INSURTECH Book

SABINE L. B. VANDERLINDEN is the CEO and Managing Director of Startupbootcamp InsurTech, Europe's leading early-stage and independent accelerator for insurance technology startups, and Rainmaking's corporate innovation and growth venture focused on the insurance and InsurTech spaces. NICOLE ANDERSON is a multiple time technology entrepreneur and an innovation thought leader who is passionate about technology business models that are challenging the status quo and provide greater inclusion for people globally, focused on emerging technologies and emerging markets. SHÂN M. MILLIE is a Board Advisor, Business Coach and hands-on Growth and Strategic Communications Specialist. Highly-respected in UK General Insurance and InsurTech, she founded her own Growth consultancy Bright Blue Hare in 2016. SUSANNE CHISHTI is the CEO of FINTECH Circle and the FINTECH Circle Institute, offering fintech online courses across InsurTech, WealthTech, RegTech, enterprise innovation, blockchain and cryptocurrency technologies. She is also the Co-Editor of the bestseller The FinTech Book and a guest lecturer at leading universities globally.

"This is a useful addition to the editorial team's collection of crowd sourced books, and it will be interesting to see what they come up with next." (Irish Tech News, June 2018)

• Preface viiiAbout the Editors xiAcknowledgments xiv1. What is InsurTech?InsurTech Definition as Its Own Manifesto 6Why is Insurance Failing? 9Digital Transformation in Insurance – Four Common Factors from Other Industries 13InsurTech – Problem or Solution for Agents and Brokers? 17The Best InsurTech May not be InsurTech 21“Real” InsurTech Startups do it Differently! 242. InsurTech Now and Next A Cartographer’s Dream – Exploring, and Mapping, the New Unknown 32Where Does InsurTech Leave the People who Work in Insurance? 35InsurTechs – Magical Thinking and Other Secrets of Success 40“INSoT” – The Insurance of Things and the Proliferation of Protection 43From Insurance Premium to Discrete Event 47Seamless Insurance: The Time is Now 50The Potential of a Pension Dashboard Infrastructure for UK Pension Savers 53Six Mega-trends that Will Take Insurance Back to the Future 57InsurTech – Not a Zero Sum Game 613. The Founder’s JourneyNot too Big to Learn not to Fail? 68Insurance Expertise, Family, and Integrity – The Story of SPIXII’s Founding Team 71Disrupting Car Insurance – Drivies App Makes Driving More Fun, and Insurance Fairer 75Genomics 101 – The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab 804. Internationalizing InsurTechInternationalizing InsurTech – A Global Phenomenon in Different Markets 88Increasing Access to Insurance in Developing Countries 91Insurance in China 95Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market 98InsurTech in Turkey – Challenges and Opportunities 102InsurTech in Latin America – The Promise of Insurance for Everybody? 106InsurTech Trends – Why Regionalization Matters 1085. Collaborative Innovation: Observe – Partner – Invest The Corporate Collaboration Opportunity in InsurTech 117Competition vs. Coopetition in the Insurance Market 121Incumbent and InsurTech Collaboration via Open Innovation Strategy 124A Collaborative Approach in the InsurTech World – One Platform in One Click 129Dating InsurTech Startups 134Altered Attitudes, Altered Outcomes – Collaborating for a Better Future 137Think InsurTech Culture Before InsurTech Adoption 1406. The Value ChainA Four-Step Practical Guide to Build InsurTech Value Chain Ecosystems 148Sell Your Insurance at the Right Time – Consider Micro Policies 153InsurTech: Refreshingly Different – Like Lemonade! 157Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric 161Behavioural Design and Price Optimization in InsurTech 165Data Changes Everything 171Beware of GDPR – Take your Cyber Risk Responsibility More Seriously 175Why Claims Sharing? Innovating within the Businessto-Business Insurance Claims Handling Ecosystem 179Reinsurers Need Backward Innovation 1827. Business ModelsBusiness Model Innovation – From Incremental to Disruptive 190The Future of Insurance – From Managing Policies to Managing Risks 195Seeing through the Hype – A Closer Look at Key Smart InsurTech Business Models 199Assessing the Long-Term Viability of the Insurance Peerto-Peer Business Model 202You Said … Sharing Economy? 206From Claim Settlement to Claim Prevention – How Insurers Can Make Use of Predictive Analytics to Change their Business Model 211True Business Model Innovation – a Credit-Based Approach 215From Event-Focused Insights to Coaching 2188. You Said TechBecoming Tech-First – Why Adopting a “Tech-First” Mindset is Non-Negotiable 227Practical Robotics in Insurance – The Future is Here Already 231Frictionless Insurance in a Land of Utility 236The Smart Journey – From Contract Hype to Insurance Reality 240InsurTech and AI – You Can Run but You Cannot Hide from the Future 244Blockchain Startups – Unlikely Heroes for the Insurance Industry? 247Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice-Based Assistants 250InsurTech’s Big Questions – Why the Customer is Still Always Right 254ClaimsTech – The InsurTech’s Action List 257Technology is Not Enough 2609. InsurTech FuturesDigital Transformation and Corporate Innovation Management –an Incumbent’s Action Plan 268The New World of the Connected Customer – The Future of Microinsurance? 271Personal Asset Liability Management System 274Social Media in Insurance 277InsurTech and the Promise of “Property Value Hedging Technology” 280Insurance 2029 – Life Backup Companion 283List of Contributors 288Index 303