Insurance technology, also known as InsurTech, is an economic industry composed of companies that use technology to make insurance services more efficient. InsurTech is an integral part of the global FinTech revolution to bring more innovation to the financial sector in general. InsurTech involves exploring avenues that large insurance firms perhaps have less incentive to exploit, such as offering highly customized policies, social insurance, and using new streams of data from internet-enabled devices to dynamically price premiums according to observed behaviour.
InsurTech attracted around $2.6 billion worth of investment last year, and market research analysts at Technavio predict that the global InsurTech market will grow steadily at a rate of 10% over the next four years.
WHAT ARE THE EXPERTS SAYING?
We reached out to some of the top influencers on our list to ask them for their views on future of work. We spoke to Florian Graillot (#1), Spiros Margaris (#2), Andreas Staub (#3), Mike Quindazzi (#4), Sebastien Meunier (#7), Nick Martin (#9), Matteo Carbone (#10), Paolo Cuomo (#12), Fabienne Neymark (#13), George Kesselman (#14), Tim Hughes (#16), Danielle Guzmán (#17) and Marc R Gagné MAPP (#18). Be sure to follow them to stay up to date on the best content and resources on InsurTech.
“InsurTech investments are growing as startups are increasingly targeting all the insurance value chain. While they started by addressing distribution challenges, they are now leveraging technology to expand on price/product design and claim management.”
“The potential of the InsurTech and FinTech industries is so huge that whatever impact most of us imagine they will have in our lives will only scrape the surface. It is one of the most exciting times for me–and many great people I know–to be part of such an intense disruption of the financial industry status quo. The InsurTech companies’ proposition is to bring savings and convenience to the customer and to help insurance companies take the next step to advance their business models for the future. If InsurTech start-ups do it right, we will see an explosion in demand for their offerings.
I’m not saying there won’t be a bumpy ride along the way or that many start-ups won’t disappear, but if that scares you, you should not be part of it. For those who stick it out, with some luck, they will be able to change the insurance industry forever and along the way provide customers with personal services that most people don’t even dare think are possible. That’s why I strongly believe that the InsurTech industry will have many great years ahead of it. We are just beginning. That’s all I need to know to give it my all.”
“There are good arguments not to differentiate between “InsurTech” and “FinTech”. But though the underlying technology is the same it seems incumbents and start-ups in the insurance industry have a greater and direct benefit from emerging technologies like AI, IoT and Big Data. At least for me the use cases for innovation are much more salient (also in association with other trends like smart home). New business models based on individual behavior and pricing are powerful and/but silently undermine one raison d’etre: solidarity. Is there a “dark side”? The impacts on society and communities (and of course regulation…) are far apart from clear and therefore very interesting. In any case what we can say is that there will be a huge need to understand, measure and manage the (ir)rational behavior. That’s just where behavioral economics will contribute with it’s evidence based insights. On individual base but also for strategies/companies and markets. A lot of fun and work waiting – we will have some very intense years and long term change in the insurance industry (especially InsurTech)!”
“The insurance industry has remained much the same for more than 100 years, but over the past decade it has seen a number of exciting new innovations and new business models. The insurance-specific branch of FinTech, InsurTech, is emerging as a game-changing opportunity for insurers to innovate, improve the relevance of their offerings, and grow new opportunities. InsurTech has seen an exponential increase in funding, similar to what we are seeing with FinTech investments overall. Continued venture-related investments aim to further increase the number of new startups and are further drawing additional investors to enter the space. Most traditional insurers are taking a closer look at these emerging technologies (and social trends) for new opportunities and improved ways in engaged customers and improve customer experience.”
“Business models in the Insurance industry are undergoing significant changes. Connected customers expect engaging, seamless and personalized experiences: for Insurance companies it means being able to differentiate on experience design and provide on-demand services. Data analytics combined with sensors/telematics allow for dynamic risk modeling. InsurTech startups leverage new trusted infrastructures (such as but not limited to blockchain technology) to deliver P2P Insurance (Guevara) and Micro-Insurance services (Bima). Other startups aim to develop API-driven open infrastructures to create new partnerships & offer Insurance as a Service (Instanda).”
“These are exciting times for the insurance industry with InsurTech being potentially disruptive but providing great opportunities for incumbents. The InsurTech debate all too often centres around the premise that the shiny new start-ups will win at the expense of the tired old incumbents. For me that is not the case. The most progress will likely be made by partnerships between innovative nimble start-ups and incumbents who are skilled at navigating a highly regulated and complicated ecosystem. Technology used well can change the current customer proposition. The traditional insurance industry model has the opportunity to move from one of post loss reactive reimbursement to one of proactively managing down customers’ risks. The latter model is significantly more valuable to the customer and can change insurance from the grudge purchase that many view it as today. Incumbents working with InsurTech start-ups can accelerate this evolution. Through reduced costs and better efficiency, technology can be an enabler to make what was previously uninsurable, now insurable. Emerging new markets, like microinsurance, expands the overall industry pie not only to the benefit of all market participants but more importantly to society at large. InsurTech is not a zero sum game.”
