InsurTech Magazine - May 2021

May 2021 | insurtechdigital.com

Regtech: On the cusp of a data analytics boom

Startups to watch out for

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Cloud & Cyber: Cyber insurance cover and security solutions LEARN MORE

Zurich International: Building better futures READ NOW

AGILE BROKERS VIBRANT FUTURES Mike Goldman, President and Chief Operating Officer of NFP discusses the digital transformation within the new business landscape FIND OUT MORE

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The InsurTech Team EDITOR-IN-CHIEF

JOANNA ENGLAND DEPUTY EDITOR

WILL GIRLING EDITORIAL DIRECTOR

SCOTT BIRCH

PRODUCTION DIRECTORS

GEORGIA ALLEN DANIELA KIANICKOVÁ PRODUCTION MANAGERS

OWEN MARTIN PHILLINE VICENTE JENNIFER SMITH

PRODUCTION EDITOR

VIDEO PRODUCTION MANAGER

MEDIA SALES DIRECTOR

CREATIVE TEAM

DIGITAL VIDEO PRODUCERS

SALES AND MARKETING DIRECTOR

JANET BRICE

OSCAR HATHAWAY SOPHIA FORTE SOPHIE-ANN PINNELL HECTOR PENROSE SAM HUBBARD MIMI GUNN JUSTIN SMITH REBEKAH BIRLESON

KIERAN WAITE

SAM KEMP EVELYN HUANG TYLER LIVINGSTONE

DIGITAL MARKETING EXECUTIVE

EVELYN HOWAT

PROJECT DIRECTORS

JAKE MEGEARY MICHAEL BANYARD JOE PALLISTER

RICHARD TURNER

JASON WESTGATE MANAGING DIRECTOR

LEWIS VAUGHAN

CHIEF OPERATIONS OFFICER

STACY NORMAN PRESIDENT & CEO

GLEN WHITE

EDITOR'S LETTER

Festival Fallout As the dark days of winter lift and pub gardens buzz with alfresco chit chat, all thoughts turn to summer and festivals. Except, if you happen to be a festival organiser in the UK.

“It’s business as usual on the Continent this summer to Oktoberfest and beyond”

INSURTECH MAGAZINE IS PUBLISHED BY

Sadly, following the disastrous year for events that was 2020 (the UK festival industry lost 90% of its revenue due to COVID-19 cancellations), many companies are facing the same scenario this season too.

Why? Because festivals are unable to obtain insurance to cover their costs in the event of a COVID-19 related, last minute cancellation.

Some believe private insurance companies are to blame. Others say the government must take responsibility.

MPs have already agreed to underwrite COVID-19 losses incurred by the TV and film industry.

This, they say, is because the likelihood of cancellations for large-scale events like festivals is far greater than the risk associated with television production.

Germany meanwhile, has stood by its festival sector and has set aside US$3.2bn to help out. It’s business as usual on the Continent this summer to Oktoberfest and beyond.

Perhaps the Germans have recognised the enormous financial fallout if thousands of small businesses that rely on the festival industry to survive, can no longer support the government with their taxes?

The best we can hope for is that by 2022, those that have survived the storm will emerge ready to help us celebrate our summer once more.

JOANNA ENGLAND

joanna.england@bizclikmedia.com

© 2021 | ALL RIGHTS RESERVED

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Bringing the Community to LIVE Broadcast from London to the World

October

12th - 14th 2021 A BizClik Media Group Brand

Featuring:

Keynote Speakers LIVE Roundtable Q&As Networking Lunch Inspirational Presentations

Over 5 Stages:

FinTech Stage Banking Stage Digital Payments Stage InsurTech Stage Tech Expo Stage

EARLY BIRD TICKETS

Creating Digital Communities

CONTENTS

Our Regular Upfront Section: 8

Big Picture

10 The Brief 12 Global News 14 People Moves 16 Timeline: The Story

of Lemonade 18 Legend:

George Joseph 20 Five Mins With:

Donna Scully

42

Digital Strategy

The great customercentricity shake-up

24 NFP

Timely digital transformation

54

MTM Inc.

So much more than just a lift

80

Zurich International Building brighter futures through insurance

70 RPA

Dynamic solutions for insurtechs

94

Cloud & Cyber

Cyber trends 2021: IT security in insurtech

104

112

Regtech is on the cusp of a data analytics boom

Insurtech startups in 2021

Analytics

Top 10

BIG PICTURE

Festival flux

United Kingdom

Following the cancellation of Glastonbury, Shambala, Bristol Harbour and Blue Dot, the UK Government has been warned that organisers will be forced to cancel events at short notice if no provision for covering costs in the event of a COVID-forced cancellation is made.

Furthermore, insurance brokers say it would cost the government as little as £250m to guarantee events such as festivals can plan to go ahead, which would boost the UK economy to the tune of billions if they go ahead as planned.

insurtechdigital.com

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THE BRIEF “ACCORDING TO ACXIOM RESEARCH ACROSS INDUSTRIES, CUSTOMERCENTRIC DATA IS CONSIDERED CRITICAL TO BUSINESS SUCCESS”

BY THE NUMBERS

We asked in our LinkedIn poll, “Can AI chatbots replace humans in terms of satisfactory customer services?”

Jochen Toepfer

SVP of Professional Services EMEA, Acxiom 

READ MORE

“THE CYBER SECURITY MARKET CONTINUES TO GROW DRIVEN BY CONTINUED ESCALATION IN BOTH THE FREQUENCY AND SEVERITY OF CYBER EVENTS”

90% NO

10% Yes

Seth Rachlin

Global Insurance Industry Leader, Capgemini  READ MORE

“BY ADOPTING MORE BI TOOLS, BANKS HAVE SHIFTED PROCESSES AWAY FROM THEIR PHYSICAL OFFICES AND KEPT EMPLOYEES AT HOME” Dima Kats

CEO, Clear Junction  READ MORE

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May 2021

46% $80bn 310

That’s the year-overyear predicted global growth of insurtech from 2021-2023

That’s the estimated global cost of insurance fraud, paid out annually

That’s the total number of insurtech startups currently operating in the US

Numbers from Statistica

Allianz recently released details of fraudulent claims it detected in 2020 - which amounted to more than £65.8m. The corporation said the fraudulent incidents came mainly from claims farmers, rogue loss assessors and organised crime

The Californian health insurance startup will sell 27.2m shares of its common stock as part of the offering and plans to raise $516m from the move, as part of an expansion plan strategy.

 BLINK

The Cork-based insurtech will use the collaboration with Terrawind Global Protection to launch in Latin America.

PAY-PER-MILE What’s your name?

Pay-per-mile.

Do you come here often?

Only on a drive-on-demand-basis.

That sounds a bit new age – but you do look kind of young.

I’ll take that as a compliment seeing as my kind is trending.

What’s wrong with a one-size-fits-all attitude?

It’s a bit unfair, don’t you think?

Unfair how?

Well, people spend less time in their cars these days.

And? Why make them pay for something they aren’t using?

Haven’t you heard of good old fashioned profit margins – or is that not fluffy enough for you?

Haven’t you heard of keeping your customers happy?

Touché you upstart!

Touché yourself. It’s time you hit the road.

 DELOITTE

A global survey by Deloitte’s Center for Financial Services revealed that “many insurers know they still have their work cut out for them, even after spending most of 2020 adapting to the outbreak’s impact.”

 HISCOX

Lloyd’s of London’s insurer Hiscox is operating at a loss following payouts of $475m for cancelled events, business interruption policies and other claims related to the coronavirus pandemic.

 ROOT INC

GOOD TIMES BAD TIMES

 ALIGNMENT HEALTHCARE

MAY21

The Ohio-based digital auto insurance startup lost $133.3m in Q4 2020, vs an $85.2m net loss in the 2019 fourth quarter. insurtechdigital.com

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GLOBAL NEWS

1

USA

APL invests in FINEOS platform to streamline legacy systems American Public Life Insurance Company will apply FINEOS's new technology to eight lines of business.

APL, a leading provider of supplemental worksite benefits, is hoping the move will streamline the customer experience and enhance core services that have previously been reliant on manual legacy systems for its quoting, rating and underwriting processes.

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May 2021

2

AFRICA

Vaai.co launches on-demand cover The new, disruptive insurtech Vaai.co launched a new, costeffective on-demand range of products that could help provide insurance for an estimated 70% of uninsured drivers in South Africa. Poverty is often a factor in drivers being uninsured, but the on-demand policies allow customers to cover themselves on a much cheaper, pay-asyou-go system.

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4

GERMANY

SWITZERLAND

Berlin-based N26 launches insurance products

Zurich accelerates claims resolution with unique AI solution

N26, the German neobank, has announced it will launch a range of insurance products.

The startup, which was founded in 2013, says its first insurance product is a smartphone cover plan for its German customers.

But the neobank plans to extend the range as soon as it can, with the products all accessible via N26’s mobile app and website.

Swiss insurer Zurich, in collaboration with Sprout.ai, has announced the development of a new AI solution for streamlining claims settlement. Described as possessing the equivalent of 100 years’ worth of claims handler experience, the AI has a reading speed of 10,000 words per microsecond and an average accuracy rating of 98%.

5

SWEDEN

Safeture partners with Insured Nomads The IT digital solutions company, Safeture, has partnered with Insured Nomads to create cover for remote workers. Reports suggest this move is just the start of a new wave in ‘new normal’ insurtech services

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PEOPLE MOVES MARK WILSON FROM: AVIVA TO: ABACAI WAS: CHIEF EXECUTIVE NOW: DIRECTOR & FOUNDER Mark Wilson enjoyed a highly successful career in the insurance market, having reinvigorated Asian giant AIA before being hired to do the same at Aviva. Initially he was praised for saving the troubled UK company, but later years saw investors grow frustrated with Aviva’s failure to thrive and lack of focus.Wilson currently sits on the board of BlackRock, the world's largest asset manager, and last year headed a failed takeover bid for Saga, the over-50s travel and insurance provider.

The launching of Abacai, a new, disruptive auto insurtech, will be Wilson’s first foray back into the insurance business since his 2018 exit from Aviva.

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May 2021

“WE HAVE AN AMBITIOUS VISION FOR ABACAI AS A HIGH GROWTH DISRUPTOR. THERE IS A MASSIVE OPPORTUNITY IN THE FAST-EVOLVING DIGITAL INSURANCE MARKET AND WE PLAN TO BE AT THE FOREFRONT OF THE INDUSTRY”

NIGEL WALSH FROM: DELOITTE TO: GOOGLE WAS: PARTNER NOW: MD OF INSURANCE

PAUL STACY FROM: LEXISRISK RISK SOLUTIONS TO: IMS

Nigel Walsh is the former VP of UK Insurance at Capgemini, a partner at Deloitte and has recently joined Google as the new MD of Insurance for North America. He is a staunch advocate of insurtech. He has even co-authored a book on the subject entitled The InsurTECH Book.

He says, “There has never been a better time to enable an industry drive change, making Google the number one destination for insurance transformation over the next decade.”

WAS: R&D DIRECTOR NOW: D IRECTOR OF AUTOMOTIVE DEVELOPMENT As the founder of Wunelli, Paul Stacy is the serial telematics technology entrepreneur.

Prior to his latest appointment IMS, Stacy was at LexisNexis Risk Solutions, as the R&D Director and Director of Automotive Development, EMEA. His new role of Global Business Development Director at IMS, is one of several top-level hires of senior hires over the last 18 months.

Commenting on his role, Paul said his immediate focus would be exploring opportunities in new markets where IMS doesn’t currently have a presence. insurtechdigital.com

15

TIMELINE THE STORY OF

Lemonade has been rated the top insurtech company in the US. According to independent reviewers its popularity is almost unprecedented in the insurance industry with 94% of policyholders likely to renew their policy, 96% recommending their services and 97% rating their claims experience positively. We track the disruptive insurtech’s journey to success.

16

2014

2015

2016

The meeting

Lemonade is born

Customer generation

Shai Wininger and Daniel Schreiber meet for the first time through a mutual friend. They discuss the possibility of starting a business.

Although Wininger has launched four previous businesses, neither of them have insurance industry experience. So they hire industry veteran Ty Saglow to help them create their enterprise.

Lemonade launches as a licenced carrier that sells its own products and services and in its first funding round in December 2015, raises $13m through investors Sequoia Capital and Israeli VC Aleph.

Following it’s official launch, Lemonade takes off with unprecedented success, signing up more than 14,000 customers within its first six months of operation. In the same period, Series A and B funding rounds generated a further $48m in investments to expand the company. Lemonade also becomes one of the few insurance companies to receive B-Corporation certification.

May 2021

2017

2019

Kerching!

World domination

The money continues to roll in as investors fall over themselves to provide capital to the growing insurtech. Allianz and Sound Ventures join up, as well as SoftBank - raising the investment total to $180m.

Lemonade announces a further $300m investment from SoftBank taking its investment capital total to $480m. In April the company launches in the Netherlands, in July Lemonade becomes a public company and in December, the insurtech wins its trademark dispute with T-Mobile over the use of pink on the Lemonade logo.

insurtechdigital.com

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LEGEND

George Joseph FOUNDER AND CHAIRMAN OF THE BOARD, MERCURY

G

eorge Joseph was born on September 11th 1921, and will celebrate his 100th birthday this year.

The self-made insurance billionaire has a net worth of $1.9bn, accrued over a long and illustrious career that literally saw him start right at the bottom of the ladder.

