2020年沖擊保險技術：保險科技如何改變保險業 -VillageCapital & QBE（英文版）（30頁）.pdf

1、How InsurTech is transforming the insurance industry to address a new era of emerging risks, and improving lives along the way. IMPACT INSURTECH DATEDRAWN BYTITLE Introduction2 About This Report 3 Summary of Impact Themes 4 Impact Trend #1: Insurance access for all 5 Access through enhanced underwri

2、ting and data 6 Improving access through digital and diversified distribution 7 Increasing efficiency of back-end processing 9 ImpactTrend#2:Fromsocietyshapinginsuranceto insuranceshapingsociety11 Explosion in real-time and high-resolution data sources 12 Enhancing customer engagement 14 Supporting

3、new on-demand and sharing economy business models 15 Enabling small businesses and sole proprietors 17 SME and self-employed insurance landscape overview 19 ImpactTrend#3:Micro-transformationto meetmacro-risks 20 Insuring a coral reef and a changing climate 21 Cyber insurance 22 Trends in cyber risk

4、 23 Highlighted cyber segments and startups 24 InsurTechInvestmentLandscape25 Appendix:InsuranceIndustry101andOverview28 TABLEOFCONTENTS 2 DATEDRAWN BYTITLE Insurance, since its inception, has shaped patterns of economic and social growth. It has helped us mitigate the damage of threats and disaster

5、s from droughts to car accidents, and has opened new pathways to financial health and stability that would not have been possible without risk management. Insurance is part of all of our lives and, as societies across the globe now grapple with increased risks from climate change to geopolitics, and

6、 new trends in consumer demand and technological advancement, insurance is changing. New technologies are making insurance more affordable, accessible, and customizable than ever - meaning consumers, companies, and communities are safer and able to plan for the future. Insurance technology is unlock

7、ing societal financial health in a big way. This report is just one quick dive into this exciting and quickly-changing world. INTRODUCTION AllieBurns CEO, Village Capital 3 IMPACT INSURTECH OVERVIEWANDBACKGROUND AboutThisReport In this report, we will explore how the maturation of “InsurTech” and re

8、lated technologies are reaching inflection points in customer adoption and industry impact, and what that means for key consumer and industry segments. We will also summarize how these technologies are creating new business and economic models, enabling new classes of entrants into the insurance ind

9、ustry and rapidly transforming century-old legacy companies as they embed new technologies and models. We will also highlight partnerships between emerging InsurTech startups and industry stalwarts that are bringing new capabilities to the market. These shifts fundamentally change how society approa

10、ches, and interacts with, a broad array of macro and micro risks. While there is no widely agreed upon industry standard definition of InsurTech, the term encompasses a large number of technology adoption and use cases infiltrating and shifting the entire insurance value chain. Within the industry,

11、InsurTech is also used to describe innovative insurance industry startups that are also operating in widely different capacities across the entire value chain. Broadly, most emerging InsurTech firms are typically categorized as focused on either internal industry operational efficiency (i.e. data or

12、 claims processing) or external consumer-facing uses (i.e. automated customer service, marketplaces, transactional improvements). For the purposes of this report, we will make the case that individual-use cases matter far less than what, when taken together, they are enabling for both the industry a

13、nd the consumer. 4 SummaryofInsurTechImpactThemes Within this report we will summarize many of the drivers of InsurTechs transformative and positive implications into three macro themes we see not only redefining the industry, but also impacting larger socio-economic trends within the US and the wor

14、ld. ThethreeInsurTechimpactthemeswewillfocusonare: IMPACT INSURTECH OVERVIEWANDBACKGROUND Insurance for all. InsurTech is driving process efficiency across the value chain as well as improved data quality and integration which, combined, have resulted in the growth of hyper-specialized, just- in-tim

15、e and parametric (triggered by a specific event) insurance products. These emerging formats of narrowly targeted products and services are reducing barriers to consumers accessing tailored risk- reduction coverage. This shift is particularly important for historically underserved customers such as s

16、mall businesses, independent contractors and lower-income consumers. These products also cater to unique consumer needs where traditional insurance industries may have limited historical loss data. Fromsocietyshapinginsurancetoinsuranceshapingsociety.InsurTech has increased access to real-time data

