INSURTECH DAN NEW ISLAMIC INSURANCE MODEL: STUDI KASUS SHARING CLAIM DI LAKA BICYCLE INSURANCE, LONDON

Pertumbuhan kontribusi premi asuransi syariah di Indonesia pada beberapa tahun terakhir sudah mulai mengalami penurunan dan titik jenuh, hal ini akan terus berlanjut sekiranya industri asuransi syariah tidak melakukan terobosan baru, Insurtech dan Skema model baru merupakan salah satu strategi yang dapat dilakukan untuk kembali meningkatkan pangsa pasar di Indonesia. Inovasi dan terobosan baru adalah di bidang insurtech, yaitu salah satu pengembangan teknologi di asuransi dengan skema dan model-model baru, salah satu model baru adalah sharing claim yang saat ini sudah mulai dijadikan salah satu alternatif model asuransi syariah di masa depan. Skema sharing claim ini merupakan konsep asuransi syariah berbasis komunitas dengan teknologi, sehingga nasabah dapat membayar premi dengan lebih murah. Tujuan penelitian ini adalah untuk menganalisis strategi pengembangan model claim sharing  dengan studi kasus Laka Bicycle Insurance di London. Penelitian ini menggunakan metode penelitian deskriptif analisis dengan pendekatan kualitatif. Kesimpulan penelitian ini adalah bahwa strategi pengembangan insurtech dan model claim sharing sangat berpotensi meningkatkan pangsa pasar asuransi syariah di Indonesia saat ini, seperti yang telah berhasil dijalankan oleh Laka Bicycle Insurance di London

Economics of Data Systematic Review for Planning Strategies in the InsurTech industry

The knowledge of data enables exploring how value is created from data. Organizations’ strategic planning becomes easier if the value of data is understood and adopted. Unless managers know how to use data, its exploitable value remains limited. Previous studies assessed either data dimensions such as volume, variety, velocity, veracity and granularity, or data management processes. However, many of these topics have been treated with a technical approach and only a few focused on the data value in management, strategy, and planning. The ubiquitous of data has allowed insurance incumbents and startups to exploit technologies, from which InsurTech, leveraging a unique data-driven proposition and often gaining a competitive advantage. The paper aims to explore the economics of data, enabling to strategically plan data management practices. It contributes to the management and strategy literature with an evidence-based systematic literature review that embraces the value generated by knowing data sources, data types, extended data dimensions, analyzes enabling technologies, and extends data management practices for reaching organizations’ objectives in the InsurTech empirical context. In addition to further avenues of research, it provides managers with a theoretical data-valorization framework for data strategic planning, and institutions an overview for guiding the digital transformation. The novelty of this paper is the comprehensive focus on the economics of data at the intersection between traditional and emerging business models.The knowledge of data enables exploring how value is created from data. Organizations’ strategic planning becomes easier if the value of data is understood and adopted. Unless managers know how to use data, its exploitable value remains limited. Previous studies assessed either data dimensions such as volume, variety, velocity, veracity and granularity, or data management processes. However, many of these topics have been treated with a technical approach and only a few focused on the data value in management, strategy, and planning. The ubiquitous of data has allowed insurance incumbents and startups to exploit technologies, from which InsurTech, leveraging a unique data-driven proposition and often gaining a competitive advantage. The paper aims to explore the economics of data, enabling to strategically plan data management practices. It contributes to the management and strategy literature with an evidence-based systematic literature review that embraces the value generated by knowing data sources, data types, extended data dimensions, analyzes enabling technologies, and extends data management practices for reaching organizations’ objectives in the InsurTech empirical context. In addition to further avenues of research, it provides managers with a theoretical data-valorization framework for data strategic planning, and institutions an overview for guiding the digital transformation. The novelty of this paper is the comprehensive focus on the economics of data at the intersection between traditional and emerging business models