Born to Lebanese immigrant parents, Joseph’s father worked as a coal miner and a shopkeeper during the Great Depression. His family also raised pigs and chickens. It was a tough existence and as soon as he was old enough, Joseph joined the airforce and trained as a B-17 navigator in WWII, serving in an estimated 50 missions.

In 1946, Joseph married Gloria Joseph and the couple, who were together until their divorce in 1984, had five children together. Gloria is now listed as one of the 50 richest Angelinos following the 50/50 split of the marital assets.

Four years after they were married, Joseph, who had a natural aptitude for maths and physics, graduated from

18

May 2021

Joseph has been working at his multibillion dollar company for

59 years

Harvard. After university he applied for a job at the Los Angeles-based Occidental Life Insurance company.

They offered him a position as a systems analyst, and after his day job, he took on additional hours selling life insurance door-to-door.

It was during this time that Joseph conceptualised the idea of a different form of insurance as his customers kept asking about other types of cover.

Joseph went back to his bosses and pitched the idea of more types of cover, but they didn’t take his ideas seriously, and as a result, Joseph quit Occidental and branched out on his own.

In 1952, Joseph formed the Mercury Insurance agency - and 60 years later, the company has $4bn in assets and employs more than 4,000 agents.

He appointed his wife Gloria as Vice President of the company - a position she held until their divorce in 1984.

Joseph has been a disruptive force in the insurance business since his entry and in December 2012 earned himself the name ‘The Grinch Who Stole Christmas’. The name-calling followed a surcharge scandal that saw consumer watchdogs stepping in and preventing what would have amounted to an $89m hike on premiums for customers.

Joseph was also active early in his career - particularly through his opposition to the California Proposition 103 which regulated providers of insurance to individuals in California. Joseph campaigned to roll back parts of the law, and argued that the legislation increased litigation in the insurance industry as well as restricting competitive practices.

“We called our company Mercury, because I wanted us to be fast and nimble, just like the Roman god of business and merchants”

insurtechdigital.com

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FIVE MINUTES WITH...

DONNA SCULLY AS A LEGAL WHIZZ, AND DIRECTOR AND CO-OWNER AT CARPENTERS GROUP, ONE OF THE UK’S LEADING INSURTECH SOLUTIONS PROVIDERS, DONNA SCULLY IS ONE OF THE SECTOR'S MOST PROMINENT FIGURES. SHE SPOKE TO US ABOUT WHAT INSPIRES HER ON A DAILY BASIS Q. WHO WAS YOUR CHILDHOOD HERO AND WHY?

» Johnny Giles, the former Manchester

Q. WHAT'S THE BEST PIECE OF ADVICE YOU EVER RECEIVED?

»Be yourself. Early in my journey

to becoming a lawyer, I attended an advocacy course and the lecturer told me to embrace my Irish accent and personality. They said it would help, rather than hinder me. This really resonated with me. It helped me subdue my ‘imposter syndrome’ of believing that somebody like me, coming from my background and education, could never be successful. I now know better of course.

Your background and education does not have to dictate your future, but it can certainly make things harder. Sometimes it is you that is the biggest barrier to your own success. Later in my life, John Carpenter, the co-owner of Carpenters, said pretty much the same thing – that I should be proud of who and what I am.

Q. WHICH ACTIVITY ARE YOU MOST LOOKING FORWARD TO DOING WHEN THE PANDEMIC IS OVER?

» Those who know me will probably

United footballer. As my second cousin, expect me to say drinking and dancing. we sort of ‘had’ to support him. Having had Not wanting to disappoint them, these will two football-mad brothers, my Granny (his certainly be high on my list. Really though, Aunt) was a huge football fan, so she ‘made’ I’ve missed people. I’m a sociable person, me support him at Man U and then Leeds so top of my list will be to see family, friends United when he went there. Knowing a and colleagues again. I want to socialise fellow inner-city Dubliner who had made with them and give them a big hug, which the big time as a famous footballer was I’ve really missed! very exciting for the family.

For clarity though, and just in “ I’VE ADAPTED, LEARNT QUICKLY AND the nick of time, my brother ABOVE ALL I’VE TRIED TO HELP OTHERS converted me to Liverpool BECAUSE IF WE CAN’T BE KIND DURING FC and I’ve supported them A PANDEMIC LIKE THIS, THEN I DON’T ever since and have now been a ‘long-time’ season ticket KNOW WHEN WE SHOULD BE” holder!

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May 2021

Q. IS THERE A PERSONAL ACHIEVEMENT FROM 2020 OF WHICH YOU ARE PARTICULARLY PROUD?

» Surviving it broadly intact is a good starting

point, but I suppose I’d say making the best of it. It’s a huge Irish thing to try to make the best of even the most awful situations and I really have tried to do that. I have had to dig deep. I’ve somehow just about managed to embrace the virtual world. As we all have, I’ve adapted, learnt quickly and above all I’ve tried to help others because if we can’t be kind during a pandemic like this, then I don’t when we should be. I have focused on the positive, tried to be grateful and got a routine going soon as best I could.

Q. WHAT INSPIRES YOU IN INSURANCE TODAY?

» I know she will hate me saying this, but

it is Amanda Blanc, for a variety of reasons.

She is very Welsh, authentic, open-minded, grounded and down to earth. She is also brave and hardworking. She stands by what she thinks and doesn’t shy away from difficult subjects and issues. She is constructive, open and collaborative, and manages to be funny too! She’s smashed the glass ceiling based on her talent, hard work and intelligence. She’s a great role model for the sector and aspiring women generally.

insurtechdigital.com

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Women in FinTech FinTech Magazine is proud to launch a celebration of women in Global FinTech.

With a foreword by our very own COO, Stacy Norman, FinTech Magazine brings you the Top 100 Women in FinTech as nominated by you!

Brought to you in association with:

A BizClik Media Group Brand

READ NOW

Creating Digital Communities in FinTech

NFP

Timely digital transformation

WRITTEN BY: JANET BRICE PRODUCED BY: JAKE MEGEARY

24

May 2021

NFP

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25

NFP

Agile insurance broker NFP builds vibrant future for global clients with virtual engagement through the pandemic

B

y definition, insurance is financial protection from uncertainty. The uncertainty of the global pandemic has made businesses and individuals much more risk averse.

While our outlook to taking out insurance may have changed due to the effects of COVID-19, NFP’s timely digital transformation has armed their employees to successfully work remotely within the new business landscape and helped them engage with clients around the world.

“I think there is now an appreciation for protecting yourself against risks that you may not foresee,” said Mike Goldman, President and Chief Operating Officer of NFP, speaking from their offices in New York City.

NFP is regarded as a growth company driven by its ability to attract high-performing firms, expand their community and be a catalyst to elevate value for their clients.

It prides itself on having a personal touch and makes it clear they ‘start the conversations that create a more secure future for everyone’.

As a leading insurance broker NFP specialises in property and casualty, corporate benefits, retirement and individual solutions and continuously empowers businesses to ‘build from their foundations to grow and flourish’.

Founded in 1998 NFP has offices in the United States, Canada, Europe and Puerto Rico with teams specialising in all industries

26

May 2021

Mike Goldman

NFP

insurtechdigital.com

27

NFP

Mike Goldman from NFP talks about Insurance Technology

from sports to healthcare and transport.

They enable client success through the expertise of their professionals, investments in innovative technologies

“ I think we have an incredibly collaborative environment and people are really focused on getting the best possible results for clients.

That’s enabled us to be a very innovative, nimble company” MIKE GOLDMAN

PRESIDENT AND CHIEF OPERATING OFFICER OF NFP

28

May 2021

and by establishing enduring relationships with highly rated insurers, vendors and financial institutions.

A former attorney, Goldman joined NFP in 2001 and served in a number of diverse roles before becoming the head of Mergers & Acquisitions in 2005. He became chief operating officer in 2013, and in 2018 he added president to his title while also taking on NFP's emerging InsurTech/FinTech/ Digital Health Venture Investment Fund, driving the company’s active and deliberate investment in technology.

NFP’s philosophy is that innovation starts with inclusivity. While technology brings innovation to life, they think that true innovation brings value to everyday lives by solving problems, enhancing convenience and reducing costs.

Timely digital transformation NFP started the digital transformation of the business four to five years ago – which was

NFP

MIKE GOLDMAN TITLE: PRESIDENT AND CHIEF OPERATING OFFICER INDUSTRY: INSURANCE LOCATION: NEW JERSEY

EXECUTIVE BIO

a timely move in light of how the pandemic accelerated remote working practices for their 5,800+ employees.

“We feel pretty lucky because a couple of years ago we made some very significant investments on the technology side of the equation,” said Goldman. “We moved all of our operations to a common agency management system and we moved everyone to Salesforce on the front-end of the house, investing a lot in our technology platforms. We moved to a place where we could effectively have our entire workforce go remote without missing a beat.

“We were able to put people on Zoom and Microsoft Teams and have them in front of clients even from their homes. It proved to us that you can get stuff done even in remote environments. It showed us that our employees could collaborate and service our clients just as effectively as before,” commented Goldman.

“We could also see the real benefit and resulting business value of the systems we'd invested in like Salesforce, and being more forward thinking about where our pipelines were. I do think it helped accelerate some things for us,” he said.

“I'm proud of how we have shown a lot of resiliency in the environment. We’re pretty optimistic that as vaccines roll out, we'll be

As President and Chief Operating Officer of NFP, Mike Goldman directs initiatives that empower NFP to strategically expand within an extremely efficient, regionalised operating structure.

To ensure NFP offers the most complete services possible to clients, he is involved in bringing in new acquisitions and guiding the integration of their employees and unique skill sets.

Goldman, a former attorney, started at NFP in 2001 and served in a number of diverse roles before becoming the head of Mergers & Acquisitions in 2005. He led the company’s emerging InsurTech/FinTech Venture Investment Fund and became President in 2017.

The Digital Future of Insurance Is Now 2020 drove the industry to a turning point where the traditional ways of doing business are in the rear view.

The road ahead is built on open technology.

Mobilizing operations on the go. Taking you to new customer service destinations.

Exploring uncharted business opportunities and operational speeds.

Trust Applied to be your technology partner of the future to light a digital path of productivity, simplicity, intelligence and value.

Let’s get there together.

appliedsystems.com

Applied Systems: Your indispensable partner of choice

Watch Applied Systems speak about their Partners

Powering the business of insurance through innovative cloud-based software makes Applied Systems a global leader Applied, the leading global provider of cloudbased software that powers the business of insurance, is the indispensable partner of choice for NFP.

Applied is recognised as an innovation leader in insurance automation and is the world’s largest provider of agency and brokerage management systems.

“We’ve been a partner with NFP for more than 10 years - our companies have grown together throughout the US and Canada, said Trevor Bunker, Chief Customer Officer at Applied.

Bunker said independent agencies are attracted to Applied because they offer scale and expertise. “We bring expertise around digital connectivity – gone are the days of closed systems. Independent agents want choice and the flexibility to innovate. Our open architecture provides flexibility and easier access to more quickly integrate third-party applications so independent agencies can be in control of their own tech destiny,” he said.

“We provide that digital ecosystem or digital platform, by which they run their business and help support their customers. Our goal at Applied is to really be that essential partner to customers like NFP, who look out for their customers to help them protect what matters most,” said Bunker.

“Our internal mantra is to be an indispensable partner - to be that partner of choice. We strive to be that partner you want to bring into the room every day - we focus on being the easiest company to do business with,” he said.

For more than 35 years, Applied has led an industry which they helped to create with a mission to continuously improve the business of insurance. Since 1983, the company has been at the forefront of insurance technology.

Commenting on industry trends, Bunker said today’s customer expectations are driven by big tech – shaped by their experiences interacting with companies such as Google, Uber and social media platforms.

“We are helping our customers continue to stay ahead of those innovation curves,” he said.

Learn more now

NFP

getting back to a more normal environment.

When you look at what played out in 2020, which entailed a lot of risks for people, the value of the services and the products we provide really stood out in this environment and helped protect our clients and enable them hopefully to get through this,” he said.

Goldman pointed out that NFP found themselves advising clients on an increased array of services than what they were doing before the pandemic. “We held seminars around availing yourself of small business loans, addressing cyber vulnerabilities, proactively supporting employee well-being, creating policies for employees working from home and other challenges and opportunities emerging from the pandemic.

We felt we had the ability to introduce experts to our clients and help them navigate through this environment.

“ We moved to a place where we could effectively have our entire workforce go remote without missing a beat” MIKE GOLDMAN

PRESIDENT AND CHIEF OPERATING OFFICER OF NFP

“I think that the biggest message is if you're thoughtful about protecting yourself and your business against risks – and you take a long-term view – even when there are bumps in the road like we hit this past year, you'll get to the other side of them stronger than how you went into them,” he said.

Innovation and venture Goldman said NFP formed both an innovation lab and a venture fund to stay informed 32

May 2021

NFP

1998

Company Founded

5,800+ Number of employees

270+

Offices across the United States

40+

International offices

27

Transactions with total acquired earnings making it the biggest year in NFP history – highlights included NFP’s Rose and Kiernan acquisition and the Fiduciary Investment Advisors acquisition (FIA)

DiMeo

DiMeo and Associates (an owned NFP company) has recently rebranded as Fiducient Advisors

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Excellence through technology As a Microsoft Gold Partner, Maureen Data Systems (MDS) aims to digitally transform businesses with the use of cloud infrastructure, security, data analytics, and managed services. MDS is a woman—owned business, embracing a culture of inclusivity, diversity, and consistent learning.

