InsureTech Ecosystem In Turkey İnci Çömlekçioğlu Start-up Program Director
About StartersHub StartersHub is a global catalyst for entrepreneurship and innovation by bringing together domain expertise, engaging network and smart money into a tightly integrated process. 2500+ Applications from 300 cities 41 Startups from 11 countries Up to $250K investment 5 Acceleration Programs in 2 years
Our Acceleration Programs StartersHub s Venture Building Program is a; 6 month long global program with KPI based objectives that guarantees investment upon program completion. Internet of Things Big Data TARGET INDUSTRIES Financial Technologies Smart Homes Smart Cities Healthcare Banking Payment Insurance Capital Markets
Insurance Industry Outlook Massive Insurance industry is growing very slowly in a highly regulated market Costly Operations Personnel heavy Legacy systems Vast data sets Fraud Challenging Market Dynamics Lack of trust for insurance companies Low penetration Low customer loyalty Collection issues Bad customer experience Policy complexity Lack of historic claims data
Trends in InsureTech Data by Startups.watch
New Forms of Capital Provision Peer to peer insurance is the new form of capital provision. The advantages are it has less fraud, lower acquisition costs (through referrals/social), greater loyalty and over time better pricing. Driving Factors More connected people New Players Teambrella with no middle-man, Cycle Syndicate for bikes, Lemonade, Bought by Many etc.
New Sources of Data Wearable devices for healthcare, smart homes for home insurance, mobile phones for almost anything, people s online presence and social networks to reduce fraud and (possibly) improve underwriting. Usage based insurace (UBI). Driving Factors Internet of Things (IoT), Big Data, and Data Monitization New Players Insurethebox, Climate Corp, Metromile, Ottoo, Urban Stat, Dephi Sonic (Predictive Maintenance) etc.
Sharing Economy Driving Factors Sharing Economy Trend New Players Safe Share. Also, ridesharing companies are actively promoting partnerships with insurers to contracted drivers. Lyft has partnerships in place for some of their drivers with MetLife and Progressive, while Uber has partnered with Metromile (CA, IL and WA) and Intact (Canada).
New Verticals Smartphone insurance and Cyber insurance are the hot topics. Self-driving car insurance will be hot topic in near future. Driving Factors Digitization New Players Trov, AIG offers cyber policies that cover up to $75 million for a cyber attack. XL Catlin etc.
Trends in InsureTech
Start-Up Ecosystem At a Glance CORPORATIONS UNIVERSITIES, TECHNOPARKS GOVERNMENT, PUBLIC INSTITUTIONS START-UPS VCS, CVCS MICRO FUNDS, ANGELS INCUBATORS, ACCELERATORS
To Invest or Not To Invest Where do your interests lie as a company? Why do you want to invest in new businesses? What are your corporate objectives? What do your customers need?
InsureTech Investments in Europe Investment Focus
İnci Çömlekçioğlu Start-up Program Director inci@startershub.org
How Blockchain affects 3 Days Ago AIG and AIA are among 23 new members of the B3i blockchain insurance consortium -Coindesk The companies join just as B3i prepares to begin testing a jointly developed platform focused on catastrophic insurance contracts, a process scheduled to begin later this month. May, 2017 Blockchain Could Make the Insurance Industry Much More Transparent -HBR Blockchain, which is a form of mutualized record-keeping in a near irrevocable time-stamped ledger, has some truly profound implications for the world.
Insurance Ecosystem