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#Insurtech #KYC - Netheos sold to Ambienta’s platform company Namirial

PRESS RELEASE

• Namirial S.p.A., an Ambienta portfolio company has acquired Netheos, French digital transaction leader, focused on remote identification and digital onboarding solutions
• Netheos will enhance Namirial product portfolio, offering customer onboarding and KYC solutions
• The acquisition consolidates Namirial’s position in France and French speaking countries

(MILAN /  LONDON / PARIS / MUNICH) – November 4, 2021 – Ambienta SGR SpA (“Ambienta”), one of Europe’s largest asset managers entirely focused on environmental sustainability, is pleased to announce that its platform Company Namirial S.p.A. (“Namirial”), a leader in digital trust software and services, has completed the acquisition of Netheos SAS (“Netheos”), French provider of remote identity verification and customer onboarding solutions.

Netheos, founded in 2004 and headquartered in Montpellier, is one of the leading French providers of remote identity verification and customer onboarding solutions. The company offers solutions for customers onboarding online, providing an integrated platform for identity verification, documents check and digital agreement automation. The unique selling proposition of Netheos is to ensure at the same time a frictionless experience that maximizes customers conversion rates and a reliable and secure process that minimizes the risk of frauds and meets the strictest compliance requirements. Netheos is primarily serving customers in regulated industries such as financial services and fintech, insurance and real estate.

Namirial, thanks to this acquisition, completes its offer by adding customer on-boarding and KYC – Know Your Client – solutions to its digital trust services. The combination of Netheos technology with Namirial Digital Trust Services, will help companies better deliver on the overall digital business imperative, providing best-in-class customer experience, making simplicity meet security and compliance.

The acquisition will be delivering several advantages: Netheos customers and partners gain access to Namirial digital transaction management capabilities, including trust services for identification, authentication, and ad-hoc provision of certificates for creation of advanced and qualified electronic signatures according to EU Regulation 910/2014 eIDAS. Namirial customers and partners will benefit from extended capabilities in identification and onboarding, complementing their existing digital transaction management installations and customers and partners of both companies, will have broader global accessibility thanks to combined market coverage. Namirial will also have a much stronger presence in the strategic markets of France and French speaking countries.

“Namirial is solidifying its position as a digital transaction management leader in executing its growth strategy,” said Aragon CEO and Lead Analyst Jim Lundy. “The choice to acquire Netheos is adding strong artificial intelligence capabilities for both identification and document verification to the Namirial portfolio. Namirial can now claim to be an AI-powered company more than ever.”

Ambienta acquired a majority stake in Namirial in May 2020; within the first months of the investment huge progresses have been made regarding the main strategics directions: from the buildup of a new leadership team alongside the co-founder Enrico Giacomelli and its existing management team, the creation of a full set of management systems and processes, the fostering of the ESG culture within the group by launching Ambienta ESG in Action® program, to the organic growth acceleration with the e-commerce implementation and the launch of new products and go-to-market teams. As a result of these actions, Namirial has further accelerated its growth in 2020 and 2021, while maintaining industry-best profitability and cash generation metrics.

Netheos, as per Namirial, has a positive environmental impact: its software and services allow online identification and onboarding avoiding printing bulky documents and with no need to travel to sign contracts. In addition, this acquisition points out the success of Ambienta’s entry into France, with its Paris office opened in 2020, which helped to better cover this territory and ultimately to secure this acquisition.

Massimiliano Pellegrini, CEO of Namirial said: “The entry of Netheos into Namirial represents a natural evolution of our digital trust services platform and solutions strategy. Customers in regulated industries, particularly in the financial services vertical, have expressed interest in having more identification and fraud prevention capabilities embedded within our solutions. We believe this acquisition provides significant competitive differentiation over other digital trust platform providers.”

Olivier Détour, Founder and CEO of Netheos said: “We are excited to have Namirial investing in Netheos.” He added: “We appreciate the Namirial corporate strategy, focused on sustainable long-term growth and stakeholder value. The joint product portfolios represent a great fit to harness market needs, including our joint commitment to offer white-labeled solutions. The acquisition is great news for Netheos customers: while there will be continuity in terms of management, sales and support contacts, as we combine our companies’ industry-leading technologies, our customers and partners will benefit from unparalleled capabilities.”