LEARN MORE

NFP

NFP—You’re Only Human

and play an active role in solving client problems with innovative solutions. “The thought process behind that was there were so many new technologies coming to market and things that frankly we thought could be advantageous from a client perspective,” he said.

“We really wanted to be thoughtful, consistent and deliberate about how we evaluated opportunities. We wanted to have a central place to funnel ideas, evaluate them and make decisions about supporting them and promoting them to our clients.”

This led to NFP investing in Indio – a company that simplifies the insurance application process to make it fast, collaborative and easy for the client to use. “We rolled out Indio across many of our offices in the fall,” said Goldman, who pointed out that NFP’s philosophy is to invest in companies that add real value

and create solutions that will be helpful to clients’ businesses.

“We were able to help them drive to a much more positive result and it ultimately ended up in a very successful acquisition for them. That's just one example, but what really differentiates us is our ability to solve the holistic problem of how our clients interact with insurance carriers and how data is exchanged throughout that process,” he said.

Goldman pointed out the insurance and financial services industry has tended to lag behind in the introduction of new technology citing how onerous the manually intensive process to acquire life insurance was in the past.

“The goal and the expectation is that you get better and you improve and you make it more seamless for people. That's really how we've been thinking about things and insurtechdigital.com

35

NFP

Technology as a problem solver Goldman pointed out that during NFP’s digital transformation the impetus was put on how technology should be used to solve problems and make the insurance buying process easier for clients.

“We did decide to move all of our own information to the cloud because we thought it was a much more nimble kind of process.

We continue to have a flexible environment around technology so we can plug things in or out as they become better for us and for our clients. It’s been our philosophy to be as flexible as we can with technology because the pace of change isn’t slowing down,” commented Goldman “We’ve been very fortunate to work with a number of companies that share our views on what it means to be a good partner and provide leading technical solutions.

Applied Systems, which provides insurance agency management software, Mitel on the cloud VoiP telecom front, Maureen Data Systems (MDS) and Motifworks on our cloud infrastructure and application strategy –

how we can expedite that process and make it much easier. If that involves making investments or getting behind solutions, coming to market and helping show the insurance carriers why those solutions are better, then we can be a real expediter in that process,” said Goldman.

“Our clients are able to look back and learn from their own data and get it in a digestible way that can inform decisions that impact their business. Our perspective is that we are the advisor and we have a unique vantage point in really seeing and improving the full chain of that process.”

“ I think when you look at what played out this year, which entailed a lot of risks for people, I think the value of the services and the products that we provide really stood out in this environment” MIKE GOLDMAN

PRESIDENT AND CHIEF OPERATING OFFICER OF NFP

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NFP

“ I think we have a unique vantage point in really seeing the full chain of that process” MIKE GOLDMAN

PRESIDENT AND CHIEF OPERATING OFFICER OF NFP

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May 2021

these stand out as organisations who see every interaction as a collaboration. They listen and work really hard to earn and maintain trust, and it shows in their results.”

Competitive advantage NFP has the advantage of being an agile private company, giving them a competitive advantage. “We've had a consistent investment group that's been with us since 2013 and wants to continue with us. They understand

NFP

our business, they understand our strategic vision, and frankly, they allow us to execute with little to no distractions,” said Goldman.

“We were a public company for a long time and I think most public company leaders would agree that there are plenty of distractions – we just don't have those now.”

Goldman stressed that NFP also stands out from its competitors due to the fact the company has an engaging culture and listens to its employees.

DID YOU KNOW...

HOW NFP MAKES THE DIFFERENCE • People-first culture driven by recognition, community, well-being, development and inclusion • Open and transparent communication with a willingness to listen to new ideas • Proactive collaboration that inspires the celebration of all successes • Team-driven sales enablement based on where the industry is headed, not where it’s been • Consistent recognition as one of the best places to work in insurance • An integration process that minimises business disruption and maximises value • A global network of expertise and solutions across business lines and industries • “What if” innovation connecting problems with solutions to enhance outcomes for clients • An agile, growing brand defined by deep relationships, expertise and community • Sales growth potential supported by national buying power and operational efficiency • Continue to advance D&I within our business, our industry and the communities we serve, making focused efforts to attract, support and grow diverse talent while educating and building awareness throughout our workforce so we can create a more inclusive workplace for everyone. Robust technology makes it easier and more secure for our clients to do business.

insurtechdigital.com

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NFP

“The level of engagement and passion that our people have for serving clients and for supporting each other is really great.

I think we have an incredibly collaborative environment and people are really focused on getting the best possible results for clients. That has enabled us to be a very innovative, nimble company.”

Goldman outlined the key challenges posed by the pandemic from remote working to welcoming new employees who have to embrace the NFP culture over a Microsoft Teams meeting.

“We continue to operate in a somewhat unnatural environment and everyone is still, for most aspects of their work life, working remotely.

“The challenge is really to continue to keep people engaged and focused. You

Supporting your remote and hybrid workforce.

LEARN MORE mitel.com

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May 2021

NFP

have to be very deliberate about what your communications are and make sure that you're communicating frequently with each other because you don't have the ability to just stop by someone’s office or serendipitously run into people in the hall to exchange ideas and thoughts.

“You really have to be very proactive in reaching out to people and communicating.

We are also consistently bringing new people into the company. So, getting those people up to speed and getting them to feel the culture is just more difficult in this environment,” he said.

Importance of collaborations According to Goldman the hallmarks of a great collaborator or partner company is a willingness to share data. “Securely and

efficiently sharing data is a really important part of our evaluation of who to partner with. We ultimately want to be able to use the data that we have for the benefit of our clients,” he said.

“If we have a concern the data is going to be held up by somebody else or that there could be any impediments to us being able to analyse and use that data, we'd be hesitant to really partner with somebody like that. If they're solving a problem in the value chain that we think has independent value and they're willing to allow us to use the data for our client's benefit, then I think we feel good about that from a collaboration standpoint.”

insurtechdigital.com

41

THE GREAT CUSTOMER-CENTRICITY

SHAKE-UP

Insurtechs are shaking up the marketplace. We look at what makes customer centricity such an essential part of today’s industry WRITTEN BY: JOANNA ENGLAND 42

Month May 2021 2021

DIGITAL STRATEGY

insurtechdigital.com Magazine.com

43

DIGITAL STRATEGY

“ Innovative Finance recently found that

investors put more money into UK fintech than the next 10 European countries combined” JOCHEN TOEPFER, SVP OF PROFESSIONAL SERVICES (EMEA) ACXIOM

B

ack in the old days, long before COVID19 turned our lives upside down, many insurance providers propagated a strangely antagonistic relationship with their customers. Policyholders would moan about the cost of cover and the efforts on the part of insurers to find ways in which claims could be wriggled out of. Fine print was the customer’s enemy.

Today, it's a different story as insurtechs bend over backwards to provide suitable products to their customers, as well as responding as quickly as they can to claims, and often honouring payouts within hours.

So while the phrase, ‘the customer is always being right’ might seem like a hackneyed cliche, the latest insurtech startups are putting that philosophy at the centre of their core strategies 44

May 2021

– and scaling it at a rate of knots.

The plan seems to be working, as customers jump ship from traditional insurers, while the younger generation barely gives them a second glance, before ordering from the new generation of mobilefriendly policies available that are not only tailored towards attracting new business, but retaining it for the long term too.

The figures speak for themselves. Data clearly shows that that insurtech platforms are the new normal as predictions reveal that insurtech platform premiums will exceed US$556bn globally by 2025.

Customer centricity drivers According to Juniper Research’s Lead Analyst Nick Maynard, the current customercentric movement within the insurtech

sector is driven by a few key factors. He explains, “The big reason that customer centricity is being moved towards is that insurance providers have less scope to differentiate themselves on price.

“What we are seeing is factors such as the increasing importance of price comparison websites and increased market competition for vendors limiting how variable quotes can be provider to provider. Because of this, insurers need to establish their product as more competitive in another way, and the way they are doing that is through offering customers a better user experience.”

But what does this mean for traditional insurance companies, and is it only a passing phase as the industry develops? Maynard thinks not. He says, “The customer centric approach is here to stay. The first reason

for that is that we have digitally native insurance providers who are valued as multi-billion-dollar companies, whose entire business model is about utilising the customer centric school of thought.

Insurtech is at the heart of why this will not go away though.”

He believes that technology is a driving force behind the shift too, as cover rates become increasingly more competitive.

“As AI gets increasingly involved in underwriting premiums, quotes are going to become more accurate and if anything, this will reinforce the similarity in price across insurance providers. That is one of the most powerful aspects of the Insurtech rise, it has the capacity to mould the market landscape to make itself more essential going forwards.” insurtechdigital.com

45

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DIGITAL STRATEGY

Alex Wilson, Vice President, White Star Capital agrees that new practices are here to stay because they are the most profitable option. He says, “The move towards customer centricity is driven by a fundamental business need. By definition, being customer centric means putting the customer first, and ensuring they get what they want or need, when they want or need it. Those who are able to do that successfully without sacrificing their profit will win.”

Wilson elaborates further, saying, “Consumers inherently don’t care about insurance, but they know they need it and never want to feel like they’re being scammed. Because of the ongoing, renewalbased nature of the industry, maintaining customer relationships is crucial, which means that this trend towards customer centricity is only going to develop further.”

Building effective customer centricity Traditional insurance companies have not always considered the value of customer centricity, sometimes even cultivating an

“ At renewal, similar logic applies, but currently, the majority of customers are expected to pay more, particularly in the car and home space. Why are customers punished for their loyalty” ALEX WILSON, VICE PRESIDENT, WHITE STAR CAPITAL

us versus them culture that has lacked transparency and created animosity between company and customer.

This, along with the digital transformation, means some of the biggest names have a long way to go when compared to smaller insurtechs that have structured themselves around the concept.

However, the ease of purchase and speed of transactions, while convenient, doesn’t give companies a lot of scope to establish a rapport with new customers, points out Wilson.

Wilson says, “Customers only really interact with insurance at purchase, renewal or when they claim. That means most insurtechs will have just two, possibly three, meaningful chances to engage and impress the customer.”

He also points out that the notion of increasing premiums for longer term customers is detrimental to building loyalty.

“For the purchase process, that means making things as easy, simple and efficient as possible, ensuring customers are able to assess the right products for their needs and transact easily. This is exactly what the insurtech CLARK is doing in Germany. At renewal, similar logic applies, but currently, the majority of customers are expected to pay more, particularly in the car and home space. Why are customers punished for their loyalty?” insurtechdigital.com

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DIGITAL STRATEGY

Why technology improves customer centricity

Meeri Rebane, co-founder and CEO of Insurtech INZMO, says technology can help to improve a number of critical areas.

Speed and efficiency: In today’s digital age customers want shorter response times and seamless interaction and preferably on a mobile.

They don’t want to fill in lengthy application forms only to receive the insurance policy a week later. Customers typically expect things to be turned around in a matter of minutes and hours not days. Automated solutions within predefined parameters for example can help expedite both policy purchases and claims processing.

Better customer experience Anticipation is key, says Maynard, who also believes technology will advance customer service offerings and help businesses develop a better customer centric philosophy.

“Good Insurtech is designed with the customer needs in mind first and foremost,” he points out.

“There is more than one way to enhance the customer experience. It could be a Chatbot directly engaging with a customer to an AI giving a more accurate quote, but any piece of Insurtech is developed first and foremost to exist within the customer centric model.

“If there was one common theme across Insurtech developers to ensure their platforms give twhe highest quality of service, we would say it is about making engagement throughout the insurance process easier. Smooth and fast interaction is the big area of uplift, with customer’s able to enrol, claim, and view their matters more visibly than they ever could with traditional insurance.”

Pricing: The offers need to move towards dynamic pricing based on the clients’ profile and behaviour. Customers today have more flexibility when it comes to selecting the level and type of insurance coverage they actually need, which also affects the price.

Transparency: Customers want to know exactly where in the process their application or claim is at any given time. Providing customers with an easy to use mobile app means they can receive continuous updates on the status of their policy or claim.

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May 2021

Meeri Rebane, co-founder and CEO of Insurtech INZMO

DIGITAL STRATEGY

94%

of insurance executives say data is the most important factor in delivering a positive customer experience ACXIOM Meeri Rebane, co-founder and CEO of Insurtech INZMO, says meeting expectations is key in building a strong customer relationship and that speed of service is an important factor. She explains, “Today, customers expect the same level of service, personalisation and simplicity from their insurance provider as they do from the tech giants – Netflix, Amazon Google etc – they encounter on a daily basis, as well as the response times, seamless interaction and transparency they are now accustomed to from their banking providers.

Rebane continues, “We are living in an era of zero patience and endless expectations.

The expectations from the consumers for insurance to be embedded in other products/services and being instantaneous is now more critical than ever and will be a demand which will remain.

“The customer centric approach is something all incumbents and insurtechs have the opportunity to become very successful at in the coming decade and insurers falling short will risk losing customers to competitors.”

COVID-19’s impact But some experts point out that the past, monumental year has irrevocably changed today’s market and forcing a change that should have taken years to develop, into just a few months.

Karl Lawless, Insurance Sales Lead at FintechOS explains, “The move towards customer centricity in insurance is being driven by three main factors. One, an increase in digital players popping up has increased competition. Two, a rise in consumer digital expectations. As other sectors have moved to a digital first approach, customer expectations have changed.

“The third driving factor is the pandemic.

COVID-19 has accelerated the problem, the pandemic has heightened the importance of customer experience in a world that is remote and digital-first and as a result six years of digital transformation has been squeezed into six months.”

