Techstars Insurtech Digest - Issue #62 is out! ??SuperApps | Insurance loyalty programs | From Risk Transfer to Risk Prevention and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments
This week we have 12 resources you shouldn’t miss!
Could a super app conquer the West? - Raconteur
They’re called super apps. They’re a one-stop shop on your phone’s home screen – a single portal into a dizzying array of services. Apps such as WeChat, Grab, Kakao and Rappi have become ingrained in people’s lives in much of East Asia and they’re fast becoming popular in Latin America too. These products offer great convenience and versatility, so why haven’t they conquered the West yet?
Must-read insurtech stories
What Changed? The Surprises Seen in Risk Scoring During the Heat of the Pandemic
Though financial credit scores shifted dramatically over the last year, credit-based insurance scores showed signs of stability.
The case for insurance loyalty programs
Insurance is infamous for having one of the highest customer acquisition costs of any industry. Across the top 10 advertisers in the US in 2019 — a group that includes giants like Amazon and Apple — 1 of every 3 advertising dollars was spent by an insurance company.
Efma and Accenture announce the Winners of Innovation in Insurance Awards 2021
The awards competition, which recognizes the best insurance technology innovations, attracted 460 entries from nearly 300 institutions in 55 countries — 100 more submissions than received in 2020. This year’s entries reflect the intense drive among insurers to innovate to address new risks and meet changing customer needs amid continued COVID-19-related disruption. The winners were selected across seven categories by a panel of 25 judges, including senior executives from insurers worldwide. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.
Insurtech Reports and Studies
From Risk Transfer to Risk Prevention: How the Internet of Things is reshaping business models in insurance
Data from Internet of Things (IoT) devices are providing insurers with new approaches to insuring existing risks, as well as the opportunity to extend coverage to new risks. This report examines the shift towards IoT-enabled risk prevention and mitigation services in the insurance industry. Using a series of case studies to highlight the key components of successful services, the report aims to support the industry in its transformation and in promoting a healthier and safer society.
Investment and Startup Use Cases
German 'insurtech' Wefox raises $650 mln at valuation of $3 bln
Digital insurance startup Wefox said on Tuesday it had raised $650 million from investors, in what it called a record-breaking round for a so-called “insurtech” company that valued the business at $3 billion.
Israeli insurtech co Novidea raises $30m
The Netanya-based company provides a cloud-based, data-driven insurtech platform that allows brokers, and agents to drive operational efficiencies and growth across the entire distribution lifecycle.
Bought By Many closes $350 million Series D round
Bought By Many was established in 2012 in London by CEO Steven Mendel and CTO Guy Farley to offer personal lines insurance products via a group-buying scheme (hence the name). In 2017, it pivoted to focus solely on the pet insurance market and now covers almost half a million pets globally.
Insurtech Digest Back Issues
Techstars Insurtech Digest - Issue #61
Are Insurers Prepared for the Fully Connected Future? The Future of Insurtech in Southeast Asia and more.
Techstars Insurtech Digest - Issue #60
InsurTech SPACs In Spotlight | Re-imagining CX | Insurtechs challenges motor insurers with app-based subscription and more.
Techstars Insurtech Digest - Issue #59
Who Is Partnering with Insurtech Companies and why? 3 Innovation Barriers in the Smart Home Revolution and more.
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Reinsurance Executive at ARMOR Kat?l?m Sigorta ve Reasürans Brokerli?i
3 年Super grocery delivery app Getir from Turkey conquering the food industry with latest expansions ??
Solution Architect & Senior Expert Insurance at SAP - In early Retirement
3 年Maybe there is sufficient potential for an app that focuses on digitization of all kind of financial transactions in the widest sense, including all contracts and agreements that affect the financial live (e.g. employment contract, payslip, taxes, statutory health insurance, pension schemes). With other words, such an app covers everything that is a contract or an agreement with an impact on your financial live. Digitization goes here far beyond just gathering and analyzing expenses and revenues (like various multi banking app already offer), it means digitizing the content of all related/underlying agreements, leveraging structured data, not just scanned pdf documents ... to provide all data that make up your financial life, always up to date (e.g. comparable to a top ERP system, but dedicated to households and much easier to use). There are many western countries, where all this stuff is only digitized on the 'other' side - means on part of the bank, the insurer, the utility company, the employee, the telecom provider and so on ... with multiple different portals, but not consolidated on one single point of truth, neither consequently simplified from the consumers (customers, patients, tax payers, insureds, etc.) perspective.
Strategy I Finance I Innovation I Technology
3 年Alberto Garuccio Great thoughts ????..Given the rapid rate of change in user experience, I think super apps will appear on the scene very soon. For instance, having listened to Satya Nadella, Windows 11 (to be released by Microsoft) will allow the integration of some major non-Windows platform. Windows 11 gradually wants to be a super application for PC or Desktop. By extension, the advent of super apps on phones is on the horizon in Africa and the West as we have seen in East Asia. The super apps would also bring to fore cross-industry functionalities and blended user experiences.
Direttore Marketing | oltre 4 mln € gestiti con il mio team di customer generation | Bocconi Corporate Finance.
3 年Bocconi Students FinTech Society Alberto Pozzi Alessio Mazzalupi Andrea Foresio Arianna Sossi
Resident in the Insurtech Galaxy. looking for innovation in insurance!
3 年In Iran, the is a slow but continuous trend in lunching the so called super apps like Snapp! I think due to centralized regulations these apps are having a more convenient road to grow. Though the same centeralizem some times becomes and has became a big obstacle.