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.
Motor insurance: services telematics basedMatteo Carbone
ย
The black box makes it possible for Insurers to enrich their motor insurance value proposition, de-commoditizing the car insurance policy and creating new sources of income
The think tank focused on Connected Insurance, the first InsurTech trend able to scale up. We are addressing the business opportunities on auto telematics, other personal lines (connected health, connected life, connected home) and commercial lines
Connected cars and insurance claims - a new paradigmMatteo Carbone
ย
The benefits of telematics data for handling claims are significant and can be divided into three main categories: a proactive approach, objective information and loss prevention and mitigation
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.
The full potential of insurance telematicsMatteo Carbone
ย
Auto telematics represents the most mature insurtech use case, as it has already passed the test and experimentation phase within the innovation unit. It is currently being used an instrument for daily work within motor insurance business units. In this domain, Italy is an international best practice example
Motor insurance: services telematics basedMatteo Carbone
ย
The black box makes it possible for Insurers to enrich their motor insurance value proposition, de-commoditizing the car insurance policy and creating new sources of income
The think tank focused on Connected Insurance, the first InsurTech trend able to scale up. We are addressing the business opportunities on auto telematics, other personal lines (connected health, connected life, connected home) and commercial lines
Connected cars and insurance claims - a new paradigmMatteo Carbone
ย
The benefits of telematics data for handling claims are significant and can be divided into three main categories: a proactive approach, objective information and loss prevention and mitigation
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.
The full potential of insurance telematicsMatteo Carbone
ย
Auto telematics represents the most mature insurtech use case, as it has already passed the test and experimentation phase within the innovation unit. It is currently being used an instrument for daily work within motor insurance business units. In this domain, Italy is an international best practice example
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtechNews.com
ย
At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things. There are next-gen refrigerators that look like smartphones, smart shoes that track your running habits, and autonomous vehicles that drive for you โ thatโs just to name a few! But, what we need to ask is who this digital ecosystem is going to affect and what players are being left out of critical first steps of IoT deployment. Recently, FC Business Intelligence asked over 300 insurers what they think the internet of things could deliver for their business. Take a look at the survey infographic featuring insight in to the applications of IoT for insurers for exclusive insight.
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.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
ย
When you hear of โinsuranceโ, the words โinnovationโ and โtechnologyโ would not come to mind intuitively โ 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
I'm pleased to share the first Singapore InsurTech Landscape. The focus is on the start-ups founded in SG, as well as those with regional HQs or major projects (such as Collab). Hats off to a vibrant ecosystem!
Please note that landscapes are living documents. Feel free to DM me on LinkedIn to agree, disagree or add your start-up to the landscape!
2015 UBI Research Results for the Consumer Market - LexisNexisLudovic Privat
ย
The 2015 Annual LexisNexis Consumer UBI Study was conducted with over 4,000 total consumers to test existing and new concepts in the market. Some of the findings included:
Overall consumer awareness has leveled off since 2013, suggesting that carriers should consider alternative ways of presenting UBI to consumers
Discounting deductibles, rather than premiums, could be a more sustainable and profitable way to drive adoption
Messaging around safety may be even more effective than a discount-centric approach
Also included is a case study illustrating how AAMI, a leading Australian insurer, launched a highly successful UBI campaign without a discount.
Infographic: The connected insurance customerBrian Banigan
ย
Infographic featuring insights from the IBM Institute for Business Value study "Digital reinvention - Trust, transparency and technology in the insurance world of tomorrow"
http://www-935.ibm.com/services/us/gbs/thoughtleadership/digitalreinvention-insurance/
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryAtooma Inc
ย
Thanks to the technological convergence which the Internet of Things is, a lot of data is being generated by people and objects. But Big Data is valuable only as long as it is actionable. This amount of available data can and will have a strong impact on every industry in the next few years, providing new opportunities to improve business intelligence and make smarter decisions.
Business insider estimates that there will be 18 billion connected devices by 2018. While considering IoT on a consumer level, Strategy Analytics claims we will have 4,3 smart devices per person on the planet by 2020. Such a horizontal distribution of the internet of things allows insurance companies to estabilish a new dialogue with their customers. On the other hand, it will allow them to design tailor made solutions based on internet of things based analytics.
