1. Insurtech
The Insurtech evolution : from disruptor to enabler
“Insurtech will force the insurance industry to step up its game in terms of
customer service and offerings.”
2. Introduction
“Insurtech refers to the use of
technology innovations designed to
squeeze out savings and efficiency
from the current insurance industry
model”
Amit Rai
Founder at Cyberboxer AI Pvt Ltd
Past Work Ex: RMS, ICICI Lombard
BIMTECH 2008 : 2010
3. Overview & flow
★ What is InsurTech ?
★ How Insurtech brings value to Insurers
★ Insurtech - Now & Next
★ Problems & Solutions
★ Advantages & Current Scenario
★ Case Studies
★ InsurTech Futures
4. What is Insurtech ?
Insurtech is useful for collecting and analysing customer data to provide a
better service.
“For agents, technology means smart tools to help them expand channels and improve efficiency and technology can help them
provide more contents and services for consumers.”
5. Lack of Options for
Small Business
Economies of scale
PROBLEM 2
Long paper applications
Centralized knowledge
and advice
PROBLEM 3
Lack of small business
expertise
A single online application
How Insurtech brings value to Insurers
PROBLEM 1
6. Insurtech - Now & Next
Understanding Aux Structure of Insurer
8. Problem
● Claims Processing
● Renewal
● Underwriting
● Daily Operations
● Rates
● Commision
● More Trust
HOW TO AIM PURE CONVENIENCE ?
9. Solution
“How Insurtech is Changing
legacy Insurance Business”
“Tailor made products for Millennial
or reaching remote areas” -
Customers
“Providing Digital Life Style” -
Customers
“Managing Operations from
Underwriting to Claims” - Insurers
10. “By incorporating the smart use of new data sources &
using modern data science techniques to measure &
respond to customer needs, Insurtech are transforming how
the industry targets, sells & serves customers”
MEASURE RESPOND
12. Three Pillars of Innovation
Big Data Analytics & AI
● Machine Learning
● Neural Networks
● Stochastic Models
● NLP
● Statistics
● Programing
IOT Devices
● Telematics
● Drones
● Sensors
● There will be 8.4 billion
connected things in 2017,
setting the stage for 20.4
billion Internet of Things
(IoT) devices to be
deployed by 2020
Blockchain
● Reinsurance Treaty
Management
● Policy Management
● Indexing asset to
premium and to its
core
13. Exploring Technology
Blockchain DLT (Distributed Ledger Technology)
Companies to look out for :
● B3i Services
● R3
Advantages : Trustworthy Smart contracts
AI & ML
Companies to look out for :
Almost all the tech majors, Big Data, Python, Tensorflow, Hadoop Spark SQL etc
Advantages : Limitless
14. “With the integration of technologies
like artificial intelligence, drones and
blockchain entering the insurance
mix, the sector is being forced to
rethink its model”
17. Current Scenario
Advantages
> It empowers customers
to take control of their
insurance in far less a
cost.
> It can better reflect the
nuanced reality of a
consumer’s everyday life.
Example : AI, IOT
Challenges
> Complexity of products
and services
> Insurance is also not as
exciting for consumers as
other products which
technology has already
disrupted
> Image Problem
> Regulation
Summary
> Exciting future where the
needs of consumers
determine the insurance
products on offer, and
technology makes the
whole process easier.
19. Use Case 2 : Marine Risk Analytics
Marine Telematics In Action
Bird Eye View
20. Use Case 3 : All Other Insurtech :(
Habit Analytics. This firm uses real-time consumer data, sourced from smartphones and connected
devices in homes, to create behavioral profiles that enable insurance companies to improve their risk
models and enhance their products and services. Using information provided by Habit, insurers can, for
example, monitor changes in a home’s risk, check the presence and performance of connected alarms,
and tailor services to suit the specific needs of customers.
Open Data Nation. By aggregating and analyzing information from around 2.5 billion public records from
major US cities, this start-up provides insurers with valuable insights to help them better evaluate risk. The
company uses predictive analytics and machine learning to create proprietary risk scores for commercial
enterprises in these cities. By accessing these scores insurers can select and prioritize the risks they wish
to underwrite, and thereby improve their efficiency and reduce claims.
StrongArm Tech. This insurtech firm aims to improve the wellbeing of industrial workers and help
employers and their insurers reduce costs and enhance risk management. The company uses sensors
worn by industrial workers to gather real-time data about the activities performed by these
employees as well as the environments in which they’re working. Using a cloud-based artificial
intelligence solution StrongArm Tech analyzes this data and advises employers and insurers how they can
reduce the risk of injury, and enhance the wellbeing, of workers. The company is also able to send
real-time alerts to workers should they be in danger of harming themselves.
22. “The Future is already here - it's just
not very evenly distributed yet ”
23. Appendix
Social Media
● Linkedin
● Slack
● You tube
Indian Companies active with insurtech
● Acko
● Coffe Insurance
● Digit
● Coverfox
Websites to follow :
Www3.asiainsurancereview.com
http://insurtechinsights.com/
https://www.instech.london/
International Companies pioneer in Insurance
Products
● Lemonade : “the uber of insurance”
“artificial intelligence fueled sales and claims
process”
● Cover
● Slice Labs
