The need for innovation in insurance has culminated in the creation of InsureTechs: companies disrupting the current insurance model through technology-powered strategies. To keep pace with shifting consumer preferences, insurers must modify their core, data, and digital solutions.

1. InsureTechs
Pioneering New Practices in Insurance
Phil Reynolds
CEO
BriteCore
phil@britecore.com

2. Consumers
• The majority of new insurance policies are sold to
consumers under 50. ( Millenials / Gen X )
• Concierge services and conveniences drive much of the
new economy. ( Amazon vs. Walmart, Uber vs. Taxi )
• Average consumer satisfaction decreasing with traditional
access channels. For example only 24% of millennial
purchase insurance through local agents.
• Consumers and employees expect highly automated
processes with an emphasis on transparency.

3. Carriers
• Older technology is common
• Focused on internal cost and operational efficiency
• Rampant undocumented dependencies and requirements
• Horror stories of 6-8 year failed implementations
• Lower investment in internal technological expertise than
many industries

4. Capital Markets
• Record levels of available capital
• Explosion of capital firms
• Seeking new verticals
• Unprecedented wealth concentrated in technology
companies (Amazon, Apple, Facebook, Google, etc)
• Investment mandates
• Silicon valley ethos

5. Investment
http://insuretechconnect.com/wp-content/uploads/2017/06/ITC-2017-Brochure.pdf

6. The Result?

7. InsureTechs
InsureTech: company disrupting the current insurance
model through the use of new strategies powered by
technology.

8. InsureTechs
Distribution New Carriers
Core Systems
Transformation
Supplemental
Data and Devices

9. InsureTech Connect
700
1,500
3,800
0
1000
2000
3000
4000
2015 2016 2017

10. 0
300
600
900
1200
April May June July
Current Count

11. Distribution
• Direct consumer engagement through web and mobile
• User-centric experiences
• Point of sale or embedded systems
• Data pre-fills
• Packaged with other services
• Machine learning algorithms to suggest product

12. Rating and UWR
• Straight-through processing
• Aggregate risk profiling
• Unique risk models (HO, Fire, wind, auto, cyber, shipping, WC)
• AI / Machine learning rate and risk models
• IOT devices feeding UWR model
• Telematics

13. Losses
• Fraud detection
• Interactive FNOL with follow up remediation
• Smart homes
• Job site monitors
• Wearables
• Drone inspections

14. CSR
• Consumer self-service
• Customer profile via analytics
• Push messaging reminders
• Chatbots
• Digital Assistants (Alexa / Google Home / Siri)

15. Carrier Response
19%
57%
63%
72%
84%
0%
20%
40%
60%
80%
100%
Investment Distribution Innovation Digital Core
* Research by Strategy Meets Action

16. Jetty, Inc.
https://www.jetty.com

31. Nationwide by 2018