Insurance Nexus publishes a report titled “What is the true value of automation?” intelligent? ” in support of their two fall events: Insurance AI & amp; Analytics and Connected Claims Europe Summit . Continue reading “Insurance Nexus – Intelligent automation”
The update of my landscape insurtechs goes on with 14 additions on May 21st, 2018. You’ll find the update here. There are now 179 startups documented, from 27 countries.
Besides, I have the pleasure to inform you that there will soon be another version of this site, in order to support an important project for innovation in insurance. Stay tuned for next updates, it won’t be long!
Additions to the landscape insurtechs June 2018
- Get me ins: * Prediction and reduction of cases of fraud at source * Claims automation * Cost evaluation * Improved customer engagement.
- Insurance Drip: * Digital marketing solution dedicated to insurance brokers and agents (websites, newsletter, recommendations generator, loyalty campaigns, etc.).
- Insure App: * Customized and contextualised insurance platform * Pay-how-you-drive * Contextual health insurance * On-demand and just-in-time insurance e* Data analysis, profiling and segmentation, predictive modeling, real-time proposals.
- Jamii: * Micro health insurance.
- Nuvalaw: * Accelerates litigation through mass analysis of legal documents.
- Tapoly: * On-demand insurance dedicated to self-employed workers and only.
- Vlocity: * Cloud platform that offers tools for distribution and management of insurance contracts * Custom virtual agent.
- Riskattitude: * Provision of virtual tools for estimating and analyzing risk.
- Insurnext: * Creation of modern and responsive websites dedicated to the world of insurance.
- Cogito Corp: * Human intelligence enhanced by artificial intelligence.
- Cyquant: * Helps underwriting cyber risks by facilitating risk estimation.
- Jooycar: * Connected Vehicle Platform * Real-time data analysis to provide contextualized insurance products adapted to the situation.
- Hello Zum: * Centralized insurance data in the same place and made available to all parties * The customer is at the center.
- So sure: * Collective insurance with retrocession of the unused portion of the premium.
- Monuma: * Heritage advice and support * Blockchain dedicated to fine arts.
Contact me if you still don’t appear in the landscape insurtechs!
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 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.
A conjunction of elements led me to reflect lately on the link between insurance, innovation and behavioral evolution! It is an opportunity to give you my point of view on the issue.
Insurance is often considered reactive. Indeed, it reacts to events called claims to compensate for the residual loss.
Campaigns, sometimes famous (I think about road safety), are intended to transform behavior upstream to reduce downstream losses. For the insurer, it is an initial investment that finds its ROI in reducing the indemnification. We are here in a model in which the insurer is a preventer and no longer just a compensator.
However, a lot of debate has taken place in recent years to give the insurer a more proactive societal role upstream to reduce risks and thus change behavior. The embedded telematics (with Pay-How-You-Drive offers for example) has often been seen as an incentive for good practice: if you drive better, I make you pay less. Ditto for connected bracelets of health: if you play sports, you will have a reduction.
However, we note that these approaches do not always work or that they are not effective. However, do not we say “chase the natural will come back at a gallop”? The challenge is therefore twofold:
- Find new ways to influence behavior.
- Adjust offers to better stick to individual behaviors rather than standardizing responses.
Nudges at the service of behavioral change
It will probably not have escaped you that the last Nobel Prize in economics (2017 ) was awarded to research on the so-called behavioral economy. To learn more, read here . This is also called benevolent manipulation.
I will not attempt here to detail fully the possibilities offered for insurance, because it deserves to think seriously about it. Anyway, I invite you to read the very good article from one of my competitors on the issue. Here is the example cited:
For some American motor insurances, the declaration of the mileage achieved in the year (n) conditions the premium for the following year (n + 1). The average rate of under declaration is estimated at 15% compared to the Km actually made. A Nudge has been tested to try to improve the statements. Instead of signing the declaration on honor at the end of the document, the researchers put it on the heading of the document, before the declaration. This simple change results in a 10% increase in the number of Km declared, a gain for the insurer of $ 48 per insured. The simple reorganization of the structure of the document, the architecture of choice, makes it possible to modify the behavior of the insured and thus to increase the income.