Rebane agrees with Lawless that the pandemic has been a major contributor to the way the insurtech sector is now operating. She says, “COVID has forced insurers to move towards customer centricity and has emphasised the need for the industry to adopt technological innovation, change how the insurance process is managed and simplify the customer experience.

“The restrictions and limitations arising from the pandemic have accelerated the integration of insurtech into the business of insurance. We have seen greater adoption of insurtech innovations meeting the needs of younger consumers who more than ever expect services to be delivered on their mobile instantaneously, as well as those of older consumers who throughout the pandemic have adapted rapidly to online and tech-based services.” insurtechdigital.com

49

DIGITAL STRATEGY

But the crisis simply acceleratedwhat was already a highly successful and growing market, says Acxiom’s SVP of Professional Services (EMEA) Jochen Toepfer. “Even before the COVID-19 pandemic, the marketing services industry was experiencing significant technological transformation. The rise of fintech and insurtech has been momentous, with the UK seeing significant growth as a global hub. Investors have spotted this trend too – Innovative Finance recently found that investors put more money into UK fintech than the next 10 European countries combined.”

AI AND ML The importance of technology in the aftermath of COVID-19, cannot be overstated, with some industry commentators believing that the latest solutions are now essential mainstays of the industry.

Jerome Bugnet, Director, Solution Engineering for MuleSoft, says cuttingedge solutions can enable insurtechs to collaborate with other providers to make the customer experience as seamless as possible. Rather than interacting with a dealership, bank and insurance provider to buy, finance and insure a car, customers will come to expect a unified digital experience, where products from multiple organisations are delivered as part of a single, digital journey.

Bugnet expands, “In this model, each organisation ceases to ‘own’ the customer, in favour of becoming part of a wider digital value chain.”

He continues, “The most effective way to make this a reality is for insurtechs to re-imagine their offerings as an ‘Insuranceas-a-Platform’ model, underpinned by APIs. 50

May 2021

Customer centricity statistics Acxiom’s SVP of Professional Services EMEA, Jochen Toepfer says, “According to Acxiom research across industries, customer-centric data is considered critical to business success, with 85% across industries and 94% of insurance executives saying data is the most important factor in delivering a positive customer experience. With more data comes a better understanding of one’s customer. Customercentricity is here to stay - it is almost inevitable that as insurance providers look to transform digitally that they will become more customer-centric and data-driven as they look to leverage their data streams to provide new services for their customers”

This enables insurers to unbundle and re-package all of their customer data and digital assets as a set of capabilities that are exposed for other organisations, such as retailers and banks, to pick up and re-use.

By taking this approach, every digital capability becomes a product that can be exposed to third parties via APIs, enabling other companies to incorporate insurance services into their own offerings.”

Bugnet adds, “The more open insurtechs become, the more opportunities they have to expand their ecosystem and improve the customer experience, taking advantage of new revenue streams in the process.”

But Maynard firmly believes that technology can’t solve all problems and that human contact is still an essential part of customer centric service. He says, “We still need human underwriters using the

AI as a tool, and not everybody wants to speak to a chatbot. Some prefer interacting with an operator. With the aim being to give as positive a customer experience as possible, Insurtech is a useful tool to deploy, but it must be more than just technology – companies need to adopt that mindset and culture.”

He continues, “Of course, there are new ways Insurtech can enhance the customer experience too that are not yet realised.

There are new clever and niche Insurtech products popping up all the time.”

Wilson adds,There is still a long way to go for the industry to fully meet customer needs. For example, there is a lot of value to be gained from moving away from compensation-based models, with a monetary benefit for when things go wrong. There are a growing number of insurtechdigital.com

51

“ The more open insurtechs become, the more opportunities they have to expand their ecosystem and improve the customer experience” JEROME BUGNET, DIRECTOR, SOLUTION ENGINEERING FOR MULESOFT

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May 2021

DIGITAL STRATEGY

insurtechs offering preventative models, where they are instead helping customers to stop things from going wrong in the first place. This is one way to ensure that their platforms are also customer centric from the start, and will be one area of the industry we expect to grow.

FOUR steps towards better customer centricity 1. Anticipate customer needs Taking customer opinions seriously, and listening to staff on the front line about what things customers most appreciate and ask about, is central to the anticipation process.

AI technology and predictive analytics can be used to predict market trends too.

2. Gather feedback Frequent customer feedback is essential in understanding processes that are working well versus those that don’t. Use; • • • • •

Emails Chatbots SMS Facebook Messenger Direct phone calls

3. Test new products Trialling new products and services can be done through the latest marketing tools, enabling companies to get real time feedback on the latest offerings before launching them fully.

4. Use cutting edge technology The latest pay-as-you-go cover options use AI and the IoT to successfully predict how high customer premiums should be, making the service far more cost-effective and competitive. insurtechdigital.com

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MTM INC.

SO MUCH MORE THAN JUST A LIFT 54

May 2021

MTM INC.

By creating an ecosystem of collaborative partnerships fueled by innovation, MTM removes barriers and brings a whole-person approach to healthcare WRITTEN BY: LAURA V. GARCIA PRODUCED BY: JAMES BERRY

B

y focusing on doing the right things, MTM has created a beautiful thing; An ecosystem of collaborative partnerships, fuelled by innovation, all focused on the same goal— removing community barriers and bringing a whole-person approach to healthcare while doing right by our planet, and its people.

Having experienced immense growth over the last ten years, MTM now runs an estimated 20 million trips per year and is the number one private healthcare transportation provider in the USA, across 32 states. And with good reason.

By remaining unrelentingly focused on its core principles and objectives, MTM has unlocked a whole new level of value for its clients, reducing program costs while increasing satisfaction rates. As Rick Holbrook, CTO at MTM, says, what MTM has built is more like a community of likeminded business partners who are always looking at the bigger picture of improving health outcomes for members.

When you remain focused on the mission rather than a static idea on how you get there, ideas flourish, and innovation prospers. In the end, everyone wins.

Social Determinants of Health (SDOH) From The World Health Organization (WHO), “Social determinants of health are the conditions in which people are born, grow, insurtechdigital.com

55

Helping Companies Reimagine CX And Turn Vision Into Reality Learn more

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Your Contact Center is Now the Front Door to Your Business Contact center innovation is now an essential part of a company’s digital transformation strategy. After all, which department has the greatest sphere of influence on the customer experience and brand perception? Over the past year, the contact center has become the new front door of your business.

You need to be ready to deliver the exceptional experiences your customers expect.

During 2020, contact centers that migrated to the cloud were able to adapt and maintain their customer service standards with minimal disruption. Managers learned new ways to manage a remote workforce with cloud-based quality and performance management tools, gamification, and real-time analytics that ensured customer service standards were met.

Smart companies leveraged their migration to the cloud to also expand their omnichannel strategy. They quickly added intelligent virtual agents (IVAs) to automate routine conversations handled by live agents, freeing them to provide value on complex issues and empowering customers to quickly get the answers they need. Others used the migration to streamline their operations, automate workflows, and improve productivity and the overall customer experience.

Five9 has enabled thousands of organizations to quickly move their contact center to the cloud and achieve digital-first transformation.

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If last year served as a catalyst for digital transformation, this year is indicating momentum towards reimagining the customer experience.

Now that the contact center is the new front door of your business, taking advantage of the power of the cloud is paramount. By partnering with Five9, your door will be wide open to provide world-class customer experiences.

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MTM INC.

live, work and age. These circumstances are shaped by the distribution of money, power, and resources at global, national and local levels.”

The organization further states, “The social determinants of health are mostly responsible for health inequities – the unfair and avoidable differences in health status seen within and between countries.”

Availability of transportation, food insecurity, and inaccessibility of nutritious food choices are examples of SDOH, which MTM hopes to help combat.

“Our real mission as a company is to remove barriers to individuals to access community and resources. But what we really want to do is accommodate people so that getting their health care is easy and cost-effective. That's why we exist.” said President and CEO Alaina Maciá.

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May 2021

“ As the population ages and wants to age in place, we want to transport them where they need to go, but we also want to bring services to them. So we're expanding our platform to allow for meals and grocery, as well as home care coordination and home modifications” ALAINA MACIÁ

PRESIDENT AND CEO, MTM INC.

MTM INC.

The Art of Grabbing a Lift “If the technology works, people are going to adopt. We believe that, and it’s part of our strategy.”- Rick Holbrook, CTO, MTM Inc.

TAMARA CARLTON TITLE: D IRECTOR OF SOCIAL DETERMINANTS OF HEALTH AND PRODUCT DEVELOPMENT INDUSTRY: HOSPITAL & HEALTH CARE LOCATION: ST LOUIS, MISSOURI, USA As MTM’s first Director of Social Determinants of Health and Product Development, Tamara leads the organization’s strategies for helping clients remove community health disparities among the populations they serve. Tamara joined MTM in 2016, leading the company’s Product Development team. She has more than twenty years of experience in marketing, operations, and product management for Fortune 500 companies in the healthcare, transportation, retail, and financial industries. Tamara holds a Bachelors of Science from Bradley University and an MBA from Saint Louis University.

EXECUTIVE BIO

MTM is re-imagining healthcare with a value-based business model focused on identifying and removing the SDOH that are the cause of health disparities through a holistic, whole-person approach that drives client value and promotes superior outcomes by focusing on the well-being of members. By expanding into providing services such as meals, groceries, and home modifications, MTM is hoping to further assist those who want to age in place so they can do so safely, happily, and healthily.

These services will also be extended to any individuals who require the resource, whether private pay or Medicare/Medicaid beneficiaries. “People want to live a healthy life, but if they don't have access to good quality food, fruits, and vegetables, if they have trip hazards in their home, these things put them at risk and impede their ability to do so. That’s why MTM looks at the whole member experience and what we can do to address social determinants of health.”

Maciá said.

Following their commitment to taking a whole-person approach to healthcare, MTM further plans to extend its service. Maciá says, “As the population ages and wants to age in place, we want to transport them where they need to go, but we also want to bring services to them. So we're expanding our platform to allow for meals and grocery, as well as home care coordination and home modifications. Because as people age in place, they need modifications to their homes like turning a tub into a shower, et cetera. And we believe our job is to help people age in place, happy and healthy.”

ServiceNow; making the world work better people ServiceNow; making the world of of work better forfor people

digital transformation journey.

“ServiceNow is the Underpinned a people-first culture, digital transformation journey.

“ServiceNow is the Underpinned by aby people-first culture, platform or platforms for digital workflows.

And ServiceNow is making world of work better platform or platforms for digital workflows. And we we ServiceNow is making the the world of work better deliver those workflows across the organisations for people digital workflows solutionsdeliver those workflows across the organisations in in for people withwith theirtheir digital workflows solutions

the silos systems within them, creating A great workflow is the underpinning of great the silos andand systems within them, thusthus creating a a A great workflow is the underpinning of great seamless enterprise system with action that enables experiences.

ServiceNow provides digital workflows seamless enterprise system with action that enables experiences.

ServiceNow provides digital workflows great employee customer experiences that make for a smarter way to workflow, bringing great employee andand customer experiences andand that make for a smarter way to workflow, bringing unlocks productivity.

The Now platform is scaleability, safeguarding business continuity, productivity. The Now platform is the the scaleability, safeguarding business continuity, andand unlocks foundation forof allthose of those workflows across empowering productivity. foundation for all workflows across an an empowering productivity. organisation.

And we really pride ourselves in being customers serving of the organisation. And we really pride ourselves in being WithWith overover 62006200 customers andand serving 80%80% of the one platform, one data model, with one architecture.

Fortune become defining enterprise one platform, one data model, with one architecture.

Fortune 500500 has has become the the defining enterprise not only dohave we have purpose-built workflows AndAnd not only do we purpose-built workflows for for software company of the 21st century. software company of the 21st century.

IT, employees, and customers, we’re also able IT, employees, and customers, we’re also able to to integrate communicate across of systems the systems ServiceNow, putting people-first integrate andand communicate across all ofallthe ServiceNow, putting people-first of record and infrastructure that may be in place, Cathey Regional Sales Director at ServiceNow of record and infrastructure that may be in place, Jeff Jeff Cathey Regional Sales Director at ServiceNow providing our customers with a single pane of glass explains ServiceNow’s people-first culture our customers with a single pane of glass explains howhow ServiceNow’s people-first culture has has providing to get their work done. helped them there.

“ServiceNow is making helped them get get there.

“ServiceNow is making the the to get their work done. of those customers is MTM. Having expertise world of work better for people.

Our cloud-based OneOne of those customers is MTM. Having expertise world of work better for people. Our cloud-based in the healthcare industry has helped ServiceNow platform and solutions deliver digital workflows that in the healthcare industry has helped ServiceNow platform and solutions deliver digital workflows that in working to leverage its platform create great experiences unlock productivity in working withwith MTMMTM to leverage its platform andand create great experiences andand unlock productivity succeed in its goal of breaking down community for employees in the enterprise.

ServiceNow prides succeed in its goal of breaking down community for employees in the enterprise. ServiceNow prides barriers by removing streamlining workflow, on being a people-centric organisation by removing silossilos andand streamlining workflow, itselfitself on being a people-centric organisation thatthat barriers and providing them with the connectivity that’s wins as a team.

We always try to stay hungry and and providing them with the connectivity that’s wins as a team. We always try to stay hungry and required for their people, processes and systems. humble.

