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Sabine L.B VanderLinden

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Herausgeber: John Wiley & Sons
Kategorie: Fachliteratur
Sprache: Englisch

Beschreibung

The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 -- a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance's Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight -- globally -- from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. * Learn from diverse experiences, mindsets and applications of technologies * Discover new ways of defining and grasping growth opportunities * Get the inside track from innovators, disruptors and incumbents * Be updated on the evolution of InsurTech, why it is happening and how it will evolve * Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.

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“The insurance industry talks a good game about InsurTech but the follow up or delivery isn’t always there. But it needs to be as this great profession of ours is facing a genuine existential crisis. Our traditional ways of working and servicing our customers are becoming increasingly irrelevant. The insurer that will survive in the long term is the one that behaves more like a retail business; pre-empts consumer demand; interacts with customers in the way they want; and views innovation and tech as an opportunity rather than a threat. So it is encouraging to see so many people engaging with the necessity for change in this book. There are many views, opinions and priorities laid out here and it is that debate that we need to bring out of print and into our daily conversations and thinking.”

Amanda Blanc, Group CEO, Axa UK

“InsurTech is on the brink of changing our industry, from the inside and the outside. Never before has it been more important to understand the ideas, trends and drivers behind the insurance digital revolution. The InsurTech Book has a big role to play in helping us build our knowledge base and expand our sense of the possible. So much of ‘the future’ is already with us in some shape or form and this book will help us build our understanding of our fast-changing insurance world.”

Huw Evans, Director General, Association of British Insurers

“In a sector with intense pressure on turnover and margins, and with hungry new players capitalised and circling ready to seize new opportunities, legacy insurance sector players are more oil tanker than yacht. Insurance is an industry where players must ‘get fit or fail’, but fitness cannot be surface deep – an oil tanker can’t simply morph into a yacht by attaching a sail to its funnel. The industry must seek, embrace and absorb change. Opportunities for competitive advantage can be brought to life by blending data from otherwise unthinkable sources which can be collectively massaged to provide underwriters with a richness of knowledge only dreamed of before. Predictive analytics can fuel predictive risk control and, in turn, predictive underwriting – calling the fire brigade before the fire has started, allowing insurers to manage risks proactively as never before. This book will challenge, and make you think.”

Julia Graham, FBCI, FCII, Chartered Insurance Risk Manager;Deputy CEO and Technical Director, AIRMIC

“Insurance has finally woken up! It’s been 2 decades since the birth of the Internet and yet the one industry the global economy could not operate without is still so last century. But InsurTech is changing that. Shifting the focus away from legacy operations, Insurers are adopting new tech and innovative ways to engage digitally with customers and their ecosystems. The InsurTech Book is the first, definitive compendium of the rapid evolution that is touching every aspect of this global insurance industry. It’s a must read for anyone remotely interested in technology enabled insurance.”

Rick Huckstep, Chairman, The Digital Insurer

“This book is a much awaited cornerstone to holistically connecting insurance and technology. The bar is raised and a cogent precedent is set for all the existing and upcoming professionals globally, that this era is the era of InsurTech. A must read.”

Nameer Khan, Digital Strategist

“The wealth of ideas, the creativity, the new ways of working that entrepreneurs bring to the table, whether they come from the world of Tech or Insurance, is truly inspiring. Over the last few years, I have been in the front seat to witness how such partnerships can transform the industry – and it has been an exciting journey though it is only just starting. To keep moving forward and lead change, we have to publicise the work InsurTech experts are doing, along with insurers. We need to tell their stories and that of their ideas. We can’t possibly talk enough about what’s currently happening in our industry and this is why I welcome this book, a set of articles from the very minds that are making it all happen. This book will interest some, inspire others and undoubtedly will scare more!”

Paul Jardine, Chief Experience Officer, XL Catlin

“This fantastic InsurTech book brings together some of the brightest global insurance and InsurTech minds to share some of their best thought-provoking ideas and proposals. If you allow those ideas and proposals to open your imagination, these authors can magically bring great new thoughts to infiltrate your company positively and help take it to the next level. My recommendation is to let change and new ideas happen because the insurance industry is about to transform in a way that will render it unrecognizable in a few years’ time. These great InsurTech authors can help guide and inspire you through these fantastic times to come; they certainly inspired me to think further into the future.”

