Insurance technology

from Wikipedia, the free encyclopedia

Insurance technology (also called InsurTech , from English insurance technology ) is a collective name for the use of modern technologies in the insurance industry .

The word InsurTech is a box word and is made up of the English words Insurance ('Versicherung') and Technology ('Technologie'). InsurTechs are sometimes referred to as a further specification of FinTechs .

definition

Insurance technology describes the further development of the insurance industry through new technical systems and alternative business models. The InsurTechs can be divided into six segments (see segments of the InsurTechs below ).

development

In 2015, over 800 million US dollars were invested in InsurTech startups worldwide . The InsurTech companies usually aim to change or renew the insurance industry. BaFin issued a license to four digital insurers in 2017 and 2018. There are also InsurTechs such as Getsafe from Germany or the digital insurer from Liechtenstein that do not require a BaFin license.

aims

By combining technology and insurance know-how, the InsurTech startups want to help promote competition and make insurance more customer-friendly, cheaper and simpler. Whether with the help of new insurance models, of interface optimization between customers and insurers, or with new methods of advice or administration. The start-ups can usually operate much more efficiently because processes are digitized and there are no branches.

criticism

Criticism of the InsurTechs mostly comes from the classic market. It is alleged that the InsurTechs do not provide the advice properly, resell customer data and, for example, the customer is not explicitly informed about the broker mandate. There is talk of a violation of the documentation, advisory and liability obligations as well as fraudulent deception about the broker mandate. The classic insurance market calls for an "equality of arms" between offline and online brokers and better transparency for online providers.

The online insurance broker Knip came under fire in December 2015 because many customers had unknowingly handed over the power of attorney to the company. It is criticized that the InsurTechs steer the competition in such a way that the price comparison is in the foreground and the quality of the tariffs is not taken into account or the actual demand is not addressed. According to a McKinsey study, every fourth job at an offline broker will disappear as a result of digitization.

The DVAG publicly criticized in a contribution by the chairman of the board, Helge Lach, that the InsurTechs do not meet all the requirements of the legislature and that the customer does not know that he is commissioning the app as a broker with his digital signature and thus terminates the previous broker.

InsurTech segments

There are different areas of InsurTech startups:

  • Health Insurance : Use of health-related information from new data sources (e.g. smartphone apps); it enables individual insurance contributions and motivates to be careful. There are z. B. Bonus programs are offered for special fitness services, and the customer receives cheaper health insurance contributions.
  • Peer-to-peer insurance : currently the second largest segment (as of 2015) within the InsurTechs. A group of insured persons comes together to support each other financially in the event of damage. If there is no damage, the insurance premiums are reduced.
  • Contract Management / Brokerage : these are online insurance brokers. The aim is to simplify the administration of insurance. The details of the contracts are displayed online and the insured can manage them from the website or app. With a digital signature, the customer usually transfers power of attorney to the service provider. The customer can then digitally change insurance or take out a new one.
  • Spot Insurance : is a new short-term insurance that is adapted to the situation-related use of the insured. An example would be a 24-hour third-party driver protection insurance if the car is loaned to a friend for a short period of time.
  • E-Commerce Insurance : an insurance for mobile devices. Usually it is an additional protection for expensive equipment damage that is no longer covered by the guarantee.
  • Usage Driven Insurance : these insurances tailor their offer to the usage behavior, driving behavior and the kilometers driven by the insured person. This means that affordable tariffs are offered.

Web links

Individual evidence

  1. ↑ Wadim Doulger: InsurTechs - Status Quo, Development Lines and Potentials . Verlag Versicherungswirtschaft, Karlsruhe 2016, ISBN 978-3-89952-953-1 , p. 1 ff.
  2. ↑ WMD Verlag GmbH: WMD Brokerchannel - Friendsurance presents: The Insurtech scene at a global overview. In: www.wmd-brokerchannel.de. Retrieved February 4, 2016 .
  3. ^ Versicherungsbote.de: BaFin: Number of digital insurers in Germany is growing - Netzwelten - Versicherungsbote.de. January 25, 2019, accessed January 28, 2019 .
  4. ^ Versicherungsbote.de: BaFin: Number of digital insurers in Germany is growing - Netzwelten - Versicherungsbote.de. January 25, 2019, accessed January 28, 2019 .
  5. ↑ InsurTech: The global scene in a compact overview. In: deutsche-startups.de. Retrieved February 4, 2016 .
  6. ↑ WMD Verlag GmbH: WMD Brokerchannel - Friendsurance presents: The Insurtech scene at a global overview. In: www.wmd-brokerchannel.de. Retrieved February 4, 2016 .
  7. ↑ Fintechs: The new revolutionaries? In: www.versicherungsmagazin.de. Retrieved February 4, 2016 .
  8. ↑ DVAG versus Knip, Clark and GetSafe: Deutsche Vermögensberatung angered Fintechs. In: www.handelsblatt.com. Retrieved February 4, 2016 .
  9. ↑ Allianz boss calls for equal opportunities for online and offline providers. In: www.versicherungsbote.de. Retrieved February 4, 2016 .
  10. ↑ Knip pinches a bit. In: www.versicherungsbote.de. Retrieved February 4, 2016 .
  11. ↑ Fintechs - a big step backwards for the industry and consumers. In: Assekuranz-INFO-PORTAL. Retrieved February 4, 2016 .
  12. ↑ McKinsey study: Every fourth insurance job is on the brink. In: SPIEGEL ONLINE. Retrieved February 4, 2016 .
  13. ↑ Insurance apps and FinTechs. In: DVAG company blog. Retrieved February 4, 2016 .
  14. ↑ WMD Verlag GmbH: WMD Brokerchannel - Friendsurance presents: The Insurtech scene at a global overview. In: www.wmd-brokerchannel.de. Retrieved February 4, 2016 .