Diversity, inclusion and belonging are required for their people, processes and systems. humble. Diversity, inclusion and belonging are essential to who we are, to how grow, ServiceNow to support organisations essential to who we are, to how we’llwe’ll grow, andand howhow ServiceNow waswas builtbuilt to support organisations just just continue to innovate. like MTM drive meaningful outcomes. we’llwe’ll continue to innovate. like MTM drive meaningful outcomes. success is dependent on our people “Our“Our success is dependent on our people andand on on servicenow.com those people having talent those people having the the rightright talent andand the the rightright servicenow.com mentality to be able to deliver the future of work to mentality to be able to deliver the future of work to our customers. our underpinnings around our customers.

AndAnd withwith our underpinnings around culture and people first, ServiceNow has grown culture and people first, ServiceNow has grown to to $4 billion in revenue 13,000 employees overover $4 billion in revenue withwith 13,000 plusplus employees and thousands of customers around the world, and thousands of customers around the world, including MTM, that renew with us at a rate including MTM, that renew with us at a rate of of about Soof allthat of that serves mission about 99%.99%.

So all serves our our mission wellwell and helps ServiceNow become the defining and helps ServiceNow become the defining enterprise software company of 21st the 21st century.” enterprise software company of the century.”

digital journey, service TheThe digital journey, howhow service nownow cancan helphelp

Cathey, regional sales director at ServiceNow Jeff Jeff Cathey, regional sales director at ServiceNow explains how ServiceNow helps enterprises on their explains how ServiceNow helps enterprises on their

MTM INC.

MTM Technology

20m

Scheduling trips

12m

members nationwide

NEMT broker one of the most established in North America

7.5m

calls every year

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May 2021

For over twenty years, MTM has collaborated with carefully chosen partners to develop innovative solutions that promote independence, remove barriers, and help connect community resources with the people that need them. By leveraging the capabilities of today’s deep tech and partnering with just the right people, MTM has been able to build a user-friendly digital platform that streamlines workflows.

Digitization also avoids the errors and limitations of manual, paper-based processes. And all while increasing the quality of life of members.

MTM has mastered the art of grabbing a lift. MTM Link mimics all the best qualities of Uber and Lyft that make for a user-friendly experience while unburdening users from

MTM INC.

the hassle of paper-based claims processes and easing scheduling for their network of transportation providers. They even send appointment reminders and monitor app usage to help clients ensure maximum adoption rates and decrease no-shows.

The ‘Where’s My Ride’ feature connects drivers with users and drops a pin to identify a more exact location than an address can provide, highly beneficial at large, multi-building medical facilities. Personal profiles, auto-fill capabilities, appointment reminders, mileage tracking, and electronic gas mileage claim submission all ease the process of arranging for a ride. Credential checks, quality monitoring, and a user rating and complaint system keep members safe, happy, and arriving at their scheduled

appointments on time, helping to increase efficiencies.

For less tech-savvy customers or even those who simply prefer human interaction,

insurtechdigital.com

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MTM INC.

Dynamic Enterprise Solutions that Redefine How Work is Done Agile | Product | Technology Cprime, a global consulting firm, helps transforming businesses get in sync.

From ideation through continuous delivery of value to the market, we help visionary business leaders like you scale and exceed business goals.

BUILD YOUR SOLUTION cprime.com

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May 2021

MTM INC.

MTM has fully staffed 24/7 call centers.

They have also designed a streamlined digital experience for their network of subcontracted transportation providers, so they can quickly and easily accept, deliver and claim trips.

Driving Client and Partner Success “The thing about technology is that you can't just throw technology at something and expect it to work. You could be automating a bad practice. So you have to reinvent yourself a little bit. You have to find the right technology and the right partners as well. We look for technologies that enable or open up our platform to be intuitive and easy to use,” said Holbrook.

RICK HOLBROOK CTO, MTM INC.

ALAINA MACIÁ TITLE: PRESIDENT AND CEO Named among the 2012 Most Influential Businesswomen by the St. Louis Business Journal. Alaina has taken the non-emergency transportation management business to a new level by focusing on strategic planning, proven management processes, and continued business and personal improvement.

MEET THE TEAM

“ We spend a lot of time looking for the right partners. We don’t use the ‘P’ word lightly when it comes to our technology partners.

We find ones that are flexible, that are open, that allow us to flex the system in whatever manner that makes sense so we can streamline workflows”

RICK HOLBROOK TITLE: CTO Driven entrepreneurial and innovative Chief Executive with nearly 35 years of leading healthcare industry organizations. Expertise in founding numerous inventions, emerging markets and software solutions.

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Alaina Macia talks about how MTM is helping people

He goes on to explain, “We spend a lot of time looking for the right partners. We don’t use the ‘P’ word lightly when it comes to our technology partners. We find ones that are flexible, that are open, that allow us to flex the system in whatever manner that makes sense so we can streamline workflows and

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make life easier for the people who need to leverage our system and so we can deliver on our promises in the best way possible.”

The platform was carefully designed with users at heart to ensure optimal extraction of benefits for all parties, from the end-user to service partners, and is at the forefront of MTMs success.

A digital claims process eliminates the likelihood of errors and speeds up the claims process, which improves cash flow, and safeguards against fraud, waste, and abuse.

Driver complaints are investigated and validated through GPS records. MTM is also able to monitor who downloads the app and uses the information to offer assistance and help increase adoption rates.

But the fun doesn’t stop there. As all members have a personal profile and the app downloaded onto a device, they can send out targeted marketing to help clients

MTM INC.

“ At heart, MTM is a company that cares about community impact, and we feel very strongly about diversity, equity, inclusion, and climate change.

And so we take a stand on these positions” ALAINA MACIÁ

PRESIDENT AND CEO, MTM INC.

Addressing Social Determinants of Health Access to Quality Healthcare Economic Stability Neighborhood & Physical Environment Education Food Quality & Stability Community & Social Contact

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Top 5 reasons customers are choosing AWS Guru Gurushankar, PhD, Worldwide leader of medical devices, shares five reasons customers are choosing Amazon Web Services (AWS) Guru Gurushankar, PhD, is the worldwide leader for medical devices within AWS’s healthcare and life science practice and holds over 25 years of healthcare and medical device experience. Dr Gurushankar took a moment to share the top reasons he believes customers are choosing AWS. Agility “AWS lets customers quickly access resources as they need them, deploying hundreds or even thousands of servers in just minutes. This means customers can very quickly develop and roll out new applications, and it means teams can experiment and innovate more quickly and frequently.

If an experiment fails, you can always de-provision those resources without risk.”

Cost savings “If you look at how people end up moving to the cloud, almost always the conversation starter is around cost.

AWS allows customers to trade capital expense for variable expense, and they only pay for IT as they consume it.

And the variable expense is much lower than what customers can do for themselves because of AWS’s economies of scale.”

Elasticity “Customers used to over-provision to ensure they had the capacity to handle their business operations at peak level of activity. Now they can provision the resources that they actually need, knowing that they can instantly scale up and scale down along with the needs of their business, which reduces the cost.”

Innovation “The fourth reason is the speed of innovation. Because customers can focus their IT resources on developing applications that differentiate their business and transform their customers’ experiences, instead of spending time on the undifferentiated heavy lifting of managing their infrastructure and data services.”

Globality “AWS allows customers to deploy globally in minutes. AWS has the concepts of a region, which is a physical location around the world where we have a cluster of data centres.

AWS customers leverage around 76 availability zones across 24 geographic regions worldwide. And we are continuously adding new regions. We have had more than two, three regions announced very recently, and we don’t plan to stop there.”

One such customer is MTM, a leading non-emergency medical transportation broker based in the United States. Dr Gurushankar shares how the culture and mindset at AWS helps drive successful objectives-based customer partnerships.

“AWS customers have come to appreciate that our culture is really different. We are unusually customer-focused versus competitive focused. In fact, 90% of all the things we build are driven by what customers like MTM tell us and how they matter to them. We’re also pioneers, and we hire builders. We’re always looking at how they can reinvent flawed customer experiences. And finally, we are unusually long-term oriented. We are trying to build relationships and businesses that will outlast all of us.”

MTM INC.

get a word out. Contract protocols such as two-day notice requirements are built in to ensure compliance. And for their logistical partners, drivers are able to see open orders and route and schedule pickups. MTM also has a dispatch team to ensure lastminute requests are fulfilled and help with any issues.

For their clients, MTM provides a near real-time customizable dashboard that can monitor KPIs and provide decisionmakers with real-time data to help drive improvements.

Through their unwavering dedication to delivering the highest quality of service and their ability to develop comprehensive

“ We look for technologies that enable or open up our platform to be intuitive and easy to use” RICK HOLBROOK

provider networks, they help clients accomplish their objectives while achieving their vision of communities without barriers.

And they do it all while remaining committed to working towards sustainability and fairness for all. “At heart, MTM is a company that cares about community impact, and we feel very strongly about diversity, equity, inclusion, and climate change. And so we take a stand on these positions. We talk about it frequently, both publicly and with our employee base. And we know that our employees are aligned with our mission and our vision. And these are societal commitments to make our community better,” says Maciá.

The proof is in the pudding. MTM boasts an incredibly long list of awards and accolades, but most notably in corporate culture and wellness, aligning with their core values.

As we said in the beginning, by focusing on doing the right things, MTM really has created a beautiful thing.

CTO, MTM INC.

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RPA:

DYNAMIC SOLUTIONS FOR INSURTECHS Smart operations are changing the future for numerous industries. Will Robotic Process Automation remain a key technology?

WRITTEN BY: JOANNA ENGLAND

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he world of robotics is a dynamic and fast-moving place. Just the very term conjures up sci-fi visions of a future managed by metallic, systematic creations that may or may not be advantageous to humans.

Controversy on the subject is rife. Elon Musk has often criticised the direction of robotics and recently voiced concern about the advancement of AI, stating that the current trajectory of the industry is worrying.

In February 2020, he said, “Robots will be able to do everything better than us… I am not sure exactly what to do about this. This is really the scariest problem to me.”

RPA

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RPA

However, that same concern has done little to curb Musk’s advances in self-driving cars and other dynamic projects, and therefore one must conclude that the advantages of robotics outweigh the consequences for the meantime at least.

RPA in insurtech But whether you love or hate the idea of man versus machine, robotics technology is here to stay, and the arguments for its continued use and developments are persuasive. For example, within insurtech, robotic process automation (RPA) is an established technology that has been disrupting the insurtech sector for quite some time.

“It’s a mistake to think of RPA as a new technology,” says Jean-Marc Boxus, Associate Director at BCG Platinion, a South Africabased IT solutions provider of AI, ML and RPA technology. “In reality the seeds are wellestablished, emerging from simple testing automation tools and, over time, made more mature by large scale outsourcers seeking to reduce costs and improve service levels.”

“ An automated process always performs the process through predetermined rules” KARLI KALPALA

HEAD OF BUSINESS AND SERVICES DESIGN, DIGITAL WORKFORCE

Simply put, the term RPA refers to software that instructs a computer to execute repetitive, everyday tasks which were previously carried out by humans. The idea is that if the machine handles the donkey work, the humans can get on with what they do best, namely innovating, creating and brainstorming.

The technology has proven popular and data shows the uptake has been high. “Studies from over three years ago anticipated that more than 70% of companies have tried some form of RPA technology to automate processes,” says Boxus. “However, these same studies also highlighted that only a very small portion of these companies (less than five per cent) managed to scale the use of RPA to any kind of significant size – getting above, say 50 robots for example, presented a very real challenge.” insurtechdigital.com

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Trending technologies Artificial intelligence (AI) refers to machines that are programmed to think like humans and mimic their actions. The term can also be used with regard to any machine that exhibits human mind traits, including learning and problem-solving.

Machine learning (ML) is a form of AI that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programmes that can access data and use it to learn for themselves

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Robotic Process Automation (RPA) is a general-purpose integration and process automation technology. Its main task is to automate the kind of processes typically undertaken by workers. Jobs that are repetitive can be taken over by computer systems, guaranteeing that they will be fulfilled without human error. RPA, unlike AI and ML, only carries out tasks it is programmed to manage, and does not learn.

Hyperautomation is the amalgamation of three primary technologies, namely AI, ML and RPA as well as Process Mining (MP) to create digital workers and automate processes that are significantly more productive than traditional automation solutions.

RPA

“Typically, these tasks will be relatively simple administrative processes where the rules are known and no decision making or machine learning is required,” he says.

RPA vs humans Currently, RPA takes a repetitive task away from a human worker, but most experts agree that it is not capable of replacing a human staff member as it lacks the ability to discern. Cathal McGloin, CEO of the conversational AI platform company, ServisBOT which has helped Chill Insurance and The AA Ireland to rapidly create chatbots for customer engagement, believes RPA is still an essential tool for businesses today.

However, McGloin says that as valuable as automated systems are, they are currently no replacement for a human when it comes to customer service queries. “Customer onboarding and customer service bots lower the operational costs associated with a growing business. Some customer The reason? RPA just isn’t agile enough.

Human cognicity plays a role in most processes. This is because of our skills to read and make sense of uncorrelated data. “An RPA solution does not offer capabilities to read text and unformatted data. Additionally, the technology is based on linear programming – RPA is based on simple rules, and therefore, cannot replace human judgment,” he stresses.

However, though the current scope is not as broad as it could be, RPA is still extremely effective. Richard Stewart, CEO and co-founder of the insurtech Untangl says the technology is a financially cost-effective and practical solution for companies because its main purpose is the automation of repetitive tasks, driven by the need to reduce operational costs or increase efficiency.

