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#Insurtech #Blockchain #PreventionTech - La France prendra-t-elle le virage des « Deep Tech » ?

(Crédits : DR)

Alors qu'émergent des technologies révolutionnaires, les startups françaises de l'innovation de rupture pâtissent d'un accès difficile au financement, de l'absence d'un écosystème structuré et de collaborations insuffisantes avec les grands groupes.

Internet, le GPS, le véhicule autonome... Ces innovations de rupture ont toutes un point commun : développées par des chercheurs dans des laboratoires, elles ont changé le monde ou s'apprêtent à le faire. Elles ont aussi permis aux États-Unis, toujours à la pointe des technosciences grâce à ses universités et à son agence fédérale, la Darpa (Defense Advanced Research Projects Agency), d'asseoir sa domination économique mondiale.

Mais les progrès rapides et spectaculaires des technosciences pourraient rebattre les cartes. Et donner à d'autres acteurs, notamment la Chine mais aussi l'Europe, et pourquoi pas la France, qui ne manque pas d'atouts en matière scientifique, l'opportunité de s'illustrer. Après une bonne décennie dominée par la low tech, c'est-à-dire la rupture des modèles économiques et la création de nouveaux usages à partir de technologies existantes (Amazon dans l'e-commerce et le cloud, Uber dans les mobilités...), la deep tech, autrement dit l'innovation profonde à partir de technologies inédites, s'apprête à faire son grand retour.

« Nous entrons dans un nouveau cycle d'innovation, car nous devons répondre aux défis posés par la révolution numérique et la transition énergétique », affirme Guillaume Vandenesch, le directeur général de l'ONG Hello Tomorrow, spécialisée dans la promotion et la valorisation des deep tech.

Pourquoi maintenant ? Parce que les potentialités offertes par la convergence de nombreuses technologies, qui arrivent à une forme de maturité au même moment, donne des opportunités inédites aux startups : big data, intelligence artificielle, robotique, réalité virtuelle et augmentée, blockchain, drones, nanotechnologies, informatique quantique, Internet des objets, séquençage de l'ADN, automation... Les croisements sont nombreux, dans tous les domaines, des mobilités à l'énergie, en passant par la finance, l'aéronautique ou encore la santé.

« Les technosciences existent depuis le xixe siècle, mais jamais les chercheurs et les entrepreneurs du monde entier n'ont eu autant d'opportunités pour tenter de changer le monde », poursuit Guillaume Vandenesch.

Selon le fonds britannique Atomico, il existerait 3500 startups deep tech dans le monde en 2015. Beaucoup plus selon Hello Tomorrow, qui regrette l'absence d'outils pour les recenser. Ce n'est pas vraiment étonnant : les d

via www.latribune.fr

#Insurtech #Fintech #RoboAdvisor - Exit summary of Robo Advisors today. (@FundShop, @Minh_Q_Tran, @Insurtech_Cap)

Etherisc Launches Blockchain-powered Flight Delay Insurance For Devcon 3 In Mexico - Blockchain News

Etherisc Launches Blockchain-powered Flight Delay Insurance For Devcon 3 In Mexico

Devcon3 Attendees Combat Risks of Cancelled Flights with Smart Contracts

By

Richard Kastelein

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October 28, 2017

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via www.the-blockchain.com

#Insurtech #Fintech #RoboAdvisor - Summary of funding in 2017 with Robo Advisors (source: @Tracxn)

#Insurtech - Focus on @OscarHealth = money raised vs turnover generated

#SeedCapital #ICO = the rise for new funding trends in #Insurtech startups?

Infogram

#Insurtech #InsurtechRising = What is Insurtech Capital (@Insurtech_Cap) about? Interview @Minh_Q_Tran

 

An interesting #Infographic from @Pitchbook = why #PropTech or #RealEstateTech is a big part from #Insurtech #VC

#Proptech = a huge category in #Insurtech ? but missing in Europe according to @RobinRivaton

The #Insurtech #VC - Convince Insurance and Re-Insurance companies to invest in #Insurtech and #Prevention (Interview with @Minh_Q_Tran)

TRANSLATION VIA GOOGLE

Ex-General Partner at AXA Strategic Ventures, Minh Q. Tran launched a venture capital firm, Insurtech Capital, with the goal of linking (re) insurers with startups as part of strategic and financial objectives. We took advantage of his presence as a speaker at the Insurtech Summit to come back with him on this project and his vision of insurtech.

