Insurtech- the latest.

Insurance Technology, known as Insurtech, is a subset of financial technology (fintech) and is increasing, according to InsurTech Insider, a podcast by Deloitte (UK), the management consultant.

I listened to the first three episodes of the podcast, July August, September, which is produced monthly. I learnt a lot from the episodes I listened to. Go to https://www2.deloitte.com/global/en/pages/financial-services/articles/tune-in-insurtech-podcasts.html

The points I learned from the podcasts were:

(Episode 1)          

-       That it’s possible to buy car insurance by the hour, which means you can borrow a friend’s supercar.

-       The insurance is catching up with insurance needs.

-       There is a big proliferation of brokers. Will this inhibit innovation?

-       Insurance companies need to be more integrated (American Express is a good model).

-       86% of insurers fear losing revenue to start ups, according to a PWC report.

-       Because of legacy systems, building from the ground up is probably bes

(Episode 2

-       -Brolly, an insurance start up, is trying to build a platform that is more focused on the customer. Its mission is to make insurance fairer and more equal.

-       -The insurance industry is very fragmented; there is no re natural force leading to a revolution.

-       -How do you get an incumbent (insurer) to move forward? By focusing on culture and updating systems.

-       -There is a strong focus on artificial intelligence in insurance start-ups, such as Brolly. This includes machine learning, which detects customer policies on an email scanner within seconds.

-       -The number one productivity tip from Brolly- (1) Radical Focus- goal setting and meeting objectives quickly (2) Inbox zero- the idea being to have nothing in your inbox at the end of the day, by archiving everything you deal with.

-      - Insurance is available for drones, or more accurately unmanned aerial vehicle (UAV).

(Episode 3)

-       The insurance sector is more innovative and interesting than before. It is also becoming more commercially savvy. But is the (UK) regulator, the Financial Conduct Authority (FCA) keeping up?

-       -The impact of Brexit on the insurance industry is being overlooked, especially with the impact of bilateral agreements and the impact of data protection. Also, what happens to contracts done in the UK by European insurers?

-       Below is how Deloitte describes the contents of the podcasts.

-       Episode 3 — Data economy. A new generation means new currency

-       11 September 2017

-       David Brear, CEO and Co-Founder of 11:FS (Named among the Top 100 Most Influential FinTech Leaders of 2016)

-       Deloitte host: Nigel Walsh, Deloitte UK

-       Jean-Stephane Gourevich, a professional advisor and InsurTech guru

-       Erik Abrahamsson, Founder and CEO at Digital Fineprint

-       Luca Schnettler, Founder of Healthy Health

-       Key discussion points in this episode:

-       How digital innovation and the data economy impacts insurance business models?

-       Generational insurance buying, recent generations want a good exchange rate for giving up their data.

-       How can we ensure innovation in the InsurTech sector and the use of data being beneficial to the common good?

-       Will the future of insurance involve both large companies and InsurTech start-ups collaborating?

-       Episode 2 — An InsurTech start-up story

-       9 August 2017

-       11:FS Host: David Brear, CEO and Co-Founder of 11:FS

-       Deloitte host: Nigel Walsh, Deloitte UK

-       Phoebe Hugh, CEO and Co-Founder of Broll

-       Key discussion points in this episode:

-       What does it take to form an InsurTech start-up?

-       What principles need to be challenged in the industry?

-       Insurance is becoming ever more technology driven, how is Brolly driving that forward?

-       How can a big incumbent move forward and evolve into a new technologically driven insurance company?

-       What changes will really transform how insurance operates and how customers interact with it?

-       Episode 1 — InsurTech 101

-       19 July 2017

-       11:FS Host: David Brear, CEO and Co-Founder of 11:FS

-       Deloitte host: Nigel Walsh, Deloitte UK

-       Ben Green, Digital Director at Tock Insurance

-       Freddy Macnamara, Founder and CEO - Cuvva

-       Key discussion points in this episode:

-       For beginners:  What is InsurTech?

-       What forces are driving insurance transformation

-       What elements of insurance is InsurTech improving or changing?

-       What’s standing in the way of InsurTech impact?

-       How does InsurTech affect underwriting?