InsurTech

Cortis, Dominic; Debattista, Jeremy; Debono, Johann; Farrell, Mark

doi:10.1007/978-3-030-02330-0_5

Cited by 13 publications

(7 citation statements)

References 3 publications

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“…The introduction of IoT-enabled insurance products allows the insurer to introduce experiential value and rewards for the adoption of risk-reducing behaviours. These activities can positively drive the insurer's relevance in the market (Cortis, Debattista, Debono & Farrell, 2019;EY, 2016). IoT adoption is growing, driven by three distinct technology trends (Porter & Heppelmann, 2015).…”

Section: Iot and South Africa's Short-term Insurance Sectormentioning

confidence: 99%

“…Another emerging trend is the integration of IoT data with analytics tools to build a holistic picture of a risk environment or to manage claims (EY, 2016). Data collected from connected vehicles, buildings and other insured assets are passed on to analytics systems to influence the insurers' processing Digital Transformation in South Africa's Short-Term Insurance Sector and underwriting claims (Chekriy & Mukhin, 2018;Cortis et al, 2019). Analytics enable automated claims payment and assist in fraud detection, thus improving the underwriting process and driving down the cost of transactions (McAfee & Brynjolfsson, 2012).…”

Section: Iot and South Africa's Short-term Insurance Sectormentioning

confidence: 99%

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Digital Transformation in South Africa's Short-Term Insurance Sector: Traditional Insurers' Responses to the Internet of Things (IoT) and Insurtech

Moodley¹

2019

Afr. j. inf. commun. (Online)

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This article explores the impact of the internet of things (IoT) and insurtech on South Africa's short-term insurance industry. The research found, based on interviews with high-level players in or connected to the South African industry, that while IoT and insurtech are significant potential drivers, the country's incumbent insurers have to date been slow to adopt these digital transformation elements in their business models. This article outlines the drivers of IoT and insurtech, the factors influencing the slow adoption of these elements by traditional South African insurers, and recommendations for the adoption of these elements by South African insurers.

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Section: Iot and South Africa's Short-term Insurance Sectormentioning

confidence: 99%

Section: Iot and South Africa's Short-term Insurance Sectormentioning

confidence: 99%

Digital Transformation in South Africa's Short-Term Insurance Sector: Traditional Insurers' Responses to the Internet of Things (IoT) and Insurtech

Moodley¹

2019

Afr. j. inf. commun. (Online)

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“…Parodi (2012) indicates several computational intelligence applications on insurance issues. Cortis, Debattista, Debono and Farrell (2019) demonstrate what disruptive finance is in which Fintech and Insurtech have emerged from zero to a variety in a decade. Barry and Charpentier (2020) mention the risk associated with automobile insurance's aggregate data from sensor detectors and edge computing with big data analytics.…”

Section: Introduction and Literature Reviewmentioning

confidence: 98%

An Insurtech for the Online Insurance: A Customer Repurchasing Behavior Study in Taiwan

Tai¹,

Hsieh²,

Wu³

2021

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This study explores online insurance ventures by customers' behavioral profiles from data mining and visualization. First, we employ a simple decision-tree statistical learning method on unique hand-collected and processed data in Taiwan. This method considers first-time online insurance subscribers as new ones without a proper marketing connection after six months. Second, using advanced clustering technique and decision tree statistical learning on first-time purchasing customers, we find they repurchase online travel insurance for different purposes varying periods. Finally, we get robust results engaging different segmentations of customer data. In these ways, we enable marketing strategies to work with generating decision rules.

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“…Introduction of digital technology will increase the speed of decision-making in all business processes of the insurer. Cortis, Debattista, Debono, Farrell [4] believe that InsurTech allows the development of new personalized insurance products that meet modern customer needs. The introduction of digital technology allows the insurance company to expand its portfolio by taking specific risks, working with new segments and attracting insurers.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Digitalization Risks on the Business Processes of an Insurance Company

Фаизова¹,

Kalayda²,

Malova³

et al. 2020

Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)

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Nowadays digitalization is one of the key drivers of insurance market development in Russia. Introducing InsurTech provides insurance companies with a number of competitive advantages, such as increasing speed of making decisions, opportunities for portfolio expansion, tools for risk assessment and fraud detection. Application of digital technologies helps them to increase effectiveness of business processes. Among all business processes of an insurance company we emphasize the most significant in terms of insurance service provision. Those include the processes of underwriting, conclusion and support of an insurance contract, settlement of an insured event. However, adoption of innovations blurs borders between business processes. The paper discusses InsurTech tools implemented in these business processes, evaluates the effectiveness of their use, identifies the associated risks. The conclusion is made that the risk of unauthorized access or use of personal data is the most significant. Another significant risk is the model risk arising from the imperfection of the models used, insufficient data or its poor quality. In addition to that, the impact of digitalization on the activities of insurance companies and its business processes should not be overestimated. Funding: The reported study was funded by RFBR, project number 20-01-00785.

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InsurTech

Cited by 13 publications

References 3 publications

Digital Transformation in South Africa's Short-Term Insurance Sector: Traditional Insurers' Responses to the Internet of Things (IoT) and Insurtech

Digital Transformation in South Africa's Short-Term Insurance Sector: Traditional Insurers' Responses to the Internet of Things (IoT) and Insurtech

An Insurtech for the Online Insurance: A Customer Repurchasing Behavior Study in Taiwan

The Impact of Digitalization Risks on the Business Processes of an Insurance Company

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