Can you tell us why you created Insurtech Capital?

I believe in disruptive technologies and in particular insurtech. This is an area that I appreciate because I do research trends. When I see trends merging, I know that I have detected something that will impact the field of insurance.

Currently research shows that the main players in insurance were on their reserves for fear of being "uberized" by an external player, but all today understand the need for their companies to turn to innovation. Thus emerged a universe of partnership between insurers and startups. The integration of innovation and thus new technological tools should in the future be geared more towards the development of prevention mechanisms. What interests me from here is to convince insurers to get involved in the development of insurtech. In this context, what is important for me is to go to the insurers how to get involved effectively in the development of insurtech.

It is in this idea that I created Insurtech Capital because a venture capital is the best way to bring something and because in my opinion, @AXAVentures did not cover the whole industry because it answered the problems of 'an insurer, hence the fact of having seized this opportunity. Insurtech Capital is therefore the fund dedicated to insurers and reinsurers wishing to improve their internal processes and to further integrate innovative technologies.

Are insurers difficult to convince?

I try in any case to disassemble the importance of investing in this area, because this transformation is necessary or even inevitable. Many companies have been left behind by lack of anticipation, like Blackberry or Kodak, which shows the importance of being agile.

How big are incubators of startups ready to grow in insurtech?

These startups are very numerous. I launched the AXA Seed Factory project in 2012 and have since traded with more than 3,000 companies in Insurtech. I also developed a technology to list these startups, an indexing robot based on a big data model to find the right startup for the project.

Insurtech Capital's current strategy is to find insurtech startups not only via conferences, but also via technology because only one physical person can not cover the entire world and all conferences. A robotic system can, by continually enriching you with data from around the world.

Compared to the fintech, how do you analyze the development trends of insuretch?

Compared to year zero, insurtech developments are similar but faster. Insurtech is an area that certainly attracts startups, but for four reasons: a gigantic market, very regulated, purely driven by technology and lagging behind its digitalization compared to other industries. We also note that many fintechs are embarking on insurtech. The two domains are related but also stand out by singular themes. For example, fintech does not invest in health or damage as opposed to insurtech.

Are there any prevention mechanisms that stand out?

Prevention is currently focused on health and compensation but it is a field in the development phase since insurers seek to change their image to no longer be a compensation company, but a proactive society towards the customer.

Are not you afraid that insurtechs, by incorporating technologies, will dehumanize the insurance industry?

Technologies are not going to replace human input but help it. Individuals are increasingly connected people, with fast access to digital information. Therefore, insurers must respond to this new behavior by incorporating new technologies to better inform for better prevention.

Benjamin Garnier

 

 

 

Ex-General Partner chez AXA Strategic Ventures, Minh Q. Tran s'est lancé dans la création d'une société de capital-risque, Insurtech Capital, avec pour objectif de mettre en lien les (ré)assureurs avec des startups dans le cadre d'objectifs stratégiques et financiers. Nous avons profité de sa présence en tant que speaker à l'Insurtech Summit pour revenir avec lui sur ce projet et sa vision de l'insurtech.

Pouvez-vous nous parler des raisons qui vous ont amené à créer Insurtech Capital ?

Je crois beaucoup aux technologies de rupture et en particulier en l'insurtech. C'est un domaine que j'apprécie car j'y effectue des recherches de tendances. Quand je vois que des tendances fusionnent, je sais que j'ai détecté quelque chose qui va impacter le domaine de l'assurance.

Actuellement les recherches démontrent que les principaux acteurs de l'assurance étaient sur leurs réserves de peur d'être "uberisé" par un acteur externe, mais tous comprennent aujourd'hui le besoin pour leurs entreprises de se tourner vers l'innovation. Ainsi a émergé un univers de partenariat entre les assureurs et les startups. L'intégration de l'innovation t donc de nouveaux outils technologiques devrait  l'avenir davantage s'orienter vers le développement de mécanisme de prévention. Ce qui m'intéresse à partir de là c'est de convaincre les assureurs de s'impliquer dans le développement de l'insurtech.  Dans ce contexte, ce qui est important pour moi c'est de monter aux assureurs comment s'impliquer de manière efficace dans le développement de l'insurtech.

