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!

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.

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”

Accenture – Reimagining Insurance Distribution

reimagining insurance distribution

Version française ici.


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.

reimagining insurance distribution

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.
reimagining insurance distribution

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.

reimagining insurance distribution

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.

reimagining insurance distribution

Thus, the remuneration should aim to encourage a certain number of activities, around the customer relationship.

reimagining insurance distribution

reimagining insurance distribution

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 … )

reimagining insurance distribution

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).

reimagining insurance distribution

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).

reimagining insurance distribution

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! )

reimagining insurance distribution

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.

reimagining insurance distribution

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.

reimagining insurance distribution

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.

reimagining insurance distribution

On the question of connected objects, we can also better measure the difference in taking into account the problem.

reimagining insurance distribution

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.

reimagining insurance distribution

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.