insurtech primer: effective startup & corporate collaboration
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EFFECTIVE COLLABORATION LESSONS FROM THE INSURTECH WORLD
Sabine VanderLindenManaging DirectorStartupbootcamp InsurTech
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Sabine VanderLinden18 years of expertiseManaging Director of
@SabineVdL@sbcInsurTech
Sabine VanderLinden
Top 20 InsurTech Influencer
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Berlin
SingaporeMexico
New York
BarcelonaInternet of
Things & Data
FinTech
AmsterdamE-Commerce / Smart Cities
CopenhagenMobile
Smart Transportation &Digital Health
FinTech
We ACCELERATE corporate & startup success
LondonFinTech & InsurTech& Internet of Things
MiamiDigital Health
MumbaiFinTech
FinTech
IstanbulMENA Region
FinTech + InsurTech IoT (data)EcommerceTransportationSmart City Digital Health…
15 programs globally11 cities (growing) 150+ partners1,000+ investors3,000+ members
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Since 2010, 350+ Startupbootcamp teams from 30+ classes have raised over €150 million with a combined valuation of more than €650 million
400Startups
35Cohorts
5Exits
73%Funded
81%Active
Delivering recognizable results
Hands on mentorship and support – pilots – investment
100 to 150 startups to be graduated per year
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Global PartnersInsurTech Partners
Working with innovative brands as partners
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TRUST IS AT THE CORE OF EVERY RELATIONSHIP
Only 27% of consumers trust their insurance providers whilst less than 50% actually turning
to them for advice
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RECONNECTING WITH CUSTOMERS
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“There are many InsurTech startups doing a great job out there!”
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Model 1: Understand The
Problem at Hand
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Today, many corporations interact with the start-up community and do things they had never done
before
1) Changing customer behaviors2) Speed of digitization3) Exploding product innovation
Why?
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No Red-Tape No Cubicle No suit
Own schedule Autonomy Flexibility
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“Many corporate leaders understand that innovation comes from inside and outside the walls of their corporation. That’s why
many big companies want to engage with emerging ones.”
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The InsurTech Ecosystem – 6 Key Trends
Product Sales andMarketing Distribution Underwriting Claims Customer
Service
Meet changing customer
needs with new offering
Enhance interactions & build trusted relationships
Initiate strategic
relationships
EcosystemCustomer Leverage data & analytics to generate risk
insights
New approaches
to underwrite risk &
predict loss
Sophisticated operational capabilities
Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
Insurers were asked in which areas they saw the most important
impact to their business from start-ups & Start-ups were categorised
accordingly
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Focus areas for startups based on applications
1 ENHANCE INTERACTIONS AND BUILD TRUSTED RELATIONSHIPS 35%
2 ENABLE THE BUSINESS WITH SOPHISTICATED OPERATIONAL CAPABILITIES
21%
3 MEET CHANGING CUSTOMER NEEDS WITH NEW OFFERINGS 20%
4 LEVERAGE EXISTING DATA & ANALYTICS TO GENERATE DEEP RISK INSIGHTS
15%
5 LEVERAGE BROADER ECOSYSTEMS 6%
6 DELIVER NEW APPROACHES TO UNDERWRITE RISK AND PREDICT LOSS
3%
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Insurers’ point of view
4 ENHANCE INTERACTIONS AND BUILD TRUSTED RELATIONSHIPS 45%
5 ENABLE THE BUSINESS WITH SOPHISTICATED OPERATIONAL CAPABILITIES
38%
1 MEET CHANGING CUSTOMER NEEDS WITH NEW OFFERINGS 75%
2 LEVERAGE EXISTING DATA & ANALYTICS TO GENERATE DEEP RISK INSIGHTS
65%
6 LEVERAGE BROADER ECOSYSTEMS 27%
3 DELIVER NEW APPROACHES TO UNDERWRITE RISK AND PREDICT LOSS
54%
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1. Meet changing customer needs with new
offering Introduction of flexible and personalized offerings
Micro-insurance (9%) Peer to peer insurance
(7%) Sharing economies Lifestyle based insurance Robo-advice
These ventures are challenging traditional business models
Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
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2. Leverage existing data and analytics
Search for more meaningful insights from data sets to increase the sophistication of analyses and decision making Connected car / telematics Connected Health Remote data capture &
analysis Quantification of emerging
risks
93% of customers would welcome a device that monitor and keep their home safe
Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
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4. Enhance interactions and build trusted
relationshipsLeverage Artificial Intelligence, Learning Machines, Robo-advisors to deliver unique customer experiences Omni-channel experience Aggregation and
comparison Targeted engagement Consolidation of cover Education & engagement
Brolly
Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
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Model 2: Partner
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From OBSERVING to COLLABORATING with start-ups
on real projects
However, often companies’ structures prevent projects to materialize or
move swiftly!