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtechNews.com
ย
At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things. There are next-gen refrigerators that look like smartphones, smart shoes that track your running habits, and autonomous vehicles that drive for you โ thatโs just to name a few! But, what we need to ask is who this digital ecosystem is going to affect and what players are being left out of critical first steps of IoT deployment. Recently, FC Business Intelligence asked over 300 insurers what they think the internet of things could deliver for their business. Take a look at the survey infographic featuring insight in to the applications of IoT for insurers for exclusive insight.
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.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
ย
When you hear of โinsuranceโ, the words โinnovationโ and โtechnologyโ would not come to mind intuitively โ 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
I'm pleased to share the first Singapore InsurTech Landscape. The focus is on the start-ups founded in SG, as well as those with regional HQs or major projects (such as Collab). Hats off to a vibrant ecosystem!
Please note that landscapes are living documents. Feel free to DM me on LinkedIn to agree, disagree or add your start-up to the landscape!
2015 UBI Research Results for the Consumer Market - LexisNexisLudovic Privat
ย
The 2015 Annual LexisNexis Consumer UBI Study was conducted with over 4,000 total consumers to test existing and new concepts in the market. Some of the findings included:
Overall consumer awareness has leveled off since 2013, suggesting that carriers should consider alternative ways of presenting UBI to consumers
Discounting deductibles, rather than premiums, could be a more sustainable and profitable way to drive adoption
Messaging around safety may be even more effective than a discount-centric approach
Also included is a case study illustrating how AAMI, a leading Australian insurer, launched a highly successful UBI campaign without a discount.
Infographic: The connected insurance customerBrian Banigan
ย
Infographic featuring insights from the IBM Institute for Business Value study "Digital reinvention - Trust, transparency and technology in the insurance world of tomorrow"
http://www-935.ibm.com/services/us/gbs/thoughtleadership/digitalreinvention-insurance/
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryAtooma Inc
ย
Thanks to the technological convergence which the Internet of Things is, a lot of data is being generated by people and objects. But Big Data is valuable only as long as it is actionable. This amount of available data can and will have a strong impact on every industry in the next few years, providing new opportunities to improve business intelligence and make smarter decisions.
Business insider estimates that there will be 18 billion connected devices by 2018. While considering IoT on a consumer level, Strategy Analytics claims we will have 4,3 smart devices per person on the planet by 2020. Such a horizontal distribution of the internet of things allows insurance companies to estabilish a new dialogue with their customers. On the other hand, it will allow them to design tailor made solutions based on internet of things based analytics.
DataStax: Backup and Restore in Cassandra and OpsCenterDataStax Academy
ย
Cassandra and OpsCenter has a range of backup and restore topics. I will start with a basic overview of Cassandra backup/restore, walking through the operational steps to provide the understanding required to perform an on disk backup and restore. Expanding on this overview, I'll cover the limitations (including schema requirements) and their impact on the restore process. Further, I'll discuss commit log archiving and point in time restore operations. After covering the underlying operations, I'll wrap up with a discussion of how OpsCenter automates this process and leverages S3.
As well synthesized by Meg Whitman (CEO at Hewlett-Packard) โweโre now living in an Idea Economy, where the ability to turn an idea into a new product or service has never been easierโ. This impact is pervasive on all industries, any company has to achieve enough agility to respond to market opportunities and threats and quickly turn ideas into reality.
For some years now, the โdigitalโ-driven projects have become a priority for all the Insurance Groups. Let me add that here the term โdigitalโ refers to several important aspects starting with a digitalized customer experience, which is completed by digital/technological processes aimed at improving the relationship with the clients and with the mid-term objective of maximizing the single clientโs profitability.
Insurers are beginning - and those who are not doing so should start โ to give serious thought to how they can build their strategy to incorporate the IoT into the insurance value chain.
The Internet of Things (IoT) is โthe interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.โ The most important factor in the IoT โequationโ is the data โ which is the main element providing value to the insurance company if harvested and analyzed in an adequate manner. In product development there should be a data collection & analysis approach embedded in the business model itself, otherwise the strategy will lack in bringing the desired added value. Having a โdata mindsetโ in all the stages of the business will ensure that the implemented model will have the capacity to gather and analyze the high quantity of data provided by the interconnected devices and environments.
