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!

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”

Press review of April 17th 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 April 17, 2018!

Subaru offers 3 years of insurance

Links: DecisionAtelier.com – Subaru offers 3 years 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

Link: ZDNet – 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”?

Link: Karl Heinz Passler – My 10 innovative ideas on making motor 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!

UBS Insurtech Shifting Asia report sept. 2017

UBS insurtech shifting asia

In late 2017, the Chief Investment Officer of UBS published a report “ UBS insurtech Shifting Asia ” (Original landing page here). I propose here a statement of key points, and what to remember.

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.

Continue reading “UBS Insurtech Shifting Asia report sept. 2017”

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.

Matteo Carbone – 4P’s of insurtechs

4P's of insurtechs

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.

Telematics

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.

4P's of insurtechs

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.

4P's of insurtechs

Finally, the figures it presents show that attrition will be lower with telematics than without (11% instead of 14%).

In short, that positive points!

My conclusion

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.

On the Telematics side, I am also convinced of the short / medium term prospects for the subject. I invite you to read again my note on it . Let’s discuss if you want to consider a deployment!

Landscape insurtech – January 19th, 2018

Panorama insurtechs

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..

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