InsureTechsPioneering New Practices in Insurance

Phil Reynolds

CEO

BriteCore

phil@britecore.com

Consumers

• The majority of new insurance policies are sold to

consumers under 50. ( Millenials / Gen X )

• Concierge services and conveniences drive much of the

new economy. ( Amazon vs. Walmart, Uber vs. Taxi )

• Average consumer satisfaction decreasing with traditional

access channels. For example only 24% of millennial

purchase insurance through local agents.

• Consumers and employees expect highly automated

processes with an emphasis on transparency.

Carriers

• Older technology is common

• Focused on internal cost and operational efficiency

• Rampant undocumented dependencies and requirements

• Horror stories of 6-8 year failed implementations

• Lower investment in internal technological expertise than

many industries

Capital Markets

• Record levels of available capital

• Explosion of capital firms

• Seeking new verticals

• Unprecedented wealth concentrated in technology

companies (Amazon, Apple, Facebook, Google, etc)

• Investment mandates

• Silicon valley ethos

Investment

http://insuretechconnect.com/wp-content/uploads/2017/06/ITC-2017-Brochure.pdf

The Result?

InsureTechs

InsureTech: company disrupting the current insurance

model through the use of new strategies powered by

technology.

InsureTechs

Distribution New Carriers

Core Systems

Transformation

Supplemental

Data and Devices

InsureTech Connect

700

1,500

3,800

0

1000

2000

3000

4000

2015 2016 2017

0

300

600

900

1200

April May June July

Current Count

Distribution

• Direct consumer engagement through web and mobile

• User-centric experiences

• Point of sale or embedded systems

• Data pre-fills

• Packaged with other services

• Machine learning algorithms to suggest product

Rating and UWR

• Straight-through processing

• Aggregate risk profiling

• Unique risk models (HO, Fire, wind, auto, cyber, shipping, WC)

• AI / Machine learning rate and risk models

• IOT devices feeding UWR model

• Telematics

Losses

• Fraud detection

• Interactive FNOL with follow up remediation

• Smart homes

• Job site monitors

• Wearables

• Drone inspections

CSR

• Consumer self-service

• Customer profile via analytics

• Push messaging reminders

• Chatbots

• Digital Assistants (Alexa / Google Home / Siri)

Carrier Response

19%

57%63%

72%

84%

0%

20%

40%

60%

80%

100%

Investment Distribution Innovation Digital Core

* Research by Strategy Meets Action

Jetty, Inc.https://www.jetty.com

Nationwide by 2018