Some examples of nudges for insurance
Here are some examples of nudges that are or could be relevant to insurance depending on the objectives:
- Reducing risks: The incentive to drive better.
- The solution implemented by Liberty Mutual and relayed here consists of a mixture of gamification and information to drivers. Thanks to embedded telematics, the solution allows everyone to consult their driving information and to consider how to drive better and therefore how to reduce their premium, the discount rate being updated live every day for 3 months before being fixed.
- By extending the exercise outside the pure scope of intervention of the insurer, we can note that tracing, on the road, shorter white stripes gives the impression of going faster and encourages you to slow down without even realizing it.
- The incentive to subscribe:
- A study relayed in the book above (London Economics and YouGov in 2013 for the FCA) showed the impact of the presentation of the insurance offer in parallel with another product. This is the case for example when buying the insurance when buying a mobile or cancellation insurance.
Beyond the questionable ethical aspect, this shows the influence of the distribution strategy on the choices of insured.
- The choice of priorities: Last-mile problems (read for it this article and that one)
- Segmenting the populations can be done according to a probability of underwriting. By identifying 3 segments (low, medium and high effort) using artificial intelligence, we can then determine who has the strongest probability of traveling the last mile to the subscription. These populations, for which the effort is small, will be treated differently and maybe receive, when the time comes, a little nudge! This can be a text message, a small message on the screen or a welcome email when giving the little extra that will be enough to convince them.
I will come back to these questions later with other detailed use cases to imagine more precisely how to use these methods.
Most of the current offers are very standardized. They take into account a need considered identical for all insureds. At the time of individualization, why could not we consider adapting the coverage more finely according to the real risks of the insured. I can already hear the reactions: “This is the essence of our job”, “We already do it”, the contracts offer options and choices of levels to ensure according to his needs. “Very good, but in truth, can one think otherwise?
The Wilov speech is very interesting on this point. Most auto insured drivers drive less than 50 days a year. Yet they are covered full time. By inventing the “Pay-When-You-Drive”, their starting premise is to charge drivers only when they drive! The price is not necessarily much lower, however, the feeling of the insured is much better (provided that the user experience is the appointment of course!).
The approach of Inspeer goes in a similar direction. Starting from the premise that changing the behavior is complicated, Emmanuelle Mury and her team are working on the notion of affinity groups that go around the use. Clearly, they identify similar behaviors, and create the corresponding supply. I will come back to this in a dedicated article!
In short, the notion of supply is still too much seen today as unique, identical for all. Indeed, IT systems did not allow to easily and quickly deploy variants and customization, or the illusion of personalization was at the marketing level. It’s time to move to a higher level!
And you what do you think? When do we start to revamp your offers?
SwissRe has just published its global insurance review 2017 and its 2018 forecasts. The document is available at this link (Global insurance review) .
Innovation is essential, but to identify new answers, I remain convinced that we need to understand the state of the current market. This type of report is therefore essential to refine the grid of reading of what is happening in the world around us! This is particularly right as they give valuable insights into innovative solutions!
The four main themes covered in this document are:
- Continued cyclical economic recovery at the macroeconomic level, although risks of instability persist;
- Obviously, a big subject on the natural disasters of the year! These are causing great difficulties for all the systemic insurers in the area and therefore even more so for reinsurers;
- Life insurance re-insurers adapt to the new deal;
- Stable emerging markets in non-life and strong growth in life.
Key Points from the 2017 Global Insurance Review
More globally, here are the 10 points that SwissRe puts forward:
- The rise of protectionism in large markets: in the United States, but also Brexit or the situation in Catalonia. This phenomenon is however not uniform (for example Latin America is liberalizing)
- Monetary policy : what about the gradual end of quantitative easing?
