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L'industria assicurativa vive un momento di transizione, quello che oggi chiamiamo "insurtech" riferendoci a tutto ciò che è innovazione technology driven nell'industria assicurativa, andrà a coprire in maniera sempre più pervasiva l'intero comparto e renderà obsoleta anche le stessa differenza terminologica tra assicurazioni e insurtech.
Qui di seguito, il nostro glossario minimo (una pagina che aggiorneremo periodicamente) per illustrare in modo sintetico e semplice quali tecnologie e quali nuovi modelli economici (e sociali) stanno generando il maggiore impatto nell'industria assicurativa, innovandola, a volte anche con modalità disruptive, per renderla più coerente con i nuovi bisogni e le esigenze della contemporaneità.
a - artificial intelligence
L’Intelligenza Artificiale è definibile come la capacità di un computer di svolgere funzioni e ragionamenti tipici della mente umana. L’intelligenza artificiale è una disciplina dibattuta tra scienziati e filosofi, che manifesta aspetti teorici e pratici oltre che etici. Nel suo aspetto puramente informatico, essa comprende la teoria e le tecniche per lo sviluppo di algoritmi che consentano alle macchine (tipicamente ai calcolatori) di mostrare un’abilità e/o attività intelligente, almeno in domini specifici. Le attività e le capacità dell’Intelligenza Artificiale comprendono l’apprendimento automatico (o machine learning), la pianificazione (o planning); la cooperazione tra agenti intelligenti, sia software sia hardware (robot); la comprensione e l’elaborazione del linguaggio naturale (Natural Language Processing); la simulazione della visione e dell’interpretazione di immagini, come nel caso dell’OCR o del riconoscimento facciale.
L’Intelligenza artificiale è la tecnologia più importante oggi per il mondo delle assicurazioni, in quanto è quella fondante e abilitante una serie di altre tecnologie, come la driverless car, i robo-advisor, le chatbot, i motori di ricerca, analytics, ecc.
La blockchain è in prima battuta un protocollo di comunicazione, che identifica una tecnologia basata sulla logica del database distribuito, cioè un database in cui i dati non sono memorizzati su un solo computer ma su più macchine collegate tra loro, chiamate nodi.
La blockchain è una catena di dati fatta di pacchetti che memorizzano blocchi di transazioni valide recenti correlate da un marcatore temporale (timestamp). Ogni blocco include l'hash (una funzione algoritmica informatica non invertibile che mappa una stringa di lunghezza arbitraria in una stringa di lunghezza predefinita) del blocco precedente, collegando i blocchi insieme. I blocchi collegati formano una catena, con ogni blocco addizionale che rinforza quelli precedenti.
La blockchain è anche un registro pubblico e condiviso costituito da una serie di client. E’ organizzata per aggiornarsi automaticamente su ciascuno dei client che partecipano al network. Ogni operazione effettuata deve essere confermata automaticamente da tutti i singoli nodi attraverso
As the insurance industry enters a period of profound change, we at Eos use a concept called the 20/20 dynamic to illustrate the point:
On a conservative basis, we believe most insurers risk losing at least 20% of their business to disruption. On the flip side, for those that embrace innovation there is an opportunity to grow their business by 20%.
Our goal is to ensure our strategic investors are on the right side of this equation.
Insurtech represents a unique opportunity for insurers to evolve their business model. Insurtech is not necessarily about disruption, but more an opportunity to take advantage of technology and data to create innovative solutions, reduce costs and capture greater value for customers, brokers and intermediaries, underwriters and service providers.
At one level, active participation is required just to meet the basic requirements of playing in the new market. For those committed to a strategic approach, insurtech can help drive true competitive differentiation, while enabling measured bets for the future.