Spiros Margaris, Venture Capitalist and Advisor

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Professor Lynn Martin, Entrepreneurship and Innovation, Anglia Ruskin University and Founder, HRI

“By 2020 we estimate that the percentage of insurance customers interacting with carriers through digital platforms will double to 80%. Clearly, insurers must embrace digitization to extend capabilities and address this future inevitability. I strongly encourage you to read this book and prepare for the future digital inevitability. It will give you insight into strategy, process, organization and technology imperatives to support improved positioning.”

William Pieroni, President and CEO, ACORD

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Hélène Stanway, Digital Leader, XL Catlin

“For many years, the insurance industry has remained at a standstill. InsurTechs have appeared out of the blue and are revolutionizing the way insurance companies work. The rationale behind such a change is based on major drivers, including the advent of new technologies and evolving consumption patterns and customers’ needs; requesting real-time and on-demand ways of doing things. Insurance learns very fast and will certainly, in the near future, reshape and transform itself as the new standard of InsurTech. This book guides you, in a very smart way, through different aspects of InsurTech and prepares you for the future trends.”

Sylvain Theveniaud, Allianz Accelerator, Founder and MD

“In 2014 through my work at AXA, I realized that there was a new market emerging called InsurTech, and called it as such. Three years on, the most innovative ideas in InsurTech are still at seed stage because InsurTech investing is still in its earliest days, or 2 to 5 years behind Fintech in terms of timeline and investing trends. Despite suffering from an early stage equity gap, InsurTechs are continuously coming to market with very interesting products, platforms and propositions to address fundamental issues within the fabric of Insurance, enabling insurers to partner and enter new markets. For those of you still wondering why InsurTech is happening right now and looking to grasp some of the key trends affecting the insurance industry, I would urge you to read this book.”

Minh Q. Tran, Managing Partner and Co-Founder, Proptech Capital

“Insurers and the whole insurance value chain has woken up to what digital related services and products can do for them and their customer. However, this desire for change has not permeated through to all layers within insurers and significant resistance remains to changing processes for new product development, new partnerships, new claims methods, and new data techniques. While this is understandable in that no-one wants their cozy lives disrupted, the reality is that there is no alternative. It really is, adapt the new or face an uncertain or terminal future. This book outlines, from a variety of perspectives, the nature of these changes. It provides a broad primer for those who are central drivers of the needed changes but also a rallying cry to get on with the job. Insurance is lucky in that it does have money and the capability – all it lacks is time. This book is all about ‘hurry-up’.”

Rob Wirszycz, Executive Chairman, Questers Group and Chairman, RightIndem

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Library of Congress Cataloging-in-Publication Data

Names: VanderLinden, Sabine, editor. | Millie, Shân M., editor. | Anderson, Nicole, editor. | Chishti, Susanne, editorTitle: The insurtech book : the insurance technology handbook for investors, entrepreneurs and FinTech Visionaries / edited by Sabine VanderLinden, Shân M. Millie, Nicole Anderson and Susanne ChishtiDescription: Chichester, United Kingdom : John Wiley & Sons, 2018. | Includes index. | Identifiers: LCCN 2017057073 (print) | LCCN 2017059018 (ebook) | ISBN 9781119362241 (pdf) | ISBN 9781119362203 (epub) | ISBN 9781119362210 (pbk.)Subjects: LCSH: Insurance. | Insurance—Technological innovations.Classification: LCC HG8051 (ebook) | LCC HG8051 .I6165 2018 (print) | DDC 368—dc23

LC record available at https://lccn.loc.gov/2017057073

A catalogue record for this book is available from the British Library.ISBN 978-1-119-36221-0 (paperback) ISBN 978-1-119-36224-1 (ePDF) ISBN 978-1-119-36220-3 (ePub) ISBN 978-1-119-44456-5 (Obook)

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Cover Design: WileyCover Image: © pkproject/Shutterstock

The InsurTech Book

The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries

Edited by

Sabine L. B. VanderLinden

Shân M. Millie

Nicole Anderson

Editor in Chief

Susanne Chishti

Cover

Preface

About the Editors

Acknowledgments

1: What is InsurTech?

