insurtech startups typology of an eco-system · - fin provides tech client base, stable market,...
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InsurTech Startups
Typology of an Eco-System
Dr. Michiel van Meeteren
Dr. Tzameret H. Rubin
Funded Value: £~1Million + £250K from industry Funded– Period: Dec 2018-Mar 2021
2017 Department for Business, Energy & Industrial Strategy – Industrial Strategy
TECHNGI Our Mandate
• Map contribution of start-ups to AI transformation in
insurance
• Focused on related technologies that foster the “AI moment”
• AI and the disruptor-incumbent dialogue
Sector Coalescence
Regional profile A
“tech” (but what tech?)
Regional profile Region B
”insurance”. But what insurance
The ever-changing world of related industries
Neffke, F. M., Henning, M., & Boschma, R. A. (2011). How Do Regions Diversify over Time? Industry Relatedness and the Development of New Growth Paths in Regions. Economic Geography, 87(3), 237–265.
Dataset – Start-ups – Industry space
• Crunchbase.com as “raw material” to build the industry space
• Dataset of 2098 Insurtech firms (generally startups)
• Global coverage although with clear bias to US/EU
• Technology (“Categories”) self-classification crosscutting traditional statistics
Method
id name degree
113 InsurTech 251
112 Insurance 154
82 FinTech 147
133 Machine Learning 105
109 Information Technology 103
215 Software 93
198 SaaS 80
14 Big Data 70
81 Financial Services 69
116 Internet of Things 68
17 Blockchain 55
94 Health Care 54
96 Health Insurance 50
151 Mobile Apps 50
183 Property Insurance 48
72 Enterprise Software 47
142 Marketplace 46
173 Predictive Analytics 45
115 Internet 43
5 Artificial Intelligence 41
Industry Space
(zoom of) Full network
Node/labels scaled to degree centrality
Industry Space
Network backbone (degree>100)
Scaled to degree (edges), betweenness (nodes)
Industry Space
Technological subfields
Industry Space
IT-Media
Automotive
Energy
BTB
Finance “AI” Technologies
Internet of things, health
AI Community
Aerospace
Agriculture
AgTech
Artificial Intelligence
Asset Management
Autonomous Vehicles
Big Data
Biometrics
Business Intelligence
Call Center
Car Sharing
Cloud Computing
Cloud Data Services
Collaboration
Compliance
Computer
Computer Vision
Construction
Content Discovery
Customer Service Data Integration
Data Visualization
Database
Drones
Electronic Health Record (EHR)
Embedded Systems
Enterprise Software
Facial Recognition
Farmers MarketFarming
Fraud Detection
Image Recognition
Industrial Automation
Information and Communications Technology (ICT)
Information Services
Intelligent Systems
Legal Tech
Machine Learning
Messaging
Natural Language Processing
Natural Resources
Neuroscience
Predictive Analytics
Product Research
Productivity Tools
Professional Services
Property Insurance
Public Safety
Renewable Energy
Ride Sharing
Risk Management
SaaS
Sales
Sales Automation
Satellite Communication
Search Engine
Security
Solar
Speech Recognition
Sports
Usability Testing
Video
Video Conferencing
Visual Search
Wellness
Wind Energy
Artificial IntelligenceBig Data
Enterprise Software
Machine Learning
Predictive Analytics
Risk Management
SaaS
AI Community
Scaled to degree Network backbone Scaled to degree (edges), betweenness (nodes)
A disruptive “AI moment” in Insurance?
Disruptive moments
Gallego 2015:” https://banknxt.com/53695/fear-fintech-startups/ https://de.toonpool.com/artists/Sch warwel_7749
Typologies of startups
Simple typology
Upstream
(production)
Downstream
(consumption)
Value
disrupting
Value
Augmenting
Gallego 2015
Hol land (2018)
Start-Ups
State
Tech
Facilitating
State
D isruptive
Technology
Incumbent
F inance
Fin
Tech
B-Hive
State
Fin
State
TechFin
Tensions w ithin ‘State ’Being an active coupler versus
the spectre of misguided industrial policy
Tensions w ithin ‘Tech ’Choosing between disrupting
and shoring-up incumbent finance
Tensions w ithin ‘Fin ’The tension between shielding protected
markets versus opening them to disruption
State -Tech
cou
plin
g
-State supplies
techw
ithlegitim
acy, (social) cap
ital,
regulato
ry help
-Tech su
pplies
IFC(state) w
ith en
trepren
eursh
ip,
missin
g region
al endow
men
ts
Stat
e-F i
n c
ou
plin
g
-Fi
n p
rovi
des
Stat
ea
relia
ble
sta
ble
fin
anci
al s
yste
m
-St
ate
nu
dge
s Fi
n t
o c
olla
bora
te
Fin-Tech coupling
- Fin provides Tech client base, stable market, legal compliance
- Tech provides Fin capabilities to develop apps and platforms
The potential role of start-ups in technological rejuvenation
Hendrikse, R. P., van Meeteren, M, Bassens, D (2019)
Strategic Coupling between Finance, Technology and the State: Cultivating the Brussels’ Fintech Ecosystem
• Industry space allows identification of related clusters of key technologies driving digital transformations
• Understanding the positionality of these clusters (who they work with, where they work, how supported they are) feeds back into a smart industrial strategy.
Preliminary conclusions
Artificial Intelligence and Next Generation Insurance Services:
Insights from research and practice
London, Tuesday 26th November, 2019
Invite 26th November