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InsurTech Primer: Effective Startup & Corporate Collaboration
This document discusses lessons for effective collaboration between startups and corporations from the insurtech world. It provides examples of corporations partnering with startups through pilots and frameworks to ensure success. Models for collaboration include observing startups, collaborating on projects, and startups getting funded by corporations. The insurtech ecosystem is seeing billions invested in startups that can reinvent insurance buying, manage risk better, and leverage sharing economies. Collaboration helps corporations access innovation and startups access markets.
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InsurTech Primer: Effective Startup & Corporate Collaboration
- 1. EFFECTIVE COLLABORATION LESSONS FROMTHE INSURTECH WORLD Sabine VanderLinden Managing Director Startupbootcamp InsurTech
- 2. Sabine VanderLinden 18 yearsof expertise Managing Director of @SabineVdL @sbcInsurTech Sabine VanderLinden Top 20 InsurTech Influencer
- 3. Berlin Singapore Mexico New York Barcelona Internet ofThings & Data FinTech Amsterdam E-Commerce / Smart Cities Copenhagen Mobile Smart Transportation & Digital Health FinTech We ACCELERATE corporate & startup success London FinTech & InsurTech & Internet of Things Miami Digital Health Mumbai FinTech FinTech Istanbul MENA Region FinTech + InsurTech IoT (data)EcommerceTransportationSmart City Digital Health … 15 programs globally 11 cities (growing) 150+ partners 1,000+ investors 3,000+ members
- 4. Since 2010, 350+Startupbootcamp teams from 30+ classes have raised over €150 million with a combined valuation of more than €650 million 400 Startups 35 Cohorts 5 Exits 73% Funded 81% Active Delivering recognizable results Hands on mentorship and support – pilots – investment 100 to 150 startups to be graduated per year
- 5. Global PartnersInsurTech Partners Workingwith innovative brands as partners
- 6. TRUST IS ATTHE CORE OF EVERY RELATIONSHIP Only 27% of consumers trust their insurance providers whilst less than 50% actually turning to them for advice
- 7.
- 8. “There are manyInsurTech startups doing a great job out there!”
- 9. Model 1: UnderstandThe Problem at Hand
- 10. Today, many corporationsinteract with the start-up community and do things they had never done before 1) Changing customer behaviors 2) Speed of digitization 3) Exploding product innovation Why?
- 11. No Red-Tape No Cubicle No suit Own schedule Autonomy Flexibility
- 12. “Many corporate leadersunderstand that innovation comes from inside and outside the walls of their corporation. That’s why many big companies want to engage with emerging ones.”
- 13. The InsurTech Ecosystem– 6 Key Trends Product Sales and Marketing Distribution Underwriting Claims Customer Service Meet changing customer needs with new offering Enhance interactions & build trusted relationships Initiate strategic relationships EcosystemCustomer Leverage data & analytics to generate risk insights New approaches to underwrite risk & predict loss Sophisticated operational capabilities Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data Insurers were asked in which areas they saw the most important impact to their business from start- ups & Start-ups were categorised accordingly
- 14. Focus areas forstartups based on applications 1 ENHANCE INTERACTIONS AND BUILD TRUSTED RELATIONSHIPS 35% 2 ENABLE THE BUSINESS WITH SOPHISTICATED OPERATIONAL CAPABILITIES 21% 3 MEET CHANGING CUSTOMER NEEDS WITH NEW OFFERINGS 20% 4 LEVERAGE EXISTING DATA & ANALYTICS TO GENERATE DEEP RISK INSIGHTS 15% 5 LEVERAGE BROADER ECOSYSTEMS 6% 6 DELIVER NEW APPROACHES TO UNDERWRITE RISK AND PREDICT LOSS 3%
- 15. Insurers’ point ofview 4 ENHANCE INTERACTIONS AND BUILD TRUSTED RELATIONSHIPS 45% 5 ENABLE THE BUSINESS WITH SOPHISTICATED OPERATIONAL CAPABILITIES 38% 1 MEET CHANGING CUSTOMER NEEDS WITH NEW OFFERINGS 75% 2 LEVERAGE EXISTING DATA & ANALYTICS TO GENERATE DEEP RISK INSIGHTS 65% 6 LEVERAGE BROADER ECOSYSTEMS 27% 3 DELIVER NEW APPROACHES TO UNDERWRITE RISK AND PREDICT LOSS 54%
- 16. 1. Meet changingcustomer needs with new offering Introduction of flexible and personalized offerings Micro-insurance (9%) Peer to peer insurance (7%) Sharing economies Lifestyle based insurance Robo-advice These ventures are challenging traditional business models Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
- 17. 2. Leverage existingdata and analytics Search for more meaningful insights from data sets to increase the sophistication of analyses and decision making Connected car / telematics Connected Health Remote data capture & analysis Quantification of emerging risks 93% of customers would welcome a device that monitor and keep their home safe Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
- 18. 4. Enhance interactionsand build trusted relationships Leverage Artificial Intelligence, Learning Machines, Robo-advisors to deliver unique customer experiences Omni-channel experience Aggregation and comparison Targeted engagement Consolidation of cover Education & engagement Brolly Source: PwC Analysis, Startupbootcamp InsurTech & PwC Data
- 19.