- Cyber risk : The market is growing rapidly, and the stakes are high, particularly in terms of the quantity and quality of data needed for risk monitoring and pricing. A particular focus is to read p15 of the doc on this subject. Indeed, an estimated growth of 30% per annum of this market over the next 5 years should not be underestimated.
- Increasing auto claims : More and more miles traveled, more traffic and distracted driving are the first drivers. The key is always technical results.
- Brexit and the UK insurance market: Depending on the UK exit format, premiums should be reduced by 8 to 20%. This is a considerable shock on the market.
- Innovate to increase the scope of insurability, especially in the “commercial” segments: I come back to this point just after
- Losses related to Natural disasters (hurricanes).
- Protecting Floods : Tools now exist to assess flood risk, and collaboration with states is needed to ensure the best coverage of this risk.
- IFRS17 : Investments will be needed around the data to ensure good data collection and analysis.
- Insurtechs in China : I’ll come back to this point below.
On the perimeter of the “commercial” contracts (on which I am working rather seriously lately), innovation brings new solutions.
Swiss Re cites, of course, parametric insurance solutions, coupled with a global vision of risk, that solve complexities of the process at the time of the claims. On the other hand, it does not bring any real additional value talking about premium reduction for example.
The most important point about these contracts is that it is now possible to insure elements previously impossible to cover. This offers interesting growth opportunities. For example: image loss, product recalls, weather protection, or financial risks of increasing energy prices. This is now possible thanks to better access to risk data and a better assessment of its consequences.
Insurance can therefore strengthen its position as a protector of corporate investments and offset the risks of earnings volatility.
Insurtechs in China
A small recap is proposed on the issue of insurtech in China, where the growth of Zhong An is particularly impressive (insurtech largest insurer of the world).
2 successive waves took place in China:
- A first from 2001, around the online distribution, which brought the online market share to almost 8%;
- The second in recent years, which exploits new technologies and especially big data (telematics or insurance to use / UBI)
Prospects can still open up to cover the ecosystem of e-commerce, and even consider the entry of new players outside the insurance world.
The Chinese regulator seeks to constrain certain segments (such as online lending), but it is generally rather a support for innovation.
My opinion on the global insurance review 2017
Always of very good quality, the Swiss Re reports are full of information and figures. One could blame them for their lack of pedagogy and the austere aspect of their reports, which prevent a diffusion to the greatest number. It may be the price of quality!
Accenture publishes its last report dedicated to the transformation of insurance distribution . The ambition is Reimagining insurance distribution. The latest version of this report was from early 2016.
Digitization transforms insurance distribution
The report is based on a survey of 400 industry managers around the world. The first lesson is that the vast majority of actors are working or planning to work on a restructuration of the distribution model, including by leveraging the benefits of digital. Only 1 in 5 actors do not think about it.
Accenture brings out six trends:
- Digital channels
- User experiences improved by customer knowledge
- Changing the role of the agent
- Future of aggregators
- The role of ecosystems
- The Internet of Things.
Besides, Accenture gives insights on what they call the “living services”, all the services that the insurer can provide in addition to its customers based upon collected data in particular.
1. Digital channels
All stages of the distribution chain are affected by digitization and a search for omnichannel. Thus, this trend does not question traditional networks, but questions what should be the respective place and added value of each. Accenture also confirms the rise of selfcare, which has two objectives: satisfaction of customer demand and a desire to reduce distribution costs.
2. Customizing the customer experience
Insurers are clearly switching from a” product-oriented” posture to a” customer-oriented” one. ( Note: By the way, it will be necessary for Accenture to explain the difference between the concept of sales of products based on the needs and the notion of customer-oriented model, because I am not sure to understand… ).
This involves mastering the collection and use of data for:
- To estimate correctly the potential of each one
- Choosing the right channel for each customer
- Identify the best time to initiate a contact
- Choose the best offers and the right messages.
