Landscape insurtechs June 2018

panorama 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 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

Newcomers today:

  • 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!

Cap Gemini – World insurance Report 2018

world insurance report 2018

Cap Gemini and Efma published their annual report World Insurance Report 2018 last week. This report is usually the occasion for an interesting overview of what is happening on the market. I wrote an article on the 2017 version of this report . What should we remember from this edition?

Highlights of Cap Gemini’s World Insurance Report 2018

Because of the length, the article is separated into 3 pages, for each of the chapters.

If the results of the study provide welcome figures, the content of the World insurance report 2018 is unfortunately very clutter and does not really give proper reading to explain the situation.

Accelerate digital transformation

A necessary catch-up?

world insurance report 2018 Insurance ranks third in the customer experience score ranking ( Note: no explanation is provided on the measurement of this indicator ). This figure looks very good. On the other hand, as soon as one looks at the positive customer experience score, the result deteriorates. This is particularly the case when comparing the results with the banking sector.

world insurance report

It therefore seems clear that insurance needs to catch up on these issues. For example, the report cites the best ability of banks to leverage technology to benefit from customer touch points. ( Note: Certainly, but it is undeniable and well known that insurance has a natural deficit of points of contact with the bank, the stakes are not the same: for the bank to exploit, for insurance generate them … ).

By pushing the analysis on the satisfaction around the essential services, a significant difference appears on the simplicity of use: 36% of satisfied compared to 47% in the bank! The gap is also important in terms of speed of service.

world insurance report 2018

Regional variations

Regional variations exist, especially if we compare the levels of satisfaction between Europe and North America. If the French are eternally dissatisfied, this is not the case for all Europeans. The gap is also important enough to attract attention!

world insurance report 2018

Digital is a lever to break the traditional boundaries of customer interactions

Communication via digital channels is now well integrated, and it is now the mobile that is gaining importance! 40% of respondents believe that a mobile application is an important channel.

world insurance report 2018

Among the arguments invoked, that, classic ease (because common to many other uses of everyday life) and the other newer on personalization and individualized services.
The adoption of digital is an essential factor and opens new horizons for insurance. First, it generates an increase in the number of touch points. This creates new business opportunities. The new services that are associated with these uses are also an opportunity to improve the acquisition and retention of customers.

Proactive

There is room for improvement on the proactivity of insurance offers! Where there is often question of whether the insurance is too much or not enough for its customers, the answer is clear!

world insurance report 2018

Going even further, the proactivity of the insurer has a positive impact on the satisfaction of policyholders [/ inlinetweet].

world insurance report 2018

New challenges as technology advances

There are many examples of GAFA or other large multinational incursion tech in the perimeter of the financial sector. Insurance is one of the recurring targets of Amazon, Apple, Alibaba or Alphabet (Google). This type of competition requires traditional players to change gear to transform themselves by accelerating the pace. Indeed, more and more insureds say they are ready to take out a contract with giant tech. They are 1/5 to position themselves as such in Europe and 1/3 in North America and up to 40% in Asia and 50% in Latin America!

world insurance report 2018

Finally, if security issues are still in everyone’s mind, policyholders are increasingly willing to share their data in exchange for personalized services and additional values.

world insurance report 2018 world insurance report 2018

To conclude, the propensity to switch from a traditional insurer to a tech company can be analyzed from a demographic point of view. Indeed, some groups are more favorable than others (technophiles and generation Y), due to a customer experience deemed insufficient. ( Note: This is the beginning of adoption by early-adopters ) world insurance report 2018

25 insurtechs Oxbow 2018

25 insurtechs Oxbow 2018

Oxbow Partners is a UK-based consulting firm dedicated to the world of insurance. More specifically, they are specialized in topics that are changing the world of insurance, through 3 entry points: strategy, digital, and M&A. They just released a report called “ The 25 insurtechs Oxbow 2018 ” .

Introduction

I share the point of departure of Oxbow Partners, according to which there is no reliable criterion of comparison of insurtechs currently.

Some are interested in raised funds. However, I think financially speaking, raising money is not necessarily a positive criterion for a startup. Indeed, if it is necessary to pass caps, it can mean that it can not finance its growth alone.

