ANZIIF Insurtech Event, March 2017, Sydney, Australia – FilteredHQ Report

FilteredHQ attended ANZIIF’s inaugural Insurtech event held at Doltone House, Sydney, March 28, 2017.

Below are our notes and key takeaways from the event.

Martin Blake – Global Head of Fintech in Insurance, KPMG

  • In 2016, 50% of Insurtech funding was in Seed or Series A.
  • Comparison startups are getting the most funding globally.
  • Millennials currently make up 22% of the population and in 5 years time will be 50% of the workforce.
  • 60% of Google searches for insurance are on Mobile.
  • 84% of millennials don’t trust traditional advertising.
  • 23% of millennials are willing to buy insurance from a non-insurance company.
  • 8/10 insurance executives say innovation is critical to long term future, however only 43% of insurers have a dedicated innovation budget.
  • Recommends insurers to “continually scan market for new competitors and business models”.

Dr Amy Gibbs – Digital Insights Manager, ANZIIF

Amy Gibbs delivered a snapshot on interesting insurtech startups on her radar across Digital Broking, On Demand, Artificial Intelligence, P2P, Internet of Things and SaaS business models.

Digital Brokers

On Demand

Artifical Intelligence

P2P

Internet of Things

SaaS

Blockchain

George Kesselman – Founder, Insurtech Asia

George Kesselman caused a stir with his prediction that 90% of GWP will be returned back to the customer in claims when technology fully automates insurance by 2027 (up from approx. 55% today).

Lambros Lambrou – CEO, AON Risk Solutions Australia

  • Biggest emerging risks are Geo-Political (Trump, Bexit etc) and Cyber
  • Only 2% of Fortune 500 companies have found the right balance between “exploration and exploitation” (moving to next gen business models)
  • “Doing nothing is not an option”, “innovate or die”, “disrupt or be disrupted”.

AON Goals

  • Vision: Are we seeing the bigger picture?
  • Keeping pace: Who are our future competitors?
  • Future proof: Does our business model need to change?
  • Opportunities: How can we leverage insurtech to win?
  • Investment: Are we investing in the right ventures?
  • Knowledge: Do we know what customers really want?

Insurtech Panel with Friendsurance Australia, Flamingo, Sureify and PrinceInsure

  • Friendsurance members claim less due to the behavioural economics built into their business model.
  • Flamingo’s AI chatbot “Rosie” automates the customer journey in financial services. Pings human when less than 80% confident of accuracy. Takes 200 cases before Rosie can understand “domain of questioning”, and keeps getting better with usage. Idea is to automate 80%+ of user journeys. Financial services are currently only converting 15% of transactions online. Flamingo through “Rosie” is working on getting that up to over 40%.
  • Sureify taps into Facebook updates to trigger communications between customer and insurer when major life events that could impact coverage occur.
  • PrinceInsure is a professional P2P insurance company. Small claims are paid out of P2P network, large claims are covered by re-insurer.

Chris Bayley – CEO and Founder, Cover Genius

  • The future of insurance is owning the full customer journey and gaining insights to develop bespoke policies with dynamic pricing. Machine learning and AI will enable this.

For more information on our Market Scan services, Chatbot and Machine Learning development capabilities please contact;

Nick Teulon
nick@filteredhq.com or  +61452255608