Since its beginnings, the insurance industry has successfully built itself on the expert understanding of managing and pricing for risk, and then investing the premiums to achieve a superior result. The exploitation of technology has always been an important part of its journey. As consumers become more empowered by digital technology and the transparency it can provide, they begin to exercise their right of choice and explore new ways to transact insurance online, including alternative distribution models. As a strategic response, it feels to me like it’s more important than ever for insurers to focus on digitizing their businesses in order to make them more efficient and exploit new technologies, such as external data, to improve the underwriting result.
Amodo connects insurance companies with the new generation of customers. With Amodo’s connected customer suite, insurers leverage on digital channels and connected devices such as smartphones, connected cars and wearables to acquire and engage new customers.
Amodo collects data from smartphones and a number of different connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and customer product needs. Following the analysis, risk prevention programs, individual pricing as well as personalized and “on the spot” insurance products can be placed on the market, increasing the customer’s loyalty and customer lifetime.
Legacy systems like mainframes, still power the core administrations of many insurance companies. These systems are expensive, inflexible and difficult to integrate with. They negatively impact your ability to innovate and to gain competitive advantage.
Competitive advantage is tightly linked to an organizations’ ability to respond quickly to market changes and customer demands. Innovation is key. Every euro spent on these legacy systems is a euro lost on innovation. The only alternative seems to be to replace the legacy system with a commercial insurance package but that’s not a simple undertaking: implementation takes a lot of time, it usually requires you to adapt your business process and is costly. Read more
Forget on-site seminars and video archives. Modern e-learning is active and social. Learners learn by working on assignments together and exchanging ideas about course content with each other.
Iversity teaches companies and their employees about the Digital Transformation: with digital topics like the Internet of Things, Big Data and what they mean for businesses. Learning at Iversity is active and social: On the Iversity platform, you’re not a consumer of content, but an active co-creator of knowledge. Through the ‘Learning Journals’ feature, that is comparable to a small personal blog, learners can post their learning results, homework assignments and other thoughts – and fellow users can comment, share and evaluate. Think of it like a Facebook feed of learning. Through this, Iversity adds a strong social dimension to learning and builds virtual learning communities about business-related subjects.
GoBear is one of the fastest growing fintech startups in Asia. It is the first independent comparison website for insurance and financial products in Asia. Their independent metasearch engine is user-oriented, fast and personalized. GoBear neither aggregates nor sells products. They simply offer consumers a free and transparent comparison process based on their financial needs, and not influenced by service providers’ advertising.
The result is a user-friendly and informed experience that saves consumers both time and money. In just one year, over 1.2 million users have used GoBear for quicker and more personalized comparisons and the company established strong market presence in Singapore, Thailand and Malaysia. GoBear’s expansion plans this year would include Philippines, Vietnam and in 2017, Indonesia.
By Amir Tabakovic
The seven take-aways of this post:
- Thanks to modern machine learning technology, insurance industry has never before been closer to being able to manage risk holistically.
- Today’s barriers for adoption of state-of-the-art machine learning are no longer in technology but in our heads.
- The lack of productivity in data analytics cannot be solved by hiring more people.
- New cloud-born machine learning platforms are moving predictive analytics to the next level. Machine learning is moving from the self-standing product to an integral service – Machine Learning as a Service.
- The entire machine learning workflow is getting automated little by little.
- Companies’ domain experts and IT developers are starting to use new consumable and interpretable machine learning platforms in their daily work.
- Insurance companies will soon transform into efficient predictive model factories.
Everledger is a digital, permanent, global ledger that tracks and protects items of value by using the Bitcoin blockchain as a platform for provenance and combating insurance fraud. The London start-up is starting with diamonds, with a view to expanding into other luxury goods – high value items – whose provenance relies on paper certificates and receipts that can easily be lost or tampered with. With Everledger, the record is tamper-free; it’s immutable and can therefore be trusted. It also provides a Smart Contracts platform to facilitate the transfer of ownership of diamonds to assist insurers in the recovery of items reported as lost and/or stolen. Smart Contracts will also enable a fundamental change in the diamond marketplace and the way they’re financed.
