The document discusses how data and technology are transforming the insurance industry. It covers topics like how insurers are using data from telematics, health apps, and other sources to better assess risk and offer more personalized premiums. This allows for pricing tailored to individuals based on their behavior rather than just demographics. However, increased data collection also raises privacy concerns for consumers about what data is being collected and how it will be used and secured. Insurers are aiming to address these concerns through transparency about their data practices while harnessing new sources of data to improve their business.
1. Smartphones have become the dominant internet device in the UK, used by 66% of people. The insurance industry could benefit from adopting mobile trends to better engage with customers.
2. Insurance companies should aim to be more customer-centric, engage in two-way dialogs, adopt agile models and increase awareness through personalized mobile content.
3. While insurance has traditionally been paper-based, mobile provides opportunities for customer insights, personalization, and social media engagement that companies should pursue.
How Telematics Will Improve Driver Experience and Deliver Greater Business ValueCognizant
Rapidly accelerating advances in telematics and human-machine interface design promise to deliver not only superior driving experiences but also benefits across the automotive ecosystem and beyond.
The future of insurance distribution: New models for a digital customerAccenture Insurance
This report argues that incumbents need to embrace digital disruption, form partnerships and adopt innovative technologies to improve customer engagement and create new opportunities for growth. It introduces five new distribution models that insurers should consider, as well as six ‘lenses’ through which they can be evaluated.
Your insurance clients know that far-sighted players are already confronting the future of insurance distribution. Use this report to help them assess their options.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
The document discusses how digitization is transforming the insurance industry. It is putting pressure on life/pensions and property/casualty insurers to improve customer experience through digital channels. Customers now expect seamless, personalized experiences through mobile and online access. Insurers need to leverage new technologies like analytics, cloud computing, and the internet of things to meet these rising expectations and compete in the digital era. Data and digitization offer opportunities to better understand customers, price policies dynamically, and automate processes, but insurers must also address challenges of security, regulation and building customer trust.
The document discusses the key shifts underway in the insurance industry as it transitions to a digital model. Empowered consumers demanding personalized experiences, innovative competitors, and new technologies are driving insurers to move from a policy-centric model to one focused on the customer. Insurers must utilize data and analytics to develop new products that anticipate customer needs and can be purchased through any channel. They also need to build ecosystems of partners and modernize legacy systems to keep pace with these changes and remain competitive in the digital insurance landscape.
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
1. Smartphones have become the dominant internet device in the UK, used by 66% of people. The insurance industry could benefit from adopting mobile trends to better engage with customers.
2. Insurance companies should aim to be more customer-centric, engage in two-way dialogs, adopt agile models and increase awareness through personalized mobile content.
3. While insurance has traditionally been paper-based, mobile provides opportunities for customer insights, personalization, and social media engagement that companies should pursue.
How Telematics Will Improve Driver Experience and Deliver Greater Business ValueCognizant
Rapidly accelerating advances in telematics and human-machine interface design promise to deliver not only superior driving experiences but also benefits across the automotive ecosystem and beyond.
The future of insurance distribution: New models for a digital customerAccenture Insurance
This report argues that incumbents need to embrace digital disruption, form partnerships and adopt innovative technologies to improve customer engagement and create new opportunities for growth. It introduces five new distribution models that insurers should consider, as well as six ‘lenses’ through which they can be evaluated.
Your insurance clients know that far-sighted players are already confronting the future of insurance distribution. Use this report to help them assess their options.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
The document discusses how digitization is transforming the insurance industry. It is putting pressure on life/pensions and property/casualty insurers to improve customer experience through digital channels. Customers now expect seamless, personalized experiences through mobile and online access. Insurers need to leverage new technologies like analytics, cloud computing, and the internet of things to meet these rising expectations and compete in the digital era. Data and digitization offer opportunities to better understand customers, price policies dynamically, and automate processes, but insurers must also address challenges of security, regulation and building customer trust.
