Landscape insurtechs – May 21st, 2018

landscape insurtechs

The update of my landscape insurtechs goes on with 14 additions on May 21st, 2018. You’ll find the update here. There are now 164 startups documented, from 22 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 on May 21st, 2018

Newcomers today:

    • Coverwallet: * Small Business Insurance Distribution.
    • Backbase: * Multichannel Hub, which interfaces with your existing systems to deliver an enriched customer experience.
    • Sentimer: * Chatbot service coupled with spoken or written natural language analysis to improve the quality of the answers provided * Automatic customization of the behavior of the chatbot according to the client by the artificial intelligence. * Adaptation of the contents.
    • Laka: * Collaborative insurance for bicycles * The community takes care of claims when they present a maximum amount of money * Beyond an insurer takes over.
    • Granify: * Optimizes the structuring of websites to improve the transformation.
    • Celect: * Initially dedicated to retail, this artificial intelligence solution, combined with machine learning, makes it possible to offer predictions of offers.
    • ExtraDrive: * Calculates an auto score based on driving data * Use either for prevention or for portfolio segmentation.
    • Thinkseg: * Insurance products Marketplace.
    • Earnix: * Analysis of web data to identify and propose in real time actions to be carried out * Real-time rate adjustment.
    • Scoredata: * Online data analysis platform for use on business (retention, cross / up-selling) * Predictive analytics.
    • Utwin: * Loan insurance brokerage and management.
    • Motion S: * Increased mobility data * Exploitation of telematic data to increase contact points, work retention models, plan maintenance phases.
    • Oocar: * Data and services platform for the after-sales and insurance industries * Data collection of the vehicle and the conduct of driving profile collision.
    • Easyprice: * Product provisioning marketplace for a network of around 10,000 brokers on French territory. * Co-creation and product testing.

Contact me if you still don’t appear in the landscape insurtechs!

The technical challenges of personal telecare

téléassistance

I had last January opened my blog to anyone who wanted to shed light on one aspect of insurance innovation. Catherine Marquèze from InfleXsys and Boris Dumontet from Vitalbase were kind enough to take on the game of writing! They offer us here some elements of understanding around telecare, which completes the article published few months ago on VA²CS . I publish their text almost unchanged, hoping that you find here as much value as me! Thanks to them! Continue reading “The technical challenges of personal telecare”

Landscape insurtechs – February 23rd, 2018

landscape insurtechs

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

Newcomers today:

  • 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!

Press review of January 30th 2018

revue de presse du 17 avril 2018

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

Links: The original article on The express , which raised lots of reactions, including this one in Le Monde .

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

Links: Articles of Jean-Christophe Gilbert , which relays articles Engadget and Bloomberg .

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

Link: http://www.propertycasualty360.com

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:

Registrations here!

Press review January 15th, 2018

revue de presse du 17 avril 2018

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 …

press review January 15th, 2018

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.

press review January 15th, 2018

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!

press review January 15th, 2018

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!

press review January 15th, 2018

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.

press review January 15th, 2018

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!

Insurance innovators – Future of insurance 2017

future of insurance 2017

Version française ici.


Insurance Innovators (an offshoot of Market Force, which I had already talked about here for their report under the same title ) has just published the future of insurance 2017 (Future of General Insurance Report 2017).

7 themes are discussed (for a better readability I separated into several pages):

  • Innovation and Disruption
  • A changing regulatory environment
  • The future of underwriting and pricing
  • Value-added services
  • Touch Millenial Generation
  • Insurance in the Age of Machine Intelligence
  • Fraud in a connected world.

Written in partnership with the Chartered Insurance Institute , and sponsored by IBM, Sas and Smart Communications , this report is generic, but of quality. Market Force believes that insurers are poised to innovate and transform to keep pace with insurance companies, but the pace of transformation is still too slow. A tip: Act now! Continue reading “Insurance innovators – Future of insurance 2017”

VA²CS – Detection and prediction of falls

Detection and prediction of falls

Creative Specific Software has developed an innovative solution for the detection and prediction of falls for the elderly. This solution is called VA²CS.

Halfway between connected object and artificial intelligence, it allows to offer a real service of prevention of a significant risk! <! – more ->

The need

For the record, there are in France 1250 falls per day, for 30 deaths. The need to detect the fall is therefore not new, and several solutions already exist. However, most existing solutions rely on bracelets, pendants or watches, and this, without major innovation for 25 years. The latest solutions are based on ground-based sensors and teleassistance boxes ( see the Harmonie Mutuelle solution – Orange ), but the cost remains generally important.

