The INSURTECH Book

A Collaborative Approach in the InsurTech World – One Platform in One Click

By Dr Roberta Rizzo

Senior Manager, EY

InsurTech is a simple word to summarize a complex mix of new technologies and disruptive business models in the insurance world; it is a new way to work, to improve customer satisfaction and internal/external collaboration, a new value chain. It is a process that combines different methodologies and strategies in an innovative vision where the focal point is the client or the community, as illustrated in Figure 1.

Figure 1: InsurTech

How Does this Model Work?

Think about you. What do you need in terms of protection? Do you want to protect your family, your car, or simply your piano or your tablet? What do you do to satisfy these needs? How can you secure your identity against fraud and cyber risks? How do you choose the best solution? Nowadays, we have a lot of new and innovative solutions to sort out these problems due to a proliferation of startups and the effects of digital transformation in (some) insurance companies but this is not enough. The tricky point is to have the solution to be able to allow an insurer to satisfy those needs in just one click. Data analytics enable the creation of interactive, mobile collaboration platforms, specific communities or ad hoc products, everything securely tracked and usable through the medium of, for example, blockchain ...