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Technology in the Insurance Sector — InsurTech —
The New Trade of Mastering Algorithm


 

At CES 2019 Ford announced that it will deploy that C-V2X communications as a standard feature in all its new cars starting in 2022. This V2X (vehicle-to-everything communications) technology will allow for cars to talk to each other and to everything around them and anything that the driver of the car or, the maker of the car, or, if you have enrolled in a car subscription service, the provider of the service wants to. We see the emergence of concepts like: 'Pay as you Drive' and 'Pay How you Drive'.

 

Connected Communication is paving the way for Connected Commerce. A new digital ecosystem is evolving and modifying the insurance industry.

 

Insurance technology start-ups (InsurTech) with new digital opportunities and improved customer capabilities are redefining and disrupting the core insurance processes. They increase competition by operating with low structure costs and an efficient use of resources. Additionally, "they develop business models that encourage the disaggregation of core processes and the emergence of new roles within the value chain."

 

 

Examples of how the data collection from the Tech Giants will impact the state of Insurance Industry and Human Behavior

The winners will be those who become the "guardians of the algorithms" of our lives.

 

Source: Everis Analysis

 

 

Windfall for Startups — Technology that is evolving to disrupt the Insurance Industry

 

BlockchainA timestamped and unchangeable ledger that promises to improve data accessibility, transparency and trust for all parties, thus tackling head-on the levels of insurance fraud. "The introduction of smart contracts built on the blockchain and written to self execute upon the trigger of a specific condition, could automate a variety of operational procedures, making them more efficient by reducing disputes, errors and fraud. Smart contracts could also provide a platform technology to enable the operation of peer-to-peer solutions."

 

Internet of Things and Wearables The volume of data generated by IoT will enable insurers to accurately model risk, underwrite policies and react in real time to trends. For example in the vehicle industry, with the "the integration of telematics into vehicles, the driving habits of the driver can be determined and policies can be altered/negotiated accordingly. Additionally they will allow automated First Notice of Loss (FNOL) after an accident, improving resolution times significantly. Also connected home and wearables will create many new business models. Many of these are focused on preventative interventions, ultimately reducing claims indemnities." 

 

Insurtech Carpe Data provides solutions for insurers to identify fraudulent claims and fast-track payments for legitimate ones. Insurtech Xtract provides a "claims tool that aggregates and visualizes crash data for the auto-insurance industry, captures generic crash data at the FNOL, and delivers actionable insights to claims handlers so they can make liability decisions swiftly, deflect fraud, and triage vehicle damage."

 

 

If you are a startup in this space, collaborate with another complimentary technology or a product manufacturer to explain how your technology works — yes, you can easily integrate services with other products as well — for example, cooperation between building insurers and home insurers, together with GROHE Sense, a smart-home solution with water-leakage sensors that mitigates risk. 

 

HOW TO EXPAND THE EXPERIENCE OF YOUR PRODUCT

 

 

Emergence of the Platform Economy Seamless connection is the the mantra of the day. Your customers are looking for solutions.  "Insurers can consider investing in platform economy to enable exposure of their data and services through APIs, integrating their products with their client’s businesses." The Japanese e-commerce and Internet company Rakuten presented its expansive ecosystem model, which integrates several services on a shared platform to best address the needs of customers.

 

 

Social Media as a Tool of Trade Some startups are using social media as customer servicing, profiling and marketing tool. "When combined with big data analytics, this information can then be used to provide personalized products and improve marketing efficiency. Social platforms could become part of a connected ecosystem of distributors whereby the insurer takes the role of a manufacturer of insurance products all supported by an in house API platform." Many insurtechs, such as Imburse and Amodo, offer standardized application programming interfaces (APIs) for seamless integration across different systems.

 

 

Doctrine of Data Management Master Data Management establishes that enterprise data is validated, documented and maintained in a single source of the truth, even when it is pulled from different systems. "This allows the insurer to maintain regulatory compliance, lower risk and leverage the data for both internal and external business processes. It also provides a solid foundation for any Big Data and Advanced Analytics Strategy and enables customer centric business operations by combining disparate systems to build out customer profiles, allowing the business to customize services and identify up-sell and cross-sell opportunities more effectively."

Insurtechs such as buzzvault and Valoo offer an easy way to make an inventory of possessions via video or photo to give users an accurate picture of what they own. 

 

 

Google Assistant Playground

Google Assistant Playground — Example of how technology is a part of our lives. (image source: Biz Bash)

At CES 2019, The main attraction was a theme park ride that seemed to take inspiration from It’s a Small World at Walt Disney Parks and Resorts. The three-minute musical coaster, powered by Google Assistant, took attendees through a house with an animatronic family. The ride told a story about a husband asked to pick up a cake for a surprise party. At the end, riders were given a picture, a branded macaroon, and a free Google Home Hub redemption code. ( Moral of the story: everytime you use Google Assistant, huge data structure is being generated about your lifestyle.)

 

 

Artificial Intelligence and Machine Learning — "With the introduction of self driving cars, both partially and fully automated, insurers will need to think about the way coverage will function, who will be required to take out policies and how to adapt to an expected reduction in the need for motor insurance. In healthcare, through the analysis of large volumes of patient data cognitive computers are able to play both a diagnostic and preventative role, improving the health of patients, reducing the number of hospital visits and therefore reducing the number of claims."

