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InsurTech - Digitalizing the Insurance Industry by Amira Roula Pdf
Innovation is becoming increasingly important for the insurance industry as a tool for competition, making the case for digital transformation even more relevant. This book is intended to give you an introduction to the subject of what InsurTech is, possibilities and risks connected to it and a forward-looking analysis on the role of InsurTech the coming years - when you have finished reading this book, you will hopefully have gained a few ideas on how the insurance sector will transform digitally the coming years and how this may affect your business.
Technology and the Insurance Industry by Antonella Cappiello Pdf
The book analyzes the role of technology in the redefinition of the competitiveness of insurance markets. With a focus on the competitive challenges of InsurTech startup to the incumbent insurers, the book will discuss the strategic role of technology both in the development and in the distribution of insurance services and explore the customer relationship evolution following the digitalization of services offered. The book presents original theoretical and empirical contributions addressing how digitalization impacts the insurance environment and regulation, and how InsurTech development represents a threat for traditional companies, from Big Data analysis to digital devices, from personal interactivity to home automation systems development. The project’s key benefit is up-to-date analysis of the competitiveness of technology usage in the insurance field, with particular reference to the distributive variable and to the future trends of the customer relationship in the short and medium-long term. The book will be of particular interest to scholars and students of insurance and financial technology.
Digitalization in the insurance industry. An analysis by Anonim Pdf
Seminar paper from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2,3, , language: English, abstract: Digitization is without question one of the most significant and biggest megatrends of our time. It is changing all areas of people's lives, and at an extraordinary speed. Professional life in particular is changing dramatically. Generations are growing up with new possibilities and realities. Where companies used to use time cards and phones with dials, digital time recording systems and smartphones are now preferred. This paper focuses on a subset of the megatrend, namely digitalization as it relates to the insurance industry. First, key aspects of digital transformation are described. Starting with a comprehensive definition of digitalization in general, as well as a description of the development in this area to date. In the course of the essential aspects, a presentation of extensive facts of the insurance industry and its specific challenges follows. This serves as a basis for the industry-specific issues to be addressed subsequently.
The INSURTECH Book by Sabine L.B VanderLinden,Shân M. Millie,Nicole Anderson,Susanne Chishti Pdf
The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. Learn from diverse experiences, mindsets and applications of technologies Discover new ways of defining and grasping growth opportunities Get the inside track from innovators, disruptors and incumbents Be updated on the evolution of InsurTech, why it is happening and how it will evolve Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.
The INSURTECH Book by Sabine L.B VanderLinden,Shân M. Millie,Nicole Anderson,Susanne Chishti Pdf
The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. Learn from diverse experiences, mindsets and applications of technologies Discover new ways of defining and grasping growth opportunities Get the inside track from innovators, disruptors and incumbents Be updated on the evolution of InsurTech, why it is happening and how it will evolve Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.
InsurTech: A Legal and Regulatory View by Pierpaolo Marano,Kyriaki Noussia Pdf
This Volume of the AIDA Europe Research Series on Insurance Law and Regulation explores the key trends in InsurTech and the potential legal and regulatory issues that accompany them. There is a proliferation of ideas and concepts within InsurTech that will fundamentally change the market in the next few years. These innovations have the potential to change the way the insurance industry works and alter the relationships between customers and insurers, resulting in insurance products that are more closely aligned to individual preferences and priced more appropriately to the risk. Increasing use of technology in the insurance sector is having both a disruptive and transformative impact on areas including product development, distribution, modelling, underwriting and claims and administration practice. The result is a new industry, known as InsurTech. But while the insurance market looks to technology for greater efficiency, regulators are beginning to raise concerns about managing potential risks. The first part of the book examines technological innovations relevant for insurance, such as FinTech, InsurTech, Sharing Economy, and the Internet of Things. The second part then gathers contributions on insurance contract law in a digitalized world, while the third part focuses on cyber insurance and robots. Last but not least, the fourth part of the book discusses legal and ethical questions regarding autonomous vehicles and transportation, including the shipping industry, as well as their impact on the insurance sector and civil liability. Written by legal scholars and practitioners, the book offers international, comparative and European perspectives. The Chapters "FinTech, InsurTech and the Regulators" by Viktoria Chatzara, "Smart Contracts in Insurance. A Law and Futurology Perspective" by Angelo Borselli and "Room for Compulsory Product Liability Insurance in the European Union for Smart Robots?” by Aysegul Bugra are available open access under a CC BY 4.0 license at link.springer.com. All three open access chapters were funded by BIPAR.
This book explores the ways in which the adoption of new paradigms, processes, and technologies can lead to greater revenue, cost efficiency and control, as well as improved business agility in the insurance industry.