Underpinning this transformation are 10 key trends that we have identified and believe will be at the heart of the insurtech evolution:
Insurance, as we have it known it historically, will be bought, sold, underwritten and serviced in a fundamentally different way within the next three years
External data and contextual information will become increasingly more important than historical internal data for predicting risk and pricing
A majority of the simple covers will be bought in standard units through a marketplace/ exchange, permitting just-in-time, need and exposure based protection through mobile access
Solutions will continue to evolve from protection to behavioral change then to prevention — even across complex commercial insurance
Although proliferation of data and increasing transparency on the buyer and seller will cause disintermediation for simple covers, it will also create opportunities for brokers and intermediaries to innovate solutions and channels for their B2C (non-standard risk pools, retirees/older generation, healthcare gaps) and B2B (emerging and unknown risks, cyber, global supply chains, cross-border liability, terrorism) customers
The ability to dynamically innovate (new risk pools, new segments, new channels) and deliver on the customer promise will become the most important competitive advantage (as known risks continue to get commoditized and move to the direct channels)
Internal innovation, incubation and maturing of capabilities will no longer be the optimal option; dynamic innovation will require aggressive external partnerships and acquisitions
Simple “Grow or Go” decisions of the last decade will be sub-optimal, as the dust settles in insurtech; building in future optionality and degrees of freedom will be the key
Consolidation just for economies of scale will provide increasingly less marginal value in non-life as well as life insurance; real value creation will come from “economies of skill” and digital capabilities
Deep learning (next generation of AI), blockchain and genomics technologies will improve financial inclusion and better meet the needs of the under-insured and uninsured
We have linked the above trends to analysis of how profit pools will change over time to build an investment strategy that al
The insurance industry is one of the oldest business models around. There are many reasons for its longevity, but the chief reason is that it is incredibly cautious, risk driven and favors experience above innovation. Insurtech aims to wring out efficiency and savings from the incumbent insurance models through this much-feared innovation. It explores
Neosurance is off to a great start this new year, winning a spot in the InsurTech Acceleration Program by Plug and Play, the most prominent startup accelerator worldwide.
The InsurTech revolution arrives at the Silicon Valley Tech Center, where Neosurance will be taking part in a three-month intensive acceleration program, meant to boost the business through the constant interaction with corporate partners and VC’s.
Plug and Play has recognized the disruptive idea behind Neosurance, the customer-centric mobile insurance platform that delivers the right insurance at the right moment to the right customer. The first built-in AI agent to fill the insurance protection gap.
Recently, the startup has gained a pre-seed investment from Pietro Menghi (the new CEO of the company) and Matteo Carbone, (Founder and Director of the Connected Insurance Observatory), who also took up the role of Senior Advisor.
In a world where the attention span and rational purchasing steadily decrease, and where traditional agents miss the most critical touch points in their customer’s journey, Neosurance is considered the innovative solution that masters technology to shape the future of insurances by connecting people and things.
The solution proposed by the company poses a win-win situation for the customer and the insurer:
The customer will get the protection needed, personalized, relevant, and effective, directly on the smartphone
La néobanque PayTop fait partie des startups incubées chez Truffle Capital qui compte investir dans une douzaine d'autres Fintech et Insurtech dans les cinq prochaines années.
(Crédits : PayTop)
Plus connue dans la santé, la société de capital-investissement, présidée par Patrick Kron se diversifie dans la finance. Après le lancement d'un incubateur Fintech en juin 2015, elle lève un fonds dédié de 150 millions d'euros.
« Demain, tout le monde utilisera une Fintech », prédit Bernard-Louis Roques, le cofondateur et directeur général de Truffle Capital. La société de capital-investissement parisienne, qui s'est fait plutôt connaître dans la santé (elle est notamment actionnaire du concepteur du cœur artificiel Carmat), ne veut pas rater ce virage du bouleversement de la finance par la technologie. Après avoir lancé un incubateur Fintech en juin 2015, la société présidée depuis octobre dernier par l'ex-Pdg d'Alstom Patrick Kron crée un fonds spécialisé Fintech et Insurtech : elle espère lever 150 millions d'euros, auprès d'institutionnels, de grandes entreprises, notamment de la banque et de l'assurance, et de family offices autour de ce Truffle Financial Innovation Fund d'une durée de dix ans.