C'est dans cette idée que j'ai créé Insurtech Capital car un venture capital est la meilleure manière d'apporter quelque chose et parce que selon moi, @AXAVentures ne couvrait pas l'ensemble de l'industrie puisque cela répondait aux problématiques d'un assureur, d'où le fait d'avoir saisi cette opportunité. Insurtech Capital est donc le fond dédié aux assureurs et réassureurs souhaitant améliorer leurs processus internes et intégrer davantage les technologies innovantes.

Les assureurs sont-ils difficiles à convaincre ?

J'essaie en tout cas de leur démonter l'importance d'investir dans ce domaine, car cette transformation est nécessaire voire inévitable. Beaucoup d'entreprises se sont vus distancer par manque d'anticipation, comme Blackberry ou Kodak, ce qui montre l'importance d'être agile.  

Quel est l'ampleur des pépinières de startups prêtes à se développer dans l'insurtech ?

Ces startups sont très nombreuses. J'ai lancé le projet AXA Seed Factory en 2012 et j'ai depuis échangé avec plus de 3000 sociétés dans l’insurtech. J'ai également développé une technologie permettant de lister ces startups, un robot d'indexation basé sur un modèle de big data permettant de trouver la startup adéquate au projet.  

La stratégie actuelle d'Insurtech Capital est de dénicher des startups insurtech non seulement via des conférences, mais aussi via la technologie car une seule personne physique ne peut pas couvrir le monde entier et toutes les conférences. Un système  robotisé le peut, en vous enrichissant continuellement de données du monde entier.

Comparé à la fintech, comment analysez-vous Les tendances de développement de l'insuretch ?

En comparaison à l'année zéro, les développements de l'insurtech sont similaires mais plus rapides. L'insurtech est un domaine, certes, qui attire beaucoup les startups, mais pour quatre raisons établies : un marché à taille gigantesque, très régulé, purement drivé par la technologie et en retard sur sa digitalisation par rapport aux autres industries. On remarque également que beaucoup de fintechs se lancent dans l'insurtech. Les deux domaines sont liés mais se démarquent également par des thématiques singulières. Par exemple, la fintech n'investit pas dans la santé ou le dommage au contraire de l'insurtech.

Y'a-t-il des mécanismes de prévention qui se démarquent ?

La prévention est pour l'instant orientée vers la santé et les dédommagements mais c'est un domaine en phase de développement puisque les assureurs cherchent à changer leur image pour ne plus être une société de dédommagement, mais une société proactive envers le client.

Ne craignez-vous pas que les insurtechs, par l'incorporation de technologies, ne déshumanisent le secteur de l'assurance ?

Les technologies ne vont pas remplacer l'apport humain mais l'aider. Les particuliers sont des personnes de plus en plus connectés, avec un accès rapide à l'information digitale. Dès lors, les assureurs se doivent de répondre à ce nouveau comportement par l'incorporation de nouvelles technologies permettant de mieux informer pour mieux prévenir.

Benjamin Garnier

The #Insurtech #VC - moderator at #InsurTechRising on Oct 17th

The panel discussion here

The #Insurtech #VC @Luxembourg - The current and future challenges of the InsurTech sector

 

On Thursday, October 12th, more than 200 insurance experts met at Novotel Kirchberg to discuss innovation and investments in the insurance sector. This second edition of Insurtech Summit organized by InFinance brought together local and international professionals through conferences, workshops sessions, and ended with the traditional networking cocktail allowing experts to further discuss the topic.

The event started with Minh Q. Tran, former General Partner, AXA Strategic Ventures and founder of Capital Insurtech, who made an analysis of investment in the field of insurtech and the challenges it now implies. Specifying that “the insurance industry was rather defensive” at the beginning, Mr Tran asserted that “insurtech will evolve towards prevention strategies because insurers do not want to be payers any more”. A change of status which will develop the co-operation between insurance companies and many startups specialized in insurtech. In this respect, Mr Tran created Capital Insurtech, a venture capital working as well on the insight, i.e on the level of actual trends, as on the foresight, i.e. what in a few years will impact the insurance field.

