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The definitive compendium for the Insurance Digital Revolution

From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms.

The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it.

Learn from diverse experiences, mindsets and applications of technologies
Discover new ways of defining and grasping growth opportunities
Get the inside track from innovators, disruptors and incumbents
Be updated on the evolution of InsurTech, why it is happening and how it will evolve
Explore visions of the future of Insurance to help shape yours

The InsurTech Book is your indispensable guide to a sector in transformation.

The InsurTech Book - The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries

Preface viii





About the Editors xi





Acknowledgments xiv





1. What is InsurTech?





InsurTech Definition as Its Own Manifesto 6





Why is Insurance Failing? 9





Digital Transformation in Insurance - Four Common Factors from Other Industries 13





InsurTech - Problem or Solution for Agents and Brokers? 17





The Best InsurTech May not be InsurTech 21





"Real" InsurTech Startups do it Differently! 24





2. InsurTech Now and Next A Cartographer's Dream - Exploring, and Mapping, the New Unknown 32





Where Does InsurTech Leave the People who Work in Insurance? 35





InsurTechs - Magical Thinking and Other Secrets of Success 40





"INSoT" - The Insurance of Things and the Proliferation of Protection 43





From Insurance Premium to Discrete Event 47





Seamless Insurance: The Time is Now 50





The Potential of a Pension Dashboard Infrastructure for UK Pension Savers 53





Six Mega-trends that Will Take Insurance Back to the Future 57





InsurTech - Not a Zero Sum Game 61





3. The Founder's Journey





Not too Big to Learn not to Fail? 68





Insurance Expertise, Family, and Integrity - The Story of SPIXII's Founding Team 71





Disrupting Car Insurance - Drivies App Makes Driving More Fun, and Insurance Fairer 75





Genomics 101 - The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab 80





4. Internationalizing InsurTech





Internationalizing InsurTech - A Global Phenomenon in Different Markets 88





Increasing Access to Insurance in Developing Countries 91





Insurance in China 95





Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market 98





InsurTech in Turkey - Challenges and Opportunities 102





InsurTech in Latin America - The Promise of Insurance for Everybody? 106





InsurTech Trends - Why Regionalization Matters 108





5. Collaborative Innovation: Observe - Partner - Invest The Corporate Collaboration Opportunity in InsurTech 117





Competition vs. Coopetition in the Insurance Market 121





Incumbent and InsurTech Collaboration via Open Innovation Strategy 124





A Collaborative Approach in the InsurTech World - One Platform in One Click 129





Dating InsurTech Startups 134





Altered Attitudes, Altered Outcomes - Collaborating for a Better Future 137





Think InsurTech Culture Before InsurTech Adoption 140





6. The Value Chain





A Four-Step Practical Guide to Build InsurTech Value Chain Ecosystems 148





Sell Your Insurance at the Right Time - Consider Micro Policies 153





InsurTech: Refreshingly Different - Like Lemonade! 157





Forget Peer-to-Peer, the Future of Insurance is Invisible and Parametric 161





Behavioural Design and Price Optimization in InsurTech 165





Data Changes Everything 171





Beware of GDPR - Take your Cyber Risk Responsibility More Seriously 175





Why Claims Sharing? Innovating within the Businessto-Business Insurance Claims Handling Ecosystem 179





Reinsurers Need Backward Innovation 182





7. Business Models





Business Model Innovation - From Incremental to Disruptive 190





The Future of Insurance - From Managing Policies to Managing Risks 195





Seeing through the Hype - A Closer Look at Key Smart InsurTech Business Models 199





Assessing the Long-Term Viability of the Insurance Peerto-Peer Business Model 202





You Said ... Sharing Economy? 206





From Claim Settlement to Claim Prevention - How Insurers Can Make Use of Predictive Analytics to Change their Business Model 211





True Business Model Innovation - a Credit-Based Approach 215





From Event-Focused Insights to Coaching 218





8. You Said Tech





Becoming Tech-First - Why Adopting a "Tech-First" Mindset is Non-Negotiable 227





Practical Robotics in Insurance - The Future is Here Already 231





Frictionless Insurance in a Land of Utility 236





The Smart Journey - From Contract Hype to Insurance Reality 240





InsurTech and AI - You Can Run but You Cannot Hide from the Future 244





Blockchain Startups - Unlikely Heroes for the Insurance Industry? 247





Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice-Based Assistants 250





InsurTech's Big Questions - Why the Customer is Still Always Right 254





ClaimsTech - The InsurTech's Action List 257





Technology is Not Enough 260





9. InsurTech Futures





Digital Transformation and Corporate Innovation Management -an Incumbent's Action Plan 268





The New World of the Connected Customer - The Future of Microinsurance? 271





Personal Asset Liability Management System 274





Social Media in Insurance 277





InsurTech and the Promise of "Property Value Hedging Technology" 280





Insurance 2029 - Life Backup Companion 283





List of Contributors 288





Index 303