InsurTech Definition as Its Own Manifesto

Three Enigmas: Who? What? How?

The InsurTech Definition as its own Manifesto

Why is Insurance Failing?

The Challenge

The History

Connecting Risk, Insurance, and Systemic Failure

Transparency and Due Diligence: Where Can the Industry go from Here?

Notes

Digital Transformation in Insurance – Four Common Factors from Other Industries

From Non-transparent Markets to Customer Transparency

Substitution of Middle Man – Direct Producer-to-Customer Connection

From Many Scattered Players with High Margins to Few Scaled Players with Low Margins

From Supply-driven (Company Focus) to Demand-driven (Customer Focus)

Incumbents Will be Among the Winners

Notes

InsurTech – Problem or Solution for Agents and Brokers?

The Rapidly Changing Insurance Consumer

Rapidly Changing Technology – CanBrokers Keep up?

Adaptive Brokers have a Fighting Chance to Win

Notes

The Best InsurTech May not be InsurTech

The Problems and Challenges of the Insurance Industry

Is it all Problem-solving or is There Real Innovation too?

Where Does InsurTech Play a Part?

InsurTech now and Going Forward

Notes

“Real” InsurTech Startups do it Differently!

InsurTech Startups Take the Next Step

Disruptive InsurTech Startups Take the Leap

Look Out for More

Notes

2: InsurTech Now and Next

A Cartographer’s Dream – Exploring, and Mapping, the New Unknown

Notes

Where Does InsurTech Leave the People who Work in Insurance?

Insurance, Technology, and the Future of Work

Commercial Insurance Broking and Underwriting – Technology as Enabler to Excellence

Manifesto for the Individual Broker or Underwriter

Notes

InsurTechs – Magical Thinking and Other Secrets of Success

Notes

“INSoT” – The Insurance of Things and the Proliferation of Protection

Integrated Insurance Products

Integrated Loss Prevention

Integrated Recovery Support

What’s Next?

Notes

From Insurance Premium to Discrete Event

Evolving Insurance Options – Consumer Discrete Events

Evolving Insurance Options – Business Discrete Events

Notes

List of Tables

Preface

Table 1

Table 2

Table 3

Table 4

Chapter 8

Table 1

Chapter 9

Table 1

Chapter 29

Table 1

Table 2

Chapter 31

Table 1

Chapter 38

Table 1

Table 2

Table 3

Chapter 46

Table 1

Table 2

Chapter 66

Table 1

Table 2

Table 3

List of Illustrations

Chapter 1

Figure 1: InsurTech interest over time based on Google research Source: Data from Google Trends (September 2015 – June 2017)

Chapter 3

Figure 1: Shift from company focus to customer focus

Chapter 8

Figure 1: Opportunities for automation

Figure 2: Factors affecting commoditization of underwriting in commercial insurance

Figure 3: Factors that could increase and reduce perceived value of advice

Chapter 14

Figure 1: Six mega-trends that will take insurance back to the future

Chapter 18

Figure 1: Driver cohorts

Figure 2: MAUs evolution

Figure 3: Improvement in risk prediction thanks to telematics

Figure 4: Declared car demographic information vs. actual driving areas Sources: Data from Spanish Traffic Department, Dirección General de Tráfico, Micro Datos 2014; Spanish Association of Insurance and Reinsurance Institutions (UNESPA), Informe Anual 2014

Chapter 28

Figure 1: Efficient frontier

Figure 2: Innovation centres

Chapter 29

Figure 1: Collaboration models: buy, partner, invest

Chapter 30

Figure 1: InsurTech

Figure 2: Disruption of life insurance industry

Figure 3: Core, adjacent, and disruptive ideas

Figure 4: Idea assessment tool

Figure 5: Value strategy framework

Figure 6: Business model canvas

Figure 7: Design thinking framework

Figure 8: Different approaches to transforming an idea into a project

Chapter 31

Figure 1: Partnership models

Figure 2: Towards new operating models in insurance

Chapter 34

Figure 1: QFD Matrix

Figure 2: Pugh Matrix

Chapter 37

Figure 1: Insurtech infrastructure

Chapter 43

Figure 1: Nagji and Tuff’s three-tier innovation ambition framework

Chapter 46

Figure 1: Key limitations of the P2P insurance business model – mapped against limitation’s severity, and solution’s complexity