 

Digital at the very heart of the insurance transformation

The intervention of Gerrit Denayer, Innovation & Solution Manager at Business & Decision, focused on innovation with the example of the Undercover chatbot created by his company. The challenges concerning chatbot are multiple and must be encircled between different items. Indeed, the use of a chatbot by a customer can possibly be as well an information request or a research for a contractual transaction as a monologue or an interactive conversation with the chatbot. Thus, these four defined themes imply the integration of various specific technologies in each insurance specificities, in order to cover all the possible scenarios. Yet, automation does not replace human intervention though, as Mr Denayer said: “if the customer is not satisfied and lets it know at the end of the interaction with the chatbot, his request is transferred to an agent to develop the interaction by e-mail”.

 

Risks and opportunities related to insurtech

The afternoon went on with a round table about digital transformation and the return on investment, moderated by Geoffroy Gailly, Partner, KPMG, with the participation of Jean Elia, CEO, Sogelife, Marc Stevens, CEO, OneLife and Régis Mahieux, Deputy CEO, CALI Europe. All agreed on the difficulty to measure the ROI and Mr. Elia added: “taking the chance of making nothing is much riskier than taking the chance of making something with a bad return on investment”. Marc Stevens explained, when it comes to digital transformation, that it was necessary to have “an interchangeability between the digital approach and the human approach”, although there are new completely-digital habits today, and to make sure the customer experience was more user-friendly. And when Regis Mahieux was asked if the customer experience implies a 100% digital approach, he asserted that “the philosophy to adopt is not based on all or nothing. The only priority is to facilitate the life of the customer”. He added that a 100% digital approach was not viable, because one must not forget that “there are men behind each machine”.

via www.infinance.lu

#Insurtech Alert from Akin Gump Strauss Hauer & Feld

Key Points

• Recent shifts in insurance regulation are driven by consumer demand.
• Traps for the unwary mean that insurtech startups should engage with regulators early and often.
• Brokers need to know how to navigate the complex framework of anti- rebate and anti-inducement laws.
• Insurance Regulators and Startups Discuss Pitfalls and Engagement at InsureTech Connect 2017

 

It is no secret: investors are pouring money into insurtech startups with the goal of transforming the insurance industry. This increased investment is fueling not only growth in the industry, but also growth in the number of conferences, expos and seminars that allow companies to promote their products, build connections and stay abreast of the latest trends. Last week, more than 3,500 startups, insurers, investors, and service providers converged on Las Vegas for the largest and most global of such conferences: InsureTech Connect.

Attendees at this year’s event were treated to a host of presentations, from insightful fireside chats with entrepreneurs, such as Metromile’s Dan Preston and Ring’s Jamie Siminoff, to thought-provoking panels on satellite imagery, telematics, wearables and innovative strategies for insurance companies of the future.

But, as excitement and buzz steadily mount, at least one panel reminded attendees that insurance—while highly ripe for innovation—is also a highly regulated industry. The panel (“Balancing Innovation and Regulation”) featured Michael Consedine (CEO of the National Association of Insurance Commissioners), Ted Nickel (Insurance Commissioner of Wisconsin) and Chris Cheatham (CEO of Risk Genius).

Here are our key takeaways of that panel discussion.

Recent policy shifts are driven by consumer demand.

Over the past 200 years, the insurance industry has gone through periodic changes. But, as Mr. Consedine explained, this is the first time that significant changes are being driven by consumer demand. Specifically, consumers are demanding simpler and more intuitive policies; a streamlined and digital application process; faster claims payments; mobile access; and new products, such as peer-to-peer or

© 2017 Akin Gump Strauss Hauer & Feld LLP. This document is distributed for informational use only; it does not constitute legal advice and should not be taken as such.

pay-as-you-go. Insurance regulators nationwide realize that innovation will lead to consumers being better served, and, as a result, they are taking an active role in being a part of the conversation and enabling innovation.

