes us rethink the notion of risk analysis, the perception of events. Finally, it simply invites us to change our way of thinking.
Typologies of wearables
Evan Kirstel, one of the leading thought leaders in connected health, offers us a panorama of typologies of connected objects for health, aka wearables. This one goes a little further than the usual dichotomy watch and bracelet vs balance!
Deloitte: human collaboration – machines
A visual of a Deloitte study, found on Twitter, gives an interesting reading of the symbiotic relationship that can develop between humans and machines. All thanks to the service rendered!
Axa and telemedicine
Jacques de Peretti, CeO of Axa in France announced this week the launch of telemedicine in companies and openness from service to experts.
The second service is the extension of the current service (which I had the opportunity to test personally and which is very good). On the other hand, the first one supposes major investments and questions around the model chosen by Axa.
The question of danger, posed by Olivier Harmant, is in my opinion not relevant.
However, what is the return on investment of this model for a complementary insurer? Indeed, a teleconsultation at the expense of the complementary supposes a cost support higher than the usual part. In order to be financially attractive, such a service needs to be either cheaper than normal consultation or to reduce risks. For now, teleconsultation is a vector of brand image and carries a demarcation line with respect to the competition. However, when everyone will do it, it will be necessary to consider the business model that goes with it!
Finally, should not this be the role of an intermediary platform? The latter would make this service available and look for the insurer who answers it. On the contrary here, it is carried directly by a complementary insurance? What does this say about our public health insurance? A lot of questions, few answers for now!