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The Connected Insurance Observatory
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InsurTech & Connected Insurance Survey Results

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A survey created by InsurtechNews in collaboration with InsurTech 2016 Singapore, involving over 120 respondents. Based on the answers collected, the most relevant area of Insurtech is Connected Insurance and this is not surprising at all. According to a preliminary release of a study jointly developed by Venture Scanner together with the Connected Insurance Observatory, connected insurance initiatives represent 30% of start-ups but have gathered an astonishing 80% of insurtech funding. Online purchases continue to be deemed as very relevant although such promise is everything but new and has yet to materialize. Things may change though if the new purchase innovation is push sales...
Unsurprisingly, respondents also indicated that insufficient knowledge and understanding of the insurance market is the most important challenge for InsurTech start-ups and creates an imperative for collaboration between incumbents and start-ups. The second barrier is the incapacity to engage and partner with incumbents. This point confirms the importance of all open innovation initiatives of the last few months: from hackathons to co-creation labs, from incubators to accelerators. They are all fundamental to allow start-ups to access incumbents and vice-versa.

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InsurTech & Connected Insurance Survey Results

  1. 1. InsurTech & Connected Insurance Survey Presented by Luciano Pezzotta Sept 27th 2016
  2. 2. Q1: What is the most relevant area of InsurTech?
  3. 3. Q1: What is the most relevant area of InsurTech? Need Awareness Choice Purchase Use Connected Insurance / IoT P2P • Aggregators • Underwriters • Policy Mgmt. • Claim Mgmt. • Services Source: Connected Insurance Observatory
  4. 4. Q1: What is the most relevant area of InsurTech? Need Awareness 19% Choice 13% Purchase 21% Use 11% Connected Insurance / IoT 28% P2P 8% • Aggregators • Underwriters • Policy Mgmt. • Claim Mgmt. • Services
  5. 5. Q2: What are the most important benefits of connected insurance?
  6. 6. Risk selection Risk-based Pricing Value-added services Loss control Behavioural steering and loyalty system Q2: What are the most important benefits of connected insurance? Source: Connected Insurance Observatory
  7. 7. Risk selection 14% Risk-based Pricing 36% Value-added services 18% Loss control 9% Behavioural steering and loyalty system 23% Q2: What are the most important benefits of connected insurance?
  8. 8. Q3: What is the current maturity stage of connected insurance?
  9. 9. Q3: What is the current maturity stage of connected insurance? The next twelve to eighteen months will be the inflection point in its adoption 37% It will take few more years for connected insurance to become a mainstream 42% It has already had a significant impact over the insurance sector 7% It is not clear the possible impact and its extent 12% It’s a fad that will never produce a relevant and long lasting impact 2%
  10. 10. Q4: What product area has been affected the most by connected insurance?
  11. 11. Q5: What area will be affected the most in the next 12 to 18 months?
  12. 12. 61% 23% 6% 7% 26% 42% 13% 11% 8% 3% 0% 10% 20% 30% 40% 50% 60% 70% Car Health Home Life Industrial risks Q4: What product area has been affected the most by connected insurance? Q5: What product area will be affected the most in the next 12 to 18 months? Q4 Q5
  13. 13. Q6: What is the most significant barrier to insurance adoption by incumbents?
  14. 14. Q6: What is the most significant barrier to insurance adoption by incumbents? 33% 26% 17% 14% 9% Concerns about privacy and legal/regulatory Lack of technical & data management expertise Lack of a clear and compelling strategy High cost or unclear economic benefits Market is not yet ready for adoption
  15. 15. Q7: What is the most significant challenge for InsurTech start-ups?
  16. 16. Q7: What is the most significant challenge for InsurTech start-ups? 31% 8% 33% 8% 20% Insufficient knowledge and understanding of the insurance market Incapacity to engage and partner with incumbents Lack of market vs. product fit Lack of a proprietary technology Insufficient long term commitment
  • MatthewLenahan

    Feb. 14, 2018
  • catrionabache

    Jan. 24, 2017
  • LucianoPezzotta

    Oct. 10, 2016
  • shup

    Oct. 9, 2016
  • AleksandraEmiliaWyso

    Oct. 7, 2016

A survey created by InsurtechNews in collaboration with InsurTech 2016 Singapore, involving over 120 respondents. Based on the answers collected, the most relevant area of Insurtech is Connected Insurance and this is not surprising at all. According to a preliminary release of a study jointly developed by Venture Scanner together with the Connected Insurance Observatory, connected insurance initiatives represent 30% of start-ups but have gathered an astonishing 80% of insurtech funding. Online purchases continue to be deemed as very relevant although such promise is everything but new and has yet to materialize. Things may change though if the new purchase innovation is push sales... Unsurprisingly, respondents also indicated that insufficient knowledge and understanding of the insurance market is the most important challenge for InsurTech start-ups and creates an imperative for collaboration between incumbents and start-ups. The second barrier is the incapacity to engage and partner with incumbents. This point confirms the importance of all open innovation initiatives of the last few months: from hackathons to co-creation labs, from incubators to accelerators. They are all fundamental to allow start-ups to access incumbents and vice-versa.

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