Traps for the unwary mean that insurtech startups should engage with regulators early and often.
Once a company begins to analyze risk or price products, it runs the risk of being considered an insurance company and, more importantly, being subject to a host of often complex regulations that vary from state to state. For instance, while the amount and quality of available data are exploding—opening up the possibility of using new or unconventional data to price risk—state laws prohibit not only unfair discrimination generally, but also specific factors from being considered when pricing risk. In other words, as Mr. Nickel explained, a data set may show that there are more pool deaths in years when a Nicholas Cage movie is released, but whether that correlation is actuarially sound, let alone a fair basis on which to make pricing or rate decisions, is something that companies should discuss with regulators before launching. The same is true with respect to other issues, such as privacy or cybersecurity regulations— companies should understand the regulatory regime in which they operate and ensure that they are in compliance. To that end, Mr. Nickel encouraged companies to engage regulators from the outset to explain how a new algorithm or business model works to ensure that they are not running afoul of state regulations.

If you are a broker, be aware of anti-rebate and anti-inducement laws.

Nearly every state (with the notable exception of California) has some form of anti-rebate or anti- inducement laws on the books. Generally, these laws prevent a broker from providing something of value to a customer to “induce” an insurance purchase. While promotional items, such as golf balls and pens, are often exempt from such laws, a company must be especially careful when it begins to offer—at no charge—more valuable goods or services to its customers. According to Mr. Nickel, these laws might be particularly problematic for new entrants into the industry. For example, if a broker provides a wearable device to its customers, might such a gift implicate anti-rebate laws? What about specialized software provided at no charge? New companies in the broker space should ask themselves these sorts of questions sooner rather than later, seeking out counsel when necessary to avoid regulatory issues down the road.

Akin Gump Strauss Hauer & Feld LLP actively monitors insurtech developments and engages with industry players as this field evolves. If you struggle with insurance regulatory issues or have ideas for improving the regulatory environment for insurtech, we are interested in hearing your thoughts. Please fill out this brief survey or, for additional information, contact Shawn Hanson or Nicholas Gregory at Akin Gump in San Francisco.

#Insurtech - can peer-to-peer insurance really work?

Insurtech company Guevara closed down last month, casting doubt over the future of the peer-to-peer insurance model.

According to Guevara, the company failed to establish a fully capitalised underwriting vehicle.

TIMELINE FOR INSURTECH

• 

  September 20, 2017

  Why has Peter Thiel invested in this insurtech startup?

• 

  September 4, 2017

  London named “undisputed centre for European insurtech” as UK investment booms

• 

  May 20, 2017

  Forget fintech — insurtech is here and it’s got bots

The business was formed in 2013, an early entrant into the UK insurtech scene which has only become established in the last few years.

It grouped customers together, who pooled premiums and received refunds if any capital remained unclaimed at the end of the year. It also created an app that collected data from the scene of an accident.

Perhaps the difference between Guevara and other start-ups trying to lay roots was that it targeted the motor insurance sector, where many customers still feel more comfortable trusting established brands.

The motor market also brings difficulties around profitability and costs for potential capacity providers.

#Insurtech - Barcelona-based insurtech startup Coverfy secures €3.5 million to fuel the expansion | EU-Startups

Coverfy, the Barcelona-based insurtech startup that allows users to manage all insurance and optimize prices and coverage from a mobile device, has announced a Series A funding round for €3.5 million, which will be used to further expand and to boost the technological development. The fresh capital comes from K Fund, Seaya Ventures and Sabadell Venture Capital. This investment comes on top of the €750K announced by the company in December 2016.

Founded in September 2015, Coverfy launched the app about a year ago. Since then it has experienced great expansion, obtaining more than 60,000 users. This mobile platform lets users integrate and get the most out of insurance policies taken out with any Spanish insurance company. It also provides optimization and improvement services free of charge, by researching and proactively offering the best offer available for similar coverage, as well as allowing users to perform transactions with a few simple steps. Moreover, it offers a team of advisers for personalised support and to resolve any doubts or questions.

Vicente Arias, Coverfy’s Founder and CEO, said: “We are happy to have new investors join forces to promote our status and leadership in the industry. It is also a strong injection for the platform’s technological development, which is the main added value of our services”. Arias went on to add: “Coverfy strives to allow users to take out the insurance they may need at any given time, without human interaction and optimized in terms of price and coverage. Nevertheless, it offers full access to our advisers, who are all duly certified and have extensive experience in insurance. Thanks to our use of Big Data and algorithms that have been developed over two years, it is now a possibility.”

