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Inspiring innovation within the insurance sector | Insurance Business

Somerset-based insurance claims handling firm Claims Consortium Group has received a highly-coveted Queen’s Award for Enterprise: Innovation. Using the knowledge learned in developing its award-winning, industry-first IT platform Synergy®, Jeremy Hyams, CEO and founder of the company, shares his thoughts on the sector’s approach to innovation and cultivating a creative environment. 

The general perception of the insurance industry is that it’s behind the curve in terms of innovation and technology. But peel back the layers of businesses that make the sector tick and you couldn’t be further from the truth. As a provider of services to leading insurance companies, we’re competing against businesses that are all set on making themselves stand out. The key is innovation. So, as we have found, the environment in our sector actually encourages it rather than hindering.

Our frontline is dealing with our customers, the insurance policyholder. And as customers’ needs evolve and they embrace new technologies, so must we. These ‘modern customers’ aren’t a select group. They’re you and I. We want information at our fingertips. We want instant data. We want fast and efficient service. And why shouldn’t we get it?

We’ve constantly looked at how we can make the claims process better for the customer. We’ve questioned the norm. We’ve challenged ourselves. And so we’ve organically harvested a culture of innovation and creativity driven by this desire to make the customers’ experience effortless.

While most companies know that innovation will drive their future growth and competitive advantage, many struggle with the first steps in lighting that spark of invention within their organisation. Is there one big idea that will transform your business? Not often. Innovation for me isn’t about a singular product development. Instead of waiting for the light bulb eureka moment, focus on nurturing an environment that gives staff the freedom to be creative with their ideas and to bring those ideas to fruition. I’m a real advocate in ‘coaching as leaders’ –and not driving change with an antiquated ‘top-down’ management style.

Our recent achievement of a Queen’s Award for Enterprise recognised the success of our claims software Synergy®. Needless to say we’re extremely proud of both the software and this accolade. Synergy® itself is the result of many years of work by a dedicated team of developers requiring substantial investment. All our developers have half a day ‘creative time’ each week where they can work on anything they want to and it’s this time that often generates the best ideas.

The essence of innovation is that it takes multiple experiments to successfully create new products, solutions, and services. You’ll hear many experts say that failure is part of the innovation process. When employees are not afraid of failure, they will feel confident to take risks and be “crazy”. But you need to provide a safety net – and that’s simply by building a well-structured, sound business.

As it happens, developing this type of workplace ambiance where trust and respect rule creates a knock-on effect in terms of greater productivity and engagement. And where employees feel inspired by a leader they are more inclined to go that extra mile. Innovation triumphs, and the business benefits.

It’s a company that has these principles etched in its culture that will grow through innovation.

The preceding article was an opinion piece from Jeremy Hyams, CEO and founder of Claims Consortium Group. It does not necessarily reflect

via www.insurancebusinessmag.com

Recap: Reverse Pitch Insurtech Special - STARTPLATZ

Vorhang auf! Bei dem Reverse Pitch standen nicht Startups auf der Bühne, sondern etablierte Versicherungen. Vertreter der Delvag Versicherungs-AG und Albatros Versicherungsdienste GmbH, der GAV AG sowie der Zurich Gruppe Deutschland waren Teilnehmer des Reverse Pitch, der am 16. Mai im Rahmen der Insurtech Week im STARTPLATZ stattfand.

 

Beim Reverse Pitch werden die Rollen eines herkömmlichen Investoren-Pitch vertauscht: Nicht Startups, sondern Vertreter aus etablierten Unternehmen erläutern offen, vor welchen Herausforderungen sie im Kontext der digitalen Transformation stehen und welche Anknüpfungspunkte es für Startups gibt. Vor einem bunt gemischten Publikum, bestehend aus Gründern, Interessierten, Investoren und vielen weiteren stellten sich die Referenten im Anschluss sieben Minuten den Fragen der Teilnehmer.

