In the past few years, Insurtech has brought profound change on the insurance sector. It not only improves efficiency and reduces costs, but also changes the relationship between insurers and customers.
Since its establishment in 2016, Plug and Play's Insurtech vertical has been acting as the insurance observer and transformer . We have partnered with more than 80 insurance companies around the world and accelerated over 240 startups. From Silicon Valley to New York, Germany, Singapore, Japan, and China, we have become the world's largest InsurTech innovation platform.
Through nearly three years of observation and practice, Plug and Play has keenly perceived the trends of technologies concerned by global insurers.
▎Three major global concerns: Underwriting, claim, and customer management
In the past few years, underwriting has been a direction most concerned by global insurers. Recently, automation and data enrichment have been the two fields of underwriting which attract the most attention.
The second major concern is claim. Insurers have shifted their focus from claim management to fraud prevention and attached greater importance to loss control.
Greater importance has also been attached to customer management. Customer support, user interface, customer retention, and customer rewards have been stressed.
▎Chinese market: Sub-underwriting, customer management, and underwriting
Plug and Play China notes that, Chinese insurers value sub-underwriting the most, wherein, broker/agent and direct selling are the most concerned.
In terms of customer management, Chinese insurance companies are concerned about customer rewards and retention. In addition, data enrichment and automation have been the two fields of underwriting which attract the most attention from Chinese insurers, which is the same as other countries.
Indeed, the Chinese market shares common focus with the world, while having its unique preferences. Only by understanding the actual characteristics of this market can one promote the development of the industry in a more targeted manner.
In consideration of the needs of global insurers, Plug and Play identifies three distinct insurance trends:
* Costs will be lowered reasonably;
* Everyone and all risks will be covered;
* Insurance will not be limited to financial security, but will emphasize safety management as well.
Based on the market's general focus and the actual needs of partners, Plug and Play China Insurtech Acceleration Program selects the world's leading InsurTech startups and empowers traditional insurance businesses with cutting-edge technologies.
During the three-day event on March 5-6, representatives from leading insurers globally, such as Swiss Re Group, Munich Re, Taiping Life Insurance, WillsTowersWilson, and Sunshine Insurance Group, together with heads of several business departments and industry experts, listened to the roadshows of nearly 40 InsurTech startups.
Mr. Peter Xu, Managing Partner and CEO of Plug and Play China
The two-day event contained three parallel sessions, namely, life insurance/health insurance/group insurance, property insurance/casualty insurance, and general insurance technologies. Plug and Play China's insurance company partners selected suitable startups according to their needs.
Ms. Lu Yao, Director of Insurtech, Plug and Play China
In the Acceleration Program, Plug and Play China will provide multiple opportunities for both sides to have deep interaction. To leverage on its global ecosystem and innovation acceleration experiences, Plug and Play China is poised to put more cooperation projects in place.
Insurtech Selection Day
Startups enrolled in the Acceleration Program is scheduled to embrace the first Large Enterprise Focus Week in late March.