Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric
By Jean-Charles Velge
Co-Founder, Qover
and Quentin Colmant
Co-Founder, Qover
The InsurTech wave has just begun and will fundamentally change the industry in the coming years. All parts of the insurance value chain will be challenged by InsurTech players and incumbent players will have to partner with innovative players to embrace these changes.
Although the revolution in place has not yet elected the winning business model(s) of tomorrow, we will focus in this chapter on what we believe will be the fundamentals of the insurance of the future rather than reviewing what we call the technological enablers of this soon-to-come transformation.
By referring to technological enablers, we mean all technologies and tools such as machine learning techniques, artificial intelligence (AI), the Internet of Things (IoT), distributed ledgers, etc. that are not an end per se, but a means that is already in use within the tech landscape, and which does not totally determine the fundamentals of the new paradigm of insurance.
Our assumption is that the new paradigm of insurance will be “invisible” and “parametric”, enabled by several technologies including AI and the IoT.
The concept of invisible insurance mainly addresses the way insurance will be distributed. The direct consequence of being invisible is the need to shift operating models towards “Insurance-as-a-Service” infrastructures and the possible emergence of other ...
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