Digitale Transformation aus unternehmensübergreifender Perspektive: Management der Koevolution von Plattformbesitzern und Komplementoren in Plattformökosystemen

Digital platforms have the potential to transform how organizations are doing business in their respective ecosystems. Motivated by this transformation, the purpose of this thesis is to increase the understanding of digital transformation from an inter-organizational perspective. Therefore, this thesis clarifies the phenomenon of digital transformation, and models and analyzes multiple digital platform ecosystems. Building upon that, this dissertation reflects on multiple case studies on how platform owners can manage the co-evolution of their complementors in digital transformations in digital platform ecosystems.Digitale Plattformen haben das Potential, die Art und Weise, wie Unternehmen in ihren jeweiligen Ökosystemen Geschäfte machen, zu verändern. Motiviert durch diese Transformation, ist das Ziel dieser Arbeit, das Verständnis von digitaler Transformation aus einer inter-organisatorischen Perspektive zu erhöhen. Daher erläutert diese Arbeit das Phänomen der digitalen Transformation, und modelliert und analysiert mehrere digitale Plattformökosysteme. Darauf aufbauend reflektiert diese Dissertation in mehreren Fallstudien darüber, wie Plattformbesitzer die Koevolution ihrer Komplementoren in digitalen Transformationen in digitalen Plattformökosystemen steuern können

HUK-COBURG: The Implementation of an AI-Enabled Behavioural Insurance Business Model using Geo-Spatial Data

Automotive insurance is undergoing digital transformation that exploits new forms of big data and Artificial Intelligence (AI) systems. Geo-spatial data from GPS and telematics systems enables innovative risk modelling to evaluate driver behaviour and leads to the creation of new insurance services and novel insurance business models. A research framework is proposed to analyse AI-enabled business models and applied to a detailed case analysis of behavioural insurance in HUK-COBURG. The results illustrate the application of geo-spatial data in an insurance context and demonstrate the utility of the research framework to analyse new AI-enabled business models. The analysis identifies important implementation issues and shows that the strategic logic, regulatory and ethical context are important elements of business models. The empirical analysis reveals the strategic properties and effects of the data flywheel concept, which has general applicability. The theory framework and empirical results have important implications for other markets and theoretical contexts

Insurtech e a sua influência na aferição do risco

O domínio da tecnologia promete transformar os serviços financeiros, conferindolhes valor que os recursos humanos não conseguem atingir. Neste sentido, propomos com o nosso trabalho, um estudo relativo à incrementação da tecnologia no mercado financeiro enquanto recurso para a disrupção dos seus modelos de negócio, em especial, no setor dos seguros. Para tanto, analisaremos as tecnologias-chave da Insurtech, confrontando esta nova realidade com os métodos de aferição do risco praticados e a sua positivação no ordenamento jurídico português, que ainda se apoia de forma imperativa nas declarações iniciais do tomador do seguro, demonstrando como esta disrupção do mercado segurador poderá transformar o risco. Por fim, analisando alguma regulação que já é imposta a esta figura e o seu panorama em Portugal, tentaremos demostrar como estão a ser encetados esforços para que haja uma equiparação destes agentes com os seguradores tradicionais, referindo ainda alguns exemplos internacionais de regimes regulatórios promotores de inovação, como forma de incentivo à sua prática no nosso ordenamento.The ascendance of technology promises to transform financial services, giving them the value that human resources can not achieve. In this sense, we propose with our work a study about the increase of technology in the financial market as a resource for the disruption of its business models, especially in the insurance sector. To do so, we will analyze key Insurtech’s technologies, confronting this new reality with risk Assessment methods practiced today and its positivation in the portuguese legal system, which still relies imperatively on the initial statements of the policyholder, demonstrating how this technological increment can transform risk. Additionaly, by analyzing some regulation that is already imposed on this reality and its state in Portugal, we will try to demonstrate what efforts are being made to equate these agents with traditional insurers, while also referring to some international examples of regulatory regimes that promote innovation, as a way of encouraging their practice in our legal system

