A Business Model for Insurtech Initiatives

Nicoletti, Bernardo

doi:10.1007/978-3-319-51415-4_8

Bernardo Nicoletti³

Part of the book series: Palgrave Studies in Financial Services Technology ((FST))

12k Accesses
4 Citations
1 Altmetric

Abstract

Fintech companies are reshaping the financial services industry, providing the market with innovative value propositions, backed by forward-looking strategies and cutting-edge business models.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution

Chapter: USD 29.95; Price excludes VAT (USA)

eBook: USD 149.00; Price excludes VAT (USA)

Softcover Book: USD 199.99; Price excludes VAT (USA)

Hardcover Book: USD 199.99; Price excludes VAT (USA)

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

1.
PwC (<CitationRef CitationID="CR1300" >2016</Citation Ref>), Insurtech: A golden opportunity for insurers to innovate. http://www.PwC.com/us/en/insurance/publications/assets/PwC-top-issues-insurtech.pdf, Accessed 31 July 2016.
2.
http://blogs.reuters.com/breakingviews/2016/07/13/fintech-bigger-and-dicier-for-insurers-than-banks/, Accessed 29 July 2016.
3.
http://www.insuranceup.it/upload/images/07_2016/160721131117.pdf, Accessed 29 July 2016.
4.
http://web.bi.no/forskning/papers.nsf/0/b723c0570c4026eac12575b0004a329a/$FILE/2009-04-Jensen.pdf, Accessed 20 August 2016.
5.
Startupbootcamp (2015), “So, what is an Insurtech startup?” http://www.startupbootcamp.org/blog/2015/october/so-what-is-an-insurance-startup-infographic.html, Accessed 20 August 2016.
6.
http://www.ey.com/Publication/vwLUAssets/EY-UK-FinTech-On-the-cutting-edge/$FILE/EY-UK-FinTech-On-the-cutting-edge.pdf, Accessed 23 August 2014.
7.
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/joshbersin/2012/08/16/the-move-from-systems-of-record-to-systems-of-engagement/&refURL=https://www.google.it/&referrer=https://www.google.it/, Accessed 20 August 2016.
8.
PwC, “Insurtech: A golden opportunity for insurers to innovate”, March 2016. http://www.PwC.com/us/en/insurance/publications/assets/PwC-top-issues-insurtech.pdf, Accessed 20 August 2016.
9.
PwC, “Insurtech: A golden opportunity for insurers to innovate”, March 2016. http://www.PwC.com/us/en/insurance/publications/assets/PwC-top-issues-insurtech.pdf, Accessed 20 August 2016.
10.
Average expense ratio (expense per Gross World Product (GWP)) from 2000 to 2013; unweighted average expense ratios of Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom (McKinsey Global Insurance Pools).
11.
Fujitsu EMEIA (<CitationRef CitationID="CR131" >2016</Citation Ref>), Banking on Change: Consumers Drive Digital Charge in Financial Services, May. http://www.fujitsu.com/fts/about/resources/news/press-releases/2016/emeai-160504-banking-on-change-consumers-drive-digital.html, Accessed 20 August 2016.
12.
Around 7000 online consumer across the United Kingdom, France, Benelux , Spain, Germany, Switzerland, and Eastern Europe to understand consumers’ habits and their views and opinions on current financial services.
13.
Fujitsu EMEIA (<CitationRef CitationID="CR131" >2016</Citation Ref>), ibid.
14.
Classification modified by the author with respect to Vertafore (2013), 7 Technology Trends Transforming the Insurance Industry: How insurers can achieve growth, http://www.vertafore.com/~/media/Vertafore-Media-Library/Resources-Liabrary/Brochures/7-Trends-Transforming-the-Insurance-Industry-062513_v2b.ashx, Accessed 20 August 2016.
