Future.Talk 1 / 2017 The Current InsurTech Landscape: Business Models and Disruptive Potential
03 May 2017
Organized by Institut für Versicherungswirtschaft, Universität St. Gallen, hosted by the Swiss Re Institute
Location: Rüschlikon/Zurich, Switzerland
Conference video and summary
The first Future.Talk in 2017 held by the Institute of Insurance Economics of the University of St. Gallen (I.VW-HSG) and moderated by Prof. Dr. Alexander Braun, member of the executive board of I.VW-HSG, was hosted by the Swiss Re Institute in the Swiss Re Center for Global Dialogue in Rüschlikon.
At the event, a new academic study on the current InsurTech landscape, which was prepared by I.VW-HSG in cooperation with the Swiss Re Institute,was released. The release of the study, which is coauthored by Prof. Dr. Braun and Dr. Florian Schreiber (also from I.VW-HSG), was embedded in a high-class program with four presentations by distinguished speakers. In the first presentation, Mr. Schreiber provided an outline of the study, particularly focusing on the results of a corresponding survey. In summary, the study takes a detailed look at the current InsurTech landscape from the angle of the academic management literature. Its goals are to establish a common understanding of key concepts, to facilitate the navigation of this rapidly evolving sector, and to provide an intuitive toolkit for an assessment of the entrants’ disruptive potential as well as the selection of adequate response strategies by incumbents.
Click here to read the full summary.
About the event
Recent changes in regulation, new competitors, new technologies, as well as rapid developments in digitization are putting an enormous pressure on the insurance industry. In addition, customers’ needs and demands are changing substantially in the sense that they desire a higher transparency, a more personalized service, a simplified claims process, etc. Although the most recent technologies such as telematics or wearable devices are not jeopardizing the traditional insurance business model, they illustrate that the whole market could be quickly disrupted by an innovative idea. Thus, startups that target the insurance industry with innovative business models are currently a key topic among industry professionals and investors. This is mirrored by the fact that the global funding volume of the InsurTech sector exploded from a mere USD 140 million in 2011 to approximately USD 1.7 billion in 2016. Similarly, the number of startups is increasing rapidly, making it difficult to keep track on the latest developments in this industry segment. Against this background, the Future.Talk 1/2017 took a closer look at the current InsurTech landscape. Key aspects were the business models of the new entrants, their potential for disruption, reasonable incumbent responses, and the future development of the sector.
The event began with a presentation of a new I.VW / Swiss Re study on the current InsurTech landscape. Subsequently, we left the strategic perspective to consider the latest developments from the angle of the (re)insurance sector, an InsurTech startup company, as well as an InsurTech investor. All three perspectives were presented by a top-class guest speaker from the industry. Finally, the different perspectives were merged in panel discussion, comprising all speakers.