Giancarlo Beraudo, Partner at Ambienta, said “We are very proud of the acquisition of Netheos, which is the first step in our M&A strategy aimed at further internationalize Namirial and fostering our unique position as a global leader in digital trust services, based on a truly pan-European DNA”. Giancarlo added “Netheos is the perfect fit for Namirial as the acquisition will deliver a multitude of synergies for us and our customers and ultimately will further accelerate our growth journey.”

#Insurtech - Trends in insurance health and prevention at Drive Innovation Insights

InsureNxt = happy to share #Insurtech trends in investing with Gil Arazi

 

INSEAD Insurance Club: #Insurtech Series with Insurtech France

 

INSCRIPTION

Insurtech France : Interview avec l’équipe fondatrice  Avec Joel Bassani, Co-fondateur et Nelly Brossard, Vice-Présidente 🗓️ Jeudi 22 avril 2021 à 9h00 📍 Via zoom S'INSCRIRE INSEAD INSURANCE CLUB,  Animé par Minh Q.TRAN (MBA'00D)

Pourquoi cette initiative sur la France? Comment travailler avec l’association? Quels sont les cas concrets de coopération avec les assureurs francais? Joël Bassani est consultant dans le secteur des assurance depuis 15 ans. Il est intervenu en conseil externe et interne, pour des compagnies, mutuelles ou courtiers dans les métiers de l'IARD, de la santé, prévoyance ou de l'assurance emprunteur. Depuis 2015, Joël s'est tourné vers l'innovation en assurance et notamment en quoi les insurtechs peuvent apporter de nouvelles réponses à des questions qui n'ont pas changé depuis longtemps. Joël a créé en 2017 un blog "Assurance Innovation". Par la suite, Jinnbee est née du constat que les acteurs de l'assurance savent qu'il est temps de se transformer mais qu'il n'est pas toujours évident de savoir que faire, par où commencer, et avec qui travailler. Joël intervient également en tant qu'enseignant à Sciences Po Lille, à l'IFPASS et à l'HESCA, ainsi que dans différents événements du marché (HubTDay Insurance, Paris Fintech Forum, RDV Roam...). Joël a cofondé l’Association Insurtech France en décembre 2020. Nelly Brossard est dirigeante dans le secteur de l’assurance  - dans différents types de structures : courtage, start-up, mutuelles  - avec un fil rouge : le développement, l’innovation, la coopération avec les start-up, le e-commerce, le digital, et le marketing. Au comité stratégique de plusieurs startup et actionnaire de plusieurs insurtech. Vice-présidente de Insurtech France. Membre du réseau d'experts insurtech / fintech de Blackfin Tech Engagée pour la parité hommes/ femmes dans l'assurance et dans la Tech (Parité assurance, Digital Ladies & Allies, Association Française du Féminisme)

#Insurtech #Fintech - Truffle et Sopria au capital de Particeep

Communiqué de presse
Paris, France – 16 février 2021

La fintech Particeep, leader de l’édition de solutions SaaS de souscription en ligne de produits et services financiers, annonce une prise de participation minoritaire du fonds européen spécialisé dans les fintechs, Truffle Capital, et de Sopra Steria l’un des leaders européens du conseil, des services numériques et de l’édition de logiciels.

Créée en 2013 et basée à Paris, la fintech Particeep digitalise et simplifie la souscription de produits bancaires, d’assurances et d’épargne. Grâce à Particeep, les banques et les assurances peuvent non seulement proposer à leurs clients finaux la souscription en ligne à leurs offres directement depuis les interfaces existantes mais aussi proposer aux partenaires distributeurs un accès contrôlé et sécurisé à leurs offres digitales ainsi qu’aux parcours de souscription associés.

