2018年-德勤全球_The_fintech_revolution_in_insurance_12页_802kb

Deloitte Summary: Fintech and the Insurance Revolution

Core Content

The document discusses the transformative impact of fintech, particularly InsurTech, on the insurance industry. It highlights how traditional insurance models are being challenged by new technologies and customer-centric approaches, leading to a shift in how insurance is designed, sold, and managed. The key message is that the insurance industry must embrace innovation and digital transformation to remain relevant and competitive in a rapidly evolving market.

Main Views

• Customer-Centric Shift: The insurance industry is undergoing a significant cultural shift towards being more customer-focused, driven by the rise of InsurTech and fintech innovations.
• Disruption and Innovation: InsurTech companies are leveraging technology to reduce friction, offer more transparent and flexible products, and improve the customer experience.
• New Business Models: The emergence of usage-based insurance, microinsurance, and flexible products is redefining the traditional insurance value chain.
• Unintentional Disruption: Other industries, such as mobility, genomics, and the connected home, are unintentionally reshaping the insurance landscape by introducing new risk profiles and expectations.
• Digital Transformation: Insurers must adopt digital tools like AI, blockchain, and robotic process automation to streamline operations and better meet customer needs.
• Collaboration and Integration: Partnerships between traditional insurers and InsurTechs are becoming more common, leading to a more modular and flexible insurance ecosystem.
• Future Scenarios: The document outlines four possible future paths for the insurance industry, including changing the channel, underwriting by machine, the rise of flexible products, and the evolution of E-Z life insurance.

Key Information

InsurTech Innovations

• Seamless Engagement: Startups like Vantis Life and Lemonade are using technology to simplify the insurance process, reducing the need for intrusive data collection and enabling faster claims processing.
• Usage-Based Insurance: Companies such as Trov, Metromile, and Cuvva offer products that allow customers to activate or deactivate coverage based on their needs, such as pay-per-mile or on-demand insurance for personal belongings.
• Microinsurance: InsurTechs are creating tailored products for niche markets, such as travel insurance for individuals with medical conditions or coverage for frozen pipe leaks in low-occupancy buildings.
• Prosumer Offerings: The blurring of personal and commercial use is leading to new insurance models, such as Airbnb's host protection insurance.

Unintentional Disruption

• Industry 4.0: The integration of AI and augmented reality in manufacturing is altering risk profiles and insurance needs.
• Mobility: The rise of connected cars, ride-hailing, and car-sharing is redefining how insurance is structured and priced.
• Genomics: Advances in genetic testing are challenging traditional underwriting practices and risk assessment models.
• Wellness: Wearable technology and lifestyle data are influencing underwriting decisions and creating new models for health-related insurance.
• Connected Home: The proliferation of smart devices is changing how risk is assessed and managed in home insurance.

Digital Transformation

• Back-Office Innovation: Technologies like blockchain, cognitive intelligence, and robotic process automation are transforming underwriting and claims processing.
• Partnerships and Integration: Traditional insurers are collaborating with InsurTechs to enhance digital capabilities and customer engagement.
• Modular Value Chain: The insurance value chain is becoming more modular and flexible, allowing for better customization and integration with other services.

Future Scenarios

1. Changing the Channel: InsurTechs and insurers will compete by offering superior digital experiences and embedding insurance into products and services.
2. Underwriting by Machine: AI and machine learning will become central to underwriting, with third-party vendors playing a key role.
3. Rise of the Flexible Product: Insurance will become more event-driven and adaptable to changing lifestyles and needs.
4. E-Z Life Insurance: Life insurers will focus on digital distribution and flexible term products, especially in emerging markets, and may resemble general insurers more closely.

Conclusion

The insurance industry is at a crossroads, with fintech and InsurTech driving a revolution in customer experience, product design, and operational efficiency. Traditional insurers must adapt quickly, either by disrupting themselves or by partnering with innovative startups. The future of insurance will be shaped by technology, customer preferences, and new risk paradigms, creating both challenges and opportunities for sustainable growth and profitability.