 

„Ich fand es sehr interessant die andere Seite zu sehen, gerade als Startup Anfänger sind wir diejenigen, die eigentlich auf der Bühne pitchen. Jetzt wissen auch die großen Unternehmen, wie es ist, unter Zeitdruck zu pitchen.“ – Anna Lengert, Studentin

 

Nach einer Hashtag-Vorstellungsrunde der Teilnehmer, stellten Reiner Siebert und Lorenz Hanelt die Delvag/Albatros Versicherung vor. Die geschäftlichen Schwerpunkte der Delvag Versicherung liegen in der Luftfahrt-, Transport- und Rückversicherung. Als Versicherer in der Lufthansa Group bietet die Delvag eine nahezu einzigartige Kombination aus Erst- und Rückversicherung. Die Albatros Versicherung ist wiederum eine Tochtergesellschaft der Delvag, und betreut im Versicherungsgeschäft sowohl Firmen- als auch Privatkunden. Reiner Siebert erklärt „Wir sind außerdem der erste Ansprechpartner für die Mitarbeiter der Lufthansa, wenn es um das Thema Versicherung geht“. Ein zukünftiges Ziel der Delvag ist es, ihre Kunden in allen Bereichen langfristig besser zu verstehen. „Wir müssen Technologien für unsere Kunden nutzbar machen, und um das zu erreichen, brauchen wir neue Ideen“ führt Herr Hanelt weiter aus. Gesucht werden selbstbewusste und kompetente Gründer, die Ideen aus den Bereichen Versicherung, Finanzen, Luftfahrt, Mobility oder Transport Logistik mitbringen. Im Gegenzug bietet die Delvag ihr Netzwerk, eine Innovations- und Arbeitsinfrastruktur, persönliche Ansprechpartner und Betreuung innerhalb der Delvag Gruppe. Anschließend stellten sich Reiner Siebert und Lorenz Hanelt sieben Minuten den Fragen des Publikums.

 

„Es ist schön zu erfahren, dass Versicherungsfirmen solche IT-Bausteine haben. Für uns als Wirtschaftsinformatiker ist es eine Marktlücke. Da freut man sich, dass man später weiterhin in dem Bereich arbeiten und Fuß fassen kann um eventuelle Marktlücken zu schließen. Aus diesem Grund war diese Veranstaltung sehr interessant für uns.“ – Samet Koruk.

Mit dem zweiten Pitch stellten Andreas Roeder und Christian Erichsen die GAV Versicherung vor. Die German Assistance Versicherung AG (GAV) ist ein Sparten-Versicherer aus dem Münsterland, und seit 2010 ein Tochterunternehmen der DEVK. Mit rund 40 Jahren Erfahrung im Bereich der Garantie- und Reparaturkostenversicherung für Kraftfahrzeuge bietet die GAV individuelle Versicherungslösungen im Endverbraucherbereich an. An der digitalen Transformation in der Versicherungswirtschaft führt kein Weg vorbei: „Die GAV ist im digitalen Wandel.“ sagt Herr Erichsen. Anfang 2016 implementierte die GAV eine erfolgreiche Web-Schnittstelle: „Die Web-Schnittstelle ermöglicht es allen Fintech-Partnern, ein einheitliches Portal zur Verfügung zu stellen, um Versicherungsdaten beliebter Produkte direkt an uns weiterzuleiten und Versicherungen zu integrieren.“ Derzeit arbeitet die GAV an der Entwicklung neuer Abschlussmodelle für variable Partnerverbindungen und dem Einsatz auf mobilen Endgeräten.

 

via www.startplatz.de

Recap: Reverse Pitch Insurtech Special - STARTPLATZ

Vorhang auf! Bei dem Reverse Pitch standen nicht Startups auf der Bühne, sondern etablierte Versicherungen. Vertreter der Delvag Versicherungs-AG und Albatros Versicherungsdienste GmbH, der GAV AG sowie der Zurich Gruppe Deutschland waren Teilnehmer des Reverse Pitch, der am 16. Mai im Rahmen der Insurtech Week im STARTPLATZ stattfand.