Particeep offre également en marque blanche une plateforme de distribution en ligne, en direct et via les conseillers en gestion de patrimoine, de produits d’épargne et de placement. La plateforme se configure en ligne sans développement informatique. Présente dans quatre pays (France, États-Unis, Portugal et Luxembourg), la société sert aujourd’hui une centaine de clients, tels que le Crédit Agricole, Groupama ou Nexity. Particeep compte une trentaine de collaborateurs et a enregistré en 2020 un volume de souscriptions de plus de 500 M€, en hausse de 70% par rapport à 2019.

Afin de poursuivre sa croissance, Particeep annonce l’arrivée de Truffle Capital et Sopra Steria comme actionnaires minoritaires. Cette prise de participation de près de 2 millions d’euros, qui s’inscrit dans un important plan stratégique, lui permettra de piloter le financement de sa croissance, de son développement et de ses innovations technologiques sur les années à venir avec Truffle Capital et Sopra Steria.

Par ailleurs, la prise de participation de Sopra Steria, présent avec ses logiciels bancaires de Sopra Banking Software dans plus de 25 pays, accélérera la conquête commerciale des marchés européens, américains, africains et asiatiques. En intégrant Particeep à son offre disponible auprès de 1 500 institutions financières clientes, Sopra Banking Software mettra à disposition une solution native et clé en main pour faciliter la souscription de produits financiers.

 

Co-fondateurs de Particeep – Steve Fogue, CEO à droite et Adrien Crovetto, CTO à gauche

Steve Fogue, Président et Co-fondateur de Particeep, déclare : « La démocratisation de la distribution de services financiers sur des plateformes est en marche. Particeep pourra se positionner comme un acteur de référence de cette transition digitale avec le soutien de nouveaux actionnaires. Nous sommes ravis de bénéficier de l’appui financier ainsi que de l’expertise des équipes de Truffle Capital ; et nous nous réjouissons de cette alliance stratégique avec Sopra Steria et Sopra Banking Software qui nous permettra d’accélérer le déploiement international de nos solutions auprès des institutions financières. »

Bernard-Louis Roques, Directeur Général et Co-fondateur de Truffle Capital, ajoute : « Nous suivons Particeep depuis plusieurs années et avons été impressionnés par sa capacité à développer une solution « plug & play » de dématérialisation de la souscription et de la distribution de produits financiers, permettant ainsi aux banques, assurances et mutuelles de lancer de nouvelles offres grâce au simple « copier-coller » d’une ligne de code. Leur technologie, validée par Sopra Steria, acteur de référence du secteur, s’inscrit parfaitement dans notre portefeuille d’Insurtechs et de Fintechs innovantes au cœur de l’écosystème Truffle. »

Guillaume Blot, Chief Digital & Innovation Officer – Senior Vice-President de Sopra Banking Software, conclut : « Nous sommes fiers de soutenir Particeep et de les faire bénéficier de notre forte implantation sur les marchés européens, américains, africains et asiatiques. L’engagement de notre Groupe aux côtés de Particeep participe de notre volonté de contribuer aux côtés des Fintechs à façonner la finance de demain. »

À propos de Particeep
Particeep est une Fintech qui édite des solutions Saas de commercialisation en ligne de produits bancaires, d’assurances et d’épargne. Particeep aide au quotidien les banques, les assureurs, les sociétés de gestion et leurs distributeurs à déployer en moins d’un mois des canaux de souscription numériques de leurs produits et services connectés à leur système d’information existant. Parmi ses clients, Particeep compte des acteurs majeurs de la banque, de l’assurance et de l’épargne en France, en Europe et aux Etats-Unis tels que Crédit du Nord, Crédit Mutuel Arkéa, Crédit Agricole, MetLife, Groupama, RCI Bank ou encore Paref Gestion.
Particeep est une Jeune Entreprise Innovante, labellisée deux fois par Finance Innovation et lauréate d’une dizaine de prix tels que le prix Best Open Banking API Europe 2020 du Global Banking & Finance Review et des prix Open Banking de Banque Innovation en 2018 et en 2017.
Plus d’informations : www.particeep.com – Twitter : @Particeep – Linkedin : Particeep – Kit média : lien

