2018年-普华永道全球_InsurTech_Insights_InsurTechs_are_transforming_reinsurers_PwC_7页_12mb

InsurTech Insights Summary

Core Content

The document outlines how InsurTech is transforming the (re)insurance industry by reimagining the value chain, enabling new capabilities, innovating new products, and breaking boundaries beyond insurance. It emphasizes the need for (re)insurers to develop focused InsurTech strategies to remain competitive.

Main Viewpoints

1. Transforming the Existing Value Chain

• InsurTech is reshaping the traditional insurance value chain through:
  • Customer Engagement: Enhancing customer experience with digital platforms and personalized services.
  • Marketing & Distribution: Utilizing online aggregation and comparison tools.
  • Data & Underwriting: Leveraging data analytics, AI, and blockchain for better risk assessment.
  • Claims Processing: Implementing digital tools and remote data capture to streamline claims.
  • Operating Models: Adopting cloud-based platforms and automation to reduce costs and improve productivity.

2. Enabling New Capabilities

• InsurTech is introducing new technologies that allow (re)insurers to:
  • Process claims faster using drones for loss assessment.
  • Improve underwriting through predictive weather analytics and catastrophe modeling.
  • Utilize AI for customer service, claims processing, and policy analysis.

3. Innovating New Products

• InsurTech is helping create new insurance products such as:
  • Cyber Insurance: Addressing rising cyber threats.
  • Usage-Based Insurance: Offering personalized policies based on customer behavior.
• These innovations are opening up new markets and opportunities for both InsurTechs and traditional insurers.

4. Breaking Boundaries Beyond Insurance

• Many InsurTechs are expanding into other industries, such as:
  • HealthTech: Supporting health insurance through wearable devices and telemedicine.
  • Telemedicine: Growing to $79B by 2022.
• This shift is driven by the aging population and the need for more flexible, customer-centric solutions.

Key Information

Strategic Investments and Partnerships

• Cloud-Based Platforms: Over 70% of traditional (re)insurers use cloud solutions, with only 10% running most of their digital infrastructure on the cloud. Cloud-based services are expected to grow 3.3x in the next five years.
• Drones and Weather Analytics: InsurTechs like Windward and Betterview are providing innovative solutions for claims processing and predictive analytics, especially in the wake of natural disasters.
• Cyber Security: Partnerships with companies like SecurityScorecard and At-Bay are enabling (re)insurers to offer better risk mitigation and underwriting capabilities.
• HealthTech: Collaborations with platforms like CareLinx and Sharecare are supporting health insurance through data-driven underwriting and customer engagement.

Examples of InsurTech Partnerships

• XL Catlin & Slice Labs: XL Catlin uses Slice Labs' ICS platform to introduce on-demand cyber insurance.
• Maiden Re & Betterview: Maiden Re invests in Betterview, which provides drone-based data for risk assessment.
• Tokio Marine & W.R Berkley & Weather Analytics: Invest in Weather Analytics to provide predictive weather insights.
• AXA & SecurityScorecard: AXA uses SecurityScorecard's platform for cyber risk underwriting.
• JLT & CyberCube: JLT partners with CyberCube to enhance cyber strategy and risk modeling.
• Swiss Re & Sharecare: Swiss Re collaborates with Sharecare to offer health and wellness solutions.
• Generali & CareLinx: Generali acquires CareLinx to provide post-acute care solutions.

Conclusion

• InsurTech is becoming an essential part of the insurance industry, requiring strategic investment and partnership.
• (Re)insurers that fail to develop a clear InsurTech strategy risk falling behind their competitors.
• The industry is evolving rapidly, and successful adoption of technology will be key to staying relevant and competitive.

Contacts

• Stephen O'Hearn: Global Leader, Insurance, PwC Germany
• Patrick Maeder: EMEA Leader, Insurance, PwC Switzerland
• Javier Baixas Vallas: Global InsurTech Leader, PwC Spain
• Arthur Wightman: Bermuda/Caribbean Insurance Leader, PwC Bermuda
• Leslie G. Fenton: Managing Director, PwC Corporate Finance LLC, United States
• Ritendra Roy: Director, PwC Corporate Finance LLC, United States
• Luke Hilditch: Associate, PwC Corporate Finance LLC, United States
• Dmitry Simakov: Analyst, PwC Corporate Finance LLC, United States
• Manoj Kashyap: Global FinTech Leader, PwC US
• Henri Arslanian: Hong Kong and China FinTech Leader, PwC Hong Kong
• Glynn Austen-Brown: UK Insurance FinTech Leader, PwC United Kingdom
• Gero Matouschek: EMEA Digital Transformation and Insurance Leader, PwC Germany
• Paul Mitchell: South Africa FinTech Leader, PwC South Africa
• John Shipman: Asia-Pac FinTech Leader, PwC Australia