During DIA Barcelona 2016 over 550 attendees awarded Trōv with a DIAmond Award as insurtech with most strategic impact. Their on-demand insurance offering enables consumers to insure just the things they want—exactly when they want. Trōv’s innovativeness has attracted major new funding and they just announced their official global launch.
In general we see in technology that whatever happens in banking emerges in insurance a few years later. This is by no means a ‘lashing out’ at insurers, it is almost engrained in the business: even less customer contact than banks, long(er) term contracts and intrinsically connected with risk & fraud management, strict compliance: a tough place to change fast.
One of the reasons why Roger Peverelli, Reggy de Feniks and myself kicked off the Digital Insurance Agenda was putting this right. We want to make sure that there is as open and vivid a dialogue on technology and innovation in the insurance industry as there is in banks. Much more money is being poured into bank related fintech than in insurtech to date, more events, more platforms, more everything. And much more is written about Blockchain and banking than Blockchain and insurers. Obviously the Bitcoin currency initially pulled all attention towards the payments angle, how Bitcoin would disrupt that space and enable a clearing house free international exchange of funds.
The first event that Celent ever ran on the topic disruptive innovation in insurance was at the start of 2012. It’s almost hard to believe that just four years ago there seemed to be very little debate across the industry on the topic. Today, in stark contrast, whenever we ask a panel of insurers to rate the importance of innovating in the next three to five years, typically around 85% note it as critically important to achievement of their strategy. Clearly, things have moved on…
The 500+ insurance thought leaders that attended DIA Barcelona during 20-21 April awarded 6 companies the prestigious DIAmond Award for the insurtechs with most strategic impact.
DIA Barcelona is the first and largest global conference and community connecting insurance executives with fintech leaders.
Over 500 attendees of 200 companies from 36 countries came together in the amazing DIA Barcelona venue to spark ideas and move innovation in insurance forward. Read more
ti&m offers insurers a trusted, convenient and flexible solution for their mobile and web applications. The platform is based on open standards (oAuth, FIDO), hence easy to use, implement and integrate into whatever security infrastructure is in place. The cumbersome log-in process with m-Tan or, even worse, “code sheet“ or separate “code generating token” is replaced by a secure two factor authentication, either in combination with biometrics or with a standard FIDO token. Consumers can start their journey into their insurance application with a positive experience instead of losing time with complicated log-in processes and outdated technologies. Read more
You shouldn’t be concerned about errors in your data, you should be obsessed with eliminating them. It’s not just about automating manual processes and being a bit more efficient; it’s about improving profitability and avoiding damage to your reputation and preventing exposure to a hefty fine. VIPR offers IT solutions for the insurance industry that help businesses avoid falling into these situations. Read more
FinanceFox, the next-generation insurance app, is another successful start-up founded in Switzerland that is moving the insurance brokerage process online. The app guides users through the insurance jungle with a customer-centric approach, using a combination of personal consultation and advanced technology. The ‘Free to Use’ solution offers a digital insurance folder where claims and invoices can be handled easily and paper-free. This service is combined with a single point of contact for all insurance matters. In case of an emergency the user is just a few clicks away from a personal consultant to get direct support via call or chat. Comparing rates and services with advanced algorithms is nothing new but the FinanceFox insurance experts go one step further. They detect savings and upon request, they offer personal advice and information on any insurance matter – completely free of charge, neutral, and easy to understand. Read more
The insurance and pension industry is rapidly changing. Keylane provides SaaS-based software solutions that help insurers and pension institutions to succeed in their day-to-day operations and quickly adapt to market changes. Thinking digitally is part of Keylane’s DNA. Keylane’s state-of-the-art technology platform supports core processes such as policy administration, sales and distribution, and underwriting, and enables companies to excel in operational performance as well as customer service. Over 100 non-life, life and pension companies have gained measurable results from implementations of Keylane’s solutions, such as cost reduction, a shortened time to market and increased customer satisfaction. Read more