17、and improved transparency in tailored pricing, which, taken together, have begun to positively inform and shape policyholder behavior. While most immediately notable in segments such as wearables shaping consumer health choices or telematics shaping actions of drivers and fleet managers, the implica

18、tions of this shift are far-reaching and only just beginning to be realized. Micro-transformationtomeetmacro-risks. InsurTech is being driven by two ends of the insurance industry spectrum. One is an explosion in millions of new sources of predictive data inputs and processing tools, allowing tailor

19、ing and segmenting of coverages and pricing. The other is large-scale systemic and emerging trends such as climate change, geopolitical and macroeconomic instability, and cyber risks. Some of the most promising and high-impact use cases of InsurTech are emerging from the intersections of these two s

20、cales of activity. 1 2 3 5 DATEDRAWN BYTITLE INSURANCE ACCESSFORALL While there are endless use cases of InsurTech that positively impact specific industries, subsectors and customer segments, the most striking positive impact of InsurTech may be the breadth of increased access to insurance and risk

21、-mitigation products for all consumers. Lower cost, shorter duration and more precisely tailored products even to specific events, items and other usages are opening up insurance to untapped and underserved corners of the market. Reducing barriers to access to insurance is particularly important for

22、 historically underserved customers (i.e. small businesses, independent contractors, lower-income consumers, etc.) and unique consumer needs, where traditional insurance industries may have limited historical loss data. Below, we will briefly explore why InsurTech is helping to reduce barriers to ac

23、cess to insurance and other risk-mitigation products, share a few specific examples of InsurTech companies improving access directly or indirectly, and highlight how that is affecting current and potential policyholders and other customers historically underserved by the insurance industry. IMPACTTR

24、END1 6 TrueMotion uses smartphone sensor technology and personal history to score drivers on their behavior and help insurers better target profitable customers. Groundspeed uses information found in insurance loss runs, exposure schedules, and policies to reduce costs and improve profitability. Hab

25、itAnalytics collects behavioral data from home sensors to enhance property insurance risk models. Carpe Data provides insurances with a number of characteristics for business, such as customer ratings, health and sanitation scores, and reputation. While a core responsibility of insurance companies h

26、as always been to properly assess, price and underwrite risk, InsurTech startups are driving a seemingly endless array of solutions to help underwriters accomplish this more efficiently and with more fidelity across the value chain. Increasingly, InsurTech is improving data collection and cleansing,

27、 verification, predictive modelling and pricing. InsurTech and related technologies are also shaping how nearly all incumbent insurers are investing in their data modeling1 (i.e. underwriting) capabilities to improve individualized risk assessment. Across the value chain, improved data quality and m

28、ore advanced underwriting methodologies have resulted in growth of hyper-specialized insurance products (i.e. item- or event-specific, or just-in-time coverage) as well as more efficient, timely underwriting for traditional insurance products. The emerging formats of narrowly targeted products and s

29、implified consumer access to more traditional products are reducing barriers to consumers accessing tailored risk-reduction coverage. These trends are especially important for underserved populations, where traditional variables in underwriting can have negative product or pricing implications based

30、 on limited or biased historic data. For instance, insurers often use credit scores, a very narrow and limiting risk measurement that can have particularly negative implications for historically marginalized populations. InsurTech is allowing both traditional and nontraditional providers to incorpor

31、ate broader sets of tailored or personalized data into underwriting processes, combating an overreliance on such narrow-banded or potentially biased metrics. There are an increasing number of InsurTech startups active in the underwriting space using emerging technology such as machine learning and p

32、redictive analytics to harvest, normalize, enhance, and extract data to improve margins and identify profitable pools of business. The following is a small selection of such firms: Accessthroughenhancedunderwritinganddata Cytora, Daisy Intelligence and Cape Analytics all serve as additional examples

33、 of startups improving existing underwriting processes through improving data. OpenDataNation(ODN) gives insurers access to 2.5B public records in the US, and provides recommendations to help insurers better evaluate risk and prioritize customers. Wunderite is focusing on data exchange in the underw