The document discusses the key shifts underway in the insurance industry as it transitions to a digital model. Empowered consumers demanding personalized experiences, innovative competitors, and new technologies are driving insurers to move from a policy-centric model to one focused on the customer. Insurers must utilize data and analytics to develop new products that anticipate customer needs and can be purchased through any channel. They also need to build ecosystems of partners and modernize legacy systems to keep pace with these changes and remain competitive in the digital insurance landscape.
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
This report looks at how digital platform companies and the ecosystems they are creating are reshaping customer experience expectations for insurers. It considers insurance carriers’ options for creating digital platforms and ecosystem strategies that will enable them to grow their relevance and market power in a changing world.
To read more, visit https://www.accenture.com/us-en/insight-emerging-insurance-ecosystem
Insurance carriers future competitive advantage will be determined not by their organization alone, but by the digital platforms and ecosystems they choose. Read more.
CII-EY report titled Insurer of the Future reveals that technology will power the new wave of change for the Indian Insurance Industry. The report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model.
Importance of Artificial intelligence (AI) in InsuranceDamco Solutions
Artificial Intelligence (AI) benefits the insurance industry by saving time and money, improving customer experience, predicting risk, detecting fraud, and improving profitability. Read more at: https://bit.ly/AI-In-Insurance
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
Don’t bid farewell to your insurance agent just yet. NTT DATA Consulting provides a reality check on AI’s transformative impact on the insurance industry. Download the full report “The AI Revolution in Insurance: A Reality Check” on the NTT DATA website.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
Connected Car Insurance USA 2016 is a two-day conference that will address the most pressing issues in the auto insurance industry related to connected vehicles and telematics. The conference will feature over 800 senior executives, 70 expert industry speakers, and 30 business-focused sessions. Key topics to be discussed include developing consumer-centric insurance solutions for the connected mobility era; adapting to advances in technologies like advanced driver assistance systems and autonomous vehicles; approaches to data analytics, portability, and security; leveraging partnerships with automakers; and utilizing telematics data to improve the claims process. The goal of the event is to help insurers and other stakeholders navigate the evolving connected car landscape and insurance ecosystem.
People First: The Primacy of the People in the Age of Digital InsuranceAccenture México
John Cusano, Director Global de la Industria de Seguros, dio a conocer cómo la innovación es un habilitador para superar los desafíos que pueden surgir de la adopción de modelos digitales
Artificial intelligence has the potential to modernize and streamline the insurance industry by enhancing automation, reducing costs, lowering risks, and facilitating faster decision-making. Key reasons for the expected growth of AI use within insurance is the large amount of data available to train systems. While AI can benefit insurance through improved customer experiences, pricing, and claims processing, challenges to adoption include high costs, reliability issues, and increasing regulatory concerns around privacy and automated decision-making.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
E commerce adoption by insurance companies in indiaumaganesh
This document analyzes the adoption of e-commerce by insurance companies in India. It finds that insurance companies are in the initial phases of e-commerce adoption and have yet to develop fully interactive and transactional websites. Web aggregator sites provide product information to expand insurance market knowledge. Insurance company websites owned by banks can better promote products through cross-selling opportunities. The study aims to understand e-commerce stages of life and general insurers and the roles of web aggregators and bank websites in online insurance marketing in India.
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020Bernard Marr
New technology changes the operations and realities of organizations in all industries when it is widely adopted. It's no different with the latest innovation introduced by artificial intelligence, blockchain, and other technology. Here we look at the 7 biggest technology trends that will disrupt banking and financial services in 2020.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
The Impact of Big Data and Artificial Intelligence (AI) in the Insurance SectorΔρ. Γιώργος K. Κασάπης
Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customise business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.
As big data and AI (also called machine learning) are increasing being employed in the insurance sector, the great benefits that are expected also come with risks. The granularity of data has the potential to give insights into a variety of predictable behaviours and incidents. Given that insurance is based on predicting how risk is realised, having access to big data has the potential to transform the entire insurance production process.
This report examines both the benefits and risks big data and AI can bring to the insurance industry. In particular, this reports discusses how the OECD Recommendation on Artificial Intelligence and the European Commission’s Independent High-Level Expert Group on Artificial Intelligence’s (HLAG AI) Ethics Guidelines for Trustworthy AI should be considered in the context of the insurance sector.