As Matteo Carbone who is an expert in the field says in his article, ultimately telematics is the integrated use of informatics and telecommunications; it is about registering, storing and analyzing data via telecommunication devices.
โTelematics could be one of the most relevant digital innovations in the insurance industry directly impacting the technical results. Due to the pervasive diffusion of the Internet of Everything, this approach could be extended from motor insurance to other insurance businesses.โ
How to transform an old fashioned Insurer into a Carrier like Oscar, fast and at low cost. Healthfront: a killer application for connected health insurance based on three strategic pillars.
Health insurance as one of the most interesting areas of telematics adoption, where there is the opportunity to generate more value for Insurers and clients.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
ย
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
ย
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCognizant
ย
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.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
ย
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
Top 5 Consumer Expectations in the Insurance Industry - InvensisInvensis
ย
Read what Consumers want from their Insurers (http://goo.gl/wJxHKE) and how outsourcing can help insurers to satisfy customers in the insurance industry. Top Five Consumer Expectations in the Insurance Industry which will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons.
Invensis Technologies (http://www.invensis.net) a leading IT BPO company with more than 14 years of experience, specializes in providing customer care, document process automation and IT services to insurance industries which helps insurance companies enable to leverage the new opportunities.
Please contact us at sales {at} invensis {dot} net OR Call us Now from US +1 (302)- 261-9036, UK +44 203 411 0183, AUS +61 3 8820 5183, IND +91 80 41155233 or browse (http://goo.gl/xmCoeO) for more details on our services.
everis 2016 InsurTech study - executive summaryDirk Croenen
ย
everis comprehensive InsurTech study and the role of tech giants, insurance companies & startups. It's all about transforming client's experiences and implementing new disruptive business models, NOT about integrating new tech into existing organizations!
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
ย
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Indian Insurance Industry - Recent Industry Trends - Part - 5Resurgent India
ย
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients. Globally, bancassurance has emerged as an important channel for distribution of insurance products. Various international studies have shown that a bancassurance strategy has indeed saved costs of insurance companies in the long run.
Being connected has become the talk of the town and insurance companies are surely one of the main interested parts in this discussion, some of them being actual promoters of change and innovation. Traditional players will have a more tough time in adapting to the new paradigm but my view is that they will have to adjust on the long term to the new rules of the game if they want to stay competitive.
Consumers are becoming more and more connected whether it is at home, at work, behind the wheel, when they engage in sports & leisure activities and so on. This is happening quite fast due to the adoption of smart devices and thus the companies have to be able to react accordingly in order to maximize value both for its clients and for itself. The surrounding environment is becoming smart and is being incorporated in the connected ecosystem thus creating new opportunities for insurance companies, opportunities which must be managed appropriately in order to maximize value. Here big data analytics plays a huge role, as the number of collected data & variables is getting higher and higher. To be precise, the discussion focuses on how companies will be able to read the data in order to identify patterns and optimize their business models by controlling loss, perfecting risk assessment and prevention etc.
This report looks at how digital platform companies and the ecosystems they are creating are reshaping customer experience expectations for insurers. It considers insurance carriersโ 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.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industryโs fundamental use casesโmaking new ones possible.
People are always worried about their safety. They will do their part to prevent any harm to themselves because of it. How most health insurance companies look in the global market. However, most businesses in this sector do not consider the need for a health insurance app. But that is completely wrong! Cutting clients away from the technology solution prevents them from enjoying the benefits of the instant service that this business offers on their smartphones.
Similar to Will fintech newcomers disrupt health and home insurance? (20)
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
ย
Insurance IoT is a social good!
