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Insurtech and Customer Services: Lessons for the Incumbents

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EXECUTIVE SUMMARY

    Insurtech groups have made it difficult for insurers to ignore the tech revolution

      Key findings

        Critical success factors

          HOW INSURTECH IS RESHAPING THE INDUSTRY

            Introduction

              What is insurtech?

                Insurtech encourages the use of technology to help connect with customers

                  The IoT can boost consumer engagement with brands

                    Insurtech is being used to meet the changing needs and expectations of modern consumers

                      Insurtech encourages disintermediation and automation in the customer relationship

                        Insurtech encourages consumers to take insurance matters into their own hands

                          P2P models provide users with the option to bypass traditional methods

                            Lemonade entices P2P users with the prospect of making charitable contributions

                              P2P services remove some of the power and authority from the insurer

                                Guevara encourages motor insurance customers to pool their resources for protection

                                  Speed and convenience must be offered to modern consumers

                                    Learning from the PFM evolution, insurtech offers improved insurance management

                                      Established insurers are developing their own ventures to invest in digital

                                        Aviva's commitment to new tech is to avoid falling behind

                                          Insurers' commitment to tech must ultimately bring them closer to the customer

                                            Incumbents need to correct the basics before they can truly modernize and move forward

                                              The launch of AXA's tech-focused funding initiative will help with market expansion

                                                Insurers would benefit from augmenting existing capabilities with strategic relationships

                                                  Insurers run the risk of competing against insurtech if they fail to embrace it

                                                    The future is promising, but a consistent approach to insurtech disruption is required

                                                      APPENDIX

                                                        Abbreviations and acronyms

                                                          Bibliography

                                                          The emergence of insurtech has been fueled by new digital capabilities and Internet of Things (IoT) devices that are reducing costs, changing systems and processes, and enhancing the consumer experience. From an industry burdened by outdated systems and paper-based operations, the insurtech space has emerged as one of the largest innovation ecosystems globally in 2016, and is set to modernize the industry in the years going forward. It has taken a while for banks and insurance firms to fully embrace fintech innovation, due in part to the amount of legacy systems in place, the heavy dependence on historical data, and the low risk appetite for new insurance-related products at most traditional firms. However, rapidly changing customer behavior, the availability of smart devices, and innovation ecosystems achieving scale provided the industry with a much-needed push in 2016 (and beyond) to adopt insurtech in a huge way.

                                                           

                                                          Reasons to buy

                                                          - Gain a detailed insight into the insurtech space.

                                                           

                                                          - Discover how insurtech is benefitting mainstream providers, and also the potential limitations.

                                                           

                                                          - Be informed of the insurers investing in the technology and those looking to develop new digital/tech-based propositions.

                                                           

                                                          Companies mentioned

                                                          Aviva

                                                           

                                                          AXA

                                                           

                                                          Metromile

                                                           

                                                          CoverHound

                                                           

                                                          Lemonade

                                                           

                                                          insPeer

                                                           

                                                          Guevara

                                                           

                                                          Cuvva

                                                           

                                                          Trov

                                                           

                                                          BIMA Mobile

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