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.
Table of contents
- About the Editors
1 What is InsurTech?
- InsurTech Definition as Its Own Manifesto
- Why is Insurance Failing?
Digital Transformation in Insurance – Four Common Factors from Other Industries
- From Non-transparent Markets to Customer Transparency
- Substitution of Middle Man – Direct Producer-to-Customer Connection
- From Many Scattered Players with High Margins to Few Scaled Players with Low Margins
- From Supply-driven (Company Focus) to Demand-driven (Customer Focus)
- Incumbents Will be Among the Winners
- InsurTech – Problem or Solution for Agents and Brokers?
- The Best InsurTech May not be InsurTech
- “Real” InsurTech Startups do it Differently!
2 InsurTech Now and Next
- A Cartographer’s Dream – Exploring, and Mapping, the New Unknown
- Where Does InsurTech Leave the People who Work in Insurance?
- InsurTechs – Magical Thinking and Other Secrets of Success
- “INSoT” – The Insurance of Things and the Proliferation of Protection
- From Insurance Premium to Discrete Event
- Seamless Insurance: The Time is Now
- The Potential of a Pension Dashboard Infrastructure for UK Pension Savers
- Six Mega-trends that Will Take Insurance Back to the Future
- InsurTech – Not a Zero Sum Game
3 The Founder’s Journey
- Not too Big to Learn not to Fail?
- Insurance Expertise, Family, and Integrity – The Story of SPIXII’s Founding Team
Disrupting Car Insurance – Drivies App Makes Driving More Fun, and Insurance Fairer
- Emerging Usage-based Insurance
- Drivies: A New Approach to Usage-based Car Insurance
- Technical Differentiations
- Our Spanish Beta: Lessons Learnt 18 Months Post-Launch
- Product: The Value of Using Fast Iterations and Clear Key Performance Indicators (KPIs) to Optimize Performance
- Information Brings Unique Insights
- Genomics 101 – The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab
4 Internationalizing InsurTech
- Internationalizing InsurTech – A Global Phenomenon in Different Markets
- Increasing Access to Insurance in Developing Countries
- Insurance in China
Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market
- 1. The German Insurance Market is a One-stop Shop
- 2. Incumbents in Germany: a Success Story with Underlying Problems
- 3. InsurTechs in Germany: a Success Story, but no Disruption – Yet
- 4. The Technological Legacy of Incumbents Binds Billions of US Dollars
- 5. Incumbents’ Cultural Constraint Wastes Uncounted Resources
- 6. Incumbents Have One Strategic Advantage, but They Need to Use it
- 7. Insurance in Germany is Like the Bundesliga
- InsurTech in Turkey – Challenges and Opportunities
- InsurTech in Latin America – The Promise of Insurance for Everybody?
- InsurTech Trends – Why Regionalization Matters
5 Collaborative Innovation: Observe – Partner – Invest
- The Corporate Collaboration Opportunity in InsurTech
- Competition vs. Coopetition in the Insurance Market
- Incumbent and InsurTech Collaboration via Open Innovation Strategy
- A Collaborative Approach in the InsurTech World – One Platform in One Click
- Dating InsurTech Startups
- Altered Attitudes, Altered Outcomes – Collaborating for a Better Future
- Think InsurTech Culture Before InsurTech Adoption
6 The Value Chain
- A Four-Step Practical Guide to Build InsurTech Value Chain Ecosystems
- Sell Your Insurance at the Right Time – Consider Micro Policies
- InsurTech: Refreshingly Different – Like Lemonade!
- Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric
- Behavioural Design and Price Optimization in InsurTech
Data Changes Everything
- There is a Large Untapped Potential to Collect Relevant Data about Policy-holders and their Homes
- Helping Policy-holders Understand Actions or Characteristics that Put them at an Increased Risk of a Claim
- Validating that Policy-holders Understand their Obligations
- Resolving the Issues Related to the Collection and Aggregation of Significant Pools of Untapped Data Sources
Beware of GDPR – Take your Cyber Risk Responsibility More Seriously
- Data Dependence Comes with a Price
- The 2016 Global Cyber Impact Report
- How do Organizations Transfer Cyber Risk?
- Ask your Organization These Key Questions
- General Data Protection Regulation (GDPR)
- Growing Responsibility for Organizations
- Power to the People
- Consequences Beyond Reputational Damage and Disruption
- So Why Did we Start our Argument Focusing on Cyber Risk?
- Why Claims Sharing? Innovating within the Business-to-Business Insurance Claims Handling Ecosystem
- Reinsurers Need Backward Innovation
7 Business Models
- Business Model Innovation – From Incremental to Disruptive
- The Future of Insurance – From Managing Policies to Managing Risks
- Seeing through the Hype – A Closer Look at Key Smart InsurTech Business Models
- Assessing the Long-Term Viability of the Insurance Peer-to-Peer Business Model
- You Said … Sharing Economy?
- From Claim Settlement to Claim Prevention – How Insurers Can Make Use of Predictive Analytics to Change their Business Model
- True Business Model Innovation – a Credit-Based Approach
- From Event-Focused Insights to Coaching
8 You Said Tech
- Becoming Tech-First – Why Adopting a “Tech-First” Mindset is Non-Negotiable
Practical Robotics in Insurance – The Future is Here Already
- When to Deploy Robotics in an Insurance Organization
- What are the Typical Benefits Robotics Can Deliver?
- The Different Types of Robotics and When and How to Use Them
- Identifying which Processes are Viable for Robotics
- Examples of Processes that Can be Automated with Robots
- The Human Factor and the Role it Plays in Success
- Frictionless Insurance in a Land of Utility
The Smart Journey – From Contract Hype to Insurance Reality
- What is this Blockchain that Underpins the Concept of Smart Contracts?
- So What is a Smart Contract?
- The Issues with Semantic Information and Smart Contracts
- Deterministic versus Non-Deterministic
- Insurance Contracts: Opportunities for Smart Contracts
- The Next Steps to the Smart Contract Transformation of Insurance Policies
- But is it Still Insurance?
- InsurTech and AI – You Can Run but You Cannot Hide from the Future
- Blockchain Startups – Unlikely Heroes for the Insurance Industry?
- Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice-Based Assistants
- InsurTech’s Big Questions – Why the Customer is Still Always Right
- ClaimsTech – The InsurTech’s Action List
- Technology is Not Enough
9 InsurTech Futures
- Digital Transformation and Corporate Innovation Management – an Incumbent’s Action Plan
- The New World of the Connected Customer – The Future of Microinsurance?
- Personal Asset Liability Management System
- Social Media in Insurance
- InsurTech and the Promise of “Property Value Hedging Technology”
- Insurance 2029 – Life Backup Companion
- List of Contributors
- End User License Agreement
- Title: The INSURTECH Book
- Release date: July 2018
- Publisher(s): Wiley
- ISBN: 9781119362210
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