Insurance

by Nicolas Michellod, June 20, 2017
Regulation
EMEA

Abstract

The GDPR was designed to protect and empower all EU citizens’ data privacy and to reshape the way organizations approach data privacy.

Celent has released a new report titled The General Data Protection Regulation (GDPR): Impact for Insurers. The report was written by Nicolas Michellod, a Senior Analyst with Celent’s Insurance practice.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

The Regulation Factor in Insurance

2

 

The Need for Data Protection Regulation

2

 

Objectives of this Report

3

Defining the General Data Protection Regulation

4

 

Defining the GDPR

4

 

Geographic Scope

4

 

Other Key Definitions

5

GDPR Main Principles

7

 

Fair Data Processing

7

 

Lawful Ground for Processing

7

 

Accountability

7

 

Data Security

7

 

Personal Data Breach Reporting

7

 

Enforcement

8

Impacts for Insurers

9

Recommendations

11

Leveraging Celent’s Expertise

13

 

Support for Financial Institutions

13

 

Support for Vendors

13

Related Celent Research

14

North America

Abstract

Celent surveyed US consumers to understand their expectations about their digital interactions with insurers, their willingness to share data with them, and also their level of adoption of smart technologies (robots, artificial intelligence, etc.). Analyst Mohammed Mahfuz details our survey findings and provides recommendations on how to take advantage of consumers’ willingness to share their data. 

by Donald Light, June 14, 2017
Industry Trends
Global

Abstract

Israel, the “Startup Nation,” is turning its focus to insurtech in a big way. Why should the rest of the world take notice?

Celent has released a new report titled Insurtech in Israel: Global Implications. The report was written by Donald Light, a Research Director in Celent’s Insurance practice.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

What Is Unique About Insurtech in Israel?

3

 

Israel’s Startup Ecosystem

3

 

What Is Unique About Israel’s Insurtech Sector?

4

What Is the Current Level of Israeli Insurtech Activity?

7

 

Jumpstarting Insurtech in Israel

7

What Are the Global Implications of Israeli Insurtech?

9

Leveraging Celent’s Expertise

10

 

Support for Financial Institutions

10

 

Support for Vendors

10

Related Celent Research

11

Asia-Pacific

Abstract

Fintech startups are changing the nature of the financial industry. Insurtech companies are challenging incumbent insurers all across Asia, in Singapore, China, Hong Kong, India, Malaysia, Thailand, the Philippines, and Indonesia.

Insurtechs are disrupting the insurance industry in areas including customer acquisition and communications, products, claims management, and data intelligence, as well as creating new ecosystems. In this webinar, Wenli Yuan, Senior Analyst, profiles over 30 Insurtech startups in the region that Celent considers to be noteworthy.

Celent Webinar | Standing Out in a Bland World: Separating Yourself with Customer Experience

:
: July 18, 2017
: 8:30 a.m. San Francisco | 11:30 a.m. New York | 4:30 p.m. London
: Colleen Risk, Karen Monks, Insurance
Global
Insurance

Celent Webinar | Channel Management in a Rapidly Changing World

:
: June 29, 2017
: 11:00 a.m. San Francisco | 2:00 p.m. New York | 7:00 p.m. London
: Karlyn Carnahan, Insurance
Global
Insurance

EMEA

Abstract

Every year Celent surveys CIOs across Europe to understand their IT plans and business priorities. In this context, Celent examines business priorities, IT budget and spending, and initiatives being launched in relation to legacy and ecosystem transformation, digitization, and innovation.

by Wenli Yuan, June 7, 2017
Industry Trends
Asia-Pacific

Abstract

Insurtech companies are challenging incumbent insurers all across Asia.

NEW YORK -- Celent has released a new report titled Insurtech in Asia: Changing the Rules of the Game. The report was written by Wenli Yuan, a Senior Analyst with Celent’s Asian Financial Services practice.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Background: Fintech Regulatory Environment

2

 

Insurtech Companies in the Report

3

LOB 1: Health Insurance and Healthcare

7

 

CXA Group (Singapore)

7

 

DaTeBao (China)

8

 

Fitsense (Singapore)

8

 

MediPay Asia (Indonesia)

9

 

Mobile Health Solutions (India)

9

 

MyDoc (Singapore)

9

 

Stash (Philippines)

11

 

Touchkin (India)

11

LOB 2: Auto Insurance

12

 

CarBengkel (Malaysia)

12

 

Claim Di (Thailand)

12

 

RenRenBao (China)

13

New Business Model 1: On-Demand Insurance

14

 

Trov (Australia)

14

New Business Model 2: Peer-to-Peer Insurance and Crowdfunding

15

 

Huddle (Australia)

15

 

Insbee (Singapore)

15

 

Intercare (Taiwan)

16

 

P2P Protect (TongJuBao) (China)

16

 

PeerCover (New Zealand)

16

Distribution 1: Online Aggregator / Online Comparison Sites

18

 

Singapore

18

 

Hong Kong

18

 

India

19

 

Malaysia

20

 

China

20

Distribution 2: Digital Customer Acquisition

22

 

BIMA

22

 

Instony (China)

24

 

PolicyPal (Singapore)

24

 

UEX (Singapore)

25

 

XpressApply from Jimexu (Malaysia)

25

Communication

26

 

AI Cloud (China)

26

 

Frame.ai (New York and Singapore)

26

 

Niki.ai (Singapore)

27

 

Wavecell (Singapore)

27

Blockchain and Smart Contracts

29

 

BitPark (Japan)

29

 

Bluzelle (Singapore)

30

Conclusion

31

Leveraging Celent’s Expertise

32

 

Support for Financial Institutions

32

 

Support for Vendors

32

Related Celent Research

33

by Donald Light, June 6, 2017
Industry Trends
Global

Abstract

The Internet of Things (IoT) has caught the imagination of the property & casualty insurance industry. One IoT use case — telematics for personal auto insurance — is well on its way to becoming a standard industry offering. However, adoption of IoT-based products for other lines of insurance is proceeding much more slowly.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

by Jamie Macgregor,  Nicolas Michellod, June 2, 2017
Industry Trends
EMEA

Abstract

Despite the tough economic environment, European insurers continue to drive their search for profitable growth, largely through a combination of distribution initiatives and niche client hunting.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

About the Survey

2

 

Inputs to this Report

2

Business Outlook and IT Spending

4

 

Refocusing on Growth

4

 

Business Goals Influencing IT Plans

5

 

IT Budgets

6

 

IT Spending

7

Legacy and Ecosystem Transformation

9

 

Investment Status

9

 

Application Portfolio Plans

10

Digital Transformation

12

 

Investment Status

12

 

Digital Initiatives

12

 

Progress in Artificial Intelligence

13

Innovation

15

 

Investment Status

15

 

Innovation Vehicles

16

Final Thoughts

18

 

Trends and Predictions

18

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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