#INSEAD #InsuranceClub with Milena Mondini de Focatiis, CEO Admiral Group

How a great place to work could adapt to the new normal: the importance of culture to be resilient in crisis avec Milena Mondini de Focatiis (MBA'06D), Chief Executive Officer at Admiral Group PLC 🗓️ Jeudi 11 février 2021 à 18h00 📍 Via zoom S'INSCRIRE INSEAD INSURANCE CLUB,  Animé par Minh Q.TRAN (MBA'00D)

Milena Mondini de Focatiis joined Admiral in 2007 and, before being Admiral’s CEO in January 2021, worked as the Head of UK and European Insurance since July 2019.  She has been a member of the leadership team throughout her time at Admiral, has extensive experience of the Group’s operations and has attended and actively contributed at Board meetings as an observer since 2011.  Her previous roles included being CEO of ConTe.it, Admiral’s Italian insurance business which she founded in 2008. Before joining Admiral, Milena worked as a consultant for Bain & Co and Accenture.  She holds an MBA from INSEAD.

#Insurtech #Influencers #InsurtechClub - happy to feature 2nd in the Top50 Ranking

#Insurtech - Why Mandalore Partners invests in #Blockchain in #AssetManagement? See our press release with Generali

 

Minh Q. Tran, Managing Partner of Mandalore Partners, manager of the Insurtech capital fund : "We invest in Fintech, WealthTech and Insurtech to develop industrial partnerships with our (co-)investors. IZNES is an innovative solution that enables the APICIL group to combine industrial and financial benefits. »

Generali and the APICIL Group acquire a stake in IZNES, a pan-European platform for buying and selling UCIs using blockchain technology

 

Created in 2017 by a consortium of six management companies, IZNES is now backed by two new renowned investors: Generali and the APICIL Group, via its dedicated fund Insurtech Capital. 

They become respectively the first insurer and the first social protection group to enter IZNES capital.

This strategic partnership accelerates the development of a new blockchain ecosystem for processing UCI transactions.

Thanks to this capital increase and the acquisition of stakes by these two major players, IZNES is accelerating its development in France, Luxembourg and Ireland.

For Generali, the French leader in the third-party savings market, this strategic partnership strengthens its leadership in the open-architecture life insurance market and confirms its desire to invest in innovative structures in order to participate in their development.

For the APICIL Group, this investment enables it to develop a strategic and a financial partnership, in line with its innovation strategy. Its dedicated fund Insurtech Capital aims to invest in Fintech, WealthTech and Insurtech at the beginning of their development.

Generali and the APICIL Group also will become users of the IZNES platform in the coming months, in order to optimise the processing and cost of their unit-linked operations.

All the partners of IZNES share the ambition to make it an essential platform.

 

IZNES, the first pan-European platform for processing UCI transactions in blockchain technology

IZNES offers a complete solution, available to management companies and their investor clients, from the initial contact to the keeping of the register.

The use of IZNES' blockchain technology, without recourse to bank intermediaries, facilitates access to funds, reduces transaction costs and provides an optimal level of security for institutional investors and management companies.

Since its operational launch in March 2019, this integrated solution within the Asset Servicers ecosystem has been very successful and IZNES has already processed more than €15 billion of transactions by the end of December 2020. 

 

They said :

Rémi Cuinat, director of unit-linked assets at Generali France : "The Generali has built a leadership position in Europe by relying on an open architecture life insurance distribution model. This rich and complex model is industrialised, but IZNES offers a solution that optimises asset flows and costs while controlling operational risk. Generali is very pleased to participate in the development of this new ecosystem".

Pasquale Tuosto, Director of New Business Ventures at Generali France : "By acquiring a stake in IZNES, Generali is confirming its desire to make profitable investments in innovative start-ups on the market, characterised by a strong technological component that also enables it to transform and accelerate its business. »

Chloé Pruvot, Investment Director of the APICIL Group : "In the search for optimisation in terms of deadlines and security of our UC operations processes and also cash management, we are particularly interested in the IZNES solution. »   

Minh Q. Tran, Managing Partner of Mandalore Partners, manager of the Insurtech capital fund : "We invest in Fintech, WealthTech and Insurtech to develop industrial partnerships with our (co-)investors. IZNES is an innovative solution that enables the APICIL group to combine industrial and financial benefits. »

