Insurance in the Future: Labs, Sandboxes, Venture Funds, Strategic Investments and Start Up Accelerators
The insurance ecosystem is undergoing transformation and innovation like never before and what we have seen is only the beginning.
From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.
Some insurers and regulators are using sandboxes, labs, start-up accelerators and strategic investments to seek future solutions to how insurance is done. Most are sitting on the side and hoping they can muddle through.
The Fourth Industrial Revolution has brought about immense technological advancements. Robots and artificial intelligence compete with the human labour force.
The industry is evolving with advancements in technology, bringing benefits across the whole value chain including distribution and sales, underwriting, claims, solutions and services, and operational processes.
It is a challenge for insurers to innovate from the inside to drive business growth. The main challenge is to identify where internal innovation comes from.
Some organisations are setting up labs to innovate from the inside, which sit outside of the day-to-day running of the business and look at the business from an outside perspective. Others are investing and partnering with tech start-ups, and other institutions.
Meanwhile, country regulators are looking at how regulation must change to cope with insurance of the future with several setting up sandboxes to help new companies.
This independent report is an overview of what insurers and regulators are doing to future proof insurance- written in a non-techie way by a long-standing insurance analyst.
From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.
Some insurers and regulators are using sandboxes, labs, start-up accelerators and strategic investments to seek future solutions to how insurance is done. Most are sitting on the side and hoping they can muddle through.
The Fourth Industrial Revolution has brought about immense technological advancements. Robots and artificial intelligence compete with the human labour force.
The industry is evolving with advancements in technology, bringing benefits across the whole value chain including distribution and sales, underwriting, claims, solutions and services, and operational processes.
It is a challenge for insurers to innovate from the inside to drive business growth. The main challenge is to identify where internal innovation comes from.
Some organisations are setting up labs to innovate from the inside, which sit outside of the day-to-day running of the business and look at the business from an outside perspective. Others are investing and partnering with tech start-ups, and other institutions.
Meanwhile, country regulators are looking at how regulation must change to cope with insurance of the future with several setting up sandboxes to help new companies.
This independent report is an overview of what insurers and regulators are doing to future proof insurance- written in a non-techie way by a long-standing insurance analyst.
OVERVIEW
Introduction
Sandboxes
Key trends
Customer centricity
Fintech
REGULATION
Regulation overview
European Banking Authority
European Commission
REGULATION BY COUNTRY
Abu Dhabi
Australia
Bahrain
Canada
China
Colombia
Cyprus
Czech Republic
Denmark
Dubai
Estonia
France
Germany
Gibraltar
Hong Kong
India
Ireland
Italy
Japan
Luxembourg
Malaysia
Malta
Montenegro
Netherlands
New Zealand
Norway
Russia
Singapore
South Africa
South Korea
Spain
Switzerland
Taiwan
Thailand
United Arab Emirates
United Kingdom
USA
TECHNOLOGY
Sharing economy
Social media
Reputation economy
Bitcoin
Technological advances
Distributed ledger technology
Blockchain technology
Blockchain and insurance
Blockchain in the future
Blockchain Ireland
Smart insurance contracts
Decentralised autonomous organisations
INSURERS AND BROKERS PROFILES
ALLIANZ
AVIVA
AXA
BUPA
CIGNA
FAIRFAX
FWD
HARTFORD
HCF
IAG
LEGAL AND GENERAL
LLOYDS OF LONDON
MET LIFE
MMI
MSIG
MUNICH RE
NORTHWESTERN MUTUAL
NTUC
PING AN
QBE
SCOR
TOKIO MARINE
TRAVELERS
UNITEDHEALTHCARE
VIG
WILLIS TOWERS WATSON
ZURICH
Introduction
Sandboxes
Key trends
Customer centricity
Fintech
REGULATION
Regulation overview
European Banking Authority
European Commission
REGULATION BY COUNTRY
Abu Dhabi
Australia
Bahrain
Canada
China
Colombia
Cyprus
Czech Republic
Denmark
Dubai
Estonia
France
Germany
Gibraltar
Hong Kong
India
Ireland
Italy
Japan
Luxembourg
Malaysia
Malta
Montenegro
Netherlands
New Zealand
Norway
Russia
Singapore
South Africa
South Korea
Spain
Switzerland
Taiwan
Thailand
United Arab Emirates
United Kingdom
USA
TECHNOLOGY
Sharing economy
Social media
Reputation economy
Bitcoin
Technological advances
Distributed ledger technology
Blockchain technology
Blockchain and insurance
Blockchain in the future
Blockchain Ireland
Smart insurance contracts
Decentralised autonomous organisations
INSURERS AND BROKERS PROFILES
ALLIANZ
AVIVA
AXA
BUPA
CIGNA
FAIRFAX
FWD
HARTFORD
HCF
IAG
LEGAL AND GENERAL
LLOYDS OF LONDON
MET LIFE
MMI
MSIG
MUNICH RE
NORTHWESTERN MUTUAL
NTUC
PING AN
QBE
SCOR
TOKIO MARINE
TRAVELERS
UNITEDHEALTHCARE
VIG
WILLIS TOWERS WATSON
ZURICH
