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Recent developments in the insurance industry embrace various BInsurance Technology^(InsurTech) innovations. To date, there is a lack of structured assessments of InsurTech. Prior research on FinTech fails (1) to clarify how InsurTech can be characterized and what capabilities are employed, and hence, (2) to reveal implications for value creation on firm and industry level. We address this by inductively building a model of InsurTech innovation adopting the grounded theory method. Our empirical data includes 208 InsurTech innovations from a market analysis based on Twitter data and a multiple-case study. The resulting model comprises 52 characteristics and 14 transformational capabilities and is integrated with extant value networks and intermediation literature. The former explains how InsurTech affects firm-level value creation and suggests that disruptive potentials emerge from aligning the transformational capabilities along three interdependent activities. The latter explains the entrance of digital intermediaries and their roles in the personal insurance market.

Besides selling tangible products, manufacturing companies have also started to compete by offering product-related services throughout the product lifecycle. In this context, the recent rise of cyber-physical systems (CPSs) and smart, connected equipment paves the way for additional opportunities for the service business among the lifecycle and pivots of traditional maintenance, repair and overhaul (M RO) service business. Based on 11 case studies, we investigate service innovations driven by digitalization and CPSs and their impact on the service ecosystem. We identify affordances that effectively exploit the new technological capabilities in existing and future service scenarios.

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