Christophe Lepitre, CEO of IZNES : "These two major insurance and social protection groups are convinced by the IZNES model and wish to use the platform for their unit-linked operations. The simplicity of the KYC, the quality of the repository and the cost reduction were the reasons for their decision. »

 

 

 

 ABOUT IZNES

IZNES was born out of the desire to create the first international platform for buying and selling European UCIs in blockchain on behalf of institutional and retail clients, compatible with the different marketing channels. IZNES was created in 2017 by six management companies (Ofi AM, Groupama AM, La Banque Postale AM, Lyxor, Arkéa IS and La Financière de l'échiquier).

Thanks to blockchain technology, this solution makes it very simple to buy or sell UCI units directly from the management companies, while offering the highest standard of security.

IZNES was authorised as an investment firm in June 2020.

https://iznes.io

 

 

ABOUT GENERALI FRANCE

Today, Generali France is one of the leading insurers in France, offering a complete range of insurance solutions (health, provident, assistance, property and liability), asset savings and asset management to more than 7.4 million people. Established in France since 1832, Generali France relies on the know-how and expertise of its 9,000 employees and its networks of commercial intermediaries, agents, brokers and partners to be a partner to its customers throughout their lives. As a company committed to a global CSR approach, Generali France supports its clients in their efforts to achieve a more responsible, sustainable and inclusive economy through solutions that are perfectly in line with the social and environmental challenges of today's world.

More information on www.generali.fr

Follow our news on Twitter

 

 

ABOUT THE GENERALI GROUP 

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world with total premium income of more than € 69.7 billion in 2019. With nearly 72,000 employees serving 61 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Generali’s ambition is to be the Lifetime Partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network.

More information on http://www.generali.com/

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ABOUT THE APICIL GROUP

The APICIL Group, France's 3rd largest social protection group with €3.2 billion in turnover, offers a complete range of high-performance, tailored solutions in health and welfare, savings and financial services, as well as pensions for individuals and professionals. Every day, the Group's 2,176 employees bring their expertise to more than 47,000 companies and 2 million protected policyholders. With its members, the Group supports its customers as closely as possible to their expectations by meeting their needs, from the most general to the most specific (disability, construction and public works, etc.) and at all stages of their lives. The APICIL Group is an equal opportunities employer and mutual insurance company that supports general interest causes and thus contributes to the advancement of major social projects.

More information on https://www.groupe-apicil.com

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ABOUT INSURTECH CAPITAL

Insurtech Capital is an investment fund managed by Mandalore Partners.

Our mission is to de-risk insurance innovation with strategic and impact investments in the most promising technology startups to match the new innovation programs of insurance companies.    

More information on https://www.insurtechcapital.com

Follow us on Twitter

Mandalore Partners specialises in innovation-as-a-service. As an asset creator for companies, we reduce the risk of innovation through strategic and impact investments by partnering in innovative technology companies tailored to our partners' innovation programmes.

More information on https://www.mandalorepartners.com

Follow us on Twitter

Happy to Launch of #InsurtechClub with our 1st #InsurtechChat on December 17th on 2021 insurance trends

#Insurtech, #Proptech, #WealthTech - Prioritizing Innovation in Your Business Strategy with @DeniseGarth and @Minh_Q_Tran

Hear from Denise Garth and Minh Tran as they discuss the importance prioritizing innovation plans in today’s business strategies.

Podcast

 

Thanks to @AITimeJournal to feature @Minh_Q_Tran in the Top 25 #Insurtech Influencers to Follow By 2020

AI is being used in many critical industries like Healthcare and Driverless cars. But have you ever imagined up to what extent can AI impact Insurtech and finance? Because that’s where the money lies!

With so much innovation being done in the space of Insurtech, we are seeing one of the biggest disruptions happening in front of us. Most of the Insurance related tasks required the customers to go through the pain of endless paperwork, misleading terms & conditions and then claiming their insurance which they deserve.