Chapter 48

Figure 1: Business logic and data infrastructure of “smart insurance”

Chapter 57

Figure 1: Technology providers act as gatekeepers between companies and their customers

Figure 2: Differentiation of the use of a new channel by business models

Figure 3: Structured approach based on Osterwalder’s Business Model Canvas

Chapter 66

Figure 1: Your monthly insurance bill – January 2029

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Guide

Cover

Table of Contents

Preface

The FinTech Book – the first globally crowdsourced book on the financial technology revolution – was published by Wiley in 2016 and has become a global bestseller. It exceeded all our expectations, and, in the meantime, the book is available in five languages across 107 countries both in paperback, e-book, and as an audiobook. More than 160 authors from 27 countries submitted 189 abstracts to be part of the book. About 50% of all contributors were chosen to write for the final book. When we launched The FinTech Book during 2017 across the world, our authors and readers had many opportunities to meet in person, sign the books together at global book launch events, and deepen our FinTech friendships worldwide.

In 2017 we decided to extend our FinTech Book Series by writing three new books on how new business models and technology innovation will change the global asset management and private banking sector (“WealthTech”), the insurance sector (“InsurTech”), and regulatory compliance (“RegTech”). We followed our approach of crowdsourcing the best experts for you to give you the most cutting-edge insight into the changes unfolding in our industry.

The InsurTech Book is the first book taking this approach globally – a book that provides food for thought to FinTech newbies, pioneers, and well-seasoned experts alike. Let me introduce you to our contributors and authors.

The reason we decided to reach out to the global FinTech and InsurTech communities in sourcing the book’s contributors lies in the inherently fragmented nature of the field of Financial Technology applied to insurance globally. There was no single author, group of authors, or indeed region in the world that could cover all the facets and nuances of InsurTech in an exhaustive manner. What is more, by being able to reach out to a truly global contributor base, we not only stayed true to the spirit of FinTech and InsurTech, making use of technological channels of communication in reaching out to, selecting, and reviewing our would-be contributors, we also made sure that every corner of the globe had the chance to have its say. Particularly those that have very distinct views as to where InsurTech is going and the unique challenges it faces due to the inherent building blocks on which insurance grew. Thus, we aimed to fulfil one of the most important purposes of The InsurTech Book, namely to give a voice to those that would remain unheard and to spread that voice to an international audience. We have immensely enjoyed the journey of editing The InsurTech Book and sincerely hope that you will enjoy the journey of reading it, at least as much.

More than 250 authors from 25 countries submitted 244 abstracts to be part of the book. We asked our global FinTech and InsurTech communities for their views regarding which abstracts they would like to have fully expanded for The InsurTech Book. Out of all these contributors, we selected 75 authors who have been asked to write their full article, which has now been included in this book. We conducted a questionnaire among all our selected authors to gain greater insight into their background and expertise. More than 70% of our authors have postgraduate university degrees (see Table 1) and strong domain expertise across many fields (see Table 2), and 77% of our authors had their articles published before.

Table 1: What is the highest educational qualification of our 75 authors?

Table 2: List all areas in which our authors have domain expertise; multiple choices were possible

Tables 3 and 4 show that 35% of our authors are entrepreneurs working for InsurTech startups (many of them part of the founding team), 40% come from established financial and technology companies, and another quarter from service providers such as consulting firms or law firms servicing the financial services and insurance sectors.

Table 3:Authors selected the type of company they are working in

Table 4: Size of companies our authors work for

More than a fifth of our authors work for startups with up to five people and another 35% for startups/small or medium-sized enterprises (SMEs) up to 50 people. Twenty-two percent of our authors are employed by a large organization of more than 1,000 employees.

In summary, we are very proud of our highly qualified authors, their strong expertise, and passion for InsurTech by being either entrepreneurs or often “intrapreneurs” in large established organizations who all are committed to playing a significant role in the global FinTech and InsurTech revolution. These remarkable people are willing to share their insights with all of us over the next pages.