Because:
๐ต Expected losses can be reduced structured programs with both real-time mitigation actions to solve a specific situation, and behavioral change mechanisms to promote safer behaviors (both in personal and commercial lines)
๐ต Rate can be matched to risks better:
- Smaller and more accurate pricing clusters allow a large part of profiles to receive a lower rate
- Even with the ability to price the individual probability of loss (cluster of one) the insurance foundation isnโt canceled (The risk of each policy will contribute to the expected losses of the portfolio; The premiums paid by many lucky policyholders will be used to pay the claims of the few unlucky policyholders who had an accident in a period of coverage)
๐ต IoT data can be used to increase the effectiveness and efficiency of the claim process, so improving the combined ratio ceteris paribus
โฉ Large part of the policyholders will pay less (and portfolios currently difficult to insure will become more insurable)
Insurance IoT (and telematics) is not about providing a discount
Insurance IoT (and telematics) is about creating economic value using the data and sharing part of this value with policyholders (and agents & brokers)
An integrated holistic adoption of the IoT paradigm is a game changer for your insurance business and a social good:
โพ it allows to improve the availability and affordability of insurance coverages
โพwhile allowing the sector to write a profitable business
Below you can enjoy a selection of best practices in both personal and commercial lines - written with some of the IoT Insurance Observatory members - that have already started to obtain results from their IoT business transformation journeys
IoT is a game changer for many insurance activity. An increasing number of success stories are emerging at a global level. The IoT Insurance Observatory is committed to support a profitable usage of IoT in the Insurance sector
More Than an Observer - Carbone Still Igniting Industryโs IoT PassionMatteo Carbone
ย
Insurance IoT Observatory is a seven-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT insurance arena
The Observatory is about connecting people and ideas in order to spread the innovation culture throughout the insurance market with three concrete outcomes:
- a global multiclient research on the insurance IoT paradigm
- one-to-one workshops to each member
- plenary symposiums with all the members
The Observatory engage constantly hundreds of key executives involved in the IoT programs within the members of the think tank (including 3 of the top five European insurers, 5 of the top ten US P&C insurers, 2 of the top three Japanese insurers, the largest Australian insure, one of the top two Brasilian insurers and 3 of the top six global reinsurers).
Some figures about our seven editions:
- 2920 hours of one-to-one workshops over the five annual editions of the Observatory
- 34 plenary symposiums between North America and Europe
-7 international publications
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfMatteo Carbone
ย
State Farm's vision about the platform play and the smart home strategy is a fundamental area for any personal line insurance carrier in the future. IoT is a necessary capability, not a nice to have!
Global insurance think-tank, which has put together executives from more than 50 insurance groups, Institutions and the Internet of Things ecosystem, to discuss the great potential of the most mature Insurtech trend, as well as the challenges it poses to the insurance business. The focus is on any insurance solution based on sensors for collecting data on the state of an insured risk and telematics for remote transmission and management of the data collected.
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
The seven annual Observatory editions in figures:
- 2738 hours of one-to-one workshops
- 32 plenary symposiums between North America and Europe
- 87 insurance companies (including 4 of the top 5 Reinsurers, 11 of the top 15 European Insurance Groups, and 10 of the top 15 US P&C Insurance Groups)
- 51 tech players and vendors
๐ฌ๐ผ๐๐ฟ ๐ฝ๐ผ๐น๐ถ๐ฐ๐๐ต๐ผ๐น๐ฑ๐ฒ๐ฟ๐ ๐ฎ๐ฟ๐ฒ ๐ฟ๐ฒ๐ฎ๐ฑ๐ ๐ณ๐ผ๐ฟ ๐๐ฒ๐น๐ฒ๐บ๐ฎ๐๐ถ๐ฐ๐โผ๏ธ
...๐ฎ๐ฟ๐ฒ ๐๐ผ๐ ๐๐ผ๐ผโ
https://www.linkedin.com/posts/matteocarbone_telematics-readiness-activity-7024698841979400192-BGYc?utm_source=share&utm_medium=member_desktop
results of the survey done by Swiss Re and IoT Insurance Observatory on 10000 policyholders.
The telematics sponsors are people who are likely or very likely to recommend a telematics motor insurance app to a friend. This cluster is equally comprised of men and women and includes mostly millennials (23โ41 years old) and people in Generation X (42โ57 years old). They love driving and walking, but they don't shy away from using public transport. Telematics sponsors represent 54% of our sample.
The IoT Insurance Observatory mission is to promote a profitable IoT adoption in the insurance sector.
The six annual editions have aggregated more than 130 organizations.
