No less than 1,200 decision makers (a new record) representing 50 countries from all 6 continents turned the fourth edition of Digital Insurance Agenda (DIA) into a massive success.
The keynotes speeches of Zhong An, Rakuten, Hyperloop Transportation Technologies, Discovery and Bought by Many as well as the panel discussion with AIG, Generali and Munich Re set the stage for the future of insurance: Ecosystems offer new ways to become much more relevant.
Solving the real problems customers experience across the value chain requires collaborations with other parties, even with competitors. Thinking beyond insurance and thinking platforms will be the next challenge for insurers.
Teaming up with insurtechs while building these ecosystems is essential to accelerate innovation. The DIA line-up clearly showed that insurtechs are more than ready for this and actively foster ecosystems as well; in any product category, in every part of the value chain and beyond. And including collaborations with other insurtechs, to come up with solutions that are more innovative and add more value. The massive response among the audience shows that the insurance industry is embracing ecosystems as a key to the future.
Picture: Billy Song of ZhongAn on stage at DIA Amsterdam 2018
The six DIAmond Award winners of DIA Amsterdam 2018
The many insurers and insurtech investors in the DIA Amsterdam audience awarded six insurtechs the DIAmond Award for insurtech with most strategic impact; in random order:
Xtract (Ireland): Transforming motor claims by aggregating real-world crash data.
Xtract is a connected claims platform bridging the gap between the connected car and motor insurance. Xtract captures multiple data sources and data points at FNOL and derives value via data aggregation and visualization techniques. They capture all sorts of data from any telematics device, as well as user input crash data, to recreate the events before, during and after the incident. They are just out of stealth mode and are currently conducting pilots across the UK, US and Italy.
Read more: https://bit.ly/2HqdUWK
BetterTradeOff (Singapore): Upgrading financial planning to become life planning
BetterTradeOff’s life-planning solution guides people to take optimum decisions when financing their dreams. It is a flexible, modular, white-label solution. It efficiently and quickly captures the financial situation a prospect or client and immediately engages him or her in relevant and exciting life solutions. The whole financial industry recognizes the need for a new generation of financial planning solutions, which brings institutions and clients closer. BetterTradeOff is exactly tapping into this need.
Read more: https://bit.ly/2GQksxl
Wrisk (UK): Flexible macro-insurance that adapts to fit the customer’s life
Wrisk combines insurance and technology in one simple app. The product itself is not something you will buy and then forget. Wrisk offers a perpetual policy, allowing customers to add/remove items or insurances as they need. The entire app experience is a new, simple and engaging way to buy insurance. Including elements of gamification to appeal to today’s connected generation. Their approach puts a whole new light on customer engagement.
Read more: https://bit.ly/2IYlacI
Neurotrack (USA): Transforming detection and prevention of memory loss
Neurotrack is on a mission to transform the diagnosis and prevention of memory loss and related diseases like Alzheimer’s. The company's flagship product is the Imprint Check-Up, a 5-minute assessment that uses eye-tracking technology to assess cognitive decline before symptoms appear. The early diagnosis of memory loss is critical for prevention of cognitive decline and this assessment is the only tool that can predict memory loss before it starts. In addition, Neurotrack offers a Cognitive Health Program that provides tools and advice to make lifestyle changes that are scientifically proven to reduce the risk of cognitive decline and diseases like Alzheimer’s.
Read more: https://bit.ly/2FcqXcu
Pixoneye (Israel): Predicting key life events to deliver relevant insurance in real time
The holy grail for insurance carriers is to understand customers much better. Their needs and behaviour, and when key life events will take place, such as moving home, having a child, or buying a car. Pixoneye has developed a provocative data collection method that analyses the photo gallery on a customer’s smart phone. It uses Artificial Intelligence to profile users, predict life events and deliver hyper-personalised offers: the right product to the right customer at the right time.
Read more: https://bit.ly/2IGg88m
Buzzvault (UK): Digital asset vault built on the blockchain, enabling intelligent home insurance
Buzzvault is part of the Buzzgroup, which also includes Buzzmove, an online removal platform. Buzzvault and Buzzmove will play pivotal role in ecosystem of home moves and home insurance, linking the likes of insurance, banking, estate agencies, property management, moving companies etcetera. Buzzvault is the world’s first digital asset vault built on the blockchain, allowing customers to catalogue details of their possessions; which in turn enables a truly intelligent and personalised home insurance policy.
Read more: https://bit.ly/2KDvBnw