 

Beim Reverse Pitch werden die Rollen eines herkömmlichen Investoren-Pitch vertauscht: Nicht Startups, sondern Vertreter aus etablierten Unternehmen erläutern offen, vor welchen Herausforderungen sie im Kontext der digitalen Transformation stehen und welche Anknüpfungspunkte es für Startups gibt. Vor einem bunt gemischten Publikum, bestehend aus Gründern, Interessierten, Investoren und vielen weiteren stellten sich die Referenten im Anschluss sieben Minuten den Fragen der Teilnehmer.

 

„Ich fand es sehr interessant die andere Seite zu sehen, gerade als Startup Anfänger sind wir diejenigen, die eigentlich auf der Bühne pitchen. Jetzt wissen auch die großen Unternehmen, wie es ist, unter Zeitdruck zu pitchen.“ – Anna Lengert, Studentin

 

Nach einer Hashtag-Vorstellungsrunde der Teilnehmer, stellten Reiner Siebert und Lorenz Hanelt die Delvag/Albatros Versicherung vor. Die geschäftlichen Schwerpunkte der Delvag Versicherung liegen in der Luftfahrt-, Transport- und Rückversicherung. Als Versicherer in der Lufthansa Group bietet die Delvag eine nahezu einzigartige Kombination aus Erst- und Rückversicherung. Die Albatros Versicherung ist wiederum eine Tochtergesellschaft der Delvag, und betreut im Versicherungsgeschäft sowohl Firmen- als auch Privatkunden. Reiner Siebert erklärt „Wir sind außerdem der erste Ansprechpartner für die Mitarbeiter der Lufthansa, wenn es um das Thema Versicherung geht“. Ein zukünftiges Ziel der Delvag ist es, ihre Kunden in allen Bereichen langfristig besser zu verstehen. „Wir müssen Technologien für unsere Kunden nutzbar machen, und um das zu erreichen, brauchen wir neue Ideen“ führt Herr Hanelt weiter aus. Gesucht werden selbstbewusste und kompetente Gründer, die Ideen aus den Bereichen Versicherung, Finanzen, Luftfahrt, Mobility oder Transport Logistik mitbringen. Im Gegenzug bietet die Delvag ihr Netzwerk, eine Innovations- und Arbeitsinfrastruktur, persönliche Ansprechpartner und Betreuung innerhalb der Delvag Gruppe. Anschließend stellten sich Reiner Siebert und Lorenz Hanelt sieben Minuten den Fragen des Publikums.

 

„Es ist schön zu erfahren, dass Versicherungsfirmen solche IT-Bausteine haben. Für uns als Wirtschaftsinformatiker ist es eine Marktlücke. Da freut man sich, dass man später weiterhin in dem Bereich arbeiten und Fuß fassen kann um eventuelle Marktlücken zu schließen. Aus diesem Grund war diese Veranstaltung sehr interessant für uns.“ – Samet Koruk.

Mit dem zweiten Pitch stellten Andreas Roeder und Christian Erichsen die GAV Versicherung vor. Die German Assistance Versicherung AG (GAV) ist ein Sparten-Versicherer aus dem Münsterland, und seit 2010 ein Tochterunternehmen der DEVK. Mit rund 40 Jahren Erfahrung im Bereich der Garantie- und Reparaturkostenversicherung für Kraftfahrzeuge bietet die GAV individuelle Versicherungslösungen im Endverbraucherbereich an. An der digitalen Transformation in der Versicherungswirtschaft führt kein Weg vorbei: „Die GAV ist im digitalen Wandel.“ sagt Herr Erichsen. Anfang 2016 implementierte die GAV eine erfolgreiche Web-Schnittstelle: „Die Web-Schnittstelle ermöglicht es allen Fintech-Partnern, ein einheitliches Portal zur Verfügung zu stellen, um Versicherungsdaten beliebter Produkte direkt an uns weiterzuleiten und Versicherungen zu integrieren.“ Derzeit arbeitet die GAV an der Entwicklung neuer Abschlussmodelle für variable Partnerverbindungen und dem Einsatz auf mobilen Endgeräten.