There are several major limitations to these solutions:

  • The first reaction of a falling person is not to press a button, whatever it is, but to try to get up
  • Once standing, the 2nd reaction is not to try to call for help because they do not want to disturb. The person is not going to be taken under examination immediately, with all the consequences on health aggravations in particular.
  • In the event of a fall with loss of consciousness, not all solutions can automatically send help
  • Most calls via teleassistance boxes are calls of convenience (against loneliness, need to talk to someone, need for psychological assistance, etc.). The average duration of these calls is almost 3 minutes.

Moreover, in the event of a trigger or an appeal, the tele-assistants have the legal obligation today to warn the helpers (under risk of not helping a person in danger). When the family is not available, this generates firefighters’ intervention costs (180 €). When we add the potential damage to the home, when it is not always relevant, because there is not always a fall, the consequences are heavy.

The solution

Fall Detection

With this in mind, and after working with Dr. Jean-Marie Vetel, one of the designers of the french GIR grid , Ramzi Larbi and his team have developed a new solution.

This involves equipping the living area with sensors (cameras), and then, thanks to the analysis of images captured in real time to detect falls.

When it is detected, a photo is sent automatically to the remote assistance center. It takes on average about ten seconds to give a certain answer to the action to take:

  • the fall is real and you have to send help,
  • either there is no fall, it is a false alarm, and the alert can be closed.

The desire is to obtain a solution at a reasonable price, the offer is based on conventional cameras and a connected box that contains intelligence and algorithms.

VA²CS already has 1500 EHPAD rooms in France, within the largest networks (Korian / Orpéa), as well as 600 private individuals. A partnership also exists abroad with Tunstall, the world leader in teleassistance for the elderly. The algorithms are patented in France and North America.

Prediction of falling

In order to complete its offer, the company has worked in partnership with Orpea to identify key factors in prediction of a fall. Then, she developed the corresponding algorithms. It is now able to predict a fall with a precision of about 60%!

Implemented in testing at Orpea, this solution has reduced falls by 50%!

Extensions

The solution was then supplemented more conventionally by intrusion detection coverage or facial recognition of visits to notify malicious visitors to relatives.

My opinion on detection and prediction of falls

This solution was not developed at first with a desire to meet the needs of insurers. However, it is totally in line with the current concerns of the sector.

The potential consequences of this type of solution for public health and for insurers are in my opinion significant.

Indeed, being able to predict a fall makes it possible to send notifications to qualified personnel or a relative to intervene. This is obviously valid in specialized institutions (EHPAD) to support staff reduced at night, but use cases can go further.

Thank you Ramzi Larbi for this exchange and good luck!

Note: I do not have a commercial relationship with the company providing this service.

BAIN – Increase insurance customers loyalty thanks to ecosystems

increase insurance customers loyalty thanks to ecosystems

Version française ici.


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.

increase insurance customers loyalty thanks to ecosystems

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.

increase insurance customers loyalty thanks to ecosystems

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.

increase insurance customers loyalty thanks to ecosystems

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.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

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.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • There is a huge gap depending on whether the point of contact was positive or negative. The two extremes must read as follows:

increase insurance customers loyalty thanks to ecosystems

  • 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).

increase insurance customers loyalty thanks to ecosystems

  • The use of mobile channels remains very low, especially in developed countries

increase insurance customers loyalty thanks to ecosystems

  • Although the uses are reduced, mobile channels seem to bring satisfaction, especially in Asia.

increase insurance customers loyalty thanks to ecosystems

  • Traditional channels have a hard time, and most policyholders still use them extensively. Digital use therefore complements these channels and not replace them.

increase insurance customers loyalty thanks to ecosystems

  • 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.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • The biggest challenge for insurers is to be able to offer digital enthusiasts truly personalized offers with relatively little data available.

increase insurance customers loyalty thanks to ecosystems

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.

increase insurance customers loyalty thanks to ecosystems

  • The services acclaimed by business

increase insurance customers loyalty thanks to ecosystems

  • 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

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

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • 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.

increase insurance customers loyalty thanks to ecosystems

  • Customers are willing to pay more for quality service

increase insurance customers loyalty thanks to ecosystems