Thus, this project would not have been possible without the dedication and efforts of all contributors to The InsurTech Book (both those who submitted their initial abstracts for consideration by the global FinTech community, as well as the final authors whose insights you will be reading shortly). In addition, we would like to thank our editors at Wiley whose guidance and help made sure that what started off as an idea, you are now holding in your hands.

Finally, I would like to thank the fantastic editors, Sabine VanderLinden, Shân M. Millie, and Nicole Anderson. Editing a crowdsourced book naturally takes several months and it was always a pleasure to work with their strong domain expertise and vision for the future of InsurTech globally!

Susanne Chishti

Co-Founder, The FinTech Book Series

Editor in Chief, The InsurTech Book

CEO and Founder FINTECH Circle and the FINTECH Circle Institute

Twitter: @SusanneChishti@FINTECHCircle@InsurTECH_Book

LinkedIn: FINTECH Circle Group

About the Editors

Sabine L. B. VanderLinden

Sabine L. B. VanderLinden is the CEO and Managing Director of Startupbootcamp InsurTech, Europe’s leading early-stage and independent accelerator for insurance technology startups, Rainmaking’s corporate innovation and growth venture focused at the insurance and InsurTech spaces. She is also the founder of the Proposition Circle, an innovation advisory platform she uses to coach young businesses and advise investors. Mature startups in particular use this mechanism to get more personalized support and recommendations to grow their business.

At Startupbootcamp (www.startupbootcamp.org/accelerator/insurtech-london/), VanderLinden cultivates the expertise of a large group of leading insurers, investors, and mentors to bring the innovation of cohorts of promising startups across multiple geographies to market within a three-month period. At Rainmaking Innovation (www.rainmaking.io/), she leads corporate innovation within the insurance space to shape solutions to support insurers, brokers, and other insurance providers address core challenges and design innovation and execution initiatives that work.

Considered as one of the few leading women in InsurTech, VanderLinden ranks among the top 20 InsurTech influencers across a number of insurance influencer lists. She brings 20 years of senior positions and extensive operational and growth strategy expertise gleaned from her corporate innovation and startup acceleration activities working with global firms including IBM, FICO, Pegasystems, and SSP and hundreds of well-known financial services institutions for which she has developed unique growth strategies. She brings strong InsurTech expertise to these stakeholders, being one of the few influencers who identified InsurTech as a growth market in late 2014 and made InsurTech the de facto term to acknowledge new ventures in the insurance and technology space.

She writes on the topics of strategic execution, InsurTech innovation, digital business models, and experience design to challenge current market practices and optimize value creation, and she is an international keynote speaker at conferences and thought leader on the topic of InsurTech.

An alumna of Sir John Cass Business School, where she earned her MBA, among her accreditations, she was awarded an Ovation Award for Outstanding Achievement, Breakthrough Thinking and Execution by IBM. She undertook advanced studies in mathematics and acquired five insurance examination accreditations from the Chartered Insurance Institute. She sits on the FinTech technology committee of the Monetary Authority of Singapore and is an advisory board member for TIA Technology. She is fluent in French and English.

You can reach Sabine on LinkedIn at www.linkedin.com/in/sabinevanderlinden/ and on Twitter via @SabineVdL

Shân M. Millie

Shân M. Millie is a hands-on innovation and strategic communications specialist, focusing on growth, service/product design, and corporate storytelling. She is a highly respected, extensively networked connector and commentator on and for UK General Insurance. Shân created the role of Tech and Innovation Associate for the Association of British Insurers (ABI), is Communications Entrepreneur in Residence for Startupbootcamp InsurTech London, and Founder Advisor for the British Insurance Brokers Association (BIBA) Innovation Group.

Shân enjoyed a successful media and content career, building and leading award-winning products, teams, and brands for professional audiences, including Treasury, Derivatives, Asset Management, Retail Banking, and, as Publishing Director of Insurance Times (2008–13), General Insurance. She identified the InsurTech “wave” early, and was personally instrumental in developing powerful platforms for incumbents and startups to connect ideas and people at a critical time for the fledgling InsurTech phenomenon, including designing one of the very first content programs and market-leading conferences dedicated to Innovation and Disruption for Insurance. A trusted industry mentor, Shân founded Bright Blue Hare, in May 2016, to work with startups, scale-ups, and established firms on partner relationships, customer and internal engagement, and sales, using the power of strategic communications. Bright Blue Hare also works with early-stage startups on a pro bono basis, advising seed round and startup companies on business model and value proposition design.