 

via www.startplatz.de

#Insurtech | Anti Corruption Digest

Three ways insurtech is changing the game for cyber

by Anti-Corruption Digest | May 23, 2017 | Cyber Risk | 0 comments

There had been 312 data breaches just through mid-March in 2017, even before the WannaCry breach, and this even as cybersecurity investments are at a major high. Against this backdrop, cyber is moving from just an IT problem to a profound business risk. Businesses are...

via anticorruptiondigest.com

#Insurtech #Award = @fitsense presentation

FitSense InsurTech Award Presentation from The Digital Insurer

Innovation Blog: It's time to rethink who we are | Online only | Insurance Times

The industry must act now to avoid another Kodak moment, says Parul Green, head of M&A and innovation for AXA UK

Believe it or not, some in the insurance industry are unconvinced by the need to change in the face of disruptive new technology. They believe that a three century old industry will weather the storm, largely unchanged, as it has done in the past.

There is a flurry of activity at many insurers, with multiple innovation initiatives in response. The problem is not an inability to take action but an inability to take appropriate action. Donald Sull of MIT Sloan calls it the active inertia or an organisation’s tendency to follow established patterns of behaviour — even in response to dramatic environmental shifts. Stuck in the modes of thinking and working that brought success in the past, some have simply accelerated all their tried-and- tested activities, without recognising the need to transform.

The problem is not an inability to take action but an inability to take appropriate action.

One of the most well recognised victims of active inertia was former photography giant Kodak. In 1976, Kodak was the undisputed leader in its sector. More than 90% of film and 85% of cameras sold in the US alone were manufactured by the firm. In 1975, less than twelve months earlier, Kodak engineer Steven Sasson invented an early digital camera prototype. Like others before them, the managers at Kodak failed to successfully commercialise it.

Film was Kodak’s golden goose, what would be the sense in slaughtering it? Later, in 1990, having grasped the potential of digital, Kodak pour

via www.insurancetimes.co.uk

In Memoriam: Why InsurTech startups fail and how insurers can help - Oxbow Partners

Depending on where you get your news, you’d be forgiven for thinking that disrupting insurance is easy. Insurers are apparently less trusted than banks, their propositions are “outdated”, entrepreneurship is flourishing. The InsurTech ecosystem has emerged and accelerated since mid 2015.

via www.oxbowpartners.co.uk

The 3Cs of #Insurtech Lemonade: Celebrities, Causes & California | FintekNews

FintekNews reported on a new insurtech that launched in New York eight months ago by the name of Lemonade.  It looks like this new entrant into the home insurance market has it all.  A celebrity investor – Ashton Kutcher, cause-related marketing (a percentage of all unused premiums are donated to charity) and a rapid growth plan.  After launching in NYC, the insurtech has moved on to regulatory approval in Illinois, and just recently won the same in California.  The Golden State is a big plum for insurtech startups since it hosts the largest state population in the US.  We recently reported on the launch of another insurtech – Slice – in California covering the home-sharing and ride-sharing sectors.  Back to the insurtech Lemonade: they hope to be able to reach 90% of the US market by end of year.  This is definitely one to watch.
(Cindy Taylor/Publisher)

“Not many people love the insurance industry. Lemonade wants to change that.

The New York City-based startup has created a new model for selling home insurance. Instead of keeping the money it doesn’t need pay in claims, the company takes a fixed rate of its customers’ premiums and donates any unclaimed money to charity at the end of the year.

Lemonade started selling policies in New York state in September, then expanded to Illinois in April. The company’s strategy is to start in some of the toughest regulatory markets first. “If you can pass regulators in New York,” co-founder Daniel Schreiber tells Inc., “you’re in good shape.”

Next up for the startup: California. As of Wednesday, Lemonade is available to customers in the Golden State. That means the product is accessible to 22 percent of the U.S. population. Schreiber says it wants to reach 90 percent of the country’s population by the end of 2017…While the company’s app is simple enough for anyone, its tech platform and low rates have a special appeal to young city-dwellers. Thanks in large part to low overhead costs, the company is able to offer rates as low as $5 for many of its renters policies.

Instead of human brokers and underwriters, Lemonade uses a custom-built artificial intelligence platform, which calculates monthly rates for potential new customers in seconds. The company tells customers up front that it will keep 20 percent of their annual premium.