Nest Labs was founded in 2010 to create a home that’s thoughtful – one that takes care of itself and the people inside it. The Nest Learning Thermostat and Nest Energy Services keep you comfortable and address home energy consumption. The Nest Protect smoke and carbon monoxide alarm helps keep you safe, while Nest Cam keeps an eye on what matters most in your home.
Building on the success of Nest’s energy partner program, Nest is partnering with forward-looking home insurance companies such as AXA, American Family Insurance (AmFam) and Liberty Mutual Insurance to help people stay safe while saving money on their insurance policies.
Google acquired Nest Labs in 2014 for 3.2 bn USD with a joint mission to change the world faster, by providing access to unparalleled resources, global scale and platform reach. The Nest Learning Thermostat, Nest Protect smoke and carbon monoxide alarm, and Nest Cam are just the beginning, with the Works with Nest developer program a ton of brands already in the home connect to Nest – like your hue lights and Whirlpool washer.
Nest products are available across North America and in various European countries.
OutShared offers an in-house developed and built digital insurance platform in a SAAS solution to the market. OutShared’s CynoSure platform is an all-in-one insurance solution for policy management, quotations, claims origination and processing: from back-office database through middle-office processing to front-office web and app interfaces. Built on today’s digital ethos, and offered through strategic BPO and SaaS operations, OutShared offers the smart integrated solution for insurance specialists. Developed for both new market offerings and the renovation of established operations migrated to the platform.
Insurance quotation is still done in an old-fashioned traditional way. It doesn’t reflect the real user behaviour. And insurance fraud is usually identified after it has already happened. The Israeli start-up GetmeIns has a whole new approach to insurance. GetmeIns is all about a unique consumer Pay-as-You-Live insurance regarding life, health, motor and property AND insurance fraud prevention already at point of sale.
marQuake helps insurance companies and other organizations to sift through all the online ‘noise’, to discover the conversations, influencers and attitudes that really matter, even across hundreds of thousands of topics or sources. Agile decision-making becomes more informed and accurate, because everyone in the organization – from the agent to the claims approver to the CEO – has real-time, meaningful information about what is (and isn’t) working, what is happening in the marketplace and what it is thinking.
Machine Learning will rewrite the rules of competition across many industries. BigML has built a Machine Learning as a Service (MLaaS) platform that enables companies of all sizes to systematically accelerate the adoption of advanced analytics by automating it end-to-end.
BigML democratizes Advanced Analytics. BigML’s intuitive web interface welcomes non-PhDs to build highly interpretable and exportable models based on a collection of highly scalable and proven algorithms. Read more
Today’s customers are looking for individualised solutions to protect their assets rather than products. Nor do they usually understand more complex insurance products. Additive’s intelligent insurance robo advisor based solutions generate tailored offerings which perfectly fits today’s customers’ needs; bundling product components derived from customer’s profile, preferences and needs.
Claim Di, one of the brightest participants from Thailand’s Dtac Accelerate program, is a mobile application that facilitates all communication and claims between drivers and their insurance companies. With the app, drivers can communicate directly with their insurance company and complete their own transactions by simply taking pictures and uploading them to the insurance company. In case of a minor accident the driver can even simply shake his phone near the phone of the other party involved who also uses Claim Di. The insurance companies of both sides will issue claim reports via Claim Di platform. No more endless waiting for a surveyor from both insurance companies to arrive at the scene. This dramatically shortens the time to make a claim, saves on insurers’ claim costs, eliminates manual claim adjustors and reduces the incidence of claims fraud.
Openclaims offers insurers, leasing companies and fleet owners an online platform to tender and manage their customers’ motor insurance claims. The Openclaims platform matches individual repair jobs to the best suited body shop, based on capacity, expertise, lead time, price, and repair quality. Insurers can therefore fundamentally improve the customer experience, lowering claim handling costs and out-of-pocket repair costs at the same time.
ChatDichSicher offers the mobile generation a new and easier way to receive insurance advice and get an insurance policy. The users can communicate through existing messengers like Facebook, Twitter but also through an app. It´s a mobile-only approach and ChatDichSicher is one of the first companies which bring conversational commerce to the insurance industry. The concept will hit the market in April; so we sort of have the international launch at DIA Barcelona.