Shân’s passion is to help individuals, teams, and firms work out and then tell their story – authentically, intelligently, and for maximum impact for customers, co-workers, and the bottom line.

Shân Millie is a board advisor, mentor, and facilitator, and a graduate of Christ’s College, Cambridge University, UK. www.linkedin.com/in/shânmillie/ //@SMMBrightBlueH//#WhatIsYourStory?//#Profit&Purpose.

Nicole Anderson

Nicole Anderson is a venture builder, investment (corporate venture, VC, family office and ICO) advisor. As a multiple time technology entrepreneur (CEO and Founder) and an innovation thought leader, she has gained an in-depth knowledge of crypto technologies, blockchain and digital identity. Passionate about technology business models that are challenging the status quo and providing greater inclusion for people globally, she has focused on the innovation intersection of emerging technologies and emerging markets both physical and virtual.

Voted Innovator of the Year 2017 by the South African Chamber of Commerce, Top 100 Women in FinTech 2016 by Innovate Finance, and included in the Power Women of FinTech 2015, 2016 and 2017, Anderson is also active in the London and European startup acceleration, incubation, and growth arenas working as an advisor and mentor to Level39, Startupbootcamp FinTech, London Tech Advocates – Women in Tech, and FinTech workstreams.

A founding member of FINTECH Circle Angel Network, the largest network of independent investors in FinTech in Europe, she has served as advisor to Microsoft Ventures London and been a multiple times judge for SWIFT Innotribe, the European and African FinTech awards, and BNP Paribas Global Hackathon.

Anderson serves as an industry thought leader and has featured on numerous panels and speaking circuits such as London FinTech Week, Rencontres Economiques (France), London’s African Technology Business Forum, and FinTech Africa’s annual conference. She is a contributing author to The FinTech Book, exploring the role of corporate venture as a catalyst for innovation in FinTech – www.thefintechbook.com – also published by Wiley.

She has an Honours Degree in Information Systems and Economics from the University of Witwatersrand, South Africa, and graduated from the Institute of New Economic Thinking, Barnard College, Columbia University, New York, specializing in the Economics of Money and Banking.

Editor in Chief

Susanne Chishti

(Twitter: www.twitter.com/SusanneChishti)

Susanne Chishti is the CEO of FINTECH Circle, Europe’s first Angel Network focused on FinTech, InsurTech, WealthTech, RegTech and Blockchain opportunities and the Founder of the FINTECH Circle Institute, a leading global peer-to-peer FinTech learning platform to acquire FinTech and digital skills. She is the co-editor of the bestseller The FinTech Book, which has been translated into five languages and is sold across 107 countries. Susanne is recognized in the European Digital Financial Services “Power 50” 2015, an independent ranking of the most influential people in digital financial services in Europe. She was selected as top 15 FINTECH UK Twitter influencer and as the UK’s “City Innovator – Inspirational Woman” in 2016. Susanne is a FinTech TV commentator on CNBC and a guest lecturer on financial technology at the University of Cambridge.

After completing her MBA she started her career working for a FinTech company (before the term “FinTech” was invented) in the Silicon Valley 20 years ago. She then worked for more than 15 years across Deutsche Bank, Lloyds Banking Group, Morgan Stanley, and Accenture in London and Hong Kong. Susanne is an award-winning entrepreneur and investor with strong FinTech expertise. In 2017, Onalytica selected Susanne as the 13th most important FinTech Thought Leader globally. She is also a conference speaker at leading FinTech events globally.

FINTECH Circle is a global community of more than 100,000 FinTech entrepreneurs, investors, and financial services professionals globally. FINTECH Circle’s advisory practice services clients including leading financial institutions such as BNP Paribas and UK’s innovation agency NESTA, which appointed FINTECH Circle as partner for the £5 million Challenge Prize to work on Open Banking initiatives for SME Banking.

Susanne is a Non-Executive Director at two UK FinTech firms: Just Loans Group PLC (Alternative Lender) and RegTech Company Kompli-Global Ltd. In addition, she is on the Advisory Board of HandeFinMaker, a Chinese FinTech leader together with Nobel Prize winner Edward C. Prescott.