This involves the use of predictive models to adapt to a changing population.
3. Changing the role of the agent
Almost 2/3 of insurers work with their agents to ensure the best positioning in the value chain. It is about bringing them in when their added value is the most important. Another essential element with these populations, 79% of insurers rework the models of remuneration in a digital and omni-channel context.
Thus, the remuneration should aim to encourage a certain number of activities, around the customer relationship.
Finally, this type of questioning brings another trend, heavier and longer term. This involves reviewing the profiles sought for new recruits. ( Note: a legend in Figure 8 would not have been a luxury to ensure understanding … )
4. Future of aggregators
The aggregators confirm a dominant position and still growing. Respondents believe that they will be even more used, especially in the upstream phases of the distribution (search for information or tariff).
Therefore, the question is to choose the strategy to adopt against these actors: use the brand to generate commitment or use a dedicated brand or sell white label. The answer is very variable according to the geography and the penetration rates of the comparators. There is therefore no single answer. On the other hand, we still see a tendency to favor the use of a secondary brand for these channels. ( Note: One nuance, it does not seem relevant to me to treat in the same way the respondents who say they may be ready to do it within 3 years, and those who do not know. It affects seriously the result).
Finally, last step observed, the creation of proprietary aggregators. ( Note: I do not dwell on this point, too few details are given by the report on what is understood in this terminology, it is too vague to be exploitable! )
5. Ecosystems: end-to-end experiences
One point on which I agree with the conclusions of the report: the future of insurance goes beyond insurance. It is the emergence of service ecosystems that aim to improve the response to customer needs by offering new services or products. It’s about building partnerships and thinking more about what can generate engagement.
Note: This point is a really insufficiently treated.
6. The Internet of Things: The New Paradigm
Whereas the focus was previously on the embedded telematics (of which I speak regularly), connected objects now move the lines. In 1 year, investments have exploded and the number of services or associated products has been multiplied by 2 or 3. It affects all types, including smart homes, health or other wearables.
This allows a change of posture, from the role of indemnifier to the role of prevention, more positive. In addition, insurers can now offer their clients self-assessment of their risk, thanks to tools whose prices have fallen significantly.
Digital leaders show the way
Accenture reveals a difference between digital leaders on one side and followers on the other. Where the former seek to truly transform their profession, the latter are more willing to catch up.
By comparing the relative positions of each one, it makes it possible to better appreciate the differences between the most advanced actors and the others.
On the question of connected objects, we can also better measure the difference in taking into account the problem.
A recommendation: become a digital insurer
Accenture’s recommendations focus on four areas:
- Choose your business and distribution models, and stick to them!
- Define the desired position in ecosystems, models of cooperation or partnerships (yes!)
- Switch from a compensation mode to real-time protection
- Make innovation and customer focus the cornerstones of distribution strategies
- Seeking simplicity first and foremost for access, transactions or offers
- Emphasize the human contact of agents on advice, value-added and more complex customer relationships.
Conclusion of Reimagining insurance distribution: Transforming to Secure the Future
Conform to the standards of all reports of this kind, Accenture does not know how to close a report! To write:” The only thing we are sure of is that the insurance company of tomorrow will be different from today’s” is of an appalling banality …
In short, since the results are based on studies and surveys, it provides a confirmation / disregard of a number of concepts. In this sense, this report brings real interesting points. However, being too hand-to-mouth, swallowing the analysis and for all that depriving oneself of carrying convictions is very disappointing for this type of player on the market. If Accenture hopes reimagining insurance distribution will be that simple, they’re wrong: it will take a little more.
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. Continue reading “Insurection by Group April: debrief”
The strategy consulting firm Bain published in September its Customer behavior and loyalty in insurance, Global annual Report (Auto, Home, Health and Life). The study focuses on the international analysis (20 countries) of 172000 customers, their practice, their behavior and is particularly interested in link between customer’s loyalty and ecosystems.
