Objavljamo članek slovenske pravnice iz Haaga, ki podaja zanimiv pogled na pomen in vlogo inoviranja v zavarovalništvu. Posebej zanimivi so konkretni primeri inovacij, ki jih opisuje avtorica.
We are publishing an article, written by a Slovenian lawyer, living abroad, about the importance and role of innovation in the insurance industry. Particularly interesting are the concrete examples of innovations, described by the author.
Uredništvo spletne strani IZOP-a
Insurance’s innovation manifesto
“The future will be shaped by those innovating today. For the insurance sector, it’s an imperative.” – Gary Reader, Global Head of Insurance, KPMG International.
It is said that behind every great empire or republic, historical phenomenon, lies a financial secret. Insurance, especially its innovation, is definitely one of the pillars of success.
While the innovation in the stuffy world of insurance may sound a bit oxymoronic, this two, in fact, go hand in hand, through passages of time …
Insurance, in all its forms, is one of the pillars of the monetary economy. Without it, the financial building would collapse and probably even overnight. But there pops up a question in our mind, how it was before the insurance’s time? When we look back, our answer is untraceable. It seems that insurance in all its various forms existed from the beginning of time.
Community, interdependency,…people who offered a support system, played a major role back then, though through time’s social mutation, nowadays, we opt for official documents that do not increase the bonds between ourselves and our fellow humans, but do represent a very steady safety net.
Insurance’s image of stodgy conservatism does not prevent innovation to enter all of its pores. The examples of sustaining, empowering and efficiency innovations show is healthy role in it.
Nevertheless, there are some cases when innovation didn’t played out as it supposed to (i.e in 2008, a year, when a number of exciting innovations in financial services ended up in a crisis). The question then becomes whether it is worth the risk?
For a successful insurance business, a commitment to innovation represents a gamble and the gamble does not always pay off. Though in today’s world of rapid economic and technology changes, ..big data, is even a greater risk not to be innovative.
The latest technological advancements across industries are going to bring positive implications for consumers and businesses.
Blockchain technology, AI, Big Data, IoT, new business models applied in the insurance industry in recent years, have shown the importance of tech-led transformation in traditional spheres.
‘Insurtech’ is the term being used to describe the new technologies which bring innovation to the insurance sector and impact the standard practices of insurance markets.
15 most innovative companies in insurance
-BetterView (USA) is an Insurtech startup combining insurance with innovative engineering. Using drones for capturing aerial images to flag up potential problems for properties and then file a report for their clients.
-Bought by Many (UK) is an insurance startup that offers cover for pets, private health, homes and gadgets. The service is free, and offers specific insurance for unconventional items .
-Brolly (UK) is also a free personal insurance, which is being built to easier understand and buy insurance you need. Its powered by AI and available through mobile app.
– Carpe Data (USA) provides risk assessment for P&C (Property and Casualty) and Life insurers. It uses information from social media, online content, wearables and connected devices, the company aims to predict the outcome of introducing new products.
-Trov (UK) is a Insurtech firm, which aim is to reinvent insurance for the mobile generation. It offers an alternative solution for people who are reluctant to take out complicated insurance policies.
– Spixii.ai (UK) uses Artificial Intelligence and machine learning techniques to offer insurance policies. Via a conversation with an automated insurance agent, this startup provides an easy, personalised experience for their customers.
-So-sure (UK) is a new concept, a social insurance that allows its users and their friends to connect and receive money back annually. Up to 80% money back, every year, just as long as none of you breaks, loses or has their phone stolen.
-Simply Business (UK) is the UK’s largest online insurance company. They offer tailored insurance that can be applied for in minutes and began as an online quote comparison service with a focus on serving SMEs, including policies from Aviva, Hiscox, QBE and Zurich.
– Lemonade (USA) is a property insurance company, using the company’s AI bot, it takes just 90 seconds to get insured. It offers an on-demand mobile service, with affordable monthly subscription charges.
-League (Canada) is a digital health platform, an alternative to traditional health insurance that allows you to use your employee benefits to live your best life by providing unparalleled choice, convenience and value.
-Insure A Thing (UK) protects the things you love. Unlike traditional insurers, they are no longer encouraged to abstain from paying out claims to customers. The actual coverage is provided by a community of like minded people who are collectively rewarded for playing fair.
– Guevara (UK) is a web-based platform that enables its users to pool online their car insurance premiums. Here you join a group with other drivers. And together you can save up to 50%, if you pool part of your premiums together and you keep your claims low.
-Give Surance (USA) is a funding platform which enables charity supporters to make their donations through their existing insurance payment towards charity organization.
-Cover (USA) built an app that quotes insurance for any personal property, based on a picture of the object. It’s a imperious solution that lets consumers interact with insurance in a very different way.
-CoVi Analytics (UK) aims to simplify compliance to insurance regulations, as well as reducing the costs associated with it via data insights and automation Through CoVi Analytics, insurance companies can apply software called cmile to consolidate their fulfilment of fragmented regulations.
The Global Insurance Symposium
It is said that the day we stop learning is the day our business dies. Therefore constantly educating ourselves, meeting likeminded people features a powerhouse agenda on our business.
Below you may find a link, with many useful events where you can tap into unknown areas of a constantly developing insurance trends:
Tanja P. Foršek
 Pravna fakulteta Univerze v Mariboru dne 1. decembra 2017 organizira tradicionalni posvet “Pravo in ekonomija”, tokrat na temo “Digitalno gospodarstvo”. Na posvetu bo poglede na možnosti inovacij v zavarovalništvu v naših pogojih poslovanja podal programski vodja IZOP-a, prof. dr. Šime Ivanjko.
Prikazna slika: Freepik