Upon signing up, new customers choose the charity to which any of their unpaid money will be paid. At the end of each year, any money from the remaining 80 percent that hasn’t been paid out in claims goes to support that cause….

via finteknews.com

#Insurtech - Munich Re invests $29m in SME insurtech start-up - Commercial Risk

Next Insurance, the Californian online insurance startup that targets small to medium-sized businesses, has raised $29m in a Series A round of funding led by Munich Re/HSB Ventures, Markel and Nationwide, with participation from other existing investors. Founded out of Palo Alto in 2016, Next Insurance is the latest in a line of insurance tech startups to attract VC funding

via www.commercialriskonline.com

#Insurtech in China: Revolutionizing the Insurance Industry: Part I | GCCapitalIdeas.com

Insuretech in China: Revolutionizing the Insurance Industry: Part I

Posted at 1:00 AM ET

Cliff Sheng, Partner and Head of Financial Services, Greater China, Oliver Wyman

Contact

China’s capital markets aren’t yet mature enough to support financial innovation; meanwhile, existing state-owned financial institutions are not reforming quickly enough. This gap in supply has provided opportunities for Chinese fintech players — who are being supported by rapidly growing online ecosystems and a tech-savvy population — in diverse fields ranging from investing to payments.

A Growing Insurance Market

While insurance penetration in China is currently low (3.6 percent in 2015) compared to developed markets such as the United Kingdom (10 percent) and the United States (7.3 percent), strong government support, coupled with a growing middle class, is making insurance products more accessible. In 2015, for example, total insurance gross written premiums (GWP) in China increased by 20 percent in 2015 to CNY 2.4 trillion (USD 355 billion).

In fact, the Chinese insurance market has doubled in size over the past six years. Based on China Insurance Regulatory Commission’s (CIRC) five-year plan and various other sources, the insurance market is forecasted to grow at 13 percent (compounded annually) up to 2020 to CNY 4.5 trillion.

The rapidly growing insurance market — albeit from a low base — in China is also opening up plenty of opportunities for insuretech (defined as insurance further enhanced through technology in a customer-centric way) (1).

This piece first appeared on BRINK.

Link to Part II>>

Link to Part III>>

Click here to register to receive e-mail updates >>

via www.gccapitalideas.com

InsurTech & Technology – Right International

InsurTech has become a buzzword in the insurance market in recent years with significant investment in startups and technology driven insurance providers. Many people believe the insurance landscape is changing and the sector is ripe for change and disruption. With consumer buying patterns continually changing together with organisations requiring real time data and new initiatives in technology claims processes the demand for InsurTech providers doesn’t seem likely to diminish.

Right International has extensive experience in working with Insurech providers from start-ups to more established technology driven providers, who look to hire outstanding talent either from the Insurance sector or often from outside the market.

via www.rightinternational.com

News about @AXAVentures and congrats to @_Joyce Phillips who joins the Management Committee of the AXA Group and becomes CEO of a newly created business unit dedicated to customer innovation and new business models

 

AXA announces the appointment of Joyce Phillips as CEO of a new business unit dedicated to customer innovation and new business models, and as a Member of the Management Committee of the AXA Group, effective May 10th. She will report directly to Thomas Buberl, CEO of AXA. Recently, she was CEO of Global Wealth at Australia & New Zealand Banking Group Limited.

This new business unit will federate AXA’s initiatives aiming at expanding the value chain of insurance services by leveraging new technologies as well as the Groups’ innovation ecosystem. It will operate on a global level with dedicated resources, including existing ventures such as AXA Partners, AXA Next, AXA Strategic Ventures, Kamet. It will also allow the development of new business propositions aligned with AXA’s 2020 strategy.

 

I am very happy that Joyce Phillips is joining AXA. She is an accomplished CEO with a proven execution track record in the financial industry and a passion for new technologies and innovation. The insurance sector is at a turning point with new trends and opportunities which AXA has started to capture thanks to its vibrant innovation ecosystem. I am convinced that the set-up of this new business unit under Joyce’s leadership will allow us to further leverage our existing capabilities and develop new business models and services in order to accelerate the pace of change for our customers.

