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

<p>Preface viii</p>
<p>About the Editors xi</p>
<p>Acknowledgments xiv</p>
<p>1. What is InsurTech?</p>
<p>InsurTech Definition as Its Own Manifesto 6</p>
<p>Why is Insurance Failing? 9</p>
<p>Digital Transformation in Insurance Four Common Factors from Other Industries 13</p>
<p>InsurTech Problem or Solution for Agents and Brokers? 17</p>
<p>The Best InsurTech May not be InsurTech 21</p>
<p> Real InsurTech Startups do it Differently! 24</p>
<p>2. InsurTech Now and Next A Cartographer s Dream Exploring, and Mapping, the New Unknown 32</p>
<p>Where Does InsurTech Leave the People who Work in Insurance? 35</p>
<p>InsurTechs Magical Thinking and Other Secrets of Success 40</p>
<p> INSoT The Insurance of Things and the Proliferation of Protection 43</p>
<p>From Insurance Premium to Discrete Event 47</p>
<p>Seamless Insurance: The Time is Now 50</p>
<p>The Potential of a Pension Dashboard Infrastructure for UK Pension Savers 53</p>
<p>Six Mega–trends that Will Take Insurance Back to the Future 57</p>
<p>InsurTech Not a Zero Sum Game 61</p>
<p>3. The Founder s Journey</p>
<p>Not too Big to Learn not to Fail? 68</p>
<p>Insurance Expertise, Family, and Integrity The Story of SPIXII s Founding Team 71</p>
<p>Disrupting Car Insurance Drivies App Makes Driving More Fun, and Insurance Fairer 75</p>
<p>Genomics 101 The Search for a Better Life Expectancy Predictor Leads GWG Life to a Science Lab 80</p>
<p>4. Internationalizing InsurTech</p>
<p>Internationalizing InsurTech A Global Phenomenon in Different Markets 88</p>
<p>Increasing Access to Insurance in Developing Countries 91</p>
<p>Insurance in China 95</p>
<p>Seven Things Insurers and InsurTechs Need to Know about the German Insurance Market 98</p>
<p>InsurTech in Turkey Challenges and Opportunities 102</p>
<p>InsurTech in Latin America The Promise of Insurance for Everybody? 106</p>
<p>InsurTech Trends Why Regionalization Matters 108</p>
<p>5. Collaborative Innovation: Observe Partner Invest The Corporate Collaboration Opportunity in InsurTech 117</p>
<p>Competition vs. Coopetition in the Insurance Market 121</p>
<p>Incumbent and InsurTech Collaboration via Open Innovation Strategy 124</p>
<p>A Collaborative Approach in the InsurTech World One Platform in One Click 129</p>
<p>Dating InsurTech Startups 134</p>
<p>Altered Attitudes, Altered Outcomes Collaborating for a Better Future 137</p>
<p>Think InsurTech Culture Before InsurTech Adoption 140</p>
<p>6. The Value Chain</p>
<p>A Four–Step Practical Guide to Build InsurTech Value Chain Ecosystems 148</p>
<p>Sell Your Insurance at the Right Time Consider Micro Policies 153</p>
<p>InsurTech: Refreshingly Different Like Lemonade! 157</p>
<p>Forget Peer–to–Peer, the Future of Insurance is Invisible and Parametric 161</p>
<p>Behavioural Design and Price Optimization in InsurTech 165</p>
<p>Data Changes Everything 171</p>
<p>Beware of GDPR Take your Cyber Risk Responsibility More Seriously 175</p>
<p>Why Claims Sharing? Innovating within the Businessto–Business Insurance Claims Handling Ecosystem 179</p>
<p>Reinsurers Need Backward Innovation 182</p>
<p>7. Business Models</p>
<p>Business Model Innovation From Incremental to Disruptive 190</p>
<p>The Future of Insurance From Managing Policies to Managing Risks 195</p>
<p>Seeing through the Hype A Closer Look at Key Smart InsurTech Business Models 199</p>
<p>Assessing the Long–Term Viability of the Insurance Peerto–Peer Business Model 202</p>
<p>You Said Sharing Economy? 206</p>
<p>From Claim Settlement to Claim Prevention How Insurers Can Make Use of Predictive Analytics to Change their Business Model 211</p>
<p>True Business Model Innovation a Credit–Based Approach 215</p>
<p>From Event–Focused Insights to Coaching 218</p>
<p>8. You Said Tech</p>
<p>Becoming Tech–First Why Adopting a Tech–First Mindset is Non–Negotiable 227</p>
<p>Practical Robotics in Insurance The Future is Here Already 231</p>
<p>Frictionless Insurance in a Land of Utility 236</p>
<p>The Smart Journey From Contract Hype to Insurance Reality 240</p>
<p>InsurTech and AI You Can Run but You Cannot Hide from the Future 244</p>
<p>Blockchain Startups Unlikely Heroes for the Insurance Industry? 247</p>
<p>Alexa, Can You Get me an Insurance? A Structured Approach to the Hyped Technology of Voice–Based Assistants 250</p>
<p>InsurTech s Big Questions Why the Customer is Still Always Right 254</p>
<p>ClaimsTech The InsurTech s Action List 257</p>
<p>Technology is Not Enough 260</p>
<p>9. InsurTech Futures</p>
<p>Digital Transformation and Corporate Innovation Management an Incumbent s Action Plan 268</p>
<p>The New World of the Connected Customer The Future of Microinsurance? 271</p>
<p>Personal Asset Liability Management System 274</p>
<p>Social Media in Insurance 277</p>
<p>InsurTech and the Promise of Property Value Hedging Technology 280</p>
<p>Insurance 2029 Life Backup Companion 283</p>
<p>List of Contributors 288</p>
<p>Index 303</p>