15.
https://techcrunch.com/2015/10/26/knip/, Accessed 07 August 2016.
16.
https://www.crunchbase.com/organization/trov#/entity, Accessed 07 August 2016.
17.
http://www.webopedia.com/TERM/S/structured_data.html, Accessed 20 August 2016.
18.
Bharal, P. and Halfon, A. (2013), Making Sense of Big Data in Insurance, http://www.marklogic.com/resources/making-sense-of-big-data-in-insurance/resource_download/whitepapers/, Accessed 05 August 2016.
19.
http://www.corrierecomunicazioni.it/digital/42773_come-cambiano-le-assicurazioni-ai-tempi-dei-big-data.htm, Accessed 30 July 2016.
20.
A.T. Kearney (<CitationRef CitationID="CR176" >2014</Citation Ref>), The Internet of Things: Opportunity for Insurers. https://www.atkearney.com/documents/10192/5320720/Internet+of+Things+-+Opportunity+for+Insurers.pdf/4654e400-958a-40d5-bb65-1cc7ae64bc72, Accessed 05 August 2016.
21.
http://www.agendadigitale.eu/infrastrutture/come-cambieranno-le-assicurazioni-nell-internet-delle-cose_2384.htm, Accessed 30 July 2016.
22.
EY Report, Insurance in a digital world: time is now, 2013. http://www.ey.com/Publication/vwLUAssets/EY_Insurance_in_a_digital_world:_The_time_is_now/$FILE/EY-Digital-Survey-1-October.pdf, Accessed 20 August 2016.
23.
http://www.amodo.eu/, Accessed 23 August 2016.
24.
https://www.accenture.com/_acnmedia/PDF-2/Accenture-Wealth-Management-Rise-of-Robo-Advice.pdf, Accessed 20 August 2016.
25.
http://www.businesswire.com/news/home/20160321005351/en/Ladenburg-Thalmann-Launches-ymbil---Robo-Advisor-Platform, Accessed 20 August 2016.
26.
http://www.newsbtc.com/2015/08/24/tradle-integrating-blockchain-technology-with-kyc-requirements/, Accessed 26 August 2016.
27.
https://www.munichre.com/en/reinsurance/magazine/topics-online/2016/04/automated-life-insurance/index.html, Accessed 30 July 2016.
28.
http://www.metrognomo.com/pressrelease_mar2016/.
29.
https://www2.deloitte.com/content/dam/Deloitte/ch/Documents/innovation/ch-en-innovation-deloitte-blockchain-app-in-insurance.pdf, Accessed 30 July 2016.
30.
http://www.friendsurance.com/, Accessed 30 July 2016.
31.
Kumar, S., & Phrommathed, P. (2005). Research methodology (pp. 43–50). Springer US. New York, NY, and http://www2.deloitte.com/content/dam/Deloitte/dk/Documents/finance/CIOs-struggle-to-stay-ahead-POV.pdf, Accessed 05 August 2016.
32.
http://www.insurancenetworking.com/news/innovation/insurtech-companies-are-the-new-fintech-leaders-37470-1.html, Accessed 23 August 2016.
33.
http://www.enisystems.com/eninew/latest/blue/news/IBMSystem_z_Software_Virtualization_Virtualization_Server_Smarter_Computing.pdf, Accessed 25 April 2015.
34.
Kipling R. (<CitationRef CitationID="CR1400" >2013</Citation Ref>), Just So Stories, CreateSpace Independent Publishing Platform.
35.
https://www.finextra.com/pressarticle/64838/PwC-preps-research-into-blockchain-tech-for-wholesale-insurance, Accessed 20 August 2016.
36.
https://www.abi.org.uk/Insurance-and-savings/Products/Business-insurance/Cyber-risk-insurance, Accessed 03 August 2016.
37.
PwC (<CitationRef CitationID="CR1300" >2016</Citation Ref>), Opportunities await: Global Fintech Survey, June. http://www.PwC.com/gx/en/financial-services/assets/fintech-insurance-report.pdf, Accessed 15 July 2016.
38.
http://www.insurancenetworking.com/news/innovation/insurtech-companies-are-the-new-fintech-leaders-37470-1.html, Accessed 23 August 2016.