More specifically, Bain’s goal is to analyze this last point in more detail. Indeed, the starting point is simple:
- In average, customers change insurance contract every 3 to 6 years
- More than half of the insured had no contact whatsoever with their insurer in the last 12 months.
Thus, how is it possible to leverage loyalty to attract or retain new policyholders.
It’s obviously about mastering the basics of customer relationship, which is not easy. However, the use of digital tools is not very useful when it comes to products for which the “touch points” with the insured are also not frequent. Bain shows a greater delight for the principle of ecosystems. For an insurer, this means to offer its customers products beyond the world of insurance. Those products are considered an extension to insurance products, and serve to complete the service provided. ( Note: in efficient language, Bain, we will avoid the periphrases of 3 lines and we will talk about “cross-selling”, albeit a little complex ).
Thus, the insurer must, to complement its offers, build its own ecosystem of partners to supply a global offer of additional services.
Shortly, here are the main services that can be provided.
The digital, a necessary condition …
Consumer expectations have been steadily rising around the world. The youngest, for example, no longer imagine any other user experience than that proposed by actors like Amazon, and this for all products. The feeling of consumer satisfaction is accentuated through mobile use. This is especially true in some countries like China, Malaysia or South Korea. However, digital is not everything. It appears that customer loyalty is not only a function of the digital channel. In reality, it is a multiple function, which relies on all the channels at the same time. Therefore, incumbents need to be able to satisfy both digital natives, who swear by the digital channel, and more traditional consumers who use all channels with often a preference for more conventional finalization.
Regarding digitization, the customization remains the main goal. Indeed, by systematically collecting the data, then applying algorithms and artificial intelligence, it is possible to simulate a more adjusted offer for the insured. The most complete form appears at Progressive, with the program” Name your price” , which is to offer the most appropriate insurance offer based on the price that the insured is willing to pay.
Nevertheless, the biggest threat to traditional insurers is even more complex. Giants like Alibaba work on complete financial services platforms (insurance, banking, payment, etc.). This does not stop in the tertiary sector, for example, Volkswagen or Tesla offer insurance offers coupled to their vehicles.
… but not enough!
In this fast-changing environment, major insurers have embarked on programs of deep transformation, such as Axa, which wants to change its positioning, from a payer status to a partner status. Those who position themselves at the center of partner ecosystems can do more than assessing risks, selling policies or handling claims! This is to provide the customer with a more complete experience with innovative solutions that will cover his lifestyle.
Thus, insurers can enter a virtuous circle: by providing more services, we obtain more commitments and more purchase from the insured, which provides new behavioral data that allow to emerge new needs.
It is thus the control of the interactions with the insured consumers that is the real determinant of the role that insurers will play tomorrow.
- Either they will be masters of the situation and will pilot one or more ecosystems
- either they will be marginalized and will only be service providers like others.
In addition, by positioning itself as the main supplier of a service ecosystem, the insurer has the opportunity to redefine its missions. Auto insurers, for example, no longer only cover motorists in the event of a claim. Thanks to on-board telematics boxes, they can offer additional services such as prevention or driver support. A comparable type of operation can obviously be observed also in health or for home insurance.
As this trend is just beginning and these operations take time to set up, the players who will be ahead of the game will consider taking advantage of a real leverage with their policyholders to promote loyalty.
Indeed, Bain studies show that ecosystems can improve fidelity. In addition, they can attract new policyholders and reduce price sensitivity. All insurers will not want such positioning. Indeed, this is a positioning on quality offers, and insurers seeking absolute price competitiveness will stay away.
The rest of the report is essentially based on a few key points and the results of the study conducted by Bain.
Personal note: If necessary, it is essential to refer now to the description and the method of calculation of the NPS ( here for example ), which will allow a better understanding of the following part.