Coverfy, which currently focuses on the Spanish market, is an app that optimizes and manages any insurance policy from a smartphone. Its mobile platform lets users integrate and get the most out of insurance policies. It also provides optimization and improvement services free of charge, by researching and proactively offering the best offer available for similar coverage, as well as allowing users to perform transactions with a few simple steps.

via www.eu-startups.com

The #Insurtech #VC (@Minh_Q_Tran) = keynote at #InsurTechSummit on Oct 12th with key experts in #Luxembourg

Insurtech to take home 86 million policies by 2022

A new report from Juniper Research predicts the number of home insurance policies utilizing Insurtech will exceed 86 million globally by 2022, up from an estimated 60 million in 2017. This growth will average 7.5% per annum, as the integration of smart home technologies and AI underwriting systems takes hold in the insurance market.

The research found that personal broking apps such as Brolly and Sherpa will be utilized by customers to manage their insurance coverage with minimum effort, streamlining the insurance process.

The new research, Insurtech: Market Readiness, Forecasts & Key Vendors 2017-2022, found that a common approach is to include smart home products within insurance policies. This approach aims to actively reduce incidents such as water damage using leak sensors to detect issues early, and hence lowering claims.

RELATED: Machine learning and Blockchain power $235bn Insurtech market

Far East & China will have the greatest market share of home insurance policies issued utilizing Insurtech, reaching 27% by 2022, driven by new insurers such as Zhong An.

The research predicted that smart home technologies, combined with AI underwriting systems, will improve the speed and quality of policy delivery, saving customers an average of US$221 per policy by 2022.

Juniper believes that these insurers are seeking to harness Insurtech to improve their products and protect against disruptive forces in the market. The investments are currently being dominated by European insurers, demonstrating the leading role these vendors have in the global market.

Juniper anticipates this investment will focus on systems to speed up the claims process, increasing efficiency, saving insurers 4.9 million hours annually via AI claims handling by 2022.

Juniper Research is acknowledged as the leading analyst house in the digital commerce and Fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.

The #Insurtech #VC - Happy to be in top30 influencers by @indusnettech (@Minh_Q_Tran)

Download report here

Organizations turning to #InsurTech as technology industry evolves | CIO Dive

Dive Brief:

• The technology insurance landscape is expanding and forcing traditional insurance providers to adopt practices of "disruptive" insurance technology firms (InsurTech). The market for InsurTech continues to grow with one-third of customers dependent upon InsurTech, according to the 2017 World Insurance Report of 8,000 consumers surveyed.
• The survey, conducted by Efma and Capgemini, found more than half of traditional insurance companies favor a partnership or collaboration with emerging InsurTech while 35% want to develop their own InsurTech practices as not to miss out on a market or customers.
• Still, roughly 40% of those surveyed trust their traditional insurance provider over the only 26% who trust InsurTech partially due to the uneasiness of InsurTech’s emerging reputation. 

via www.ciodive.com

Insurance companies increasingly using #InsurTech to set rates

The latest World Insurance Report (WIR) finds a wave of new digital technology is confronting most insurance sectors. While disruptive, the InsurTech movement is forcing insurance companies to rethink their business model and customer relationships.

Basically, the InsurTech movement presents more technology-related opportunities than ever seen before, highlighting the need for traditional insurers to design a balanced strategy which ensures a return on their investments in innovation without a loss of focus.

The WIR report, published last week by consulting giant Capgemini and non-profit industry body Efma, found that nearly one-third (31.4 percent) of customers relied on InsurTech solutions, either independently or in combination with an established insurance company.

James Hough takes a photo of a relative's new car for their insurance company after the Valley fire roared through the area near Middletown, California on September 14, 2015

Josh Edelson, AFP/File

What is InsurTech?

Insurance is one of the oldest businesses in the world. Generally, insurance companies use actuarial tables to assign policy seekers to a risk category. A particular group is then lumped together to ensure that, overall, the policies are profitable for the company. In this method, some people end up paying more than they should based on the level of data used to group people.

This is where InsurTech comes into the picture. An offshoot of the financial technology (fintech) sector, it"s a rapidly evolving movement aimed at simplifying and improving the efficiency of insurance, making it more personalized.

InsurTech companies are utilizing a number of emerging technologies such as Artificial Intelligence (AI) and blockchain, along with the technology behind driverless cars, drones, and voice-recognition software. They act as catalysts for this InsurTech revolution and are

via www.digitaljournal.com