Digitalization Cases by Nils Urbach,Maximilian Röglinger Pdf
This book presents a rich compilation of real-world cases on digitalization, the goal being to share first-hand insights from respected organizations and to make digitalization more tangible. As virtually every economic and societal sector is now being challenged by emerging technologies, the digital economy is a highly volatile, uncertain, complex and ambiguous place - and one that holds substantial challenges and opportunities for established organizations. Against this backdrop, this book reports on best practices and lessons learned from organizations that have succeeded in overcoming the challenges and seizing the opportunities of the digital economy. It illustrates how twenty-one organizations have leveraged their capabilities to create disruptive innovations, to develop digital business models, and to digitally transform themselves. These cases stem from various industries (e.g. automotive, insurance, consulting, and public services) and countries, reflecting the many facets of digitalization. As all case descriptions follow a uniform schema, they are easily accessible, and provide insightful examples for practitioners as well as interesting cases for researchers, teachers and students. Digitalization is reshaping business on a global scale, and it is evident that organizations must transform to thrive in the digital economy. Digitalization Cases provides first-hand insights into the efforts of renowned companies. The presented actions, results, and lessons learned are a great inspiration for managers, students, and academics. Anna Kopp, Head of IT Germany, Microsoft Understanding digitalization in all its facets requires knowledge about its opportunities and challenges in different contexts. Providing 21 cases from different companies all around the world, Digitalization Cases makes an important contribution toward the comprehensibility of digitalization - from a practical and a scientific point of view. Dorothy Leidner, Ferguson Professor of Information Systems, Baylor University This book is a great source of inspiration and insight on how to drive digitalization. It shows easy to understand good practice examples which illustrate opportunities, and at the same time helps to learn what needs to be done to realize them. I consider this book a must-read for every practitioner who cares about digitalization. Martin Petry, Chief Information Officer and Head of Business Excellence, Hilti .
Evaluation of Potential Use Cases for Blockchain in the Insurance Industry by Ricardo Escoda Pdf
Master's Thesis from the year 2020 in the subject Economics - Finance, grade: 1,3, International School of Management, Campus Munich, language: English, abstract: Blockchain is considered to be a breakthrough technology with many strengths and opportunities, but also weaknesses and threats for all industries around the globe. It has the potential to revolutionize many sectors, but it is not a universal remedy and does not replace every single traditional technology. Most businesses do feel insecure whether to invest time and money for Research and Development due to the lack of industry standards and regulations with respect to the technology. Before being able to guarantee suitability and successful implementation in any business, it is essential to study the differences between public, private, hybrid, and consortium Blockchain types. In areas of application not strongly relying on Blockchain’s distributed systems, alternative solutions such as Big Data Analytics, Artificial Intelligence, and Machine Learning might be more valuable. Nonetheless, Blockchain promises the unique potential for insurance companies to efficiently serve global markets with areas of application mainly concentrating on parts of the VC where bureaucracy can be reduced by automation. For instance, the use of Smart Contracts where lots of data are analyzed, saved, distributed, and pro- cessed. By implementing BC, fields, where the focus is on customer experience such as Payments, Data Security, Transparency, and Developing New Business and Product Ideas, can be improved enormously. Use cases and new products supported by Blockchain might include P2P Micro-Insurances, Ad-hoc and Parametric Insurance Models, Automized Underwriting, Reduction of Fraud and Abuse, and Health Insurance Processes. Real-Time Analytics in the Form of SCs, Instant Pay-Outs, Automized Claims Management, and Improved Risk Modelling of Insurance Businesses might be achievable by connecting Blockchain and Big Data. Contrary to the expectations of the author, most industry experts are aware of the benefits and opportunities the technology can bring to their companies. Still, Blockchain is not anchored in their medium- to long-term visions and strategies. Most of the interviewees would rather act as active observers and early followers than taking the lead proactively. Reasons for this behavior, are the lack of market standards and regulations, the absence of solid Blockchain networks, and the shortage of use cases, but also, the lack of know-how and data security concerns.
The Digital Journey of Banking and Insurance, Volume I by Volker Liermann,Claus Stegmann Pdf
This book, one of three volumes, showcases the effective transformation of companies providing banking and insurance services. This first volume gives a business-oriented introduction to the setting and the current challenges of fintech, regtech, and insurtech and provides an outlook on what will be needed in the future. Specific sub-departments in financial services are examined with a view to accounting, risk, and regulatory segments. The book also addresses the importance of cultural aspects of the coming digital transformation with an eye to requirements that will enable a digital bank or insurance company to thrive in 2025. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between.