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Startup world
Uncertain
Unforeseen risks
Highly dynamic
Corporate world
Process heavy
Rules & boundaries
Constrained
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Designing the right innovation framework
CHECKLIST ONE
1. COULD YOU DESIGN A SMALL, BUT WELL DEFINED AND CONTAINED, PILOT WITH CLEAR SET OF OUTCOMES?
2. WHAT IS THE MINIMUM SET OF STAKEHOLDERS WHO COULD SIGN-OFF THE PILOT?
3. CAN THE CLIENT FUND THE PILOT?
4. WHAT ARE THE MINIMUM CONTRACTUAL TERMS NEEDED FOR THE PILOT?
5. HOW CAN YOU GO AROUND/ MINIMISE INTERNAL RED TAPE OR HURDLE THAT CAN PREVENT THE PILOT TO MOVE FORWARD?
6. WHAT WILL SUCCESS MEAN? HOW WILL YOU MEASURE IT?
7. IF THE PILOT IS SUCCESSFUL, HOW WILL YOU ENGAGE IN A LARGER ROLL-OUT?
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Improving your likelihood of success
1. CLEARLY DEFINE THE OUTCOMES YOU WANT TO ACHEIVE
2. IDENTIFY AN INTERNAL LIAISON/ AN ADVOCATE WHO WILL MANAGE YOU WITHIN THE PROJECT ORGANISATION
3. ENSURE STRONG BUY-IN FROM SENIOR EXECUTIVES WHO MUST SEE BENEFITS FROM THE PROJECT
4. DEFINE CLEAR METRICS AND AN INCENTIVE SYSTEM WHERE ALL PARTICIPANTS ARE REWARDED FOR TRYING AND LEARNING
CHECKLIST TWO
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Source: PwC UK, InsurTech Research, July 2016
How do corporates partner?
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you tube video: https://www.youtube.com/watch?v=pXuLWnWminI
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Model 3: Get funded
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$4.74Bn invested in InsurTech across 470 start-ups deals since 2011... This increased six fold over the past three years
$1.4Bn invested across 126 deals between Q1 and Q3 2016
Source: CB Insights, FT.com, PwC
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“100s global investors are pouring billions of dollars into InsurTech start-ups to give insurers a tech
makeover” Andreessen Horowitz Intel Capital Sequoia Capital Google Ventures Balderton Capital Canaan Partners American Family Ventures MassMutual Ventures ACE Group Holding Y Combinator .....
Source: CB Insights, Startupbootcamp Analysis
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Investors are looking for start-ups able to: Reinvent the way people buy insurance Transform the way insurers manage risk Leverage sharing economy-led business models
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The most imminent effects of disruption will be felt in the banking sector; however, the
greatest impact of disruption is likely to be felt in the insurance
sector
““
Source: WEF, The Future of Financial Services, June 2015
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Over $1Bn committed … ... to head off disruptive threats
Smart Home Security
Heath MonitoringFinancial Mgt Cyber Security
Digital BrokerData & Analytics Digital Broker
Business InsuranceWellness Insights
Source: Startupboocamp InsurTech Research, July 2016
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KEY QUESTIONS FOR YOU:
What will you do differently to ease engagement?
What will your priority be? What will your pilot be?
What metrics will you choose to drive value?
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THANK YOU
For more information, you can reach me on: [email protected]
@SabineVdL@sbcInsurTech
Sabine VanderLinden