Créé en 2001, Truffle Capital n'est pas le nom le plus connu de l'écosystème Fintech : il est classé dixième dans la liste des fonds les plus actifs dans les entreprises françaises de ce jeune secteur (loin derrière Kima Ventures, le fonds d'amorçage de Xavier Niel, et Partech Ventures). La société de gestion indique avoir « réalisé son premier investissement dans la Fintech il y a quatre ans » : il s'agit en fait d'un éditeur de logiciels de sécurité, DenyAll, à l'origine incubé au sein de la Société Générale, plus qu'une pure Fintech. L'entreprise vient d'être vendue en décembre au groupe allemand Rohde & Schwarz Cybersecurity pour 37 millions d'euros, « avec un retour de 3,4 fois sur notre investissement », se félicite la société de capital-investissement.
InsurTech opportunities could reinvigorate industry
Many propositions stemming from the insurance technology (or ‘insurtech’) space are designed to reinvigorate some of the most traditional methods and practices within the insurance industry, including product purchasing and distribution, according to research and consulting firm GlobalData. Read more: www.itij.com
Guy Mills, Chief Executive Officer, Manulife (International)
Life insurance policies are traditionally taken for the purpose of ensuring the policyholder's loved ones remain financially secure should unforeseen circumstances occur.
However, present-day insurers recognize that it is no longer business as usual. It is hardly enough to have an insurance policy to protect against typical causes of death – be it accidents, illness or old age. Consumers wish to enjoy life for "the moment", and insurers who recognize and tailor insurance products for this need will benefit.
LONDON, November, 9th, 2016 - With $3bn USD of investment being made last year in insurance technology1 and a proliferation of startups that currently number over 6502 , the insurance industry has been suddenly compelled to take notice of the FinTech sub-sector known as InsurTech. Questions on how to respond to this potential disruption have started to appear on boardroom agendas of insurance companies across the world.
The best response, according to the founders of insurance-focused venture capital firm, InsurTech Venture Partners, is to pool like-minded insurance companies in a single vehicle directed towards investing in leading InsurTech startups globally. In the fast moving world of technology, such an approach would be unique and the first structure of its kind in the insurance industry.
“The fund has been specifically designed and structured for insurance companies and we are only accepting insurers as investors.” said Damian Arnold. Arnold was most recently Chief Operating Officer International of insurer, Direct Line, Head of Capital & Investments at RBS Insurance and works with a number of venture-backed businesses as an Operating Partner.
Although InsurTech Venture Partners is headquartered in London, the insurance centre of the world, it has a remit to seek investment in leading InsurTech startups worldwide with a focus on the main FinTech centres of Silicon Valley, New York and London.
“The primary purpose of the fund is to enhance defensibility and add innovation to the business models of our limited partners. It effectively addresses the very relevant threat of FinTech faced by an insurer through a strategic investment vehicle. ”said Nabil Meralli. The Oxford and Columbia educated Canadian has been a three-time technology entrepreneur with a successful exit, a former executive at Goldman Sachs and recently Chief Investment Officer of a FinTech ecosystem in Silicon Valley.
The fund will pursue strategic integration between its portfolio investments and its insurer investor base, with investors in the fund having an ability to leverage the products and technologies within invested startups to further their own business. An active process is in place to identify areas where invested startups can specifically enhance the client experience, product offering and revenue model of each limited partner.
“Collaboration between our insurance limited partners is central to the investment vehicle with each of our investors having a place on the Advisory Board of the fund.” Said Erik Vynckier. “It is for this reason we have kept the investor base concentrated with a high minimum investment.” The US and UK-educated Belgian is a PHD, computer programmer, former investment and risk executive at insurer, Standard Life, and former Chief Investment Officer of the insurance business at Alliance Bernstein.