Withings leads the connected-health revolution by inventing beautiful, smart products and services that help people become happier and healthier. Founded in 2009, Withings is creating enjoyable, empowering experiences that easily fit into our daily lives. The company has built a range of award-winning products that synchronize with Apple or Android across the health spectrum including activity trackers (Withings Pulse and Activité), the Wifi scale and health station (Smart Body Analyzer), the Wireless Blood Pressure Monitor, the security camera with air quality sensors (Withings Home) and an advanced sleep system (Withings Aura). Every piece of collected data comes to life in the Withings ecosystem where users can find coaching, motivation and insights to shape key aspects of their health. Read more
Roundcube Profiler is part of the Roundcube Suite of products and is a unique, stand-alone instrument that allows insurance companies to quickly, easily and accurately determine business claims risks. Roundcube Profiler has been developed for the commercial insurance market in conjunction with Marsh and safeguards and improves the quality of acceptance. This automated risk assessment tool delivers greater efficiency, substantial cost savings and a faster and superior service. Read more
Campaign management solutions are way too complex. As a result you spend more time on technical stuff than on creatively building your customer communication and marketing models. So, Tripolis Solutions designed and built a whole new experience: RealCampaign Drag & Drop Campaign Management. With RealCampaign you invest in customer communication and marketing, not in learning a tool. Read more
The whole insurance market has just started its transformation and is waiting to be disrupted: insurers could save up to 21% of their combined ratio thanks to new technologies. Many insurers are considered to pay more to fraudsters than in income taxes: detected and undetected fraud is estimated to represent up to 10% of all claims expenditure in Europe. Companies like Shift Technology are fighting this phenomenon by providing innovation and technology to a process that is still very manual. Shift Technology’s adoption rate by insurers is impressive: in the past 6 months, they have already analysed more than 30 million claims in P&C and 100 million claims in healthcare – the positive return on investment in their SaaS solution witnessed from the 4th month of use might be one of the reasons. Read more
The successful Intrasurance Group offers innovative solutions for every step in the value chain of online financial services: communication, technology, product development to service delivery. The company’s solutions are primarily focused on digitizing insurance processes in order to facilitate customer self-service. Read more
RiskAPP is a new Risk Assessment tool created to assist insurers globally. RiskAPP is a unique platform for structured data collection and integrated risk assessment. RiskAPP helps insurers to use captured data from their prospects and clients to sell and underwrite the risks wisely and profitably. The RiskAPP is a complete Risk Assessment tool for the insurer that wants to win his challenges. Read more
Insurance are currently facing the real challenge to create a higher value out of the big data they have accumulated. This is even more challenging as this volume of data is continuously growing. The analysis of these data with novel, more advanced solutions based on technologies such as deep learning could be a real opportunity to improve our knowledge of the policy-holder and to transform the way insurance study and manage their risks.
In this context, DreamQuark develops the technology and the solutions which will help build the next generation of intelligent prevention, diagnosis and care systems.
Fintech Innovation of the Year 2015 – Bought By Many – uses a combination of search engine optimization and social media to group together people who have similar insurance needs –such as diabetic travellers, pug owners or homeowners in flood risks areas. They present that group’s requirement to the insurance industry and negotiate on behalf of the group to bring them a better deal than they can get on their own. A better deal might be better pricing, it might be more tailored benefits, or it might be both. Once they bring the offer back to the group, individuals buy directly from the insurer on the better terms that Bought By Many negotiated for them. Creating a win-win for everyone. Insurers only write the risks that they want and members of Bought By Many get a better deal. Read more
Technologies and digital experiences are evolving at breakneck speed with no sign of slowing down. As they struggled to adapt and keep up, insurance providers had to relinquish control of their own digital experiences to third parties that make it nearly impossible for insurers to differentiate themselves or engage with customers.