I decided to classify them according to their contribution to the business value chain, but it is just as debatable because I do not take into account their economic sustainability.

In short, Oxbow Partners made its selection according to the following criteria:

25 insurtechs Oxbow 2018

In addition, they take up a concept now commonly accepted: insurtechs today are not only distributors (B2C), but are facilitators or accelerators in B2B.

Last interesting element, represented under the diagram below, they consider that after the abandonment of a phase of competition, in favor of the collaboration between big groups and insurtechs, one should see reappearing soon a competition of another kind . This could be explained, according to Oxbow Partners, in the event of insufficient commitment by insurers. 25 insurtechs Oxbow 2018

Selection of 25 insurtechs Oxbow 2018

25 insurtechs Oxbow 2018

The selected startups belong to 4 categories:

  • Distribution: These players are looking for end customers and need insurers or reinsurers to provide them with products
  • Data & analytics
  • Operations
  • Claims and fraud

These last 3 categories are actors who need insurers as clients.

Here is the selection presented differently.
25 insurtechs Oxbow 2018 25 insurtechs Oxbow 2018

The last pages of the report present a summary in 1 or 2 pages for each of the selected solutions.

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”

Lexis Nexis – Best practices for predictive modelling

best practices for predictive modelling

Version française ici


Lexis Nexis published this summer a white paper on the best practices for predictive modelling , or more precisely on the steps to follow to implement this type of solutions for small commercial.

According to them, 4 steps are necessary for a product creation of this type:

  • Ideation
  • Design and development
  • Implementation
  • Monitoring

So far nothing transcendent, isn’t it? Let’s check it out!

Ideation

Successful ideation assumes that two conditions are met: a strong sponsorship and a cross-functional team.

The responsibilities of this team are as follows:

  • Identify and validate the business problems to solve
  • Generate ideas on how to solve these issues with predictive models
  • Select the best ideas
  • Highlight the benefits of predictive models
  • Calculate implementation costs
  • Determine the ROI and justify the use of predictive models in relation to another solution
  • Establish acceptance of the topic among the teams.

Design and development

The report is focused on contracts / products for small businesses. The suggestion is then to go through an “insurance score” to analyze and estimate the risk and to price it, according to a probability of losses.

3 steps are needed:

best practices for predictive modelling

  • Data mining : nature of data, sources, refresh frequency, etc. For example, it is possible to use historical loss experience data ( Note: obviously …! ), but also credit data, or public data about the company. In a more detailed way, the geographical location is relevant. ( Note: at this point, note that we do not use anything complex! )
  • Model creation and validation : This is to determine, on the basis of a set of data, patterns or correlations that recur. We are here in deductive mode, we start from data to deduce a model. The challenge is to identify which data plays a role in achieving the desired goal . Then, it is possible to test the identifier models on data and production processes, to ensure that, when capturing the data, it is possible to categorize a new customer using the defined models.
    • Here is the kind of report that can be generated to define a number of groups to automate the subscription with 3 possible actions: acceptance (right), visa application (center) or automatic refusal (for worst groups).

    best practices for predictive modelling

  • Regulatory review : This aspect specific to the American market (but finally quite close to the regulatory aspects valid everywhere), suggests to compare the required data with the specificities of each state, and to apply, where applicable, restrictions.

implementation

The implementation is based on a few key steps

good practice predictive models

Monitoring

Finally, monitoring the relevance of the model assumes, on the one hand, to track the use that is made of this product, but also to measure its effectiveness.

best practices for predictive modelling

Monitoring

Finally, monitoring the relevance of the model assumes, on the one hand, to track the use that is made of this product, but also to measure its effectiveness.

best practices for predictive modelling

Tracking : Scores must be tracked when applied and when modified before application. In these latter cases, it is important to understand why and possibly modify the model iteratively to improve it.

Efficiency : The most important thing is to make sure in the long run that the model is good for achieving the business objectives that were originally defined. If this is not the case, it must either recalibrate (keep the mechanisms, but readjust the valuations), or rebuild it!

Small bonus on best practices for predictive modelling

Moreover, on this subject and always by Lexis Nexis, I invite you to consult this video, which includes some of the fundamentals:

best practices for predictive modelling

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.