The three partners share extensive experience in the insurance sector, as both operators and investors, but also bring deep relationships within the venture capital community and FinTech startup ecosystem. The investment p
Until recently, most investments in insurance technology focused
on distribution, policy administration, internal controls and
security. Now, telematics, data analytics, wearables and social
media are redefining virtually all aspects of the insurance
industry. Emerging technologies are offering new opportunities and
revenue. They may also substantially reduce losses, enabling
insurers to offer lower premiums, while also creating risk through
new sources of competition and the unprecedented pace of
change.
The Internet of Things (IoT) — including telematics, body
sensors and a variety of other monitoring technologies and smart
devices — is challenging insurers to create new products,
devise new pricing algorithms and underwriting methods, and revise
how claims are processed.
As sensors enhance the ability to verify behaviours and predict,
prevent and mitigate risk, insurers are beginning to shift focus
from loss recovery to prevention/risk management and mitigation.
Insurers are also offering usage-based insurance (UBI) policies to
underwrite risk in a more granular way and technology is making it
possible to offer a wider range of insurance choices based on risk
allocation and risk reduction models — all at significant
savings. Some auto insurers already provide policyholders with
reduced premiums based on safe driving habits measured by in-car
sensors. Telematics subscriptions are expected to increase
dramatically, and drones and aerial imaging will speed up property
damage assessments.
In the face of evolving consumer behaviours and expectations,
growing competition, disruptive technologies and heightened
regulatory oversight, P&C insurers need to rethink how they can
remain competitive and ensure their long-term sustainability.
Insurance companies need to invest heavily in self-directed
services that use online/mobile channels and devices to meet
consumer demands and lifestyle expectations. Service has the
potential to become a key differentiator in terms of how insurers
market their products, serve customers, structure prices and
communicate.
Technology, big data and analytics offer great potential,
enabling insurers to accumulate and understand the information
needed to reach customers with the right product at the right time
and price. Insurers will need to be strategic in assessing
behaviours, risks, coverage options and standards and in
structuring their businesses to leverage IoT data to improve
operations, service and the overall customer experience. They will
also want to consider strategic alliances, joint ventures, minority
investments or mergers and acquisitions to acquire or develop
certain technologies and expertise.
2 Insurance M&A
While many expected significant consolidation in the Canadian
P&C insurance industry, instead we have seen a steady stream of
more tactical, targeted deals. Among the key forces likely to
continue driving M&A activity in the P&C and broker space
are continued fragmentation, an aging population, low growth and
low interest rates. The weak Canadian dollar and political
uncertainty in the U.S. and the U.K. may also attract foreign
market participants to Canada, including Asia.
In the last few years, Asian insurance companies have entered
the U.S. insurance market through acquisitions, in part because
their home regulators are directing them to diversify their
markets. Domestic demutualization could also increase the pace of
M&A activity in the P&C sector as some demutualized
insurers gain access to capital markets to fund acquisitions and
others are able to convert to a structure that allows them to be
acquired.
InsurTech is a fast-growing sector worldwide and includes
everything from companies focused on measurement devices (e.g.,
sensors, telematics) to those harnessing data to improve pricing,
enhance the customer experience and improve bac
While many current InsurTech contenders have positioned themselves as industry disruptors intent on seizing market share from established players, there is a set of InsurTech Innovators who recognize the native advantages of existing insurers.
InsurTech startups are leveraging the latest advances in machine learning, new big data sets, and IoT sensor data to drive fundamental changes to the insurance value chain and to change what insurers need from core processes and systems. Read more: www.iireporter.com
Avec son fonds de capital-risque Macif Innovation, l'assureur multiplie les collaborations avec les start-up pour redonner de l'autonomie à ses sociétaires. La Macif a ainsi officialisé, ce jeudi 2 mars 2017, un investissement de 5 millions d'euros dans la start-up danoise GoMore, spécialiste de la mobilité alternative.
L'assureur a présenté sa stratégie innovation dans les locaux de l'accélérateur TheSchooLab.