The world is going mobile but most insurance brokers and agents still use ‘old’ marketing methods to generate leads. It is time for something new and something smarter.
LifeDrip, launched by the Seattle based software company Xeddi, is a turnkey, fully automated mobile marketing system exclusively built for the life insurance agent.
It provides monthly, custom branded email newsletters and an exclusive agent website for generating client reviews and feedback.
LifeDrip captures the fastest growing form of lead exposure, including Facebook, Google+, Twitter and LinkedIn. It is done automatically and the contacts and the database are continuously synced. Agents don’t even have to think about it. LifeDrip offers a new way to generate leads at a fraction of the cost.
AdviceRobo develops white label robo-advice solutions for financial institutions across the United Kingdom and Europe that reduce their and their customers’ financial stress and boost their ROI. AdviceRobo eats risks for breakfast by applying artificial intelligence on financial risk prevention.
The London start-up Eris Industries has built a universal platform for smart contracts and legal applications of blockchain technology. This platform is the first that allows the full potential of blockchain-based technologies to be realized in business. By combining blockchains and systems of smart contracts, businesses can take any data-driven human relationship and reduce it to code – guaranteeing accurate and consistent execution of functions that hitherto required human discretion to manage.
The free software allows anyone to build secure, low-cost data infrastructure with run-anywhere applications. By using permissionable, smart contracts’ capable blockchains developers can easily solve commercial data driven problems.
TrueMotion uses big data and software to make driving safer and more affordable. The company developed an app that measures driver’s habits using the sensors in their cell phones. The benefit is two-fold. Insurers are able to more accurately price based on actual driving behaviors instead of proxies. Drivers are able to become safer while earning rewards and significant discounts on their premiums. TrueMotion delivers its Software as a Service (SaaS) solution through leading insurers, saving lives and making roads safer for users around the world.
Qiy offers an infrastructure that connects people to their data -global, cross sector and cross industry- at sources like government, and businesses and let them share this actual and validated data with people and organisations they trust. Trusted organisations can subscribe to the actual data of an individual and use it on an active consent basis. On top of the connections, privacy-friendly and safe applications can be used to help people get control, overview and insight into their lives.
For the insurance industry this solves many problems in the field of data collection, data quality, digital identity and the demands of the upcoming European General Data Protection Regulation. It solves another issue as well: being able to connect to customers in this way deepens the relationship, from just offering a deal to building a long lasting relationship build on trust.
Knip is the ‘mobile-first’ digital insurance broker with a simple and transparent solution to insurance; bundling all the customers’ insurance products into one app. Even if these products are from different insurers. An easy-to-understand overview shows existing insurance policies, tariffs and services. One click opens an entire insurance policy. So the important information is always at hand. After an automatic analysis, new customers receive individual recommendations based on their existing insurance portfolio. Upon request, the Knip insurance experts offer professional consulting, analyze tariffs and services and detect individual savings and optimization potential. As the consultants receive a fixed salary and no commission whatsoever, they can provide independent and honest insurance advice.
Vlocity is a leading industry cloud software company delivering cloud and mobile software that embeds industry specific functionality and processes in Salesforce. The Vlocity apps on Salesforce add value to the user through a much faster time to market, a lower total cost of ownership, and the agility of a product that stays in sync with Salesforce all the way through. Those are huge benefits from a business perspective.
Chipin is a provider of telematics technology and innovative concepts for automotive and insurance companies. The technology is used to measure and analyse driving behaviour for vehicles up to 3,500 kg. The on-board diagnostics (OBD) device is plug & play and can be self-installed by the driver. It provides insurance companies and fleet owners relevant data, more control and moreover, it has a positive impact on the amount of accidents.
Logical Glue is a user-friendly software platform for building and deploying predictive models helping businesses monetize their data. The platform produces a high ROI in multiple scenarios, such as: real-time decision making (e.g. in underwriting), customer acquisition, fraud detection and analytical CRM.
Data science is not rocket-science, says Logical Glue. The platform bridges the gap between data science and business. An important part of that is fostering better communication and mutual understanding between data scientists and business experts.