“ RPA won't solve every business process challenge but it can take on the burden of admin, crucial for freeing up people to do more meaningful work” RICHARD STEWART

CEO AND CO-FOUNDER, UNTANGL insurtechdigital.com

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journeys can lend themselves to complete automation by bots, but they must always allow handover to a human if a customer query is complex or unforeseen. You don’t want your customers to get trapped in a bot loop.”

Stewart agrees. He also says RPA automation is as much about efficiency as it is about security - a major issue in these digitised times. "Looking at the potential IPO valuation of UI Path, a popular RPA vendor considered to be a major disruptor, you'd have to say it's on an upward trajectory and that adoption is bound to grow. RPA won't solve every business process challenge but it can take on the burden of admin, crucial for freeing up people to do more meaningful work."

He points out, "Many data issues are caused by human error or not implementing data protocols correctly, so using RPA could deliver a consistent approach to data handling and recording which is likely to be more easily vetted and audited."

AI, ML and RPA With so many intelligent solutions to manage work processes, it is critical to define which technology does what, and which will be helpful in streamlining operations.

RPA is different to AI and ML solutions because it doesn't learn, it simply executes, says Stewart. "RPA manages simple, repeatable processes that can be defined. Think of it like working to a strict recipe. ML introduces a new cognitive layer where processes can be improved without human input: decisions to change are made by contextual reasoning, typically based on large amounts of data."

Security is a critical component in choosing software that creates a streamlined approach.

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automation services provider based in Helsinki, agrees that the technology makes processes safer because it removes the human factor.

He says, “RPA has increased compliance, especially in the financial sector, it allows a complete audit trail of all the robot's actions and activities. Also, an automated process always performs the process through predetermined rules, making the process more predictable and less prone to human errors.”

Hyperautomation But not everyone believes in the RPA magic bullet business model. In fact, some technology experts say its heyday may have passed and that in the UK particularly, innovation is needed to reinvigorate the market.

Faisal Abbasi, Managing Director Western Europe and MEMA of Amelia, the world’s largest privately owned AI firm, explains, “The

RPA

RPA market is currently stagnating in the UK as trends in the automation industry have moved towards hyperautomation – intelligent, sentient business management software that can automate processes in a way that is significantly more impactful than standalone automation technologies.

He continues, “The most successful enterprise implementations of hyperautomation are those where solutions are built to mirror human intelligence: combining digital emotional intelligence with natural language understanding.”

Abassi says that new technology is in increasing demand from a broad range of sectors. “Currently, the largest sectors that stand to benefit from automation in the UK include insurance, banking and retail organisations. With huge customerfacing responsibilities, these businesses are frequently handling millions of calls and

RPA security With cyber breaches happening to the world’s biggest technology giants, the threat of attack is very real for all businesses globally. Insurtechs are more vulnerable than most, because the data they hold for customers is often highly sensitive.

RPA is one part of the process that keeps such information secure, says Jean-Marc Boxus, Associate Director at BCG Platinion. “With RPA data is indeed safer,” he says. “Ask a robot to input data and it will do so, systematically and until the programme is complete; ask a human to log all their actions in a registry and you can bet that after just a few hours errors and omissions will creep in. Robots do not make processing mistakes; they do not slip up doing simple copy-and-paste tasks – something we humans cannot claim.” insurtechdigital.com

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“ Some customer journeys can lend themselves to complete automation by bots, but they must always allow handover to a human if a customer query is complex or unforeseen” CATHAL MCGLOIN CEO, SERVISBOT

customer requests a month.

“Right now, we’re seeing an increase in companies such as those looking to advance automation in order to help them reduce the manpower required to handle basic, everyday enquiries, including requesting claims and customer information or sending a bank statement.”

Combined technologies Furthermore, the differences between the three technologies will eventually disappear as combined solutions look set to trend within the next five years, points out Kapala. “The gap between RPA and AI-systems is rapidly closing.

The major providers are introducing the possibilities of AI subsystems to the RPA world.

Many standard tools like OCR or Google Search are already using advanced AI which might not be evident to the user.”

McGloin concurs. He says, “Automated conversations are transforming business

processes, driving increased speed and convenience and reduced friction and costs. As this trend develops, we see the line between conversational AI-based chatbot technology and robotic process automation (RPA) increasingly blurring.

“A chatbot understands and simulates human conversation, while an RPA robot emulates human actions. Natural language processing (NLP) plays a role within both technologies, chatbots interpret conversations from voice or text channels, while RPA bots extract language and data from documents, files, forms and browsers.”

With cutting edge technology amalgamating, RPA merging with artificial intelligence (AI) and machine learning (ML) will result in superbots that offer hyperefficient learning solutions that could, theoretically replace human workers.

Kalpala says, “RPA is now evolving towards hyperautomation where RPA bots are augmented with AI and ML components to allow more human-like features, thus allowing the more complex end to end processes to be automated. Gartner has quoted hypeautomation to be the most important technology trend of 2020.”

He continues, “World economic forum chairman and founder Claus Schwab has said that intelligent automation a.k.a hyperautomation is the key enabler of industry 4.0 the fourth industrial revolution, ‘automation of knowledge work’.”

Kalpala adds, “This introduction and integration are, however, still ongoing.

Furthermore, there are specific apparent differences on how classical RPA methods and AI-based methods are used, so it will remain essential to understand, at least on some abstract level, the differences between these two types of technology.” insurtechdigital.com

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ZURICH INTERNATIONAL

Building brighter futures through insurance WRITTEN BY: WILL GIRLING PRODUCED BY: JAKE MEGEARY

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Peter Huber, CEO, details Zurich International’s digital transformation journey and explains why maintaining a strong customer commitment today is crucial

Peter Huber, CEO, Zurich International

E

stablished in 1982 as a registered arm of industry heavyweight Zurich Insurance Group, Zurich International has since developed into a bona fide success in its own right. Based on the Isle of Man, with branches also located in Argentina, Bahrain, Hong Kong, Qatar, Singapore, the UAE and a life insurance entity in Luxembourg, the company currently manages approximately US$13bn worth of assets and serves over 600,000 corporate and retail customers worldwide.

“I joined Zurich International because it's very multifaceted, very international, and there's a lot of opportunities for growth,” explains Peter Huber, CEO. “I've been with Zurich for a long time, and so I've performed many different roles across multiple locations.” Indeed, Huber’s journey began in 2013 as CEO of Zurich Life Singapore, then running the Zurich business as President Director in Indonesia and subsequently taking on his current role in 2017. Prior to this, he built an impressive résumé of executive experience at several premier global insurance institutions.

That Zurich has managed to create a reputation for its diverse portfolio is hardly surprising: now approaching its 150th year, the company has committed itself to reinvention and adaptation throughout all that time, which Huber claims it can afford to do because of strong capitalisation and a customer-centric focus. “We do what we say on the tin and deliver what we promise,” he states. “The insurance industry generally has always been more introverted rather than extroverted, but Zurich has dedicated a lot of its investment insurtechdigital.com

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Peter Huber from Zurich International talks about Insurance Technology

towards consumer engagement, always focused on delivering against evolving customer needs.” To this end, the company has also been pursuing maximum transparency by publishing annual life and disability claims payment percentages, which Huber notes have consistently remained >90% for years.

“ I joined Zurich International because it's very multifaceted, very international, and there's a lot of opportunities for growth” PETER HUBER

CEO, ZURICH INTERNATIONAL

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It has been Zurich’s adherence to portfolio diversity and its culture of support for both customers and employees alike that has seen it weather the COVID-19 pandemic with aplomb. Far from being a time of disruption, the last 12 months have served to reinforce the values that Zurich holds true. These same qualities, Huber claims, will continue to guide it throughout 2021 and beyond, “We’re obviously still living through a health crisis; getting through that will be our first priority, but the second will be to continue our efforts of being a strong partner to customers, employees and distributors alike.”

Technology will have a decisive role to play in Zurich’s attainment of this goal. In line with its vision for greater customer engagement with its products and services, the company has developed its Global Business Platforms (GBP) unit. This unit, launched in 2020, aims provide a fully digital and streamlined consumer experience, that

ZURICH INTERNATIONAL

PETER HUBER TITLE: CEO INDUSTRY: INSURANCE LOCATION: ISLE OF MAN Peter Huber is the Chief Executive Officer for Zurich International since 2017.

He joined Zurich in 2013 as Chief Executive Officer for Zurich Global Life Singapore. From 2015 he was President Director and CEO of Zurich Topas Life (Indonesia). Peter has over 20 years of industry experience, and joined Zurich from Swiss Reinsurance Company Ltd, where he was Managing Director in the Reinsurance division.

Prior to that, he was Regional General Manager, Life & Health for Allianz SE Asia-Pacific.

Peter has a Masters degree in commercial law from the University of St. Gallen, Switzerland and in Finance from London Business School. In 2005, he attended the Advanced Management Program at the Harvard Business School.

EXECUTIVE BIO

will deliver new propositions and services through complementary partnerships and channels. At Zurich International, the digital transformation started as a response to fast changing customer expectations as well as regulatory change, mainly in the Middle East.

“Crucially, we didn't want to just digitise paper processes, that would be to miss the point entirely. Instead, Zurich looked at processes end-to-end and asked, ‘What is it we’re trying to achieve?’ The answer was an experience that delivers against customers’ needs, is intuitive and engaging.” Inadvertently hastened by the pandemic, which saw the insurance industry embrace digital to maintain continuity, this served to boost Zurich’s transformation of its global business and meet the fast-changing needs of its customers.

With regards to its efficacy, Huber reports that Zurich International’s focus on digitisation has proven “very fruitful” so far.

“We redesigned the end-to-end process for getting a product quote, how it’s priced, underwritten, and ultimately even the way customers can pay. The results speak for themselves: a process that previously might have taken 20 days from enquiry to receipt of policy has been shortened to potentially three days. “Simple solutions can be enacted instantaneously,” Huber continues, “and our transaction net promoter score, which measures whether our customers would recommend Zurich to their friends and family, has seen a big increase.”

Striking the right partnerships that can enable this and future aspects of Zurich’s transformation is paramount, “the future is about being able to connect different partners and solutions within your tech stack.” Cloud, Huber says, cannot be overestimated in terms of its importance to agile and flexible IT infrastructure. Other tools such as 360F’s ‘ProVestment’ use

ZURICH INTERNATIONAL

WHAT’S NEXT FOR UNDERWRITING By utilizing AURA NEXT’s digital decision management tool, you can generate faster underwriting decisions – powered by the life insurance experts at RGA.

INVEST IN TOMORROW WITH THE MOST ADVANCED SYSTEM IN THE MARKET TODAY.

www.rgax.com 86

May 2021

LEARN MORE

ZURICH INTERNATIONAL

GLOBAL BUSINESS PLATFORMS AND LIVEWELL

“ Today, insurance needs to be present wherever customers want it” PETER HUBER

artificial intelligence (AI) to remove human bias from data by processing millions of scenarios in mere seconds and then advising a holistic solution based on the customer’s investment needs. Notably, one of the company’s key partners during this time has been Reinsurance Group of America, Incorporated (RGA). By using RGA’s automated underwriting system, AURA NEXT, Zurich has been streamlining its customer experience even further.

“During our medical underwriting, for

DID YOU KNOW...

CEO, ZURICH INTERNATIONAL

The Global Business Platforms unit consists of six entities, including Zurich International itself. One that Zurich International works particularly closely with is LiveWell. Launched in 2020, LiveWell is a global unit that offers mobile health solutions to inspire positive change and provide impactful services that encourage customers to improve their mental, social, financial and physical health.

Helene Westerlind, CEO of LiveWell, said, “Our objective is to provide personalised, evidence-led and innovative services and solutions to empower each individual to take charge of their own health and wellbeing, leveraging our digital capabilities to offer them easy access.”

Find out more at LiveWell’s website: livewell.zurich.com

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ZURICH INTERNATIONAL

“ Zurich has dedicated a lot of its investment towards consumer engagement, always focused on delivering against evolving customer needs” PETER HUBER

CEO, ZURICH INTERNATIONAL

example, we'll ask some very personal but relevant questions and, depending on how the customer answers, the tool is dynamically

built to add more or fewer questions. It’s a very smooth, interactive process and customer uncertainty has really diminished. This type of innovative, collaborative approach is why Zurich loves working with RGA so much.”

Fundamentally, Huber makes it clear that Zurich understands a vital truth about digital transformation: it is only by fusing technology with a culture that businesses can achieve optimal outcomes. Moving towards a fully digital way of thinking has also transformed Zurich’s methodology for product design; whereas before it employed waterfall project management, the company now opts for faster, sprint-driven agile delivery using ‘pods’. “Pods deliver two-week sprints, and in working in this way we’ve become ruthless at prioritising things,” he explains. Essentially, if a pod doesn't deliver its target within the time

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KEY PARTNERSHIPS

ZURICH INTERNATIONAL

“ We redesigned the end-to-end process for getting a product quote, how it’s priced, underwritten, and ultimately even the way customers can pay” PETER HUBER

CEO, ZURICH INTERNATIONAL

AMAZON PAYMENT SERVICES

CEO STATEMENT

“Zurich International fully appreciates that when ensuring a slick end-to-end process for our customers, a robust payment gateway integrated within our environment is vital. Amazon Payment Services (APS) have proven to be a strong partner and provided us with an effective solution that performs well in terms of security, integration and cost effectiveness. Using APS, our customers can now digitally pay insurance premiums across all our products, in local currencies, without incurring currency conversion fees on their cards.