34、riting processes to improve underwriting decision-making for commercial insurers. Juniper Labs is harnessing artificial intelligence (AI) to improve risk selection and underwriting tools for commercial insurers and managing general agents. IMPACTTREND#1: INSURANCEACCESSFORALL 7 Two specific points o

35、f recent innovation include the use of combinations of technologies to improve assessment processes, and the use of advanced data processing to simplify and automate manual processes. As an example, firms like Flyreel are using machine learning and computer vision tools to automate commercial proper

36、ty underwriting, providing near-instant risk assessment and pricing suggestions for facilities that would historically rely on a thorough in-person assessment. Further, advanced data processing startups such as TrustLayer are using machine learning and distributed ledger technologies to automate ins

37、urance verification, eliminating error-prone, manual processes, and streamlining workflows to increase compliance and decrease risk. As new data and underwriting processes come on line, larger InsurTech partnerships within the underwriting segment have been increasingly common. Insurance carrier Aon

38、 formed a strategic partnership with Zesty.ai for the companys property underwriting platform built on 130B data points of buildings and their environments. The AI-based system leverages satellite imagery, camera footage and on-the-ground data to help insurers better assess property risk and more ap

39、propriately price their products. In areas such as Northern California, impacted by the most costly natural disasters of 2018, Zestys risk analytics platform is especially valuable and gives residents a better path towards financial stability in the case of an event. Even traditional carriers like L

40、iberty Mutual, through its Solaria Lab innovation division, are using location-specific data such as noise levels and traffic patterns as factors in underwriting models. Haven Life, an offshoot of MassMutual, calculates a MyLifeScore360 based on 48 variables, including family medical history. Consum

41、er access to insurance products is often limited by the friction consumers experience when seeking to understand insurance options or complete their transaction. In-person agent meetings, long forms, physical risk assessment processes, paper documentation, and opaque pricing are all friction points

42、that have historically slowed consumer access and product distribution. While we have seen, in retail, brick and mortar stores lose ground to online sales, insurance brokers or agents have remained the primary distribution strategy for almost all types of insurance. Though rapidly changing, as of 20

43、15 a full 57% of all property- casualty premiums, 35% of all personal lines and 80% of all commercial lines were sold through brokers. Selling through brokers and agents is not only expensive for insurance companies but also can put consumers at a disadvantage, exacerbating an already opaque marketp

44、lace and limiting the consumers ability to compare offerings. Carriers also have a difficult job retaining brokers over time and tracking valuable data at the front end of the sales funnel with this model. Many insurance companies are now seeking to move to direct business models, but the legacy sys

45、tem of brokers makes it difficult to adapt. To work through this market tension of centralized control versus open access, companies have been turning to InsurTech startups that are providing marketplaces and acting as “virtual brokers” (e.g. CoverHound, Policy Genius). Improvingaccessthroughdigital

46、anddiversifieddistribution IMPACTTREND#1: INSURANCEACCESSFORALL 8 In a 2017 report, McKinsey estimated that a full 37% of InsurTech startups focused on improving distribution while an estimate from Accenture and CB Insights put it higher, at 56% of all InsurTech firms.2 Regardless of the specific pe

47、rcentage, it is a clear industry priority to reduce initial customer friction and make it easier for prospective policyholders to find, understand and purchase insurance products that better meet their needs. Insurance comparison services and marketplaces represent the most mature market across the

48、InsurTech spectrum. These platforms increase product and price transparency for end users, leading to lower prices, better competition and better value. Firms that have found success in the space include Policy Genius (life, health, disability, renters, pet), CoverHound (auto, residential, business)

49、, The Zebra (auto), Insurify (auto), EverQuote (auto), GoHealth (healthcare) and HealthSherpa (healthcare). Though each platform aggregates quotes and makes it easier for consumers to access insurance products, the underlying technologies vary. Policy Genius, for instance, provides an online marketplace complemented with education resources, while Insurify integrates with Facebook Messenger as a virtual bot that provides real-time quotes. EverQuote, on the other hand, does not provide quotes, instead serving as a lead generator that shares consumer information with ca