- 20. From OBSERVING to COLLABORATINGwith start-ups on real projects However, often companies’ structures prevent projects to materialize or move swiftly!
- 21. Startup world Uncertain Unforeseen risks Highlydynamic Corporate world Process heavy Rules & boundaries Constrained
- 22. Designing the rightinnovation framework CHECKLIST ONE 1. COULD YOU DESIGN A SMALL, BUT WELL DEFINED AND CONTAINED, PILOT WITH CLEAR SET OF OUTCOMES? 2. WHAT IS THE MINIMUM SET OF STAKEHOLDERS WHO COULD SIGN-OFF THE PILOT? 3. CAN THE CLIENT FUND THE PILOT? 4. WHAT ARE THE MINIMUM CONTRACTUAL TERMS NEEDED FOR THE PILOT? 5. HOW CAN YOU GO AROUND/ MINIMISE INTERNAL RED TAPE OR HURDLE THAT CAN PREVENT THE PILOT TO MOVE FORWARD? 6. WHAT WILL SUCCESS MEAN? HOW WILL YOU MEASURE IT? 7. IF THE PILOT IS SUCCESSFUL, HOW WILL YOU ENGAGE IN A LARGER ROLL-OUT?
- 23. Improving your likelihoodof success 1. CLEARLY DEFINE THE OUTCOMES YOU WANT TO ACHEIVE 2. IDENTIFY AN INTERNAL LIAISON/ AN ADVOCATE WHO WILL MANAGE YOU WITHIN THE PROJECT ORGANISATION 3. ENSURE STRONG BUY-IN FROM SENIOR EXECUTIVES WHO MUST SEE BENEFITS FROM THE PROJECT 4. DEFINE CLEAR METRICS AND AN INCENTIVE SYSTEM WHERE ALL PARTICIPANTS ARE REWARDED FOR TRYING AND LEARNING CHECKLIST TWO
- 24. Source: PwC UK,InsurTech Research, July 2016 How do corporates partner?
- 25. you tube video:https://www.youtube.com/watch?v=pXuLWnWminI
- 26. Model 3: Getfunded
- 27. $4.74Bn invested inInsurTech across 470 start-ups deals since 2011... This increased six fold over the past three years $1.4Bn invested across 126 deals between Q1 and Q3 2016 Source: CB Insights, FT.com, PwC
- 28. “100s global investorsare pouring billions of dollars into InsurTech start- ups to give insurers a tech makeover” Andreessen Horowitz Intel Capital Sequoia Capital Google Ventures Balderton Capital Canaan Partners American Family Ventures MassMutual Ventures ACE Group Holding Y Combinator ..... Source: CB Insights, Startupbootcamp Analysis
- 29. Investors are lookingfor start-ups able to: Reinvent the way people buy insurance Transform the way insurers manage risk Leverage sharing economy-led business models
- 30. The most imminenteffects of disruption will be felt in the banking sector; however, the greatest impact of disruption is likely to be felt in the insurance sector “ “ Source: WEF, The Future of Financial Services, June 2015
- 31. Over $1Bn committed… ... to head off disruptive threats Smart Home Security Heath MonitoringFinancial Mgt Cyber Security Digital BrokerData & Analytics Digital Broker Business InsuranceWellness Insights Source: Startupboocamp InsurTech Research, July 2016
- 32. KEY QUESTIONS FORYOU: What will you do differently to ease engagement? What will your priority be? What will your pilot be? What metrics will you choose to drive value?
- 33. THANK YOU For moreinformation, you can reach me on: [email protected] @SabineVdL @sbcInsurTech Sabine VanderLinden
Editor's Notes
- #2 Topic: Corporate innovation: how to thrive in the age of the sharing economy By unlocking the sharing economy today, can companies transform today’s threat into tomorrow’s opportunity?
- #15 So what are the themes being represented and needed in the sector.
- #20 Effective Partnering
- #26 https://www.youtube.com/watch?v=pXuLWnWminI
- #28 .