The report concludes with policy areas in which policy makers may consider action in the insurance sector in relation to big data and AI going forward.
Will fintech newcomers disrupt health and home insurance? Matteo Carbone
Fintech companies are looking to disrupt health and home insurance through new technologies like wearables and connected home devices. Insurers can leverage these technologies to improve risk assessment, offer value-added services, enhance the customer experience, and implement behavior-based pricing models. Examples include Oscar's health insurance app that rewards healthy behaviors, Medibank's wellness services that boost sales, and home insurers installing sensors to better manage risks and offer additional home services. Integrating emerging technologies presents opportunities for insurers to generate value across the insurance lifecycle.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
The document discusses how expanding telematics programs for auto insurance can significantly improve insurers' combined ratios and profitability. It outlines that telematics programs have the potential to lower combined ratios by 5 percentage points if offered to all policyholders through a value-added services model focused on safe driving rewards and services. The document also describes the necessary technology architecture and considerations for making such an expanded telematics program cost-effective and scalable.
Digital transformation is disrupting the insurance industry in three main ways: 1) Through hyper-personalized insurance products enabled by new data sources and customer data; 2) New competitors like insurtech companies and other industries entering insurance; 3) Emergence of new data sources and technologies that allow for new types of products and more customer-centered experiences. Insurers must leverage semantic graph technologies and data fabrics to integrate diverse new data sources, gain insights from data to develop new products and services, and remain competitive against new entrants.
This report looks at how digital platform companies and the ecosystems they are creating are reshaping customer experience expectations for insurers. It considers insurance carriers’ options for creating digital platforms and ecosystem strategies that will enable them to grow their relevance and market power in a changing world.
To read more, visit https://www.accenture.com/us-en/insight-emerging-insurance-ecosystem
Insurance carriers future competitive advantage will be determined not by their organization alone, but by the digital platforms and ecosystems they choose. Read more.
CII-EY report titled Insurer of the Future reveals that technology will power the new wave of change for the Indian Insurance Industry. The report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model.
Importance of Artificial intelligence (AI) in InsuranceDamco Solutions
Artificial Intelligence (AI) benefits the insurance industry by saving time and money, improving customer experience, predicting risk, detecting fraud, and improving profitability. Read more at: https://bit.ly/AI-In-Insurance
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
Don’t bid farewell to your insurance agent just yet. NTT DATA Consulting provides a reality check on AI’s transformative impact on the insurance industry. Download the full report “The AI Revolution in Insurance: A Reality Check” on the NTT DATA website.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
Connected Car Insurance USA 2016 is a two-day conference that will address the most pressing issues in the auto insurance industry related to connected vehicles and telematics. The conference will feature over 800 senior executives, 70 expert industry speakers, and 30 business-focused sessions. Key topics to be discussed include developing consumer-centric insurance solutions for the connected mobility era; adapting to advances in technologies like advanced driver assistance systems and autonomous vehicles; approaches to data analytics, portability, and security; leveraging partnerships with automakers; and utilizing telematics data to improve the claims process. The goal of the event is to help insurers and other stakeholders navigate the evolving connected car landscape and insurance ecosystem.
People First: The Primacy of the People in the Age of Digital InsuranceAccenture México
John Cusano, Director Global de la Industria de Seguros, dio a conocer cómo la innovación es un habilitador para superar los desafíos que pueden surgir de la adopción de modelos digitales
Artificial intelligence has the potential to modernize and streamline the insurance industry by enhancing automation, reducing costs, lowering risks, and facilitating faster decision-making. Key reasons for the expected growth of AI use within insurance is the large amount of data available to train systems. While AI can benefit insurance through improved customer experiences, pricing, and claims processing, challenges to adoption include high costs, reliability issues, and increasing regulatory concerns around privacy and automated decision-making.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
E commerce adoption by insurance companies in indiaumaganesh
This document analyzes the adoption of e-commerce by insurance companies in India. It finds that insurance companies are in the initial phases of e-commerce adoption and have yet to develop fully interactive and transactional websites. Web aggregator sites provide product information to expand insurance market knowledge. Insurance company websites owned by banks can better promote products through cross-selling opportunities. The study aims to understand e-commerce stages of life and general insurers and the roles of web aggregators and bank websites in online insurance marketing in India.
