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About Hugh Terry & The Digital Insurer

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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

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 navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. 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

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

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.

Winner of The Digital Insurer’s European Start Up InsurTech Award 2017 – Aerobotics

Congratulations to Aerobotics!

On 19th September 2017 the final presentations for The Digital Insurer Startup InsurTech Awards were held.

In this unique format four finalists presented online to The Digital Insurer community. After listening to their presentations and asking questions an online vote was held to select the winner.

Aerobotics has been selected by The Digital Insurer community as the winner – well done!

The three other finalists were:

Thank you again to all the companies who made submissions, shared their innovations and showed they are working together to accelerate the digital transformation of insurance.

Learn more about Aerobotics – Their submission statement

Aerobotics is a data analytics company, making use of aerial imagery and machine learning algorithms to solve specific problems in multiple industries, currently agriculture and mining.

The company is now targeting the crop insurance market – their mission: deliver the first agricultural insurance product that benefits both farmer and insurer, all year round.

The problems:
Crop insurance inherently deals with large geographical areas, multiple risk factors, and significant claim values. The existing methods of pricing risk using broad indices, assessing loss using manual and subjective methods, and the level of fraud, are inaccurate and lead to higher costs of provision and higher premiums.

Additionally, farming is a capital-intensive industry where pro-active risk and resource management are vital to sustainability and maximising yield, yet no insurance provider currently equips their clients with the tools that would help them to succeed.
Inaccuracy leads to higher costs – both for the insurer, and the farmer; Aerobotics solves this.

Our dual benefit solution:
The product provides both parties with an end-to-end solution to lower cost of provision and cost of farming through providing accurate and useful data on a regular basis. To achieve this, drones are used to fly periodically over an insured farm, gathering multiple data-sets which are automatically uploaded and analysed to provide useful data to both insurer and farmer.

Insurers are finally able to assess their risk based on real data, enabling premium flexibility, claims accuracy and lowered re-insurance rates.

Farmers can manage their farm based on accurate data not previously available, allowing them to target resource usage, reduce waste and reduce risk.

Validation:
Aerobotics has built up a solid client base across Africa, Australia and Europe; currently scanning and auto-analysing in excess of 618,000 acres. The cloud-based Aeroview platform presents the data in aggregated form, allowing automated tracking of data analytics (such as NDVI, Volume, Height) over successive scans.

Taking this proven solution to the crop insurance market is the next step.

Market:
The crop insurance market continues grow across the globe – total premiums have grown to ~$30bn as of 2013.

Additionally, the proportion of emerging markets has grown from 13% to 22% between 2005-’11; these new markets present a challenge for the crop insurance industry as there is extremely limited historical data from which to base pricing decisions.

Competitive Advantage:
The competitive advantage lies in the unique ability to automatically compare data sets over time, producing deeper insights and automating processes. IP is primarily the ability to accurately overlay images from different time periods and different sources, to provide this trending data.

The market strategy is also to provide end-to-end packaged solutions, solving whole issues, rather than addressing part of them and leaving the rest to other parties.

Revenue Model:
Aerobotics has a standardised ‘per acre’ charging model that is currently in place for farmers, a tailored version of this billing model is proposed for the insurance solution – the company is also open to discussing innovative revenue models, including premium share.

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