Insur tech

POSSIBILITIES IN
INSURANCE REPORT
InsurTech
www.stavepartners.com | info@stavepartners.com
May, 2019
STAVEPARTNERS
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STAVEPARTNERS
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Contents
At A Glance……………………………….........................................................3
Insurance Industry Outlook................................................................4
Key Trends…………………………………………..........................................5
Transformational Products and Solutions......................................6
New Perspectives For Life Insurers.................................................8
Differentiation on Life Products......................................................9
Data Centric Marketing For Insurer...............................................10
Data Centric Financial Growth ......................................................11
New Expectations with Digital Services.............................................12
Stave Partners................................................................................13
Creating The Dirsruptin with Stave.................................................14

At A Glance
Technology is reshaping risk products and it is not limited with customer experience. It also allows us to
create new type of risk products.
Mortal rate is declining, non-life products growth is very limited, motor insurance is the 1/3 of the all
non-life products. Turning the risk products into essential thing for customers should be major concern.
Startups and tech companies are increasing their focus on InsurTech however traditional insurers have
access to core and some adjacent models, new type of insurers are providing the disrupting models.
P2P Insurance, API-As-A-Service products, on-demand and micro insurance products are getting more
and more popular in 2019.
Specially purely digital insurers and challenger banks are focusing on micro insurance products. They are
providing affordable micro risk products to broad segments in the industry.
Claim management and rewarding vertical products are very hot on life insurance segment. Digital
services are creating brand new product and service segments in the industry.
Stave Partners is working with insurers, governments, funds and HNIs and create vertical tech based
products. As a partner, Stave manages those products with internal teams as a portfolio company.

STAVEPARTNERS
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INSURANCE INDUSTRY OUTLOOK
Technology is reshaping the insurance industry. But it is not just about the new business
models. Also, insurers are exploring the new ways of effecting to their traditional KPIs
like claims. There are many possibilities in the current market and Stave Partners is
working on changing the dynamics of the industry.

Key Trends
www.stavepartners.com | info@stavepartners.comSource: Swiss Re Sigma No:5/2018
Life
• Global mortality rate in declining
globally.
• Higher risks buy protection.
However, most of the customers
are not sharing their genetic or
related tests with insurer.
• New tech medical innovations are
generally very expensive and
adding strain to the healthcare
budgets of households and
governments.
• Expected global life insurance
premiums growth is %1.6
• Advanced markets growth is %1.7
where emerging markets forecast is
%1.3 (excluding China, forecast is
%5)
Non-Life
• Global non-life premiums growth
expected as %3 in 2019
• On emerging markets, premiums
growth is expecting %8 in 2019
• In China and India, non-life
business is strong with combined
premiums up %12 in real terms this
year.
• P&C sector underwriting profit
overall was some USD 6B in first
half on 2018, resulted sector ROE
of %8.8
• In 2017, natural insured
catastrophe losses was USD 144B
however it seems decreased in
2018.
Motor
• USD 730B premiums produced in
2017 globally and the motor is the
largest non-life risk pool, for 1/3 of
all non-life premiums
• Claims are decreasing in Europe in
according to UK, German and
French Insurance Associations
• With new technologies like
advanced driving assistance
systems, in-dash systems and
expensive imported parts are
driving up repair costs specially in
Australia.
• In US claims frequency increased
and the market has responded by
increasing premium rates.

Transformation of Products & Solutions
CORE
Product Innovation
ADJACENT
New Market Innovation
TRANSFORMATIVE
DISRUPTIVE
Business Model Innovation
Three-tier Innovation Ambition Framework
%70
%20
%10
CORE
Product Innovation
Focused on delivering product
innovation improvements to
existing markets and customers
• Digitalization of inefficient
processes
• Optimization of online
distribution
• Price comparison and
aggregators
• Unbundling the value chain
of insurance
ADJACENT
New Market Innovation
Stretching existing
capabilities/products to serve
adjacent markets or customers
• Product disaggregation
• Robo broker
• Embedded pull insurance
• Preventive risk management
DISRTUPTIVE
Business Model Innovation
Creating new markets and
solving customer needs.
Typically cannibalize incumbents
• P2P or ‘digital mutual
models’
• Preventive models
• Two sided platforms
• Open platform business
models
CompanyInitiatives
Largest Financial Return
Source: Managing Your Innovation Portfolio by Deloitte, The Insurtech Book by Susanne Christi, What is enabling the unbundling of integrated value chain? By Hu Liang

Transformation of Products & Solutions
Company Definition Category
Sigortam Jet Compare different policies and prices Core
Spoke Insurance Bicycle insurance Core
Trov Short-term/on-demand insurance Adjacent
Risk Genius Robo broker, automated underwriting with AI Adjacent
Wrisk Robo broker, calculating your insurance risk score Adjacent
Tesla & AXA Embedding AXA auto insurance to Tesla cars Adjacent
Tikkr On-demand activity related insurance with API Adjacent
Amado Insurance portfolio builder based on behavioral data Adjacent
LifeQ Digital health and risk management platform Adjacent
Leakbot Monitoring household water leakages Adjacent
Metromile Pay as you go auto insurance Disruptive
Friendsurance P2P Insurance provider, risk pool unbundling Disruptive
Laka P2P Bike insurance provider Disruptive
Telenor India Freemium insurance model by telco company Disruptive
Adapt Ready Climate based risk assessment AI tool Disruptive
Fat Lama On-demand sharing insurance Disruptive
Company Examples According to Innovation Ambition Categories
• Specially tech based startups are
providing great vision for new
product/services in insurance
industry
• Technology is changing many
industries with new business &
revenue models. So, new insurable
products are out there
• API-As-A-Service insurance
products are creating a new
vertical in insurTech
• P2P, on-demand, pay-as-you-go
models are getting hot
• Big data and machine learning are
creating new automated services
for risk assessment
Disruptive Environment
Source: Sia Partners Banking & Insurance es.finance.sia-partners.com, The Insurtech Book by Susanne Christi, Company Websites of Example Products, Munich Re Foundation Freemium Insurance Report