Influencing factors for the digital transformation in the financial services sector

Digital transformation affects almost every area in societies and has consequences for incumbent companies. With qualitative research, we explore the influencing factors for digital transformation in the financial services sector. We use a PEST-model and Porter’s Five Forces as the underlying structure for our analysis. Our interviews and findings show that the financial services sector face the same current challenges, but their impact is perceived higher in the banking than in the insurance sector concerning social factors and bargaining power of buyers. The character of the current development is evolutionary rather than disruptive. Almost all incumbents currently focus on modernizing and consolidating their backend-systems. The aim is to enable them for new customer-oriented services. A primary driver for the digital transformation is the threat of a broader market entry by BigTechs. Our research provides a comprehensive overlook about the influencing factors of digital transformation using statements from experts in the field. © 2020, The Author(s)

The future of insurance intermediation in the age of the digital platform economy

Today most insurance is sold by over a million brokers and independent agents acting as intermediaries between the insurance companies and their customers. Digitalization and changing customer behavior have fostered the development of insurtech businesses, and, more recently, multi-sided platforms are emerging as new market forms for insurance intermediation. This paper aims to provide a better understanding of how the emergence of the platform economy with a market dominated by multi-sided platforms potentially impacts insurance intermediation in the future. Using inductive content analysis on the results of a systematic literature review of the body of research on insurance intermediation, we identify the key functional roles fulfilled by insurance intermediaries. Applying these roles to a literature review on multi-sided platforms allows us to compare how different market forms and players embody the functional roles of intermediaries. Our findings suggest that multi-sided platforms are better able to perform certain roles in terms of agility, scale and scope, and we discuss the future role of platforms in insurance intermediation

Opportunities for Reducing Expenses through Digital Innovation: The Case of an Insurance Company

Operational inefficiencies not only affect the quality of a company\u27s offerings but also increase its overhead expenses. Insurance companies have some of the highest overhead costs, which often are transferred to customers as premiums for insurance products. While companies are adopting digital innovation to reduce expenses by optimizing their operational functions, not all companies are ready for the digital transformation journey, which risks their existence. The unreadiness exists despite evidence that digital innovation has many potential benefits to these companies. Nine participants from six business units, all with 133 employees, were interviewed for this study. This research uses a single, in-depth case study of an established insurance company to show how operational inefficiencies affect customers’ costs and how using digital innovation can reduce these expenses. The findings reveal that the insurer is still reliant on pre-digital methods to conduct business. This research amplifies the importance of adopting digital technologies, such as Artificial intelligence, Chatbot, Robotic Process Automation, Blockchain, and the Internet of Things into the insurance companies\u27 processes, leading to lower operational expenses and more affordable products and services for customers

Existing technology and the one that is being used by insurance companies in the Iberian Peninsula A Gap Analysis

Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Information Systems and Technologies ManagementThis Master’s Thesis dissertation focuses on the insurance sector, more precisely on the insurance companies present in the Iberian Peninsula and how new technologies are being used. New technology trends, digital transformation, and technology disruption are widely used terms nowadays; however, while it is quite common to use these terms, their practices and theories are not always applied by businesses. Several factors can be the cause of the failure to implement technological trends in insurance companies, either due to lack of expertise, high costs, or simply because the technologies are not mature enough and there is some fear of creating a bad reputation with customers. In order to investigate this gap between the existing technology and the technology that is being used by the insurance companies, a case study analysis was performed. Based on the technologies identified in the literature review, in-depth interviews were conducted with CIO’s, CTO’s, IT Directors, and Heads of IT of some insurance companies (from small insurance companies to market-leading insurance companies) and the results were analyzed in order to reach a valid conclusion about this gap and why it exists. After carrying out the case analysis and analyzing the answers given by the respondents, it is possible to identify that the technological gap exists and what the main reasons are for the lack of usage of the new technological trends in most insurance companies