Tech players and Insurance companies, including:
* 4 of the top 5 Reinsurers
* 11 of the top 15 European Insurance Groups
* 10 of the top 15 US P&C Insurance Groups
IoT Insurance Observatory is a six-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT and telematics insurance arena
The think tank membership provides access to the most globally relevant insurance IoT knowledge, and its goal is to promote a profitable IoT adoption in the insurance industry.
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...Matteo Carbone
ย
The Geneva Association and the Insurance IoT Observatory looked at the transformation of traditional insurance risk transfer to technology-driven risk mitigation and prevention services.
Risk prevention is an IoT-based uses case able to create a positive impact to all the stakeholders: avoiding the accidents to the policyholders, improving the insurance bottom line, and generating positive externalities to the society
A (false) myth I have heard frequently at conferences is that insurers are not yet able to use IoT data to take smart actions
Instead, there are different success stories about-based risk prevention in different insurance business lines bit.ly/RiskPreventionPaper
One of the best practices in changing driver behaviors is Discovery Limited
Having seen the early steps of this approach, since itโs launch on 1 June 2011, and the journey over the following years, Iโve been always impressed by their innovation journey
Each annual product review has been a thought-provoking presentation: I consider myself extremely luck for this opportunity to learn directly from Anton and Francois and all the team
#Insurtech case histories are frequently fascinating storytelling and make people feel self-satisfied, instead in this paper you will find facts and figures about prevented accidents and profitable auto #insurance portfolios
I love this #telematics story...concrete and fact based!
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
A new insurance paradigm for the hyperconnected worldMatteo Carbone
ย
IoT adoption is a strategic choice that requires a multi-year commitment to develop the specialistic insurance IoT competencies and the leadership competencies needed to transform the way business is currently being done.
Although IoT has not yet been systematically addressed by the large majority of insurers, several early adopters have already concretely demonstrated the potential of using this technology in the insurance sector.
These successful player journeys show IoTโs extraordinary potential to generate value for insurers, policyholders, and even the entire society.
Insurance IoT is a new way of thinking about the activity of assessing, managing, and transferring risks. This new way of thinking for the insurance business fits with a world that is going to be more and more hyperconnected, a trend that insurers can neither stop or ignore.
The IoT Insurance Observatory is a four year old think tank specialized in insurance IoT
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
ย
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
ย
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
ย
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.๐คฏ
We will dig deeper into:
1. How to capture video testimonials that convert from your audience ๐ฅ
2. How to leverage your testimonials to boost your sales ๐ฒ
3. How you can capture more CRM data to understand your audience better through video testimonials. ๐
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Business Valuation Principles for EntrepreneursBen Wann
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. Youโll also learn
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โข The best and most practical approach to implementing workplace discipline.
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
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3. Measures and Reporting in Sustainability
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Will fintech newcomers disrupt health and home insurance?
1. Will Fintech newcomers disrupt health and home
insurance?
Insurers have the opportunity to extend the telematics approach
from cars to other insurance business lines to anticipate the
coming of new technological players
The integration of technology in the Insurance Companyโs value proposition is turning
out to be one of the main evolutionary trends in the sector, and the โdigitalโ initiatives
have been for a couple of years now one of the priorities of Insurance Groups. Until
today though they have brought only limited improvement when it comes to the
competition abilities of the Insurer. The best practices at international level show that in
order to obtain concrete benefits, the innovation has to be directed towards clearly
determined strategic objectives: that is by clearly identifying how the adoption of a
2. technological solution may allow the company to make the most of the opportunity at
hand or to solve a critical issue of their business.
An interesting example of this kind is the American company Oscar โ a start-up which in
less than 2 years has managed to raise over 300 million dollars with a company
value/worth of more than 1,5 billion dollars โ that has radically innovated the customer
experience of individual health insurance policies by directing the innovation effort
towards two key factors, crucial for the profitability of the medical spending
reimbursement business: deductible (amount of money payed directly by insured each
year before Insurer have to reimburse) and โemergencyโ visits.
Oscar has created a new insurance value proposition based on a smartphone app which
incorporates a highly advanced search engine โ including a search based on symptoms โ
allowing the insured to indentify and compare the medical structures part of the
preferred network. In this way the client receives support in optimizing direct spending
before reaching the deductible; this basically postpones when the Insurance Company
start to pay and thus reduces the amount of spending (medical reimbursements) made by
the Insurer for the remainder part of the year. For that which regards the second point the
company has introduced a chat with a specialist and call back system which the insured
can choose at will from inside the network. This represents a comfortable alternative
which in part reduces the number โnot necessaryโ urgent visits.