Payment can be made on any day of the month they choose with the highest levels of customer data security.”

Walter Jopp, CEO of Zurich in the Middle East, added: “Partnering with Amazon Payment Services has enabled us to provide a seamless digital payment experience for our customers that offers more payment flexibility while improving data security and optimizing operating costs, ultimately benefitting the end customers. Zurich’s instant life and critical illness insurance solutions, YourLife and YourCare, can now be purchased online in a matter of minutes with absolute peace of mind.”

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ZURICH INTERNATIONAL

1982

Founded in

700+

Number of employees

$100m+

Consistently delivered Business Operating Profit over USD100m over the last 3 years.

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period it will be ‘retired’ and Zurich’s focus will shift to another priority. This allows the company to maintain momentum and innovate on a larger scale within a ‘learn-fast’ environment. “Everyone in the insurance industry has been very shy at experimenting. I always remind people, ‘We don't fly planes; we don't do open heart surgery. We don't need perfection, because if something goes wrong it can be fixed easily. Funnily enough, not many things go wrong at all; I guess it’s in Zurich’s DNA to go for getting it right the first time.”

What Huber is alluding to is a general change in consumer attitudes, which are now far more tolerant of ongoing

ZURICH INTERNATIONAL

DID YOU KNOW...

ZURICH: SERIOUS ABOUT SUSTAINABILITY Although COVID-19 is still dominating headlines around the world, Zurich is aware that the greatest threat (and insurance’s biggest challenge) remains climate change.

Natural disasters caused $76bn worth of insurance losses in 2020, a 40% increase on 2019’s figure. In response to the increasing incidence of weather-related catastrophes, as well as their dedication to build a brighter future, the company has developed a robust policy on sustainability.

“Finding a sustainable business model is so important and we all don't have much time. Zurich is really leading the way and I think it's great to work for a company that has made such a strong commitment to sustainability. The plan itself comes from our Group CEO Mario Greco, who has been very vocal about this for a number of years already. Everyone in our organisation is keen to support it.”

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updates and improvement, such as the Android / App Store experience. Bug fixes and improvements are pushed to the users on a daily basis and the acceptance of these has become normal. Gaining a better understanding of customers has allowed Zurich to innovate in a new way, and this is an advantage it intends to use continually. The implications of COVID-19 on service have also reshaped the company’s approach, “We retrained some of our staff to become virtual agents so that we could offer our customers an additional access point to get in touch with us.” Taking his cue from the convenience displayed by e-commerce innovators, Huber’s philosophy is that Zurich’s customers should be able to communicate through any means they see fit, “It's not up to me to tell them, that's the old way of thinking. Today, insurance needs to be present wherever customers want it.”

Zurich’s enduring legacy throughout its long history has been to improve the lives of its policyholders and deliver brighter futures for all. Although the method for achieving that ideal may change through the decades, its commitment to positive customer outcomes remains undiminished. It is ultimately Zurich’s culture that Huber identifies as its key

“ Everyone in our organisation is keen to support [sustainability]”

competitive differentiator, an advantage that it carefully directs towards its employees, too. “Throughout the pandemic, Zurich didn't furlough or dismiss people. We paid them as usual, including bonuses, and stood by them. We will continue to do so,” he proudly states. As the ‘new normal’ becomes ever clearer, Zurich International stands ready to use its trademark mix of technology, partnerships and culture to bring customers the cover they desire.

PETER HUBER

CEO, ZURICH INTERNATIONAL insurtechdigital.com

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CLOUD & CYBER

CYBER TRENDS 2021: IT SECURITY IN INSURTECH

With security breaches bringing down the biggest technology giants in 2020, cyber insurance cover and security solutions are now big business

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WRITTEN BY: JOANNA ENGLAND

he increasing number of cyber attacks against businesses and organisations is not only putting companies on high alert, but it is fueling demand for cyber security cover. The problem cannot be downplayed. According to a recent study by Pricewaterhouse Cooper, 96% of business leaders have accelerated their digitisation as a result of COVID-19.

Geater digitisation means a larger cyber footprint to protect. The International Data Corporation (IDC) predicts global spending on cyber security will hit $174.7bn by 2024, and funding for non US-based cybersecurity companies will rise by 20% in 2021.

Another study by Analysys Mason reveals that mobile device security will peak in terms of cyber attacks, with the security industry reaching $13bn by 2025 in that sector alone. Unsurprisingly, cyber

insurance has become one of the fastestgrowing sectors of insurance over the past two years as increased awareness in terms of potential losses has been laid bare.

In 2020, Gartner revealed an estimated $123.8bn was spent on preventing cyber security attacks worldwide. All this means that demand for the kind of cover that can provide compensation for companies in the wake of an attack, has risen several-fold while the impact of the past 12 months on the cyber risk landscape has been manyfaceted.Cyber protection and insurtech Seth Rachlin, Global Insurance Industry Leader at Capgemini, believes insurtechs are partly responsible for the difficulties companies face when trying to protect themselves against harmful breaches.

He explains, “The cyber security market continues to grow driven by continued insurtechdigital.com

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CLOUD & CYBER

Where companies will be spending budgets on cyber security in 2021

$1.74bn

on infrastructure spending

$64.2bn

on security services

$545m

on cloud security

escalation in both the frequency and severity of cyber events. This is also resultant of the continued efforts on the part of insurance carriers to remove “silent cyber” cover from property and E&O policies, and force the purchase of standalone cyber insurance.

More specifically, the dramatic increase in ransomware attacks is pushing more and more companies to see cyber insurance as an essential component of their broader insurance posture.”

But it’s not just about service and products not fitting the purpose. Advances in technology are happening as much for the criminal as they are for the corporations. “The single biggest challenge relating to cyber insurance is the rapidly changing nature of cyber-crime and the need for comprehensive cover that addresses all of the relevant attack vectors and associated types of loss,” Rachlin says.

“The pace of product change and the challenge of accurately pricing evolving risk creates a landscape where the contours of cyber cover and clarity as to the risks involved in providing it struggle to keep pace with the hackers.”

Jamie Akhtar, CEO and Co-Founder of CyberSmart, agrees. He says, “One of

$10.4bn

on identity access management solutions

$11.6bn

on security network equipment via Feedzai Financial Crime Report Q1, 2021

the biggest challenges is truly assessing cyber risk and providing support to manage it, not just transfer it. There is limited visibility, particularly in small and micro-sized organisations, and traditional backwards looking / outside-in models neglect the rapidly changing and diverse nature of both tech and SMEs.” He continues, “Insurers will need to be more proactive in guiding the insured and seek comprehensive support in risk management.

Cyber Compliance Making sure companies are adequately protected and assessing those protections, is essential for the industry to move forward. Thom Langford, security advocate at SentinelOne, which announced a partnership with Travelers insurance in insurtechdigital.com

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The world has changed. Has your cybersecurity?

“ Compliance to a standard does not always mean that an organisation is actually secure and following their own procedures” THOM LANGFORD,

SECURITY ADVOCATE, SENTINELONE

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June 2020, explains, “The main challenge is ensuring that the client is actually using and implementing effectively all of the controls that they say they are in order to reduce insurance premiums.”

He continues, “A once a year assessment is not always going to cut it, when those companies are very often proficient at passing audits anyway.

Compliance to a standard does not always mean that an organisation is actually secure and following their own procedures. Ascertaining their true security posture is more challenging, and will require strong partnership and a high degree of trust between the insurtech industry and their clients.”

But Dr Mike Lloyd, Chief Technology Officer at RedSeal – a cloud security company based in California, believes insurtech companies have a way to go before they find a satisfactory solution

CLOUD & CYBER

to cyber cover. This is due to both services constantly evolving and not communicating well enough. He explains, “Cyber coverage limits are still too small, forcing brokers and customers to assemble towers, which grow more unwieldy as they get taller. The trend needs to move in the other direction – smaller towers with higher coverage per policy – but the market cannot move in that direction until insurers clearly understand the risk each client’s IT practices represent, and the degree of correlation with others.”

Lloyd also points out that creating cover that works well is down to so many different variables, and that losses accrued by a cyber attack are not always clear when agreements are drawn up.

“Policies are hard to price,” he says, “and they fall short of the desired coverage, because corporate IT networks are opaque.

External assessment services can look at the Internet façade of a business and offer some measurements, but this is akin to insuring a building against fire, based on a photograph taken from across the street – you can tell whether the building is in terrible repair, or already smoking, but you really can’t see whether the internals of the building are well maintained and prepared.”

Lack of transparency is the greatest hindrance for insurtechs offering cyber cover, says Lloyd. “IT operations suffer the same problem – underwriters need reliable measures of the IT quality inside, not outside, the insured network. Customers are not willing or able to give the insurer enough visibility, so what is needed is a means to measure and report digital resilience from inside a network, providing a reliable assessment to insurers, without compromising the security of the network itself.”

Security Compass Ltd workplace

Data Protection Where companies will be spending budgets on cyber security in 2021 Altaz Valani, Director of Insights Research at Security Compass, advises, “Data protection includes both security elements and privacy elements.

The security side requires assessing the risk of a data breach across many different variables including network, systems, applications, endpoint devices, and users.

“Privacy elements include access controls, encryption. Both need to be addressed, so it is not surprising to see the industry evolving security frameworks beyond just the network perimeter. The challenge is integrating the creation and collection of information digitally without slowing down or hindering customers. This can be achieved by establishing policies that map to operational procedures without introducing risk.”

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But the lack of transparency happens for a reason - and insurtech companies are often the target of cyber attacks because the data they store on certain customers is highly sensitive. Lloyd explains, “Insurtech organisations face comparable challenges to law firms – neither is primarily in the business of internal digital security, and yet both come to know critical information about their clients, making them very attractive targets for cyber spies.

He continues, “Law firms have been targeted by attackers who know that law firms are frequently easier targets than their clients, because the law firms are not IT focused, and the attackers can get valuable data about many clients at once. Insurtech needs to learn from this, or they will be the next easy target as the market matures.”

Langford agrees, he says collaboration between customer and insurer will be the only way to improve cyber cover protection. “Insurers would do well to look to their own customer base to ascertain what are best/industry practices, and what do those companies do that takes them beyond that standard without ruining their business model.

He continues, “Ultimately the security teams of the insurtech industry and the security teams of their clients should be working together anyway to ensure that strong, meaningful and realistic controls are

put in place, no matter what industry they are in. If cybercriminals work together, then the security profession needs to as well.”

Cyber insurance trends Rachlin predicts that cyber insurance will emerge as one of the leading trends in insurtech over the next few months. He says, “Cyber insurance is one of the hottest areas within

“ The cyber security market continues to grow, driven by continued escalation in both the frequency and severity of cyber events” SETH RACHLIN,

GLOBAL INSURANCE INDUSTRY LEADER, CAPGEMINI

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Insurtech as a number of digital-first startups and early-stage companies seek to capture the untapped market for cyber coverage for SMEs. These startups leverage AI and third party data for more accurate risk assessment and pricing and offer a suite of cyber protection services which, when combined with insurance cover, offer a truly complete cyber assurance solution for customers.”

Lloyd points out that insurtechs must fortify their own systems against attacks before offering adequate cover to effectively protect their customers. “The first obligation for insurtech is to practice what they preach,” he says. “It’s unreasonable to demand clients should follow cyber due diligence thoroughly if those making the demand cannot do the same.

In today’s world, this means automation of the measurement of security posture –

you cannot hope to measure the risk profile of your insureds if you cannot quantify your own digital resilience ahead of future attacks. Measurement of defensive quality of IT networks is a top priority.”

Altaz Valani, Director of Insights Research at Security Compass, a cybersecurity company that provides advisory services, training, and development through SD Elements, believes customer centricity will be central to the developments taking place. “The digital transformation trend continues to disrupt traditional insurance companies.

With an emphasis on customer needs, trends related to insurtech include the need for better data collection, shorter reporting cycles, and easy access to defensible reports. This also reflects an insurtechdigital.com

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According to a study by Feedzai, cyber fraud attacks skyrocketed in 2020

650%

increase in Account Take Over scams from Q4 2020 as compared to Q1 2020

250%

increase in online banking fraud attacks 178% fraud rate increase for digital media

70%

of all fraud is driven by card not present (CNP) transactions

48%

drop in card present (CP) fraud attacks, though transaction volume only drops 20%

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ongoing trajectory of cyber insurance maturity as more data becomes available.

“There is, therefore, a need to monitor more precisely, more frequently, and more easily in order to provide customers with enhanced or new cyber insurance coverage options.

Akhtar adds, “Insurtechs should be looking at recognised standards for information assurance in order to guide their security programs to an assured level. This means starting with the basics - achieving UK Cyber Essentials and working up to ISO 27001. In addition to data protection, this also helps demonstrate their commitment to security and to meet customer expectations.”

Insurance companies thrive on protecting others. But when everyone is threatened, as is the case with cyber crime, big questions tend to be raised.

“Who insures the insurance? I hope the big insurance companies do insure one another as well, as this needs to be a closed loop,” says Joe Shenouda, cyber security architect of Cyber Consult.

He continues, “Essential damages are generally not covered like potential future lost profits, loss of value due to theft of your intellectual property, and the cost to improve internal technology systems, including any software or security upgrades after a cyber event. This is a surprise to most companies who think their cyber insurance DOES cover all this.”

