The INSURTECH BookThe Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries
The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. Learn from diverse experiences, mindsets and applications of technologies Discover new ways of defining and grasping growth opportunities Get the inside track from innovators, disruptors and incumbents Be updated on the evolution of InsurTech, why it is happening and how it will evolve Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.
Preface viii About the Editors xi Acknowledgments xiv 1. What is InsurTech? InsurTech Definition as Its Own Manifesto 6 Why is Insurance Failing? 9 Digital Transformation in Insurance – Four Common Factors from Other Industries 13 InsurTech – Problem or Solution for Agents and Brokers? 17 The Best InsurTech May not be InsurTech 21 “Real” InsurTech Startups do it Differently! 24 2. InsurTech Now and Next A Cartographer’s Dream – Exploring, and Mapping, the New Unknown 32 Where Does InsurTech Leave the People who Work in Insurance? 35 InsurTechs – Magical Thinking and Other Secrets of Success 40 “INSoT” – The Insurance of Things and the Proliferation of Protection 43 From Insurance Premium to Discrete Event 47 Seamless Insurance: The Time is Now 50 The Potential of a Pension Dashboard Infrastructure for UK Pension Savers 53 Six Mega-trends that Will Take Insurance Back to the Future 57 InsurTech – Not a Zero Sum Game 61 3. The Founder’s Journey Not too Big to Learn not to Fail? 68 Insurance Expertise, Family, and Integrity – The Story of SPIXII’s Founding Team 71 Disrupting Car Insurance – Drivies App Makes Driving More Fun, and Insurance Fairer 75 Genomics 101 – The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab 80 4. Internationalizing InsurTech Internationalizing InsurTech – A Global Phenomenon in Different Markets 88 Increasing Access to Insurance in Developing Countries 91 Insurance in China 95 Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market 98 InsurTech in Turkey – Challenges and Opportunities 102 InsurTech in Latin America – The Promise of Insurance for Everybody? 106 InsurTech Trends – Why Regionalization Matters 108 5. Collaborative Innovation: Observe – Partner – Invest The Corporate Collaboration Opportunity in InsurTech 117 Competition vs. Coopetition in the Insurance Market 121 Incumbent and InsurTech Collaboration via Open Innovation Strategy 124 A Collaborative Approach in the InsurTech World – One Platform in One Click 129 Dating InsurTech Startups 134 Altered Attitudes, Altered Outcomes – Collaborating for a Better Future 137 Think InsurTech Culture Before InsurTech Adoption 140 6. The Value Chain A Four-Step Practical Guide to Build InsurTech Value Chain Ecosystems 148 Sell Your Insurance at the Right Time – Consider Micro Policies 153 InsurTech: Refreshingly Different – Like Lemonade! 157 Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric 161 Behavioural Design and Price Optimization in InsurTech 165 Data Changes Everything 171 Beware of GDPR – Take your Cyber Risk Responsibility More Seriously 175 Why Claims Sharing? Innovating within the Businessto-Business Insurance Claims Handling Ecosystem 179 Reinsurers Need Backward Innovation 182 7. Business Models Business Model Innovation – From Incremental to Disruptive 190 The Future of Insurance – From Managing Policies to Managing Risks 195 Seeing through the Hype – A Closer Look at Key Smart InsurTech Business Models 199 Assessing the Long-Term Viability of the Insurance Peerto-Peer Business Model 202 You Said … Sharing Economy? 206 From Claim Settlement to Claim Prevention – How Insurers Can Make Use of Predictive Analytics to Change their Business Model 211 True Business Model Innovation – a Credit-Based Approach 215 From Event-Focused Insights to Coaching 218 8. You Said Tech Becoming Tech-First – Why Adopting a “Tech-First” Mindset is Non-Negotiable 227 Practical Robotics in Insurance – The Future is Here Already 231 Frictionless Insurance in a Land of Utility 236 The Smart Journey – From Contract Hype to Insurance Reality 240 InsurTech and AI – You Can Run but You Cannot Hide from the Future 244 Blockchain Startups – Unlikely Heroes for the Insurance Industry? 247 Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice-Based Assistants 250 InsurTech’s Big Questions – Why the Customer is Still Always Right 254 ClaimsTech – The InsurTech’s Action List 257 Technology is Not Enough 260 9. InsurTech Futures Digital Transformation and Corporate Innovation Management –an Incumbent’s Action Plan 268 The New World of the Connected Customer – The Future of Microinsurance? 271 Personal Asset Liability Management System 274 Social Media in Insurance 277 InsurTech and the Promise of “Property Value Hedging Technology” 280 Insurance 2029 – Life Backup Companion 283 List of Contributors 288 Index 303
SABINE L. B. VANDERLINDEN is the CEO and Managing Director of Startupbootcamp InsurTech, Europe's leading early-stage and independent accelerator for insurance technology startups, and Rainmaking's corporate innovation and growth venture focused on the insurance and InsurTech spaces. NICOLE ANDERSON is a multiple time technology entrepreneur and an innovation thought leader who is passionate about technology business models that are challenging the status quo and provide greater inclusion for people globally, focused on emerging technologies and emerging markets. SHÂN M. MILLIE is a Board Advisor, Business Coach and hands-on Growth and Strategic Communications Specialist. Highly-respected in UK General Insurance and InsurTech, she founded her own Growth consultancy Bright Blue Hare in 2016. SUSANNE CHISHTI is the CEO of FINTECH Circle and the FINTECH Circle Institute, offering fintech online courses across InsurTech, WealthTech, RegTech, enterprise innovation, blockchain and cryptocurrency technologies. She is also the Co-Editor of the bestseller The FinTech Book and a guest lecturer at leading universities globally.
THE DEFINITIVE RESOURCE FOR UNDERSTANDING THE INSURANCE DIGITAL REVOLUTION The InsurTech Book is the groundbreaking guide to the disruptions, innovations and opportunities that technology affords the insurance sector. The book presents the insights, the current thinking and the actionable strategies from a wide range of international contributors who are experts on the topic. The authors explain why the traditional ways of doing business will soon become irrelevant and offer a guide to thriving in the digital revolution. The book provides the information needed for holistically connecting insurance and technology. Discover new ways of grasping and defining growth opportunities and explore the business models, value chain, customer engagement strategies and organizational structures that can be adopted to transform the insurance industry. The InsurTech Book is an invaluable source of the most current information available for entrepreneurs, innovators, insurers, investors, analysts and consultants working in or interested in investing in this space.
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