This Volume of the AIDA Europe Research Series on Insurance Law and Regulation explores the key trends in InsurTech and the potential legal and regulatory issues that accompany them. There is a proliferation of ideas and concepts within InsurTech that will fundamentally change the market in the next few years. These innovations have the potential to change the way the insurance industry works and alter the relationships between customers and insurers, resulting in insurance products that are more closely aligned to individual preferences and priced more appropriately to the risk. Increasing use of technology in the insurance sector is having both a disruptive and transformative impact on areas including product development, distribution, modelling, underwriting and claims and administration practice. The result is a new industry, known as InsurTech. But while the insurance market looks to technology for greater efficiency, regulators are beginning to raise concerns about managing potential risks. The first part of the book examines technological innovations relevant for insurance, such as FinTech, InsurTech, Sharing Economy, and the Internet of Things. The second part then gathers contributions on insurance contract law in a digitalized world, while the third part focuses on cyber insurance and robots. Last but not least, the fourth part of the book discusses legal and ethical questions regarding autonomous vehicles and transportation, including the shipping industry, as well as their impact on the insurance sector and civil liability. Written by legal scholars and practitioners, the book offers international, comparative and European perspectives. The Chapters "FinTech, InsurTech and the Regulators" by Viktoria Chatzara, "Smart Contracts in Insurance. A Law and Futurology Perspective" by Angelo Borselli and "Room for Compulsory Product Liability Insurance in the European Union for Smart Robots?" by Aysegul Bugra are available open access under a CC BY 4.0 license at link.springer.com.--
Industry 4.0 has spread globally since its inception in 2011, now encompassing many sectors, including its diffusion in the field of financial services. By combining information technology and automation, it is now canvassing the insurance sector, which is in dire need of digital transformation. This book presents a business model of Insurance 4.0 by detailing its implementation in processes, platforms, persons, and partnerships of the insurance companies alongside looking at future developments. Filled with business cases in insurance companies and financial services, this book will be of interest to those academics and researchers of insurance, financial technology, and digital transformation, alongside executives and managers of insurance companies.
The Future of Insurance: From Disruption to Evolution by Bryan Falchuk Pdf
The best-selling 1st book in the series from industry veteran, Bryan Falchuk. For over 100 years, Insurers have stood by customers at some of the toughest moments in their lives, and helped allow people to go about their lives and pursue their business ideas without having to worry about the risks involved. Today, those customers have different expectations for how they want to do business and be served. And those expectations are changing faster than ever before. The industry has faced many headwinds, making it difficult to keep up with change – regulation, bureaucracy, system constraints, past technology project pain, etc., and disruptive threats from a new generation of startups that are free from many of these legacy constraints. And yet, several carriers have innovated and evolved. Understanding their paths to success can help shed light on how we as an industry can continue to evolve to meet our customers’ needs despite the disruption and headwinds we all face. The Future of Insurance: From Disruption to Evolution shares the first-hand accounts of insurers across functions and lines of business to not just give inspiration, but leave readers with a tangible blueprint for evolving through a new set of modern, flexible and responsive approaches and tools.
Digitalization Cases Vol. 2 by Nils Urbach,Maximilian Röglinger,Karlheinz Kautz,Rose Alinda Alias,Carol Saunders,Martin Wiener Pdf
This book presents a rich compilation of real-world cases on digitalization, aiming to share first-hand insights from renowned organizations and to make digitalization tangible. With all economic and societal sectors being challenged by emerging technologies, the digital economy is highly volatile, uncertain, complex, and ambiguous. It confronts established organizations with substantial challenges and opportunities. Against this backdrop, this book reports on best practices and lessons learned from organizations that succeeded in tackling the challenges and seizing the opportunities of the digital economy. It illustrates how twenty organizations leveraged their capabilities to create disruptive innovation, to develop digital business models, and to digitally transform themselves. These cases stem from various industries (e.g. automotive, insurance, consulting, and public services) and countries, covering the many facets that digitalization may have. As all case descriptions follow a unified template, they are easily accessible for readers and provide insightful examples for practitioners as well as interesting cases for researchers, teachers, and students. Almost every organization is trying to figure out how best to respond to the opportunities and threats posed by digitalization. This book provides valuable lessons from those organizations that have already begun their digital transformation journey. Michael D. Myers, Professor of Information Systems, University of Auckland Digitalization Cases provides firsthand insights into the efforts of renowned companies. The presented actions, results, and lessons learned are a great inspiration for managers, students, and academics. This book gives real pointers on the how and where to start. Anna Kopp, Head of IT Germany, Microsoft The cases compiled in the second volume of Digitalization Cases show how disruption can actively be managed. Further, long-term insights from extended success stories of the first edition highlight that courage to change pays off well. This book represents a motivation for organizations to drive their digital transformation journeys actively. Markus Richter, State Secretary at the Federal Ministry of the Interior, Building and Community and Federal Government Commissioner for Information Technology, Germany
Navigating Insurtech by Janthana Kaenprakhamroy Pdf
"Navigating Insurtech demystifies the insurtech ecosystem, providing insurance professionals with a comprehensive understanding of the industry and its key players, components, challenges and opportunities. The insurtech landscape is highly complex and constantly evolving, making it difficult to fully understand its opportunities and challenges. Yet insurance companies that fail to evolve and grasp advancements in insurtech could risk losing market share and suffer reputational damage. This book offers practical guidance for insurance companies looking to implement insurtech solutions, supported throughout by real-life case studies, insights and interviews from industry leaders and experts. It examines key developments, such as customer experience, risk management, distribution channels and transformative technologies such as blockchain, IoT and AI. It also looks at the investment landscape, offering insights into successful insurtech investments, opportunities and challenges of investing in insurtech startups.To succeed in insurtech, organizations must have a deep understanding of the industry and the technologies involved, as well as the ability to build strong partnerships with other players in the ecosystem. Navigating Insurtech is an essential read for insurance and insurtech professionals, investors and anyone else interested in the developments of insurtech"--