About FINTECH Circle

FINTECH Circle (www.FINTECHCircle.com) is a global community of 100,000 FinTech entrepreneurs, angel and VC investors, financial services professionals, and FinTech thought leaders, focusing on FinTech seed investing, education, and enterprise innovation. FINTECH Circle’s CEO, Susanne Chishti, co-edited The FinTech Book published by Wiley, which became the first globally crowdsourced book on financial technology and a global bestseller across 107 countries in five languages.

Twitter: @FINTECHCircle

Instagram: @FINTECHCircle

About the FINTECH Circle Institute

The FINTECH Circle Institute (www.FINTECHCircleInstitute.com) is a peer-to-peer online learning platform, designed to empower finance professionals with the necessary digital skills to adapt to the rapidly changing industry. With board members ranging from traditional banks and FinTech experts, through to academics from leading universities, the platform offers practical bite-size courses on topics including WealthTech/Robo-banking, InsurTech, RegTech, Blockchain, Artificial Intelligence, Enterprise Innovation, and Startups. Every quarter, new bite-size classes are released online to ensure that members have access to the latest FinTech insights and industry experts working on the most cutting-edge FinTech innovations globally.

Twitter: @FTC_Institute

Join our LinkedIn Group to share your FinTech knowledge and learn from others:

www.linkedin.com/groups/8184397

Acknowledgments

After the global launch of The FinTech Book in 2016, we met thousands of FinTech entrepreneurs, investors, and financial services professionals who all loved the book and wanted to learn more how financial technology will change the global investment/wealth management sector and private banking.

We came up with the idea for The InsurTech Book and spoke to our FinTech friends globally and everybody supported the idea. FinTech entrepreneurs across all continents were eager to share their powerful insights. They wanted to explain the new business models and technologies they were working on to change the world of finance. FinTech investors, “intrapreneurs”, innovation leaders at leading financial institutions, and thought leaders were keen to describe their embrace of the FinTech revolution across investment management and private banking. Finally, our InsurTech visionaries wanted to share their vision for the future.

The global effort of crowdsourcing such insights was born with The FinTech Book, which became a global bestseller across 107 countries in five languages. We are continuing this success with The InsurTech Book. We are aware that this would not have been possible without the FINTECH Circle global community, the Startupbootcamp InsurTech community, and our own personal networks. We are very grateful to our global FINTECH Circle, FINTECH Circle Institute and Startupbootcamp communities of investors, lecturers, startups, mentors and corporates for joining us on www.FINTECHCircle.com and www.startupbootcamp.org and to Startupbootcamp as a global multi-disciplinary accelerator. Without the public support and engagement of our global FinTech community this book would not have been possible.

The authors you will read about have been chosen by our global FinTech and InsurTech community purely on merit; thus, no matter how big or small their organization, no matter in which country they work, no matter if they were well known or still undiscovered, everybody had the same chance to apply and be part of The InsurTech Book. We are proud of that as we believe that FinTech and InsurTech will fundamentally change the world of finance and insurance. The global FinTech and InsurTech community is made up of the smartest, most innovative, and nicest people we know. Thank you for being part of our journey. It is difficult to name you all here, but you are all listed in the directory at the end of this book.

Our publisher Wiley has been a great partner for The FinTech Book and we are delighted that Wiley will again publish The InsurTech Book in paperback and e-book formats globally. Special thanks go to our fantastic editor Gemma Valler. Thank you and your team – we could not have done it without your amazing support!

We look forward to hearing from you. Please visit our website www.insurtechbook.com for additional bonus content from our global InsurTech community! Please send us your comments on The InsurTech Book and let us know how you wish to be engaged by dropping us a line at [email protected].

Nicole Anderson

Susanne Chishti

Twitter: @NicoleAnMo

Twitter: @SusanneChishti

Shân M. Millie

Sabine L. B. VanderLinden

Twitter: @SMMBrightBlueH

Twitter: @SabineVdL

Acknowledgments

Nicole Anderson

Susanne Chishti

Twitter: @NicoleAnMo

Twitter: @SusanneChishti

Shân M. Millie

Sabine L. B. VanderLinden

Twitter: @SMMBrightBlueH

Twitter: @SabineVdL

1What is InsurTech?

