Sent on May 31, 2017

News
Blockchain: Basis for Tomorrow
30 MAY 2017 | Could a blockchain platform deliver new markets, more agile products and large-scale cost efficiencies across the industry? Commentators have identified the insurance industry as an ideal candidate for transformation by blockchain technology. Many blockchain Insurtech pilots are exploring alternatives for processes in the insurance value chain such as know your customer (KYC) and claims.
Munich Re, Aviva Ventures Invest in UK Connected Home InsurTech Neos
30 MAY 2017 | Neos, a UK connected home insurer, announced last week that it has secured a £5 million (roughly $6.4 million) series A investment led by Aviva Ventures together with strategic partner Munich Re. The strategic investment accelerates Neos’s growth as the UK’s first company to offer a home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft, the company said in the announcement.
50% of world’s vehicles to be insured with telematics by 2030
29 MAY 2017 | The usage of telematics in the auto insurance industry is soaring, with one report claiming that nearly 50% of the world’s vehicles will be insured with usage-based policies by 2030. The same report, from Ptolemus Consulting Group, predicts that the industry will grow to nearly 100 million policies worldwide in the next three years.
Autonomous Vehicles: Three key areas of opportunity for insurers
29 MAY 2017 | In the first blog in this series, we discussed new models from Accenture and Stevens Institute of Technology suggesting that the shift to autonomous vehicles could represent a major opportunity for auto insurers, particularly in the period from 2020 to 2035 when AVs will generate as much as $81 billion in new US revenues. In our analysis, we see these revenues coming from three main sources:
Acko is an ambitious digital play to disrupt India’s $10B insurance industry
26 MAY 2017 | Acko is an under-the-radar startup that wants to disrupt India’s insurance industry through a digital-only model. This week it stuck its head above the parapet and announced that it has raised $30 million to get started on its bold plan. Founded by Varun Dua, the man behind insurance comparison site Coverfox, Acko is designed as a wholly digital take on insurance in India.
Tesla is pushing the insurance industry to prepare for massive disruption
26 MAY 2017 | Tesla is forcing insurance agencies to seriously consider how policies will change as cars become safer due to advents in self-driving technology. The latest example is Farmers Insurance partnership with Tesloop, a small ride-sharing service that uses Tesla cars to transport customers between cities in Southern California. Farmers wrote a new auto policy for Tesloop that slashes the service's previous insurance costs by 25% by reducing its risk premium, Tesloop CEO Rahul Sonnad told Business Insider.
Why insurance might finally be getting interesting
26 MAY 2017 | InsurTech is finally catching-on. The industry has only recently woken up to the many opportunities that new technology offers and now we’re seeing more firms investigating what phones and apps can do for them. But the insurance industry is just catching up with its customers. Consumers, used to seamless experiences from many of their interactions, are expecting to see it from their insurance companies too.
InsurTech Futures: Neos secures investment from Aviva Ventures and Munich Re
25 MAY 2017 | Connected home insurer Neos has secured a £5m series A investment led by Aviva Ventures together with partner Munich Re. The InsurTech start-up, which offers a home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft, stated that the investment would accelerate its growth.
Regulators as mystified by insurtech as insurers - expert
25 MAY 2017 | When it comes to the next wave of insurtech in auto, insurance companies and regulators are just trying to figure it all out according to Patrick Vice, Insurance-Canada’s partner and director of products and services. Vice highlighted the auto insurance reforms in Ontario as an example of cautious embrace by regulators who, like insurers, are trying to wrap their heads around realms not everyone understands.
More data-based use cases likely offers greater shot at success for insurers exploring connected insurance: expert
25 MAY 2017 | The greatest value to insurance industry players and their customers will likely not be realized without expanding the number of data-based use cases, Matteo Carbone, founder and director of the Connected Insurance Observatory, recently suggested. “Connected insurance is about gathering data,” Carbone said, speaking about the Internet of Things (IoT) in insurance during a media briefing last week at Ryerson DMZ, hosted by Insurance-Canada.ca.
InsurTech Futures: Regulation in InsurTech needs to change, says Aviva's Wilson
25 MAY 2017 | Aviva group chief executive officer Mark Wilson has said that the regulatory system in the InsurTech space needs to be fundamentally transformed. According to Wilson, the provider is participating in the debate with the Financial Conduct Authority (FCA) to work out what regulation in the InsurTech sector needs to look like.
Insights
InsurTech sector quarterly update Q2 2017
25 MAY 2017 | Insurtech startups are creating new businesses in 14 categories with a total funding up to date of $18 Billion. They come in various shapes and sizes with different business models and distribution strategies. Health and Travel and Life, Home and P&C are leading by far with a record number of funding to date. Since 2013 there has been a clear tendency towards Seed and Series A funding rounds which means that the insurtech sector is passing through a period in which more early stage startups are emerging and investors are ready to bet on them.
Unveiling the full potential of telematics
22 MAY 2017 | The Italian market has developed the furthest in terms of telematics penetration, and the evidence and experiences collected should be seen by all as bearing significant relevance. Best practices are and will be collected in early adopter markets, like Italy, to be tested and (partly) replicated elsewhere. To conclude, the popularity of telematics has increased rapidly in Europe, driven mainly by Italy, and UBI subscriptions are expected to take off in the UK, Germany and France within the next five years. Other areas, such as property, life and health are showing signs of change, as connected cars, connected homes and connected lives could merge into a connected ecosystem protected by connected insurance
Agenda
Global Summit for Insurance Innovation Forum
01 JUN 2017 | Madrid | The “Global Summit for Insurance Innovation” Forum will bring together market leaders from many different European countries at different level of maturity about Innovation and Digital to discuss the newest trends and challenges in meeting and exceeding customer expectations. Insurance leaders have to address these strategic and operational challenges in order to build an integrated Customer Experience that brings together their value propositions across multiple touchpoints, distribution channels and customer segments.
TU-Automotive Awards 2017
06 JUN 2017 | The Hyatt Place Hotel, Novi, USA | The TU-Automotive Awards are the most prestigious and anticipated awards in the connected car industry. The glamorous ceremony aims to gather the leading minds of the connected car industry to highlight innovation and quality. With 10 categories designed to highlight established and emerging companies, the TU-Automotive Awards attract over 400 nominations from all over the world. These awards recognize the leaders pushing the industry forward through innovation, industry engagement and quality products and services.

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