snapshot innovations within insurance business

Transcription

1 S N A P S H O T J U L Y Innovations within insurance business. A collection of signs and cases showing innovations within the insurance companies in three areas: product innovation, service innovation and new players. S I G N M E S H. C O M snapshot innovations within insurance business

2 C O N T E N T content product innovation service innovation new players

3 introduction In our newest snapshot, you can explore the following areas within the insurance industry: I N T R O D U C T I O N The state of insurance industry. Take a look at our snapshot with cases of what is happening within the insurance industry. How is it changing and where it s headed? Product Innovation How are companies innovating in the core product development? Which new products are being created? Service Innovation How are insurance companies innovating in the area of their services? What kind of added-value ones do they provide? New Players Which new players are entering the insurance market and setting up new standards in pricing, service and product offerings themselves?

4 S N A P S H O T how do others do it Current cases of initiatives within product innovation, service innovation as well as new players entering the insurance market.

5 product innovation 1 How are companies innovating in the core product development? Which new products are being created?

6 Pay-Per-Mile Insurance Plan Metromile wants to benefit out of the bigger changes that are happening in the world of transportation. The low- mileage drivers will benefit the most out of Metromile's model, as it reduces insurance costs based on actual usage of the vehicle. The company fits insured vehicle with the small wireless device called the Metromile Pulse, which measures the number of miles driven. Based on the usage the drivers are billed a base rate and a per-mile rate. W H A T I S H A P P E N I N G Source:

7 Trov - a New On- Demand Insurance Platform A new platform enables customers to ensure their possessions individually and for a limited time only. W H A T I S H A P P E N I N G Trov caters to needs and habits of younger generation that is used to ordering cars, food etc online. Now with one swipe on their smartphones, consumers can choose a product from their individual portfolio and insure it based on a daily rate offered by the platform. Termination of the contract also happens with just one swipe. Source:

8 Russian Bank Offers Free Pokémon Go Insurance Russia's biggest bank, Sberbank, is giving clients 50,000 rubles (about $800) worth of cover against injuries received while playing Pokémon Go. Players just had to visit a landing page and fill in the nickname, real name, birthday, location, and . W H A T I S H A P P E N I N G Sberbank also planned to install special PokéStop modules known as "lures" to all of its offices. Source:

9 Insure The Bike With Inzmo The Estonian bike insurance startup in collaboration with UNIQA has now launched their service in Austria. In order to use the service user just need to upload the serial number of the bike, name and manufacturer details with a short video of the bike on the Inzmo app. Upon registering users get their bike insured against theft, robbery, fire and explosions (important for ebikes). W H A T I S H A P P E N I N G Source:

10 Sure, A New Way To Insure Phones Sure is building on the name with their latest partnership with Warrantech to insure phones. While Warrantech will be underwriting the plans, Sure is providing a state of the art mobile phone diagnostic app which once downloaded can scan the phone and provide relative information for the insurance in less than a minute. The process is almost fully automated, and with such quick and accurate results could change the way we insure our phones. W H A T I S H A P P E N I N G Source:

11 service innovation 2 How are insurance companies innovating int he area of their services? What kind of added-value ones do they provide?

12 IBM s Watson Replaces Staff In Japan, Fukoku Mutual Life Insurance is planning to let off a quarter of administrative staff. The remaining human workers that are judging cases there will be supported by IBM s Watson to make work more efficient. Watson will check the content of applications, analyze insured events and verify the amount of payments. Installing Watson in their company costed the insurance 1.6 million. The release of workers is saving 1,14 million per year, however. W H A T I S H A P P E N I N G Source:

13 Locate Insurance Agents With Amazon Echo Safeco created a voice-controlled app for Alexa to enable people to search for an insurance agent nearby for advice. W H A T I S H A P P E N I N G Potential customers were able to use their voice to locate a Safeco agent working nearby using only their voice, and who were related to the type of policy they were interested in purchasing or just knowing more about. Source:

14 Lemonade insurance set a new record in claim reviewal speed with their A.I. Jim. During 3 seconds only, the claim bot is able to review a claim, cross-reference it against the underlying policy, run anti-fraud algorithms, approve it, and send instructions to the bank for the transfer. After downloading the app, users just enter the details of the insured object and describe what happened using their camera. Source: H A P P E N I N G W H A T I S Lemonade Insurance Claims Bot

15 China s Healthcare Unicorn The app is designed to be a entire Online-tooffline ecosystem to help cover all of a consumer's health care needs. It does everything from putting them in contact with doctors who they can chat with online, to scheduling face to face appointments, and even assistance with medical insurance. This broad range of abilities has already shown itself as enticing, and was able to raise over $500 million in capital during Series A financing, and it now estimated to be worth as much as $3 billion. W H A T I S H A P P E N I N G Source:

16 Insurance Chatbot On Facebook Messenger Next insurance has come up with personalized insurance products developed by keeping all sorts of small business owners in mind. The new insurance chatbot developed by Next insurance will enable personal trainers to quote and buy insurance via Facebook Messenger. Next said: 70% of our customers are buying insurance on their phones. Enabling customers to buy insurance through a chatbot on Facebook Messenger brings simplicity, transparency and easy access. W H A T I S H A P P E N I N G Source:

17 new players 3 Which new players are entering the insurance market and setting up new standards in pricing, service and products themselves?

18 Tesla Entered the Auto Insurance Business The program is called InsureMyTesla and will be available for Tesla vehicles only. Tesla is partnering with a large insurance company in each country, like QBE Insurance or AXA General Insurance. Since Tesla owners had to be careful in the past not to pay too much for the coverage they needed, the new insurance business is a great alternative - since software-upgradeable features like the battery capacity or the autopilot were viewed differently by insurers. W H A T I S H A P P E N I N G Source:

19 N26 Is Going Into Insurance N26 is a bank founded in 2013 on the concept that banking should be fast and easy. They achieved that by having mobile be their main point of interaction, and customers seem to have appreciated it as they ve grown to 300,000 customers in 17 countries. There are now trying to expand their reach by bringing that same ease into insurance. The insurance market has lagged behind other vertices on the path to digitalization, and N26 believes it will be able to capitalize on that. W H A T I S H A P P E N I N G Source:

20 what s the takeout? T H E T A K E O U T

21 What is happening within the insurance industry? product innovation service innovation new players Insurance companies are focusing their offerings on fast, on-demand and flexible Insurance companies are now making use of the newest solutions to make the Other companies start to develop their own offerings to meet the expectations products. usage as smooth and simple as possible - of their customers - as the traditional Transparency and paying only for what is needed approach is visible throughout focusing greatly on customer experience itself as their main differentiator. insurance companies have too slow or not flexible offerings that meet the new products. demand. I M P L I C A T I O N S implications

22 want more? request a demo R E Q U E S T A D E M O This report has been created with the signmesh innovation hub. A tailored dashboard of curated insights and business cases to keep your company ahead of the learning curve and inspire ongoing innovation. visit signmesh.com

23 about signmesh The signmesh innovation hub is a service brought to life in a collaboration by LHBS Consulting and LOOP New Media. signmesh helps to create a company culture of innovation and keeps your team inspired and up to speed. A B O U T S I G N M E S H Find out more about signmesh The companies behind