Insurtech explained is brought to you by Freshfields Bruckhaus Deringer LLP and is a clear and comprehensive tutorial about the tech and business of retail or even commercial insurance market.
Insurance markets around Europe are changing and InsurTech business models are now the present. Micro-insurance, peer-to-peer insurance, blockchain and IoT is revolutionising the industry in a large way.
Here’s a brief video to introduce you to the technology.
Trends in the industry
“For many insurers, the cloud-computing debate is over.18 With 7 in 10 carriers using cloud in their business today, it is already an integral part of their technology environment and business platform strategies.19
The traditional drivers of cloud computing—cost savings and pay-as-you-consume contracts—will likely continue to push usage. Yet the next round of adoption will likely be driven by other key benefits that cloud offers—namely speed, flexibility, and scalability.
Insurance CIOs, who are under pressure to deliver digital capabilities, are looking at developing applications on the cloud as a faster alternative to on-premises deployments.20 Beyond that, evolving technologies such as advanced analytics, telematics monitoring via the Internet of Things (IoT), and cognitive applications generally demand newer technology capabilities that are both quickly scalable and flexible, given the amount of data being generated and the processing power needed to leverage it.
Cloud providers seem to be actively evolving their capabilities to offer advanced solutions in partnership with system integrators to create industry-specific solutions.21 Carriers have an opportunity to be part of this ecosystem of partners to gain a competitive edge by drawing timely insights from data in a cost-effective manner. ” – Deloitte , 2019 Insurance Outlook: Growing economy bolsters insurers, but longer-term trends may require transformation
According to the same study, in 2018 there is an increase on fully deployed systems in: Claim Systems, Fraud detections and Marketing & CRM systems.
According to website invyo.io there are some rising InsurTech companies we should watch. We chose to list just the most important 9 European companies:
Dacadoo is a Switzerland-based Insurtech that has developed and runs an easy-to-use and safe way to manage the personal health and well-being of a user, they call it the dacadoo Health Score platform. –https://www.dacadoo.com/
Docline is a Spain-based Insurtech that has developed a Telemedicine platform that allows doctors to connect with their patients for video consultations, chat and e-prescriptions. Although we don’t consider it a proper InsurTech it is a medical platform with great potential. – https://docline.es/
The Floow is a UK-based Insurtech that “is a leading telematics provider delivering innovative solutions to insurers, automotive manufacturers and fleet operators worldwide.” – https://www.thefloow.com/
Insurepal is a Liechtenstein-based Insurtech that has developed a next generation of peer-to-peer insurance based on social proof endorsements, fully harnessing the power of blockchain innovation. – https://insurepal.io/
Lisa is a Spain-based Insurtech that has launched an app that allows users to obtain an immediate budget, in less than 90 seconds, with several options of coverage of professional liability directly from a mobile. – https://lisa-seguros.com/
Segguroo “is a Spain-based Insurtech that has launched an app to let people protect the things that matter to them in a different way.” This is based on the new trend in insurance micro-insurance and has great potential – https://www.segguroo.com/
Valoo is an France-based Insurtech that allows easy and secure management of people’s possessions. Their main value proposition is convenience. People can secure their goods within one space preparing them in the event of a disaster (fire, theft, water damage, etc.). – https://www.valoo.com/
Yolo is an Italy-based Insurtech that distributes products of the major international insurance groups on digital channels. The company is essentially a broker on a tech platform. “YOLO is also the partner of the large insurance groups, capable of creating value and innovation through consulting, technology and marketing.” – https://yolo-insurance.com/