New age AI powered solutions have disrupted the complete process altogether. From paperless customer onboarding on apps in minutes to claiming insurance just by uploading images in the app and friendly Chatbots, AI not only is making the space of Insurtech faster, but also convenient and safer!

 

25 Insurtech Influencers to Follow By 2020

Minh Q. Tran

Minh Q. Tran is a co-founder and investment partner of the Alchemy crew, a venture validation firm for the insurance sector and financial services institutions. He is a managing partner at insurtech capital. Minh is an asset builder, he works with insurance companies, institutional investors, and fund managers to invest at scale. Minh is interested in insurtech, wealthtech, proptech, and fintech. Follow Minh Q. Tran as he tweets regularly about growth in these industries.

Sabine VanderLinden

Sabine Vanderlinden is one of the three co-editors and authors of the bestseller, the InsurTECH book. She has worked with over 100 financial services institutions over a 20year period and over 30 insurers, 200mentors, and 140 active investors during the past 5years. She is an insurtech investment advisor at Mandalore partners, where she provides insights on investment-worthy fintech, insuretech, wealthtech, and healthtech ventures. Follow Sabine Vanderlinden on Twitter where she talks about the latest happenings in the insurtech industry.

 

#Insurtech - @Lemonade, interesting rounds with pre-money valuations

#Insurtech #InsurtechChat - Ten new customer realities from Covid-19 for insurers to address. Join us on Twitter on June 18th

#InsurtechChat – Shaping resilient businesses through a better understanding of emerging risks with @SabineVdL

 

Q1: What are those emerging risks that insurers must pay attention to whether now or post Covid-19? 

A1: Recent Willis Towers Watson survey shared that insurance executives stated that the top 3 most dangerous risks within the coming year were cybercrime, disruptive technology, as well as pricing and profit. I believe that Covid-19 will drive increase interest in additional emerging risks types and topics including financial instability, pollution and climate change, gig economy and SME coverage, as well as risks such as business continuity, operational resilience, supply chain management including the evolution of renown risks such as D&O liability, employment practices liability (including wages and hours), and communicable disease coverage. 

Q2: From the lists, you shared above, which emerging risks you consider to be the number one risk of all? 

A2: Weather-watchers know that climate change is a clear threat globally. Insurers such as Allianz, AXA, Munich Re, and Zurich used to cite it as their top emerging risk on their materiality assessment matrices, as well as inclusive workplaces and digital transformation.

I have two risks actually! Cybercrime or climate change... telling you which one I select between the two: "it is hard to say!"

Cybercrime is also progressing to become a micro risk. It doesn't just affect others; it affects all businesses including the insurer business too.

Q3: We often hear that disruptive technologies are increasingly becoming one of the most pressing threats of the century. Do you feel this is correct?

A3: Whether we are talking about threats coming from Tech giants or those rising from emerging InsurTechs, FinTechs, and WealthTechs insurers are not only faced with dynamic external market forces, but also competitive threats from advanced technology-first players. Tech giants e.g. Google, Amazon, Facebook, Apple, and Tesla are still valued at Billions of US$ & young ventures focused on immediate digitization & transformation needs are also doing OK. InsurTech received $1.3Bn and HealthTech $6.2Bn in funding in Q1 2020.

Q4: Whether emerging risks or disruptive technologies. Where should insurers concentrate their attention right now? 

A4: Insurers must recover quickly from the pandemic and market flux and uncertainties to spring back into health. The pandemic is testing the operational resilience of many business models, and their ability to respond quickly to customer demands. Right now, insurers need to deploy resilience strategies to support more advanced sales and distribution, pricing, claims and servicing operations too. It is for many a clear time for prioritization. Many insurers are assessing and selecting those emerging risks that need evaluating most to drive the right future impact, and that will yield the most interesting long-term growth opportunities.  

Q5: What does this actually mean in terms of future technological requirements? 

A5: Companies must improve their understanding of their risk portfolio on an individual and aggregated risk basis to mitigate upcoming risks. They must build highly detailed risk profiles to facilitate more flexible risk-based pricing for instance. This requires technology enablers. "Tech" is at the core of future transformations. Problems will be solved with better predictions through machine learning, advanced big data sources, and other sophisticated tech solutions that are coming to market. 

