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Services of interest
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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Driving growth through partnership and innovation 2019

Article Synopsis :

Insurtech startups are not considered the threat they once were. The past three years have seen them evolve from disruptor to enabler, to partner. And increased partnership is helping insurers overhaul their processes and systems across the value chain.

 The Digital Insurer reviews Hartford Insurtech Hub’s Report on Driving growth through partnership and innovation 2019

Partnership is driving change

It is sensible for insurers to look outside their own sphere to find new and innovative technology to incorporate within their businesses.

Cultivating relationships with startups has become part of many insurers’ business strategy as it proves to be a quicker and more effective means of resolving the problems they face.

Big possibilities

The potential for collaboration to deliver meaningful transformation is huge. However, insurers must not focus on short term gain such as cutting costs and boosting sales above long term projects that will re-engineer their business for the new world order. Those who fail to adopt insurtech will be most likely to be disrupted.

Startupbootcamp’s Hartford Insurtech Hub evaluated over 3000 show tech businesses and over 235 applicants from across the globe. The vast majority of startups are in North America 43.83% followed by Asia including India at 20%. Europe comes in third at 14.47%.

Small, but perfectly formed

The majority of these are at the prototype stage, with 46% being funded by friends and family or angel investors, while 42% are seed funded.

Founders of insurtech startups are beginning to team up, with 74% of the 235 applicants founded by two or more partners. More than half have an advanced stage concept of use, which suggests they are already collaborating with insurers and are aware of what they require.

Making money

Three quarters (75%) report have revenue generating models, with 66% using software as a service (SaaS). In almost half (48%), it is via direct sales, with 36% using a licensing model.

In 44% of cases, the founders have experience of building companies up before.

There are five key areas where startups are partnering with insurers:

1) Innovating for value beyond insurance

In the future, insurers are likely to focus on their core capabilities and won’t necessarily look to be owning the rest of the value chain, and so, therefore, not have a focus on distribution or administration.

2) Improve data management and predictive analytics to enhance insurer decision-making capabilities

Many of these startups offer new ways to analyse and leverage big data and may even offer access to new data sources. Being able to analyse this huge field of data can improve decision making and optimise processes ultimately limiting or mitigating risk. However, legacy systems can’t cope with it, whereas the predictive analytic take data management skills that the startups have allowed insurers to make use of this data now.

3) New insurance ecosystems and networks through tech partnerships

Insurers are facing competition from the likes of Amazon and Google. But while these businesses are acquiring and funding startups, they are looking to partner with large established insurance brands. There are many barriers to entry, but regulatory oversight gives perhaps the greatest concern to the tech giants.

For their part, insurers may give up control of their value chain, but they get access to both more potential customers, plus behavioural data that will allow them to improve their own offering.

4) Connectivity through the internet of things

The internet of things (IoT) has rapidly moved from a concept to a live model developing a new distribution channel, gathering data and tailoring new products for customers.

Blockchain will begin to find a home as insurers seek to streamline their processes and deal with the vast amount of data, managing risk and preventing fraud. Increased trust between insurer and customer will also increase loyalty.

5) Process optimisation and automation to improve productivity

Insurtechs are helping insurers improve their productivity and optimise their processes. Reduced administration and error checking allows for more time spent on improving customer engagement and generating revenue.

They’re stronger together

The authors anticipate that funding of startups will continue as these relationships strengthen. Only those who choose not to engage are going to be left behind and most susceptible to disruption from large tech companies.

Link to Full Article:: click here

Digital Insurer's Comments

 Some interesting insights into the structure and development of the startup market.

The fact that collaboration is happening is good, but incumbent insurers must begin their journey into digital transformation or be left behind and picked off by the disruptors.

Link to Source:: click here

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