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020Bernard Marr
New technology changes the operations and realities of organizations in all industries when it is widely adopted. It's no different with the latest innovation introduced by artificial intelligence, blockchain, and other technology. Here we look at the 7 biggest technology trends that will disrupt banking and financial services in 2020.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
The Impact of Big Data and Artificial Intelligence (AI) in the Insurance SectorΔρ. Γιώργος K. Κασάπης
Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customise business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.
As big data and AI (also called machine learning) are increasing being employed in the insurance sector, the great benefits that are expected also come with risks. The granularity of data has the potential to give insights into a variety of predictable behaviours and incidents. Given that insurance is based on predicting how risk is realised, having access to big data has the potential to transform the entire insurance production process.
This report examines both the benefits and risks big data and AI can bring to the insurance industry. In particular, this reports discusses how the OECD Recommendation on Artificial Intelligence and the European Commission’s Independent High-Level Expert Group on Artificial Intelligence’s (HLAG AI) Ethics Guidelines for Trustworthy AI should be considered in the context of the insurance sector.
The report concludes with policy areas in which policy makers may consider action in the insurance sector in relation to big data and AI going forward.
Will fintech newcomers disrupt health and home insurance? Matteo Carbone
Fintech companies are looking to disrupt health and home insurance through new technologies like wearables and connected home devices. Insurers can leverage these technologies to improve risk assessment, offer value-added services, enhance the customer experience, and implement behavior-based pricing models. Examples include Oscar's health insurance app that rewards healthy behaviors, Medibank's wellness services that boost sales, and home insurers installing sensors to better manage risks and offer additional home services. Integrating emerging technologies presents opportunities for insurers to generate value across the insurance lifecycle.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
The document discusses how expanding telematics programs for auto insurance can significantly improve insurers' combined ratios and profitability. It outlines that telematics programs have the potential to lower combined ratios by 5 percentage points if offered to all policyholders through a value-added services model focused on safe driving rewards and services. The document also describes the necessary technology architecture and considerations for making such an expanded telematics program cost-effective and scalable.
Digital transformation is disrupting the insurance industry in three main ways: 1) Through hyper-personalized insurance products enabled by new data sources and customer data; 2) New competitors like insurtech companies and other industries entering insurance; 3) Emergence of new data sources and technologies that allow for new types of products and more customer-centered experiences. Insurers must leverage semantic graph technologies and data fabrics to integrate diverse new data sources, gain insights from data to develop new products and services, and remain competitive against new entrants.
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...Matteo Carbone
The document discusses Nationwide's efforts to expand usage-based insurance (UBI) programs beyond simple discount-only approaches. It summarizes Nationwide's two main UBI programs, SmartRide and SmartMiles, which use telematics data collected from mobile apps and OBD devices to provide discounts and pay-per-mile premiums. The document also discusses how Nationwide is exploring integrating telematics data across other insurance processes and using it to offer discounts on other insurance products like homeowners insurance. Nationwide's programs demonstrate the potential for telematics to more accurately price insurance and positively impact customer behaviors.
Progressive Insurance implemented mobile technology solutions to improve their claims processing and customer service. Mobile claims adjusters with laptops could complete tasks at accident scenes in hours that previously took weeks. This improved the customer experience. Progressive also used mobile apps and GPS vehicle tracking to more accurately assess risks and set premium prices. While this approach raised privacy concerns for some, Progressive argued it only used data for pricing. Overall, the mobile solutions increased efficiency, customer response times, and allowed up-selling additional policies.
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Mobile insurance are you well positioned for this emerging channelRick Bouter
1. Mobile offers opportunities for insurers to interact with and service existing and new customers through apps, but most insurance apps currently have limited features and do not provide seamless multi-channel experiences.