Q6: Will emerging risks create a new generation of insurance models?       

A6: It is likely. Dynamic economic shifts, pandemics, climate change, sudden poverty, changing consumer behavior are creating new risk types for which insurers have no expertise. For example, there is a need for a joint consortium like co-creation forums to tackle the climate change challenge. Insurers must determine a series of paths forward and help policyholders become more sustainable to minimize such types of risk long term. Another example, autonomous driving and intelligent systems drive new risk types too. The question is who is liable if a driver instructs an autonomous car to do something and causes an accident? Driver or Car Manufacturer? Counterparty exposures must be revisited. Many insurers already have a series of activities in place to determine how to assess risk and drive future efficiencies. Everyone has to keep up to date with emerging developments to design customer aligned products and services of the future. For gig economy and SME workers, new technologies enable flexibility in the way we as individuals manage work and life. Adaptive insurance models must and will continue to come to market Insurtech.

Q7: You shared with us earlier that we must pay attention to Cyber risk. Could you elaborate a little bit more about your viewpoint on the topic?  

A7: With COVID-19 and homeworking, we will start to see new cybercrimes (e.g. home networks and personal devices). Coverage gaps will increase for individuals and businesses as the usage of tech evolves and more sensitive digitally kept records appear. Insurers must gain a better view of their total aggregated risk exposures. Some insurers have in-house dedicated cybercrime detection engineers which look at weak points and ensure that customers’ systems are kept secure. Risk profiling, footprint, and prevention. As we all know, Covid-19 creates new types of commercial liability. New opportunities will emerge to evolve underwriting techniques and welcome more sophisticated modelling approaches. InsurTechs cannot yet solve the problem end-to-end as it takes time to do so.

One significant risk from cyber is the increasing fragility of information and data, and the subsequent impact on intangible assets such as intellectual property. Thanks to Raconteur for a great infographic. 

The process of continuous data sharing to inform continuous underwriting will shape future system requirements. The sector must build a robust & ongoing defence against cybercrime to gain a better picture of where the liability lies. 

Q8: What would your recommendations be to those insurers that are today focusing their attention solely on immediate short-term priorities? 

A8: A ‘wait and see’ approach is certainly not an option. While emerging, these risks are real, significant and increasing drastically in exposure every day of the week, impacting large segments of society, including businesses and individuals. Emerging risks are continually evolving, changing, and growing. Let’s not forget that we could have planned but may not have been able to fully comprehend the scope of COVID-19 as other unforeseen crises that struck economies around the world before. For example, cybercrime is expected to cost the world $6 trillion annually by 2021 cybercrime expert Frank Abagnale predicts. Connectivity-related changes are increasingly driving a new focus on emerging risks for re/insurers. 

Insurers today must test and evaluate their business models and then develop strategies that are capable of weathering and absorbing the impact of a constantly changing risk landscape. 

Q9: What should insurers do to keep abreast of those opportunities that are emerging right now, as well as the accelerating trends we were hoping would come in the far future?     

A9: Insurers must find new products and services that address customers’ needs in a much more bespoke, personalised and customizable way. This means increased segmentation and profiling activities, in addition to development of new adaptable pricing models. 

Q10: Would you like to share any final words of wisdom with our audience today?

A10: Don’t expect someone else to sort this out. Many market players are waiting for someone else to take the first step. We are all accountable in some way. Let’s start working together to create a better and more joined-up world. Looking forward to reading the comments and continuing the conversation. Do reach out if you have a question!

Insurtech Chat is a Twitter chat hosted by Minh Q. Tran, Managing Partner of Odysseus Partners. For more information, please contact [email protected].

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#Insurtech - Launch of the INSEAD Insurance Club

 

#Insurtech & #InsurtechChat – What's cooking for insurance in 2020 and beyond

Insurtech Chat is a Twitter chat hosted by Minh Q. Tran, Managing Partner of Odysseus Partners. For more information, please contact [email protected].

Q1: What makes you think that insurance is in a deep transformation phase?