Fundamentals of Fidelity: Creating Connections with the Customer
Points to remember:
- In the P & C (C & P) sector, there is a significant gap between leaders and laggards in the field of loyalty. This is valid almost everywhere in the world.
Personal note: The methodology used for the presentation of the figures is a little obscure. They calculate the Net Promoter Score of each insurer studied, then index the worst on 0 to ensure a possible comparison between all countries. Thus, Maif, who in France is leader, does not have an NPS of the order of 40, but has an NPS index of 40pts higher than the worst of the category. If the comparison principle can be interesting, it does not indicate anything about the raw NPS. Indeed, for the same gap of 40, if the NPS are 50 vs 90 it does not have the same meaning as 20 vs 60, and the report says nothing. 2 possible conclusions: either Bain considered this information with relative reliability, or, Bain wanted to keep this confidential information to better bill this to its customers.
- If the leaders do not change their positions, there are big changes in the middle of the table, with actors making catch-up movements.
- The more interactions between insurers and their policyholders, the more it seems to favor loyalty. The most glaring case is that of China: in 2017, the difference of NPS between insurers who had at least one contact with their insured and those who have not had is 59 percentage points! Clearly, if you are Chinese and have had contact with your insurer (it must have been positive, see next point), you are more likely to want to stay with your insurer, rather than go see the competition as if he were creating a kind of privileged relationship. For the record, this difference is 11 in France.
- There is a huge gap depending on whether the point of contact was positive or negative. The two extremes must read as follows:
- In Mexico, if you had an interaction that went well, then you will be extremely supportive (NPS = 89), whereas if you have not had it you will be a bit unfavorable (NPS = -27 ). Translation, we expect this to happen moderately, so we are very pleasantly surprised when it works well,
- In Japan, it’s the opposite. In case of favorable contact, the NPS is average (29), whereas in case of difficulty, the sentence is heavy (NPS = -94). Translation, excellence is a strong expectation, having quality is normal but not enough. On the other hand, not having it is unacceptable.
Delivering delight with digital: Making the experience unique
The points to remember are:
- In most countries, more than half of the customers are active on digital channels (active here means doing online research and having substantial interactions with suppliers).
- The use of mobile channels remains very low, especially in developed countries
- Although the uses are reduced, mobile channels seem to bring satisfaction, especially in Asia.
- Traditional channels have a hard time, and most policyholders still use them extensively. Digital use therefore complements these channels and not replace them.
- In most markets, policyholders who use only digital have lower scores than those who are more mixed. However, this phenomenon has been decreasing since 2014, according to Bain.
- The biggest challenge for insurers is to be able to offer digital enthusiasts truly personalized offers with relatively little data available.
Ecosystems: Insured people expect more than insurance from their insurer
The points to remember are:
- In all the countries studied, clients are open to their insurer offering additional services (beyond insurance). This phenomenon has been growing since 2016.
- The services acclaimed by business
- Ecosystems are just starting up and are not mature enough. Very few customers use more than 2 different ecosystems.
Increase insurance customers loyalty thanks to ecosystems
The key points are:
Offering a service ecosystem promotes loyalty
- Customers who use and love these ecosystems are the ones who give the best scores
- When expected, the absence of this type of service justifies departure for competition. This suggests that there may be an advantage for the first arrived to attract new customers.
- Customers are willing to pay more for quality service
An analysis report was recently published by two researchers from the Institute of Insurance Economics at the University of St. Gallen in Switzerland, in cooperation with Swiss Re. They are Alexander Braun and Florian Schreiber. This 194-page report is titled “ The current insurtech landscape – Business models and disruptive potential “. The reputation of the university and the support of Swiss Re give some clues about the quality of the report in question!
The aim of the report is ambitious and triple:
- Establish an inventory of insurtech environments around the world, and understand which categorizations are used;
- Propose a more relevant categorization that makes the business model issues appear better
- Study the potential for disruption and possible reactions of traditional insurers.