Biography

Joyce Phillips, during a 25-year career, has worked across every sector, in banking, financial services and the insurance industry, and held senior roles with global and regional responsibilities in the United States, Asia and Australia. From 1997 to 2007, she held senior executive roles for Citigroup in New York and Tokyo, including Global Head of International Retail Banking, then she was President and Chief Operating Officer at American Life Insurance Company (ALICO), a subsidiary of American International Group, Inc. In 2009, she joined Australia and New Zealand Banking Group Limited (ANZ) as Group Managing Director, Strategy, M&A, Marketing and Innovation. She was most recently CEO of ANZ Global Wealth Division and Group Managing Director, Marketing and Innovation. Joyce holds an MBA from the Stern School of Business at New York University and is fluent in Japanese. She was named on the U.S. Banker "25 Most Powerful Women in Banking and Finance" list in 2006, 2007 and 2008, and was recognised as one of the Top 100 Fintech leaders in Asia in 2016.

Top 10 Insurtech Trends for 2017 - Insurance Thought Leadership

Summary:

This list isn't just about what is new and innovative. It is about what will be adopted at scale.

Photo Courtesy of Pixabay

The beginning of a new year is usually the time to predict key trends for the year to come, and so it goes with the insurtech sector as well. Most lists focus on the latest sexy technologies and applications. But, after a year, we find these have hardly gained any traction and so cannot really be considered “trends” in our view. To call something a key trend, new and innovative is not enough. It requires adoption at scale. We, therefore, decided to take a different approach, resulting in quite a different kind of list.

Being consultants for several blue chip insurers, speaking at conferences and attending boardroom meetings, we meet insurance executives on a daily basis. Consequently we have a fairly good idea about what’s at the top of their agenda as well as the pace in which change will take place, and in turn what insurtech solutions are most likely to fit into those plans. These insights resulted in our Top 10 Insurtech Trends for 2017, illustrated by some awesome insurtechs that joined us at the previous DIA event.

Trend 1. Massive cost savers in claims, operations and customer acquisition

Do not be left behind by insurtech innovation. Innovator's Edge, is your solution.

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Already a major trend, of course, but one that will gain even more importance in 2017. Quite a few insurers face combined ratios that are close to 100, or even exceed that number. Digitizing current processes is absolutely necessary, for operational excellence and to cut costs. Digital transformation of insurance carriers started in 2015, really took off in 2016 and will be mainstream by 2017 and beyond. Virtually every insurer, big or small, that takes itself seriously will continue to look for ways to operate more efficiently in every major part of the costs column: in claims expenses, costs of operations and customer acquisition costs. Technology purchases and investments by insurance carriers will further explode in these areas, as will the number and growth of insurtechs that cater to that need.

With OutShared’s CynoClaim solution more than 60% of all claims can be managed automatically, resulting in lower costs as well as increased customer satisfaction. Results of the first implementations: as much as 50% decrease in costs, 40% increase in customer satisfaction. The solution takes six to nine months to implement, whether it is from scratch or a migration of established operations to the platform, which is quite spectacular in the insurance industry. Check this out.

via insurancethoughtleadership.com

Why Next's $29m raise proves it is still open season on insurtech | Online only | Insurance Times

Investment in insurtech remains buoyant even if headline figures do not reflect it

Reports of global insurtech investment funding falling off a proverbial cliff in the first quarter of 2017 should only concern those who have yet to pile into the space, fearing they may be too late.

But they need not worry. The truth is insurtech has only just begun. Recent deals, including Next Insurance raising $29m – as revealed by the Insurance Times last month – suggest the latest blip, which showed a 64% fall in global investment year on year, is more about cycle and definition than potential.

via www.insurancetimes.co.uk

The #InsurtechTop9 club announced at FinTechStage #FTSMI17 with @Nigelwalsh @Pgc_at_work @SabineVdL @Andi_staub @MCins_ @SpirosMargaris @rickhuckstep @Minh_Q_Tran