A1: A series of factors are converging to make insurance change: technology and how it affects behaviors as well as the way insurance is processed, the evolution of societies (new economic models, new ways of working…), the global warming problem…

Q2: What are the major changes to expect in insurance?

A2: There are 2 main categories of innovation: one addresses the relationship between the insurer and the insured and the other tackles new ways of managing and processing the products and services. They are equally important.

Q3: Starting with customer relationship, where should it be going?

A3: In today's world, customer expectations have been redefined (I summarize them as TIPS, for Transparency, Immediacy, Personnalization and Simplicity) and insurer yet to meet them. This is where InsurTech is definitely taking the lead (Luko for simplicity and immediacy, Lemonade's Policy 2.0 for transparency), although some insurers are also doing well (eSurance during the Harvey hurricane).

Q4: What about the products and services?

A4: There are a few important trends: automation is one, especially with the aid of data science or AI (and it also helps with the TIPS), the focus on prevention, new products for new behaviors (the increase of frelancing, ridesharing, autonomous driving…) are other examples. They touch every part of the business: marketing, sales, risk modelling, underwriting, fraud management, claims, indemnification.

USAA (with Google) for analyzing damages

Q5: In the long term, where could this double evolution lead?

A5: I deeply believe that insurance, as a supporting service, will reach a point where, thanks to the technology available, will be embedded in our everyday actions, always present when needed but (almost) invisible. Look, for example, at the "automatic" travel insurance offered by Revolut or how Tesla sells its cars with an all-inclusive financing option.

Q6: You mentioned global warming before, what is your take on that?

A6: It is now taken seriously and it is obviously a critical challenge for insurers, since it will increase the frequency of unpredictable events. It has been said (Ernst Rauch, Munich Re) that not everyone will be able to afford insurance in such a future. At least, it will require to completely reinvent the existing models, for example putting the emphasis on prevention, with a direct link to protection and compensation. 

Q7: We are now in a very peculiar period, what do you make of the COVID-19 pandemic for insurance?

A7: I think this is a perfect opportunity to learn about what it means to be an insurance company during completely unpredictable times, which, as I said before, will happen more and more frequently. What we can see so far is a lack of imagination in front of the pandemic: companies are providing financial relief but they are very slow to design and deploy actual helpful innovations.

Q8: Everyone seems to think the future is about collaboration between startups and incumbents, do you agree?

A8: I think there are 2 different issues there. On one hand, insurers have to rely on technology partners, even early stage companies, this is not new and it is working quite well. However, the "real" insurtechs, those addressing the new customer expectations with an optimized user experience, are another story: most incumbents are just not ready for this kind of shift and these kinds of partnerships are often doomed.

#Insurtech - my 2020 #InsurtechChat with my 4 speakers

#Insurtech #Covid-19 - global perspective for the industry

#Insurtech #France #ACPR: So what is new? Entering #Seyna

L'insurtech fondée par Philippe Mangematin, Jean Nicolini et Guillaume d'Audiffret distribue ses produits sous marque blanche à travers un réseau de courtiers et de distributeurs spécialisés.

Seyna

Par Thibaut Madelin, Laurent Thévenin

Publié le 9 déc. 2019 à 6h48

Mis à jour le 9 déc. 2019 à 15h00

Ils ne parlent ni de blockchain ni d'intelligence artificielle, mais veulent bousculer le monde de l'assurance. Les fondateurs de l'insurtech Seyna, dont l'agrément par l'Autorité de Contrôle Prudentiel et de Résolution (ACPR) a été publié vendredi au « Journal officiel », misent sur leur expertise et leur réseau pour assurer sous marque blanche les nouveaux usages de la société.

Soutenu par l'allemand  Global Founders Capital (Zalando, Revolut, Slack…), Allianz France et plusieurs business angels dont Michaël Benabou (cofondateur de Veepee, ex -vente-privée.com), qui ont injecté 14 millions d'euros de fonds propres, Seyna va commercialiser six produits dits affinitaires, autrement dit distribués par des partenaires.

 

 

 

#Insurtech #Influencers #Ranking - another ranking on people to follow

Source: https://buff.ly/2OqEd3F