INTRODUCTION TO INSURTECH
LECTURER: NGUYỄN TIẾN HÙNG MBA
Email: nguyentienhung@[Link]
PRINCIPLES OF INSURANCE - NGUYỄN TIẾN HÙNG
OVERVIEW
v Topic: INSURTECH - DIGITAL TRANSFORTMATION IN INSURANCE SECTOR
v OBJECTIVES
Students understand the concept of Insurtech, identify digital technology applications in
the insurance sector, discover digital transformation trends in the insurance industry, find
out the challenges facing the insurance industry.
NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
OVERVIEW
DIGITAL TRANSFORMATION
.
TRENDS AND
DEFINITION CHALLENGES
IDENTIFICATION OF DIGITAL TECHNOLOGIES CONCLUSION
IN THE INSURANCE SECTOR
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
GENERAL INFORMATION
Source: Anish Raj & Prasad Joshi (2018), Changing Face of the Insurance Industry (White Paper), [Link], Bengaluru, India
[Link]
NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
DEFINITION OF INSURTECH
FINTECH INSURTECH
FinTechs are innovations that enable InsurTech is considered a branch of
the use of technology that can FinTech, referring to the variety of
create new business models, new technologies and innovative
applications, processes or products business models that have the
that have a significant impact on potential to transform the insurance
financial markets and financial business.
service providers.
Source: IAIS (2017), FinTech Developments in the Insurance Industry
[Link]
About the IAIS
The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions. The
mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the
benefit and protection of policyholders and to contribute to global financial stability.
Established in 1994, the IAIS is the international standard-setting body responsible for developing principles, standards, and other supporting material for the supervision of the
insurance sector and assisting in their implementation. The IAIS also provides a forum for Members to share their experiences and understanding of insurance supervision and
insurance markets.
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
IDENTIFICATION OF DIGITAL TECHNOLOGIES IN THE INSURANCE SECTOR
Employee Enterprise/
Auto Benefits Commercial Health/Travel Insurance Data/
Insurance Platforms Insurance Insurance Intelligence
Consumer
Insurance Insurance
Management Comparison/
Platforms Marketplace
Insurance Insurance
Education/ Infrastructure
Resources /Backend
Insurance User
Acquisition
Life, Home,
P2P Product Reinsurance
Property &
Insurance Insurance
Casualty Insurance
Source: Venture Scanner (2016). Insurance Technology Market Overview
[Link] 6
NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
IDENTIFICATION OF DIGITAL TECHNOLOGIES IN THE INSURANCE SECTOR
ü Health & Healthcare insurance
ü Internet of things
ü Customer engagement
ü Regulation & the law
ü Wealth management
ü Data & Analytics
ü Information security
Source: Startupbootcamp InsurTech (2015). So, What Is an InsurTech Startup?
[Link] 7
NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
IDENTIFICATION OF DIGITAL TECHNOLOGIES IN THE INSURANCE SECTOR
Internet
Digital Brokers Peer-to-Peer Digital Insurers
of Things
1 2 3 5 7 9
4 6 8
Comparison Insurance Cross On-Demand Blockchain
Big Data Analytics
portals Sellers Insurance & Smart
& Insurance Software
Contracts
Source: Alexander Braun, Florian Schreiber (2017). The Current InsurTech Landscape: Business Models and Disruptive Potential. Institute of
Insurance Economics [Link]-HSG, University of St. Gallen and Swiss Re Institute;
[Link]
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
DISCUSSING ON
DIGITAL TRANSFORMATION TRENDS AND CHALLENGES
o Students are be divided into 5 groups, watch Youtube clips on the topic of digital transformation in the
insurance sector (Weblink: [Link]
o Then, refer to and discuss a web article on the same topic.
(Link: [Link]
o Each group will present the results of their research:
NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
TRENDS
Enterprise IT is Customer The rise of new The evolution of New ways to
evolving experience takes business models culture and technology manage risk
center stage in the workplace
1. The rise of low-code/no- 6. Delivering tailored 9. The growth of usage- 11. Work from home is here to 13. The rise of predictive
code development in digital products based insurance stay analytics
enterprise IT
7. The rise of customer 10. The growth of 12. The rise of digital data 14. IoT increases the need
2. The continued rise of
self-service insurance telematics collection for streaming analytics to
the API economy
innovate
3. The rise of "headless 8. The expansion of
digital channels 15. Increased focus on
tech"
algorithmic risk assessment
4. Hybrid cloud 16. The shift in culture from
architecture is on the rise legacy to innovation
5. The continued rise of
customer data
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
CHALLENGES
Insurers must evolve to compete The need for speed
Competition is becoming tougher. There are new In this rapidly changing world, the insurance industry is
entrants to the market, such as digital-first insurers under pressure to keep up with the pace of change.
and tech giants. At the same time, customers are New entrants to the market are offering new products
becoming more demanding, expecting insurers to and services at a much faster rate than incumbent
provide a better customer experience. insurers. This means that incumbents need to move
faster in order to stay relevant. They need to be able to
In order to compete, insurers need to evolve. They quickly develop and launch new products, enter new
need to become more customer-centric and focus markets, and scale quickly.
on providing a great customer experience. They
also need to adopt new technologies that will help In order to be able to do this, insurers need to become
them become more agile and efficient. more agile. They need to adopt new technologies and
processes that will allow them to move faster.
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
CONCLUSION
DEFINITION
IDENTIFICATION OF DIGITAL TECHNOLOGIES IN INSURANCE SECTOR
TRENDS AND CHALLENGES
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
USEFUL WEBSITES
1. [Link]
[Link]
2. [Link]
3. [Link]
4. [Link]
5. [Link]
insurtech_2017.pdf
6. Website: [Link]
7. Youtube Video: [Link]
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE
Thanks for your attention.
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NGUYỄN TIẾN HÙNG - PRINCIPLES OF INSURANCE