Backbase has created the world’s leading lean customer experience platform, Backbase CXP. It has been designed to help financial institutions organize, create, and manage deeply relevant customer experiences across all channels, on any device, to delight your customers and deliver measurable business results. Backbase believes that customer experience management is essential for organizations to stand out from the crowd, stay relevant to their customers, and grow their business.
BIMA is the leading provider of mobile-delivered insurance. The company provides insurance and underwriting to millions of low-income people via innovative partnerships with major mobile network operators and financial services businesses. They offer a range of affordable life, personal accident and health micro insurance products. BIMA combines the power of mobile technology with a unique agent-led approach to consumer education to the benefits of having insurance. The 3.500 sales agents are the driving force of the company. Consumers can pay for insurance via deduction of prepaid airtime credit.
In just five years, the BIMA model has transformed the insurance landscape in the countries where they operate, proving that it is possible to reach consumers at the bottom of the pyramid at scale. BIMA (Swahili for insurance) has already over 18 million registered customers and has paid out over 3 million USD in claims. They have operations in 14 countries across 3 continents. Read more
Often in underwriting, big decisions with huge cost implications are required to be made quickly with limited information. Traditionally, underwriters spend 70% of their time in low value tasks such as searching, aggregating and selecting data, and only 30% of the time in risk selection. With Intellect Risk Analyst, the future is set to change. Using Artificial Intelligence, insurers can underwrite risk in minutes. Read more
Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality. Read more
AcceptEmails helps insurance companies to make bill payments easier, quicker, more transparent, frictionless and less cumbersome for their customers. Not only initial bills and statements but also reminders can be send and paid with AcceptEmail.
Insurance companies provide their customers with a better bill payment experience on PC, tablet or mobile, instant updates and no registration or log-in with yet another pair of userid/password.
This results in proven quicker payments, lower DSO, reduced costs of billing & collection and 100% payments matching in the administration. For Marketing, AcceptEmail creates upsell opportunities, valuable customer insight, happier customers, less churn and higher lifetime spent. Benefit from both costs savings and revenue increase. Read more
B2X provides customer care services for smartphones and other electronic devices. More than 6 billion people will have a smartphone by 2020. Given the increasing use of smartphones, protection plans have become an inevitable choice to make for many device owners. People do not want to be caught without insurance if something happens to their device. B2X helps insurance providers to take customer care to the next level and delight smartphone owners throughout their entire lifecycle with a device. Read more
Salviol Global Analytics, a London based, innovative software provider optimizes businesses through the detection, prevention and management of fraud. The company’s flagship FROPS software (Fraud, Risk and Operational Performance Solutions) targets the ‘Fraud Detection and Prevention market,’ which, by some estimates, is expected to grow to be worth 20.5 USD billion by 2019. FROPS monitors all of the processes within the organization and looks for deviances in behaviour and potential fraud. FROPS is supported by Salviol’s database of known global fraud schemes that is continually updated. So FROPS effectively serves as an anti-virus tool for fraud within a company. Salviol offers a guaranteed ROI within the first 12 months of implementing their solutions. The successful company is selected as one of 100 Most Promising Big Data Solution Providers in 2015, received a Bully Award, European Business Award and many other awards.
VitalHealth Software develops cloud-based eHealth solutions in particular for people with chronic diseases such as Diabetes, Cancer, COPD, Depression and Alzheimer’s. The impact of VitalHealth software is huge since chronic diseases account for the majority of healthcare costs; approximately 80% of the total costs of healthcare, because worldwide there are more than 2 billion people affected by a chronic disease.
VitalHealth serves a variety of providers in health networks like insurance companies, hospitals, behavioural health and partner networks. The company is well on its way to improve the health of 10 million people by the end of 2016. Their eHealth solutions are already used in the United States, Argentina, China, Spain, France, Germany, India, the Netherlands and Belgium. Often in close cooperation with insurers that are looking to improve care as well as reduce costs at the same time.
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.