2. Insurers are now looking to move to the next level of maturity by better integrating mobile apps and defining clear objectives, sustainable app strategies, and adapting to customers' preferences and evolving mobile trends.
3. Some insurers have started using mobile to increase efficiencies, such as through claims processing apps, and to offer customized products using location-based data, but generating revenue directly from mobile channels is still a lesser priority currently.
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCognizant
With the profusion of insurance consumer data coming online, the role of data intermediaries is emerging as a key player in the insurance ecosystem. Insurance distributors are especially well-suited to take the lead in analyzing leveraging user data and sharing insights to drive innovative product offerings and growth.
The document discusses how big data and telematics technologies can transform the motor insurance industry in the Middle East. It notes that while consumers are willing to share their data in exchange for cheaper premiums, the insurance sector has lagged in utilizing big data compared to other industries. Telematics allows insurers to more accurately price policies based on driving behavior data and can help improve road safety. Adopting these technologies represents a major opportunity for motor insurers in the Middle East to improve their business models, customer experience, and gain a competitive advantage. However, privacy concerns and high data costs currently pose barriers to their implementation in the region.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
When you hear of “insurance”, the words “innovation” and “technology” would not come to mind intuitively – but they should now. At this day and age, insurance technology has the potential to affect nearly every essential insurance function, ranging from distribution methods to actuarial number crunching. InsurTech is now being implemented across every stage of the insurance value chain.
InsurTech 2016 Conference is a global gathering of the world's leading thinkers and doers in Insurance innovations and technology. It's a gathering of the planet's businesses, large and small, who are being impacted by new innovations to want to meet the demands of the insurance market.
This year, over 300 attendees will make the trip from all corners of the globe to hear from 80 industry thought leaders who will deliver the knowledge you're looking for to succeed in this arena.
InsurTech 2016 will assure that you meet the top insurance and technology professionals - leading 22 interactive and insightful sessions across all the insurtech spectrum, including:
Digital distribution channel
Blockchain
Data Analytics
Wealth Management
IoT & Telematics
Auto Tech
Health Tech & Wearables
Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
Alpha Direct Insurtech Pte Ltd – Insurer Transformation Award 2023The Digital Insurer
1) Alpha Direct Insurtech developed Graphite, a software platform that provides end-to-end insurance operations through components that seamlessly interact via APIs.
2) Graphite leverages mobile technology and network connectivity to make insurance accessible even in remote areas by offering products tailored to different needs and budgets.
3) A key feature of Graphite is the "Insurance in a Box" product, which uses an OBD device, sensors and data transmission over mobile networks to offer pay-per-km motor insurance and adjust premiums based on individual driving behavior.
Senior Strategist Tom Whitbrook, explores the future of insurance propositions, customer experience and operations as well as how #insurers can build the organisational and technological capabilities required to become the insurer of the future.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
InsurTech trends: Connected Insurance as the most relevant one considering TAM and maturity level. It has already shown adoption and material impacts in some markets.
Insurance Cloud: From Tactical to Strategic Investment for European InsurersAccenture Insurance
Insurance companies have been relatively cautious about cloud adoption. However, the conversation among insurers has changed in the last few years, moving to “when and how” rather than “why.” Several factors are driving today’s insurance companies to move their applications and data into the cloud as they reassess their business opportunities. Learn more:
The document discusses how digital technology is creating new frontiers for insurers. It outlines how digital channels will play an increasing role in sales and customer experiences can become more insight-based. It also discusses how roles like agents are changing and new ecosystems are forming. Case studies on companies like The Climate Corporation and peer-to-peer insurance models are provided. The document argues insurers must evaluate their IT systems, digitize customer relationships, and shift to algorithmic risk assessment to transition to the digital insurer of the future.
The document discusses 10 trends in the insurance industry in 2016. Technology startups are disrupting existing business models in the industry. Most trends are technology-related and have low market penetration currently but will see mainstream adoption in coming years. Trends like increased use of IoT, big data, entry of non-traditional firms, and mHealth apps will have significant impact on insurers and customers. Other trends like peer-to-peer insurance and cyber insurance will play a larger role in the future.