Health insurance and connected health
In these last months I have been using the above considerations as a starting point when
it comes to replicating the motor telematics experience for the health insurance business
sector. We are now at the point where the Insurance Companies are aware of the benefits
brought on motor insurance business by the black box and of how the return on
investment in this type of technology can be maximized by the Insurer: this is possible
3. by taking into consideration not only the underwriting of the car insurance policy but by
also looking at the services provided to the client, by the loss control and by customer
loyalization. Considering the health insurance business, there are a series of benefits
which are achievable in the insurance value chain by using mHealth devices and
wearables, benefits that can be identified by making a parallel with the auto insurance
business.
The first element is the risk selection, either seen as:
โข the capacity of auto selection and dissuasion of risky behavior,
โข the integration of static variables traditionally used for pricing with a set of
โtelematics dataโ gathered within a limited period of time and used exclusively for
supporting the underwriting phase.
The creation of a value proposition which is focused on the use of wearables within
gamification processes makes the product attractive to individuals who are particularly
interested in this topic โ younger and healthier compared to the typical client of health
insurance products โ generating a self selection effect comparable with that which
characterizes the motor telematics experiences. An interesting example of how to create
an attractive product for the more active customers is the above-mentioned Oscar: since
a beginning of January they have been offering to their clients a pedometer connected to
a mobile app and every day the app shows a personalized objective that if attained,
means 1 dollar earned by the customer. Each month the customer can receive a
maximum of 20 dollars as cash-back from the company.
The second source of value generation is that of value added services. The use of
telematics data represents an incredible opportunity for offering new health services and
for offering a better customer experience: for example the geolocation of medical
structures and doctors which are part of the network, linked to a medical reimbursement
policy. One of the examples of major international success concerning value-added
services is the Australian Medibank, which has integrated in their health policy (using a
Smartphone app) a series of services built upon informative contents and advices, both
4. medical โ as done by the Italian insurance fund โFondo Assistenza Benessereโ by using
an app called Consiglio dal Medico (Italian start-up partnering also with UBER) โ as
well as wellness related. Medibank using this package of services results in a 10%
growth of the companyโs top line. This Australian player has created an app for non
customers which gives access to wellness discounts and thus making the best of the
proposed value โadded services in order to acquire new customers to whom
subsequently offer the possibility to get insured (concrete cross-selling opportunity on a
customer base, profitable on an insurance perspective).
The ability to provide health services with a high perceived value (from the clientโs point
of view) can also allow the company to increase the efficiency of its own processes of
guidance inside the preferred network โ this is a crucial aspect for controlling the loss
ratio of a medical reimbursement product โ and by maintaining a high standard customer
experience. The loss control actually represents the thirds area of value creation just like
it is for the auto business. Within the health industry it will soon be possible to
concretize significant economical benefits employing telemedicine in order to optimize
the spending with medical reimbursements or to link the reimbursement to the actual the
observance of the client's medical prescriptions. On the mid-long timeframe the
objective is that of having at disposal behavioral and contextual data to prevent frauds
and early warning systems that can intercept altered health conditions and that allow
preventive and timely intervention. South African based Discovery has successfully tried
out this second approach: having the purpose of reducing the loss ratio of the cluster of
insured that suffer from diabetes โ mainly reimbursements linked to complications due
to lack of self-control โ it provides an instrument for measuring the blood sugar level
through a connected app and it rewards the insured which makes use of it through the
Vitality programme.
Vitality represents the International best practice regarding the fourth axis of value
creation: behavior guidance by using a loyalty-based system which rewards non risky
behavior. The South African company has integrated - in its very complex reward
system โ devices for measuring physical activity and has incorporated their usage among
5. the โrewardedโ types of behavior. Discoveryโsexperience in several different
countries proves the effectiveness of this approach in terms of:
โข commercial appeal
โข capacity to acquire less โriskyโ clients
โข ability to gradually reduce the risk profile of the single client.