References

Barry, C., Hogan, M., & Torres, A. M. (2011). Low-cost carriers and high-tech barriers: User views on questionable web design practices in Ireland. Irish Journal of Management, 31(1), 43.
Google Scholar
Binks, M. R., Ennew, C. T., & Reed, G. V. (1992). Information asymmetries and the provision of finance to small firms. International Small Business Journal, 11(1), 35–46.
Article Google Scholar
Boobier, T. (2016). Analytics for insurance: The real business of Big Data. New York, NY: Wiley.
Book Google Scholar
Darwin, C. (1859). On the origin of species by means of natural selection, or the preservation of favoured races in the struggle for life (1st ed.). London, UK: John Murray.
Google Scholar
Deloitte. (2015). Financial services in the age of the internet of things. Retrieved July 31, 2016, from https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/about-deloitte/aff2015/deloitte-cn-aff-postcon-leaflet-en-150227.pdf
Fintech 100. (2015). Leading Global Fintech innovators. Report 2015. Retrieved August 24, 2016, from http://www.fintechinnovators.com/
Fujitsu EMEIA. (2016). Banking on change: Consumers drive digital charge in financial services. Retrieved July 31, 2016, from http://www.fujitsu.com/fts/about/resources/news/press-releases/2016/emeai-160504-banking-on-change-consumers-drive-digital.html
Hutter, K., & Hoffmann, S. (2011). Guerrilla marketing: The nature of the concept and propositions for further research. Asian Journal of Marketing, 5(2), 39–54.
Article Google Scholar
Kearney, A. T. (2014). The Internet of things: Opportunity for insurers. Retrieved July 31, 2016, from https://www.atkearney.com/documents/10192/5320720/Internet+of+Things+-+Opportunity+for+Insurers.pdf/4654e400-958a-40d5-bb65-1cc7ae64bc72
Kipling, R. (2013). Just so stories. CreateSpace Independent Publishing Platform.
Google Scholar
Klahr, R. (2016). Cyber security breaches survey. Doctoral dissertation, University of Portsmouth.
Google Scholar
Koller, M. (2012). Unit-linked policies. In Stochastic models in life insurance (pp. 93–113). Berlin, Germany: Springer.
Chapter Google Scholar
McKinsey. (2016). Transforming life insurance with design thinking. Retrieved July 31, 2016, from https://www.mckinsey.it/idee/transforming-life-insurance-with-design-thinking
Nicoletti, B. (2016). Digital insurance. London, UK: Palgrave Macmillan.
Book Google Scholar
Oliynyk, H., & Sabirova, A. (2013). Insurance company and bank partnership as a distribution channel of insurance products. Economics & Economy, 1(2), 131–141.
Google Scholar
PwC. (2016). Blurred lines. How Fintech is shaping financial services. Retrieved February 22, 2017, from https://www.pwc.com/il/en/home/assets/pwc_fintech%20global_report.pdf
Saunders, A. (2004). Bank-insurance model–Pros and cons. Keynote Speech. In 17th Australasian Finance and Banking Conference, Sydney, Australia.
Google Scholar
Zhu, N. Q. (2013). Data visualization with D3. js cookbook. Birmingham, UK: Packt.
Google Scholar

Download references

Author information

Authors and Affiliations

Rome, Italy
Bernardo Nicoletti

Authors

Bernardo Nicoletti
View author publications
You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

About this chapter

Cite this chapter

Nicoletti, B. (2017). A Business Model for Insurtech Initiatives. In: The Future of FinTech. Palgrave Studies in Financial Services Technology. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-51415-4_8

Download citation

DOI: https://doi.org/10.1007/978-3-319-51415-4_8
Published: 03 March 2017
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-51414-7
Online ISBN: 978-3-319-51415-4
eBook Packages: Economics and FinanceEconomics and Finance (R0)

Publish with us

Policies and ethics