Smarter Auto for the Hyperconnected World Matteo Carbone
This document discusses the growing use of telematics data in auto insurance. Telematics data enables more personalized insurance pricing and customer experiences. It can be used across the insurance value chain from pricing to claims management to additional services. While telematics is more established in the US and Italy, its use in pricing and underwriting has yet to be fully realized in most markets. As technology improves and costs decrease, the use of telematics data is expected to continue growing globally.
This document summarizes a report by Deloitte on the challenges and opportunities facing auto insurers regarding usage-based insurance (UBI) programs using telematics. It finds that the auto insurance market can be divided into three segments based on willingness to participate in UBI programs: eager beavers (26% willing without a discount), fence sitters (27% willing with a high enough discount), and naysayers (47% unwilling under any circumstances). Younger drivers aged 21-29 are more open to UBI, while discount expectations vary more by gender. The findings suggest the UBI market may bifurcate over time between those monitored under new pricing models and those served through traditional methods.
The New Auto Insurance Ecosystem: Telematics, Mobility and the Connected CarCognizant
1. The document discusses the emergence of telematics and usage-based insurance (UBI) programs, which use data from connected cars and devices to more accurately assess driver risk and reward safe driving.
2. It notes that embedded telematics, smartphones, and regulatory changes are driving more adoption of UBI by insurers and customers. Insurers can benefit from better risk assessment and claims processing, while customers can receive lower premiums for safe driving.
3. The growth of telematics is expected to create new opportunities for insurers to engage customers through mobile apps and services, helping to build loyalty and competitive advantage.
Lacuna Innovation is an innovation consulting firm that helps global organizations sustainably innovate new products, services, and business models. They identify trends that impact clients' businesses and find innovation opportunities through research, workshops, and understanding customer needs. Lacuna develops proof-of-concept designs, prototypes, and commercial solutions. With offices worldwide, Lacuna has global reach to be at the forefront of innovation. Their services include anticipating future opportunities and trends, developing growth strategies, creating stakeholder-centric solutions, and embedding sustainable innovation capabilities into organizations.
This document discusses reducing single-use plastic in packaging. It outlines the rising issue of plastic waste pollution and consumers' growing concerns about plastic packaging. It then presents several circular business models for cutting plastic waste, such as using renewable and recyclable materials, designing for disassembly and recycling, and creating fungal packaging that can be composted. The goal is for companies to transition to more sustainable practices and a circular economy approach to address plastic waste.
This document discusses trends shaping the retail landscape in 2019. It covers topics such as multi-purpose retail spaces that offer complementary services, direct-to-consumer business models, experiential marketing campaigns, retail automation technologies, and pop-up retail. The overall retail industry is undergoing significant changes as consumer preferences shift and technology advances, forcing retailers to rethink their store formats, payment options, and how they create engaging shopping experiences.
The document discusses various ways that the face of mobility is changing, including:
1) Disruption of the traditional car industry model through technological advances, changes in consumer behavior and regulation. Mobility now involves using multiple options like public transit, ridesharing, bikes and scooters within a single journey.
2) Emergence of new mobility solutions providers that are integrating different transportation options into single platforms and working to provide seamless end-to-end mobility. This includes data consolidation, micro-mobility options and collaboration between public transit agencies and ridesharing companies.
3) Growth of electric vehicles and commitments by many countries to ban new internal combustion engine vehicles, driven by efforts to reduce emissions. Vehicle elect
This document provides an overview of fintech startups in sub-Saharan Africa. It discusses the growth of mobile technology and financial services in the region, which has created opportunities for fintech innovation. Notable fintech startups in South Africa, Kenya, and Nigeria are highlighted, including Yoco, Snapscan, and M-Pesa, which provide payment solutions that have increased access to financial services. The document also notes that international investors are increasingly interested in the sub-Saharan African fintech sector.