“Insurance players will still be relevant in the future but will have to be insurtechs. This Insurtech transformation is impacting all of the phases of the customer journey and of the insurance value chain. Each insurer needs to create their customized digital toolkits based on their individual strategy and characteristics.”
“18 months ago the hastag #InsurTech didn’t even exist! Now there are thousands of people using it and following it every day – a microcosm of the massively fast growth of the insurtech space. At InsTech London we’ve been here since Day 0 and are exhilarated by the energy we’re seeing, the massive attendance at events, the blossoming start-ups we are mentoring and the fascinating investors who we are meeting with. Whether it’s Augmented Reality, the Internet of Everything, or Swarms of Drones, if its impacting the broader world then its almost certainly impacting insurance. If you’re in the insurtech space already, good on yer! If it’s all new and scary then come on it, buckle up for the ride and give us a shout at InsTech London if you need a guide”
“InsurTech is evolving, quickly, the insurance environment. Several disruptive dynamics are at the origin of this phenomenon: Internet, BIG DATA, Health, IOT … InsurTech is changing the expectations and demands of consumers. Large companies are not sufficiently equipped, they will have to invest in software, work in partnership and develop entrepreneurship. However, there is the risk for the consumer to exploit personal data through Wearable Tech.”
“Imagine insurance as a utility, easily accessible as electricity across the globe… This future is coming and it’s coming fast! 2016 was the year that InsurTech has entered the mainstream attention. The world of entrepreneurs woke up to the tremendous inefficiencies (read opportunities) that exists in insurance and investors got excited about InsurTech. I am convinced that collaboration is the key to success and Asia will drive tremendous growth in this space”
“The waves of disruption are rolling across FinTech and we are seeing this in different Financial Services market segments. Start-ups, that have quick and agile business models are gradually salami slicing traditional insurance value propositions. In the old saying “How do you eat an elephant?; A piece by piece”, we are seeing that start-ups gradually eat the insurance old guard. With traditional marketing dead or dying, traditional insurance companies must change now or find themselves losing revenues and market share.”
“InsurTech has put the customer at the core of the value chain, solving for legacy industry pain points, which lends itself to lots of opportunity to engage with their customers. There is huge potential through this approach to identify new markets, new products & new services.”
“The Coming Revolution: AI in the Insurance Industry. Machines have been stoking the fires of progress in the insurance industry for decades. They’ve automated much of the underwriting process, and they’ve helped to speed up much of the work of selling and processing insurance policies. But these already-automated tasks have been performed by mere “dumb” computers, unfortified by Big Data, the IoT, and machine learning. Now, because of advances in AI, the industry is facing a tremendous shift. What does that shift look like? Smart AI algorithms can quickly take care of functions like claims processing, for example. Freed from mundane tasks, agents can focus on projects requiring more creativity and complexity. But going beyond that, the vast amounts of customer data insurers already have can be applied to predictive models that could help them identify fraudulent claims. AI can compare customer responses across millions of claims, parsing out patterns that signal fraud. Predictive modeling can even help with product recommendation, especially when historical behavioral data is applied. And, for the final revolutionary swoop, AI may even soon be used to provide consulting and customer service, much like robo-advisors already do in the financial industry.”
We were interested in seeing which topics were spoken of the most in the context of InsurTech, so we analysed tweets and blogs from the top 100 influencers and brands between 1st January – 22nd November 2016 and counted the number of times various topics were mentioned to create a topic share of voice pie chart:
The most popular topic mentioned in tweets and blogs by the top future of work influencers was FinTech with a 36% share of voice, illustrating the strong relationship between FinTech and InsurTech. Blockchain was the 2nd most popular topic with 14% of all topic mentions among the top InsurTech influencers and brands. The 3rd most popular topic was Bitcoin with a 12% share of voice, whilst the topic of Big Data received a 10% share of voice. Banking received a 7% share of all mentions, followed by IoT with 6%. The topic of Artificial Intelligence (AI) received 5% of all mentions, followed by Start-ups with 4%, and finally Innovation and Payments which both received a 2% share of mentions among the top 100 future of work influencers and brands.
MAPPING THE COMMUNITY
We were very interested in seeing which brand and individuals were leading the discussion around InsurTech, so we analysed over 33K tweets mentioning the key words: “InsurTech OR “insurance tech” OR “insurance technology” OR insurancetech OR insurancetechnology from the 7th – 29th October 2016. We then identified the top 100 most influential brands and individuals leading the discussion on Twitter. What we discovered was a very engaged community, with much discussion between individuals and brands. Below you can see a network map of the online InsurTech conversation with the number one influencer Florian Graillot at the centre. This map was created with our Influencer Relationship Management software (IRM). Be sure to click on the map to enjoy the full size network diagram in greater detail.