The six pieces selected for this section bring together the expected multiplicity of views, and provide a rich, informative, and engaging set of connected conversations exploring what InsurTech is, for whom, by whom, and why?

Valentino Ricciardi urges us to cut through the InsurTech “noise”, setting out how the definition of InsurTech should be clear, simple, and comprehensive so that it actively shapes the vision of next generation talents and participation. Ricciardi’s InsurTechs share the characteristics of early adoption of technology, digital by default, focused on specific niches and, most importantly, value creators – for customers, incumbents, or both.

Steve Tunstall also defines InsurTech as absolutely essential for insurance to remain relevant to the customer. His ruthless dissection of the failings of an industry he loves also asks us: insurance needs InsurTech, but does InsurTech need (incumbent) insurance? Tunstall explains how only 10% of corporate risk faced by the CEO finds relevance in insurance solutions today, and how current failings could lead to systemically low penetration in emerging economies. For him, InsurTech may not have all the answers, but certainly some of the most important ones, driven by digitalization.

For Alex Ruthmeier, the digital transformation of insurance is InsurTech. He sees four major transformative changes: customer transparency; direct-to-customer connection; a very few scaled players with low margins; and demand-driven (customer) focus. Ruthmeier’s vision of InsurTech sees “human brokers” disappearing for all but complex risks, and more quickly than you might think.

Michael Jans also sees big challenges for brokers, but equally InsurTech as a huge opportunity for a broking rebirth. Writing from the perspective of the US, and its 40,000+ independent broker/agent firms, Jans envisions a near future of carriers shifting allegiances away from broker partners. He sees InsurTech as the route to delivering on that “peace of mind” customer promise at the core of the broker proposition, and the technology and scale to make the customer’s “heart sing”.

Jannat Shah Rajan posits a definition of InsurTech emerging from insurance’s Industrial Revolution where innovating customers, increasing life expectancy, and change in life stages drive change in Life, Wealth, and Pensions, as well as Non-life. Her theory of a protective “regulatory moat” around incumbents makes it axiomatic for her that collaboration will be the order of the day. As she says, “Incumbents are the best testing ground for new InsurTech propositions.” And lastly in this section, Karl Heinz Passler asks us to see not 1,200+ InsurTechs globally, but a segmented landscape of “InsurTechs” and “Real InsurTechs”. He sees two distinct groups: the first, including those improving Customer Experience (CX); those enabling incumbents; and those becoming risk carriers themselves.

The second group are those Passler considers to be challenging the very underlying assumptions and foundations of insurance. He asks us to see “Real InsurTechs” as those eschewing historic data in favour of real-time and AI-generated data; those adopting usage-based models; and those linking corporate earnings to settling claims. These differing yet related and intertwined definitions share a common core in the belief that InsurTech is directly contributing to the reinvention of the way insurance is imagined, funded, constructed, and done.

InsurTech Definition as Its Own Manifesto

By Valentino Ricciardi

Insurance and InsurTech Knowledge Consultant, McKinsey & Co.

InsurTech is the new cool word within the vocabulary of the financial services, replacing the term FinTech, which established itself in the last years of 2000 when companies like Square, Transferwise, and Stripe accelerated the payments revolution launched by PayPal in the US and Alipay in China. However, I believe that InsurTech does not have yet a clear, agreed, and established definition.

An InsurTech definition should cover different concepts well beyond the idea of combining insurance and technology to include the native customer-centric approach, as well as the potential that technology has to enable incumbents’ value chain or to disrupt incumbents’ consolidated business models. This definition should be open and inclusive so as to host new and innovative technologies that are relevant both now and in the future. So all technologies at the forefront of insurance innovation, such as artificial intelligence, chatbots that enable H2C (Human to Customers) in distribution, as well as advanced analytics that are looking for the right use cases in the data-driven business of insurance, need to fit and find their own space in the definition and concept of InsurTech, which has increased significantly, as shown in Figure 1.

Figure 1: InsurTech interest over time based on Google research Source: Data from Google Trends (September 2015 – June 2017)

Three Enigmas: Who? What? How?

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