The pricing based on individual risk is the last benefit achievable with the integration
of wearables and health insurance policies. More precise, it involves a constant
monitoring of the โlevelโ of exposure to risk during the period covered. The opportunity
is getting to the point at which Insurer can create tariffs based on the monitoring of the
health state, lifestyle and context of a person by the use of different devices. As already
done in the auto telematics business, this will be a goal to be attained after some years of
data gathering and systematic analysis of the historical series together with information
which regards medical reimbursements.
Home insurance and connected home
Home insurance is another area in which, at an International level, there has been
experimentation with how to integrate an insurance policy with actual sensors. In this
context there already exists a replication of the business model used more than 10 years
ago in the auto insurance sector: the first examples of telematics policies with an up-
front discount between 10% and 25% of the insurance premium conditioned by the
installation of a device at the clientโs house and by the payment of a fee for services or a
leasing agreement for the technology. This approach, which has been adopted in the US
by State Farm, Liberty Mutual andUSAA and in Italy by IntesaSanpaolo Assicura, BNP
Paribas Cardif,Groupama e Poste is based upon two of the five levers of value creation
mentioned earlier in the article: first the loss control โ focused on risk related to
flooding, fire and theft โ and second, the association of value added services to the
insurance policy. Regarding these two approaches, the American companies have even
6. reached the point in which they offers to their clients a wide range of services provided
by selected partners (Nest is a partner recently joined) and tied to the home โecosystemโ
which can even include medical assistance services.
An interesting and innovative example of the use of such technology for the assessment
and risk selection in home insurance is the one adopted bySuncorp with a retail touch to
it, and by the ACE Group, which focuses more on the insurance needs of the HNWI.
Both companies have used the partnership with a startup called Trลv โ a Smartphone app
which allows registering and organizing the information referring to personal objects
including photos and receipts - in order to make evolve their underwriting approach
when it comes to the risk connected to the contents of the house.
Domotics today is a sector which is growing at a high rate even in Italy and which
represents a material part of the revenues generated by the Internet of Things within the
Italian territory according to the data provided by the Osservatorio of the Politecnico di
Milano. Focusing the possibilities of monitoring offered by the interconnected objects
which are part of the horizontal domotics solutions โ with thermostats, smoke and water
detectors, sensors present in appliances and other household items, sensors at the
entrance and antitheft alarms, sensors spread within the building โ for an insurance
company it would be possible to have a track of the quantity and level of exposure to
risk. This includes for example the periods and ways in which the home is used but also
the state of the household and the external conditions to which it is exposed (humidity,
mechanical vibrations etc.).
This can allow the Insurer to build insurance policies with a pricing based on
individual risk adopting a pricing logic which gravitates around behavior as already
done in the motor sector, which could open up new growth opportunities like for
example insurance for secondary houses used only for vacation and rarely insured. This
scenario which sees the growth of solutions built upon interconnected objects within the
home โ if correctly approached by the Insures by reviewing their processes in order to
make the most of the potential offered by gathered data โ can lead to important benefits
7. in terms of loss control: some studies have estimated that there is the potential to cut in
half the current expenses for claims.
In order to turn this opportunity into reality, it is essential that the Insurer acquire the
ability to connect its processes (through adequate interfaces) with the different
interconnected objects: creating an open digital platform which โuseโ the multiple
sensors to be found in the home โecosystemโ โ just like those used in the health sector as
discussed in one of the previous paragraphs โ represents for the insurance sector a
technologic challenge characterized by tremendous level of complexity compared to that
which we have till now seen within the motor insurance sector.
The change of paradigm compared to the previous experience made with the black box
for cars, doesnโt only concern the fundamental aspects of the technological architecture โ
like data gathering or standardization of data coming from heterogeneous sources - but it
affect to the strategic choices of the business model. For Insurer it becomes a necessity
to define their own level of ambition in that which regards their role in the ecosystem
and the ways of cooperating with other players having the objective of creating solutions
and services around an integrated set of clientโs needs.
The Insurers have to start a strategic thinking around how adapt insurance business to
IoT, before some new Fintech comers do it. It is extremely interesting the journey made
by American Family Insurance, which - in partnership with Microsoft โ has launched a
start-up accelerator focused on home automation.