TOP 100 INDIVIDUALS
We looked at all the individuals engaging on Twitter to bring you a list of the top influencers in InsurTech. Below is the top 50, if you want to see who ranks from 50-100 be sure to download the full report by clicking the download button below.
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|Rank||Twitter Handle||Name||Company||Influencer Score|
|1||@FGraillot||Florian Graillot||AXA Strategic Ventures||100|
|2||@SpirosMargaris||Spiros Margaris||Margaris Advisory||73.41|
|3||@andi_staub||Andreas Staub||FehrAdvice & Partners AG||60.92|
|6||@Minh_Q_Tran||Minh Q. Tran||AXA Strategic Ventures||44.7|
|7||@sbmeunier||Sebastien Meunier||Chappuis Halder & Co.||37.25|
|8||@SabineVdL||Sabine VanderLinden||Startupbootcamp InsurTech||33.01|
|9||@NickMart_Insure||Nick Martin||Polar Capital||32.52|
|10||@MCins_||Matteo Carbone||Bain & Company||31.66|
|11||@TunstallAsc||Steve Tunstall||Inzsure Pte Ltd||30.11|
|12||@pgc_at_work||Paolo Cuomo||Charles Taylor Managing Agency||28.16|
|13||@ArkangelScrap||Fabienne Neymarck||Ascendeo France||25.3|
|16||@Timothy_Hughes||Tim Hughes||Digital Leadership Associates||23.01|
|18||@OttLegalRebels||Marc R Gagné MAPP||The Privacy and Access Council of Canada||22.04|
|19||@mobinauten||Oliver Lauer||Zürich Versicherungs-Gesellschaft AG||17.33|
|20||@antoine_mor||Antoine Moreau||Nadra Ventures||17.13|
|22||@kingofpayments||Christopher Danvers||American Airlines Federal Credit Union||14.95|
|23||@foster_ideas||Craig Foster||HomeServe Labs||14.07|
|26||@neilshart||Neil Hart||Consumer Intelligence||12.73|
|27||@matteorizzi||Matteo Rizzi||Omidyar Network||12.54|
|28||@DKMatai||DK Matai||Q-BRAIN Capital Accelerator||12.22|
|29||@JulesRatcliffe||Jules Ratcliffe||Vertex Partners||11.85|
|30||@nekliolios||Nektarios Liolios||Startupbootcamp FinTech||11.68|
|31||@TrippBraden||Tripp Braden||Strategic Performance Partners||10.66|
|32||@charliehalkett||Charlotte Halkett||Insure The Box Limited||10.27|
|33||@fredtardy||frederic tardy||AXA Asia||10.01|
|36||@rgarciadelacruz||Rodrigo Garcia Cruz||Finnovating||8.6|
|37||@ishnae||Zachary Griesbach||Guidewire Software||8.26|
|38||@ShefiBenHutta||Shefi Ben Hutta||Coverager||7.93|
|39||@OscarWGrut||Oscar Williams-Grut||Business Insider||7.74|
|40||@FTPartners||Steve McLaughlin FTP||Financial Technology Partners||7.73|
|42||@oscarjofre||Oscar A Jofre Jr.||KoreConX||7.45|
|43||@BreadingSMA||Mark Breading||Strategy Meets Action||7.4|
|44||@JimMarous||Jim Marous||Digital Banking Report||7.25|
|45||@rickhuckstep||Rick Huckstep||The Digital Insurer||7.2|
|46||@AlexKim||Alex Kim||DropIn Inc||7.19|
|49||@didierdelmer||Didier Delmer||247 Digital Ltd||6.93|
|50||@Lucas_Wyrsch||Lucas Wyrsch||Swiss Business Club||6.84|
TOP 100 BRANDS
We also looked at all the brands engaging on Twitter to bring you a list of the top brands talking about InsurTech. Below is the top 50, if you want to see who ranks from 50-100 be sure to download the report to get the full top 100 list, and see who are most the influential brands in InsurTech.
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|Rank||Twitter Handle||Name||Influencer Score|
|8||@MunichRe||Munich Re (Group)||50.29|
|9||@AXAVentures||AXA Strat. Ventures||44.67|
|11||@LetsTalkPaymnts||Let’s Talk Payments||41.77|
|19||@finance20ch||Finance2.0 – FinTech||21.71|
|20||@TechCityNews||Tech City News||21.71|
|47||@latelier||Atelier BNP Paribas||14.75|
|48||@DigitalInsurer||The Digital Insurer||14.36|
At Onalytica we love building these lists and want to give back to our loyal readers as much as we can. If you’re interested in other topics (such as Virtual Reality, Digital Health, Digital Marketing) be sure to have a gander on our blog or why not propose some topics to us on twitter? We also build some very cool software to manage all of these influencers. Get a free demo today by clicking the button below!
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