New Perspectives For Life Insurance
Business Trends Affecting Life Insurers
Stagnant premiums
Low profitability
Decline in life insurance ownership
Fast evolving customer expectations
Technological advancements
New market entrants
Actions Taken By Life Insurers to Combat Market Forces
Offering dynamic and flexible products
Managing risks proactively
Reaching out to customers in a manner they prefer
Simplifying customer journey
Developing desired technological competencies quickly
Improving integrations with ecosystem partners
Trends to Consider
Life insurers are positioning
themselves as customers’ health
and lifestyle coach
Automated processes and reach out
to customers from new channels are
two important CX necessities
Source: Capgemini; Life Insurance Trends 2019

Differentiation on Life Products
• Fabric Instant product differentiate
the death policy
• Company is providing accidental
death policy
• Customers can easily switch to
term life insurance policies
• Fabric Vault mobile app is providing
financial information sharing
among family members
• For a Fabric insurance, customer
should download the Fabric Vault
and create a will
• Loyalty platform designed to
attract, retain and grow life
insurance customers.
• Life.io leverages data from
wearables, social media and other
sources to provide insurers with
insight to help them better
understand policyholders
• Proactively reaching out to
customers based on life events
• Creating opportunities for cross-
sell and up-sell
• Increase retention and decrease
the churn
• Life insurer that reward customers
based on their healthy actions
• Reducing the claim risk with
providing healthy life goals to
customer based
• Wellness optimizer rewards
insureds for keeping their vitals
such as blood pressure, blood
glucose, cholesterol, and body
mass index in a healthy range
• Offering %50 discount on many
wellness club and GYM centers
Source: Capgemini; Life Insurance Trends 2019, Example Company Websites

Data Centric Marketing For Insurer
Existing & Potential Customers
Those Meeting The Policy Criteria
Profile of Those Likely to Purchase
Profile of Those Likely to Remain Loyal
Profiling the customer based on policy criteria
• Better customer acquisition model starts with mining work
• Data effort includes both segmentation and predictive modeling
• Based on high LTV, identify the most valuable customers
• Identify the relative product for those customers
• Cluster the customers according to their product interest
• Identify the best media marketing to target group
Brief approach for data centric customer acquisition strategy
Mining efforts can highlight the hidden opportunities
of insurer’s customer based

Data Centric Financial Growth
Life Health Motor
In recent years, we are facing with different retention strategies specially in life,
health and motor insurance products. Retention strategies can directly impact to
renewals, cross-sell, claims and uncollected installments.
Main point of retention strategy in insurance is focusing on customer’s life style
and life events. Beside offering partner offers, insurers are also offering vertical
retention product to their customer based.
Providing online consultancy to life insurance customers about
their policy, healthy life style, and offering healthy life style offers
Some Examples
Rewarding customers based on their healthy actions such as
running 10 km each week
Using GPS, rewarding customers for their good driving
behavior
Data Collection and Retention
Behavioral Demographic Related Offers
Unlike other
industries, for
insurers users’
daily activities are
very important.
For renewal, claim
management and
cross-sell; insurer
should focus on
daily activities of
the user such as
preferred brands.
Demographic data
is important for
both policy and
local campaign
offerings.
Insurers should
collect
demographic data
accurately.
Using behavioral
data, demographic
data and policies;
insurer should
create related
offers to different
customer clusters.
Each customer is
unique and
one-size-fits-all
strategy never
works for insurer.

New Expectations with Digital Services
Insurer
• Breakdown Services
• Safe Driving Offers
• Rewards For Safe Driving
• Repair Shop Discounts
• Travel Offers
• Treatment Guidelines
• Supporting For Prevention
• Support For Finding Doctor
• Health Related Offers
(Dining, Sports, etc.)
Property
• Repair Service Guidelines
• Smart Home Services
• Alert/Security Systems
• Home Related Offers
(Repair, Furniture, etc.)
• Treatment Guidelines
• Supporting For Prevention
• Support For Finding Doctor
• Health Related Offers
(Dining, Sports, etc.)
Motor
Health Life
From claim management to premium optimization, new generation digital services are creating new
opportunities for both financial growth and customer experience

Stave Partners
1
2
3
Existing
Market &
Segments
Enter
New Market
& Segments
Create
Market &
Segments
Core
Business
Enhancements to
Business
New
Solutions
Disruption
Stave Partners is a tech based product
development and management company.
Stave creates horizontal/vertical tech based products and
manages them internally.
As a portfolio company, Stave works directly for scaling
products and create success stories.
Companies Governments
Funds HNIs

Creating the Disruption in Insurance with Stave
Vertical Growth & Development
Vertical Digital Insurance Products
Claim Management
New Segment Offerings
IoT Based Product Offerings
Feature Development
Complementary Services
Ancillary Products
Emerging Product Development
Claim & Experience Service
Development
Stave is partnering with insurers and create cutting edge
products and services
Insurer make the investment and collaborate with Stave
team
Stave Partner is develop and manage the product with
dedicated team as a new venture
From scaling to mature phase, Stave is the partner of
the insurer.
Stave Partners is not a consulting company, Stave is your
partner. We are the company of 21th century

STAVEPARTNERSs
www.stavepartners.com
info@stavepartners.com
Istanbul, Turkey
www.medium.com/stave
www.slideshare.com/stavepartners

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