Shenouda adds, “It's going to be a game of new standards emerging to cover all the latest hacking techniques, and if you are compliant you will be in a good spot, insurance-wise. If you are not certified or are still in the process of getting certified, it's time to hurry up. You will not get coverage if you don't comply with cybersecurity standards.” insurtechdigital.com

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ANALYTICS

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ANALYTICS

REGTECH

IS ON THE CUSP OF

A DATA ANALYTICS

BOOM Executives from two innovative regtechs, AutoRek and Silent Eight, help us understand why data analytics could be a key FSI focus for the next decade.

WRITTEN BY: WILL GIRLING

I

n 2006, British entrepreneur and mathematician Clive Humby OBE famously coined the phrase “data is the new oil.” It was a prophetic insight that became a cliché and nowadays sounds more like a truism. Yet this sometimes neglects that without analytics platforms data often has no inherent value, something which only becomes more apparent as its enterprise volume swells in the wake of broad spectrum digital transformation.

Making sense of these disparate data streams and leveraging them to inform decision-making has become the ultimate objective. Furthermore, as finance and insurance enter the exciting but relatively uncharted realms of digital regulation, regtech’s position as a core ally in the new normal becomes apparent.

The state of analytics in modern regtech Although it would be reductive to suggest that insurance’s regulation-analytics boom originated from any one source, there is an argument that the 2008 financial crisis and the far-reaching changes it brought to financial services was a critical moment.

This is certainly the opinion of Piers Williams, Head of Insurance at AutoRek, “Since 2008, there has been a significant number of new regulations and companies (regtechs) springing up to meet demand.

Fintech, insurtech and regtech are closely interconnected; startup leaders know that regulations are here to stay.” Indeed they aren’t, and the situation in some countries, such as the UK in the aftermath of Brexit, is only becoming more complex.

Williams suggests that the accelerated interest in analytics has brought it close to maturation. Certainly, with big name institutions like Munich Re, Allianz, and HSBC starting to take an active interest in regtech, there has been a distinct boost in investment over the last 12 months. John O'Neill, SVP of Sales at Silent Eight, on the other hand, considers analytics to still be at its nascent stages overall. “When Silent Eight speaks with insurtechdigital.com

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ANALYTICS

“ REGTECH IS AN ENORMOUSLY EXCITING SPACE TO BE IN RIGHT NOW” JOHN O'NEILL SVP OF SALES, SILENT EIGHT

global banks, their in-house teams generally have analytics tech at least partially figured out. However, when I talk to everyone else, meaning most mid-sized or community banks in the US, that's frequently not the case. Those teams are still figuring out what to prioritise and what data they'll need for their objectives.” O’Neill adds that the market potential is comparable to corporate social media uptake 15 years ago: early adopters will gain a significant advantage over latecomers. As such, he reasons, the proceeding decade will likely yield the first genuine indications of analytics’ maturity.

Data analytics’ value proposition Regardless of how developed analytics capabilities are, both Williams and O’Neill agree that regtech’s role as a cultural driving force is non-negotiable. “Digital is the new normal,” states Williams, “and companies need to move beyond relying on manual programmes like Microsoft Excel. There’s nothing wrong with it, but that technology is almost 35 years old.” However, as with most new innovations, the challenge facing regtechs is a lack of established vendors to promote analytics’ value proposition.

“Vendors need to do what they do best: spend hundreds of millions of dollars in order to both educate the market on the problems and the solutions, and also codify the language we use to communicate about it,” says O’Neill. insurtechdigital.com

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ANALYTICS

Compliance When the EU’s GDPR (General Data Protection Regulation) legislation came into effect in 2018, along with global variants such as China’s Cybersecurity Law and Australia’s Privacy Amendment Act, the value of data-driven regulatory compliance was put into sharp focus. In EY’s article ‘GDPR compliance: how data analytics can help’, the company advocates forensic data analysis (FDA) to stay compliant even during periods of uncertainty: “[B] y querying and analysing structured and unstructured data, FDA helps companies identify patterns of data, or information deduced from multiple data sources, that deserve closer attention for risk control purposes such as compliance monitoring.

Advanced FDA technologies can enable companies to scan the entire relevant data set, instead of having to rely on sampling that may not always give you the complete information.”

Speed and accuracy Silent Eight’s multi-year collaboration with HSBC achieves this same goal by combining natural language processing (NLP) with artificial intelligence (AI). Its solution is capable of scanning petabytes of data quickly and with the same skill and logic of a fully trained human analyst, with the added bonus of greater overall precision. This partnership fulfills HSBC’s concurrent commitments to compliance and digital transformation, and should serve as inspiration for FSIs considering their own situation. Although this could mean shifting key functions towards automation, which some larger insurers in particular are reluctant to do, the advantages in terms of speed, reliability, and cost saving are compelling.

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“ VENDORS NEED TO DO WHAT THEY DO BEST: SPEND HUNDREDS OF MILLIONS OF DOLLARS IN ORDER TO BOTH EDUCATE THE MARKET ON THE PROBLEMS AND THE SOLUTION” JOHN O'NEILL SVP OF SALES, SILENT EIGHT

ANALYTICS

Enriched CX More data from every stage of an insurance policy’s lifecycle, for instance, unlocks valuable opportunities for product improvement and enriching the customer experience (CX) when combined with analytics. Norman Black, EMEA Insurance Solutions Director at SAS, summarised these benefits in four broad categories:

3. Empowerment: With access to data analytics resources, investigations into fraud can be bolstered.

1. Engagement: Companies are able to design products that accurately reflect what customers themselves want.

Regtech’s role in 2021 and beyond As Williams observes, “COVID-19 has forced peoples’ hands into accepting digital,” and that means regtech’s moment has arrived.

This message appears to have been received by the UK government: AutoRek was selected for its Department of International Trade (DIT) business showcase in the US, which took place in late February 2021. Particularly

2. Risk management: In a highly complex and frequently shifting regulatory environment, being able to quantify and clarify risk factors is essential for longterm sustainability.

4. Unlocking value: Fundamentally, investing in analytics and associated tech (AI, machine learning, IoT, etc) pays for itself by making use of a commodity (data) that was previously underutilised.

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The future of Regtech “Regtech is redefining the future for financial services. New digitisation technologies are changing the way risk management and regulatory compliance requirements are addressed and delivered. However for this to happen, collaboration across a number of actors is crucial, particularly across the banks, the regulators, the regtech firms, and the large consultancies.”

Subas Roy, Partner, Regtech, Digital Risk & Compliance, in Oliver Wyman’s article ‘Regtech on the rise: Transforming compliance into a competitive advantage’

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noteworthy was the event’s conflation of ‘financial services innovation’ with the ‘regtech revolution’. Quality data management may be an expensive upfront investment that requires several iterations before it fits an organisation adequately, but it cannot be overlooked.

“The investment cost is pretty minimal compared to the consequences if regulations and compliance become an issue,” declares Williams.

Today represents a host of exciting new possibilities for regtech, agrees O’Neill, and early pioneers stand to gain a significant advantage. “2021 could be the year that the majority of financial institutions finally make plans to create a real data lake, if they haven't already,” he adds. Combined with a

“ SINCE 2008 THERE HAVE BEEN NEW REGULATIONS AND COMPANIES (REGTECHS) ARE SPRINGING UP TO MEET THE DEMAND” PIERS WILLIAMS

HEAD OF INSURANCE, AUTOREK

heterogeneous data management environment (an automated system that integrates disparate sources of information into a unified interface), companies stand a chance of finally extracting the maximum value from their data. “Early pioneers will see tremendous advantages: revolutionary reductions in risk and fraud, full utilisation of AI, and enabling a generation of tools that the rest of us are still only dreaming about.” We’re living at a time that O’Neill hopes will galvanise the industry into recognising the value of regtech and analytics: “Regtech is an enormously exciting space to be in right now.

I was right in the heart of the action during the ‘Dot-com boom’ in the late 90s; this wave of innovation has the same sense of excitement to it, the same sense of possibility.” insurtechdigital.com

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TOP TEN 10

INSURTECH

STARTUPS IN 2021

Insurtech is a growing sector that is disrupting the insurance industry through cutting-edge technology 112

May 2021

TOP 10

WRITTEN BY: JOANNA ENGLAND

A

ccording to recent data, insurtech is swiftly emerging as a jewel of the fintech crown.

Research shows that the Global Insurtech Market revenue is expected to reach US$10.14bn by 2025, growing at a CAGR of 10.80%.

The market is growing rapidly too, with insurtech investments reaching a record high in 2020 of $7.1bn in capital raised across 377 deals in the US alone. Despite this boom, Europe didn't fare quite so well, as reports show a drop of $241m, from almost $1b to $700m in 2020.

Despite this, the UK's insurtech market is booming. We take a look at the top 10 insurtech startups on the scene in 2021.

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TOP 10

10 Reposit

Founded: 2015 Reposit provides a welcome service for tenants in the UK. The insurtech, which was founded in 2015, provides a paperless, cost-effective alternative to cash deposits. Landlords are also protected for up to eight week's worth of rent - 60% more than a cash deposit and the most cover offered by any deposit alternative on the market. Tenants pay the equivalent of one week's rent as a non-refundable to Reposit, and landlords are automatically added to Reposit's insurance policy. To date, the company has raised £1.5m in investment capital.

09

FloodFlash

Founded: 2016 Filling a gap in the market for homeowners in low lying areas, FloodFlash was founded in 2016 to provide previously uninsurable flood risk homes with cover.

The company pays out a preagreed, fixed sum almost as soon as a predefined level of flooding occurs for the homeowner. The technology-enabled provider uses internet-connect sensors to detect rising water levels as part of the cover service. The company has generated £2.1m in investment rounds since its inception.

TOP 10

08 Konsileo

Founded: 2015 Launched in 2015, Konsileo is an independent commercial insurance broker founded by insurance industry veteran John Warburton and technologist Peter Henderson. The company harnesses the latest technologies to analyse data, carry out a risk assessment and provide insights to brokers so that they can better understand customer risks when designing new products. So far, Konsileo has raised £2.7m in funding drives.

07 Flock

Founded: 2018 Flock was founded in 2016 and specialises in drone insurance.

This rapidly expanding commercial market is enjoying a sharp, upward trajectory as use cases for drones have expanded with device technology. Earlier this year Flock formed a long term partnership with Sompo International Holdings, Japan's biggest insurance provider, and has raised £3.2m in investment capital to fund its expansion plans. insurtechdigital.com

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TOP TEN

05 Setoo

Founded: 2017

06

By Miles

Founded: 2018 One of the latest on-demand cover insurtechs, By Miles, is a car insurance company with a difference. The service lets customers pay their premiums for their driving every month. At the start of the annual policy, an upfront fee is set for the year to cover the time a car is parked, and monthly premiums are dictated by the number of miles a car has driven.

The cover has proved very popular with low mileage drivers and investors alike - attracting £6.3m of funding since the company was launched in July 2018.

Setoo's SaaS platform automates the process of creating, integrating, and distributing protection products.

The insurtech's unique service enables ancillary revenue growth for travel and leisure e-businesses by providing them with the ability to create and distribute personalised insurance products that address their customers' concerns. Funded

by Kamet, Setto has benefited greatly from the support of AXA Group's knowledge, capital and assets and to date have raised £6.8m in investment funding.

TOP 10

1 E 3 5 4 3

04 Cazana

Founded: 2013 Cazana was founded in 2013 and uses big data and predictive analytics to provide automotive insights for vehicle ownership. By analysing millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road, the company can assess the value and risk of every vehicle on the road today. Currently, its services are used by dealerships, finance companies and manufacturers globally. To date, this innovative insurtech has raised £7.1m in investment funding.

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03

Anorak Technologies Founded: 2015

The London-based Anorak Technologies consists of a selfconfessed team of technology geeks, life insurance specialists, data experts and design heavyweights who are disrupting the life insurance marketplace.

Backed by insurance Kamet, the platform used data science to machine learning to find the most cost-effective life insurance policy for the customer, helping millions of unprotected people and families in the UK get covered. To date, Anorak Technologies has raised an impressive £9m from investors.

02

TOP 10

Trunomi

Founded: 2014

Trunomi provides data rights technology. The rules-based platform is leading in Enterprise Data Privacy Compliance and enables businesses to understand what data they hold, under what regulation and why.

This helps companies comply with current and future global regulations from a single platform. To date, Trunomi has raised £11m in funding rounds, and as insurtechs continue to mushroom, it's services look set to remain in demand for the foreseeable future.

Julian Johns, VP of sales at Trunomi told KPMG, “Simply put, we turn data regulation into a competitive advantage by enabling financial services firms to use data rights to empower their customer relationships and drive trust. We do this by enabling data rights capture across a wide range of customer touch points and then distributing that, very simply, within the business.”

“ Simply put, we turn data regulation into a competitive advantage” insurtechdigital.com

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“ Our ambition is for every family to have protection that they truly believe in”

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TOP 10

Gryphon Group Holdings Founded: 2016

Founded in 2016, Gryphon Group Holdings Limited is an entrepreneurial insurance start-up poised to launch an exciting new protection challenger under the 200-year-old Guardian umbrella.

Selling through intermediaries, the company focuses initially on life and critical illness, and then income protection. Gryphon Group Holdings is in the process of creating a cloud-based protection business dedicated to growing customer trust and a good advisor experience. To date, the insurtech has raised more than £180m in funding to cover more families in the UK. Simon Davis, CEO of Gryphon Group Holdings, said, “Our ambition is for every family to have protection that they truly believe in.

Acquiring the name of Guardian is an extremely important step for us.”

Simon Davis, CEO of Gryphon Group Holdings

insurtechdigital.com

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