The insurtech Pixoneye, a data analytics SaaS company, provides computer-vision technology that can analyze a customer's public online photo galleries to create a personal risk profile.

The insurtech Enterprise Bot builds chatbots "based on natural-language processing and machine-learning algorithms that can understand and act on customer queries without labor-intensive and expensive human intervention. It can further measure the sentiment of a query and directly connect a customer to a human agent if it senses the customer is not satisfied."

 

 

Technology is disrupting the measuring metrics of success as well

 

"With markets becoming ill-defined due to shifts in industry boundaries and shrinking economic pies within a given sector, market share is no longer a gold-standard metric or even relevant. Yet many are still measuring performance with the same metrics they used previously—which were designed for a slower pace of business and a rigid strategy-setting process. Companies must move away from old metrics (market share, for example) that are no longer meaningful indicators of economic success. Companies need to hold themselves to new standards that will indicate whether or not they are truly leading the pack on innovation, productivity, and the adoption of digital technologies. In our experience, outcomes such as being first to market with innovations, leading on productivity, and working with other businesses in the ecosystem (that is, moving from an “us versus them” mind-set on digital to one of partnership) are better indicators of future digital success."  

 

Read more on how strategize a winning model for your trade and commerce.

Read more on how to design a collaborative exhibit for a winning marketing strategy.

 

GET FRESH EYES FOR YOUR EXHIBIT DESIGN.png

 

NEW IN TRADE AND COMMERCE

 

Source: KPMG, Amazon, McKinsey, GCA Insurance Technology Report

 

Marketing Ideas

Non-Tech Ways to Scale and Sell Your Product

Digital Marketing Trends, Tools and Apps for Event Professionals

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Exhibit Design Settings to Interact with the Nerds and the Early Adopters

Integrated Exhibit Design Technology

Technology that small business owners and marketers should integrate in their processes.

TECHNOLOGY OF INSIGHT

TECHNOLOGY OF ENGAGEMENT

TECHNOLOGY OF ENABLEMENT

 

NEED TO KNOW— PLANNING YOUR PRIVATE EVENT

 


Conferences in the InsurTech Space 

 

OnRamp Insurance Conference | April 11, St. Paul, MN

The OnRamp Insurance Conference brings together the insurance industry’s leading corporations, investors and startups. The conference highlights innovations disrupting the insurance industry, the leaders making such innovations possible and how new technologies and business models will reinvent the industry.

 

The Connected Car Insurance  | September 3 - 4
, 2019 Chicago, IL

Connected Car Insurance USA brings together the key players within insurance, automotive and telematics. With over 500+ attendees including 120+ Insurers and 50+ OEMs.

 

Insure Tech Connect | September 23 - 25, 2019, Las Vegas, NV

With over 3000 attendees, 200 speakers and 50 sessions it is an HUB for interactions with forward-thinking agents in the age of accelerated technological change.

 

ACORD (Association for Cooperative Operations Research and Development)

A global nonprofit organization that specializes in creating and implementing standards and best practices in the insurance industry. Here is the calendar of their events.

 

Global Insurance Symposium | April 23 - 25, 2019, Des Moines, Iowa

With over 500 attendees, the conference is a gathering of state insurance commissioners, industry leaders, regulatory representatives, and insurance experts to discuss insurance innovation. 

 

Dig | In: The Digital Future of Insurance  | May 29 - 31, 2019, Austin, TX

The 3 day conference promises offers a glimpse into the industry’s future, focusing on how industry leaders are adding innovative technologies and partners to redefine the operatives in the industry operates.

 

Digital Insurance Agenda | June 25 - 27 2019, Amsterdam

The 3 day conference of new ideas that is transforming the whole industry. "80% of the companies presenting here are supporting insurance companies to drive the transformation of our whole industry. New companies, new ideas. The fact that you can really meet them all and have a more comprehensive view of the value chain is very valuable." Highlights from 2018

 

CDAOI Insurance | June 11 - 12, 2019, New York

A conference for topics you need to know to excel as a data ambassador in your organization, "CDAOI Insurance will be focused on enhancing the value of AI throughout the insurance lifecycle, data governance and keeping the customer at the center of everything you do."

 

Connect Claims USA Summit | June 5 - 6, 2019, Chicago, IL

This is a gathering bringing together 1000 senior claims executives to set the bar for the future of claims. Discover the strategies to deliver an unforgettable customer experience, no matter the channel or the complexity of the claim. Topics range from IoT and wearables to data privacy and mobile usage, and speakers from top insurance companies will share their expertise.

 

THE TRENDS AND TECH OF CES 2019

 

 

Medical Wearables:   May 15-16, San Jose California

Wearable Technologies Conference:   July 9 -10, San Francisco

Robotics Summit and Showcase | June 4-6, 2019, Boston, MA

International Conference on Cloud Computing:  June 25 - June 30, 2019, San Diego, USA

IEEE Cloud 2019: July 8 - July 13, 2019, Milan Italy