Questions regarding InsurTech and distribution

McShane, Michael

Pinto, C. Ariel

English

Tahami, Hesamoddin

Fakhravar, Hengameh

Old Dominion University

Old Dominion University ODU Digital Commons Developing Technology Foresight: Case Study of AI in InsurTech Open Course Materials 2022 InsurTech and Distribution Michael McShane Old Dominion University C. Ariel Pinto Old Dominion University Follow this and additional works at: https://digitalcommons.odu.edu/oer_developingtechnologyforesight  Part of the Artificial Intelligence and Robotics Commons, and the Insurance Commons Repository Citation McShane, Michael and Pinto, C. Ariel, "InsurTech and Distribution" (2022). Developing Technology Foresight: Case Study of AI in InsurTech. 6. https://digitalcommons.odu.edu/oer_developingtechnologyforesight/6 This Special Topics is brought to you for free and open access by the Open Course Materials at ODU Digital Commons. It has been accepted for inclusion in Developing Technology Foresight: Case Study of AI in InsurTech by an authorized administrator of ODU Digital Commons. For more information, please contact digitalcommons@odu.edu. AcknowledgementsThis material was made possible through a grant fromthe Spencer Educational Foundation. Studentsinterested in pursuing a career in Risk Managementand Insurance may be eligible to apply for a SpencerScholarship. To learn more,visit: www.spencered.org.2InsurTech is a major disruptive issue facing the insurance  industry.Refer to the “Quarterly InsurTech Briefing Q2 2021 Willis Towers Watson”document (https://www.willistowerswatson.com/en-US/Insights/2021/07/quarterly-insurtech-briefing-q2-2021) to answer questions on the following slides.Note that questions related to this document can appear on exams, so make sure you read the document and answer the questions.InsurTech and Distribution3Answers to the questions below and on following slides are in the “The future of distribution and delivery” section of the document. 1. Questions about “Tech-enabled traditional intermediaries”a. What do traditional insurance intermediaries serve as a critical link between? b. What are brokers and agents expert at? c. What is it extremely difficult to negotiate with? d. What does the most appropriate technology support in this case? e. What are four areas where technology can play a huge part in evolving the role of human intermediaries?InsurTech and Distribution (continued)42. Questions about “Tech-enabled risk consultants”:a. Over time, what have agents and brokers become? b. As consultants of risk, what services do agents and brokers include for their clients? c. What risk classes require a greater degree of human touch than other risk classes? d. A significant degree of human risk judgment and expertise is required that is very difficult to derive from what alone? e. What can automated algorithms help intermediaries do? InsurTech and Distribution (continued)53. Questions about “Tech-enabled aggregators and price comparison sites”:a. In what space has true technological innovation  been brought to by a number of aggregators and price comparison sites? b. How have aggregators and price comparison sites affected intermediaries? c. What have these InsurTechs successfully done with their technology? d. What approach really is the true answer to support and drive modular, replaceable, stackable digital distribution in the insurance industry? InsurTech and Distribution (continued)64. Questions about “Tech-enabled independent intermediaries and alternative structures”:a. What are some nontraditional intermediaries that play a significant role in getting products and services in front of potential buyers? b. What is an example of a company that put together a captive group using technology without a traditional intermediary? c. What kind of InsurTechs offer insurance to an affinity group that will themselves, as the policyholders, own the company?InsurTech and Distribution (continued)75. Questions about “Tech-enabled marketplaces/exchanges”:a.What are technologically enabled market exchanges? b.In most cases, what are these exchanges? c.In a handful of cases, what can be done on these exchange platforms? d.What is a good example of an Insurtech exchange platform? e.By leveraging an insurance exchange, what can insurers do? f. How do both the exchange insurer, which brings in the customer, and the end insurer, which underwrites the risk, benefit? InsurTech and Distribution (continued)86. Questions about “Tech-enabled operating infrastructure for program business”:a.Who are technology firms and Insurtechs providing technological infrastructure to? b.What do these models generally consist of? c.In a small number of cases, what might these platforms also have access to? InsurTech and Distribution (continued)97. Questions about “Tech-enabled underinsurance-focused players”:a.Who are a handful of InsurTechs looking to use their technology to help distribute insurance products, services and functions to? b.What platform for buying insurance is in the hands of half the 3.1 billion people who do not have access to basic insurance services? c.What can be done on a mobile phone for a policyholder beyond quoting? d.What can digital wallets on mobile phones allow? e.Why may  InsurTechs have a relatively greater opportunity to compete in underdeveloped Asian, South American, and African markets? InsurTech and Distribution (continued)

InsurTech and Distribution

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