The document discusses opportunities in the food and beverage industry related to cannabis legalization. It notes that Canada has fully legalized cannabis and many US states have as well, opening up a potential multi-billion dollar market for cannabis-infused products. Food and drinks, edibles, beauty products, and novel experiences like cannabis tours and restaurants are emerging. The document outlines the major players in the cannabis industry and analyzes the regulation landscape, new types of cannabis consumers, challenges around branding and marketing cannabis products, as well as opportunities in adjacent industries like packaging and logistics.
Blockchain buzz - getting to the bottom of distributed ledger technologyLacuna Innovation
Distributed ledger technology (DLT) is a decentralized method for record keeping that provides more security than traditional databases. It has applications across many industries, including banking, supply chain management, and healthcare. In banking, DLT can be used to build digital wallets and ledgers for storing and transferring assets. Many companies are exploring its use, such as JPMorgan Chase which introduced a stablecoin. DLT also improves supply chain transparency and accountability. Walmart uses blockchain to trace pork from China, while De Beers uses it to track diamonds. In healthcare, DLT can be used to manage private health records and track drug supplies more securely.
Is the cannabis industry set to be a global gold rush?
Cannabis appeals to consumers’ sense of adventure and desire for unconventional experiences. This, in addition to its associated medical benefits, has given it a foundation within commerce.
Take a deeper look into the cannabis industry and its potential in this Cannabis Rising report.
Shrink wrap packaging is an area ripe for disruption, with many companies designing new packaging materials, with conglomerates in the beverage industry introducing new machinery and materials to lessen plastic waste in their production and the product’s lifecycle.
This report explores some of the alternatives introduced in the beverage industry.
“Omni-Channel” - a buzzword used so freely in marketing and sales; but what is it, really?
The key to Omni-Channel is seamless consumer purchasing experience and the level of integration between the channels enabling this.
In this overview of Omni-Channel, we highlight enabling technologies and how brands are delivering with the use of Omni-Channel.
The document summarizes the key drivers of the rise of collaborative consumption as an economic trend:
1) Resource depletion due to unsustainable consumption patterns has led to scarcity of resources like water, biodiversity, minerals, and topsoil. This reflects a state similar to "peak oil" where demand outstrips supply.
2) The 2007/2008 financial crisis and resulting recession triggered job losses, stagnating wages, and decreased asset values. Governments implemented austerity measures that further rattled economies.
3) Technological innovation enabled new digital platforms and sharing networks through smartphones, social media, and cloud computing. These reduced transaction costs and matched supply with demand.
4) Younger generations like Millenn
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
15. INSURANCE REIMAGINED: INSURANCE IN THE AGE OF DATA ANALYSIS
ABOUT LACUNA
These are just a few of the opportunities emerging in the insurance industry. To find
out more about how this industry is transforming and how your company can take
advantage of these shifts, contact Lacuna Innovation. Our innovation experts can
help you to identify unmet consumer needs and opportunities and help you map a
path to implementation.
Lacuna Innovation is a boutique consultancy that helps global organisations to sustainably innovate new
products, services and business models by combining trend, insight and commercial expertise in one
place. We identify new growth opportunities, immerse ourselves in markets and build in-house innovation
capabilities to achieve lasting impact.
Harnessing an environment of tangible tech and creative collaborations, we can help you bring identified
opportunities and concepts to life through experimentation and prototyping. With offices in Cape Town,
Johannesburg, London, and Mauritius we have global recognition, credibility and reach, which allows us
to be at the forefront of Front-End Innovation (FEI).
We are innovation architects in the business of building tangible and sustainable futures. We work with
companies to facilitate their innovation efforts, using our proprietary innovation methodology.
We are not a branding or advertising agency. We seek opportunities for our clients to ensure that they
remain competitively innovative. We identify and monitor trends that impact our clients’ businesses, and
assist them in identifying innovation opportunities to be pursued through focused research, a series of
workshops, and a unique understanding of the unmet needs of consumers. Our proactive approach to FEI
allows us to move beyond concept development to developing Proof-of-Concept design, prototyping and
ultimately, commercialisation.
To find out how we can help you, reach us at hello@the-lacuna.com