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Realytix
Solutions by MunichRe

Realytix

User Centricity

Designing innovation from idea to market

Realytix is a cloud-based digital transaction platform for primary insurers, brokers and MGAs focusing on worldwide non-life standard business. It opens up entirely new opportunities in development and distribution of non-life-commodity products. Time-to-market is key: With Realytix, insurers can take product innovations from initial idea to market readiness in just a few weeks. Via the platform they can immediately be put into production. Munich Re is also driving forward the automation of reinsurance products with Realytix providing online skills for facultative risks.
Realytix © iStock

Benefits at a glance

  • Much reduced time to market
  • Customizable, flexibly implementable platform
  • Digital distribution
  • Increased (process) efficiency, cost and time savings
More Info
Infrastructure Risk Profiler
Solutions by MunichRe

Infrastructure Risk Profiler

User Centricity

Holistic risk assessment for infrastructure investments

Proper analysis of risks typically associated with infrastructure requires comprehensive expertise drawn from diverse fields. The extensive IRP-analysis covers all risk factors pertinent to infrastructure projects: Macroeconomics, technology, natural hazards, project execution and operation, environmental impact as well as microeconomics. The approach considers and weights relevant risks individually and holistically.
Infrastructure Risk Profiler © Munich Re

Benefits at a glance

  • Holistic, objective and transparent overall perspective
  • Solid basis for an informed investment decision to better secure the return on their investments
  • Thorough analysis within up to 4 weeks
  • Comparability of different infrastructure projects that match their individual appetite
More Info
NatCatSERVICE
Solutions by MunichRe

NatCatSERVICE

User Centricity

Complex risk modelling with regard to natural perils

The NatCatSERVICE data base enables evaluations, analyses and applications for risk modelling with regard to natural hazards. Munich Re provides comprehensive data on insured, economic and human losses caused by any kind of natural peril. Data are received from own sources as well as from insurance associations and from systematic evaluation of media reports. It is used for developing customized insurance solutions, for political decision-making processes and also by researchers.
NatCatSERVICE © Plainpicture/Westend61/Martin Rietze

Benefits at a glance

  • Flexible, easy to use and fast
  • Reliable data on natural catastrophes back to year 1980
  • Hazard-specific analyses (e.g. tropical cyclones, hurricanes/typhoons, earthquakes)
  • Charts can be shared directly (social media channels/download)
More Info
Risk Suite: Location Risk Assessment
Solutions by MunichRe

Risk Suite: Location Risk Assessment

User Centricity

Comparing risk assessments on a global scale

The location risk intelligence technology helps risk managers and underwriters to carry out natural hazard analyses and compares assessments at any time, from the location-based individual risk through entire risk portfolios. Complex interrelationships are transparent, pricing calculations become more precise, and cost-driving extra charges are reduced. It speeds up business processes and enhances both, portfolio management and claims management.
Risk Suite: Location Risk Assessment © Munich Re

Benefits at a glance

  • Comprehensive Geo Coder
  • Hazard Score rating on a worldwide base
  • Risk evaluation on a global scale
  • Munich Re risk insights included
  • Climate change impact evaluation
More Info
Risk Suite: Claims
Solutions by MunichRe

Risk Suite: Claims

User Centricity

Comprehensive business insight on one platform

Risk Management Partners helps insurers and loss adjusters to assess individual risks applying Munich Re know-how and manage portfolios dynamically. One of the use cases of the Risk Suite for Claims is to document historical information on losses, comparing with current pictures of damages.
Risk Suite: Claims © Shuoshu / Getty Images

Benefits at a glance

  • Huge amounts of information on losses, assets and other information processed and enriched with Munich Re data
  • Claims data analysis
  • Portfolio visualization and analysis
  • Accumulation analysis
  • Reporting via customized dash boarding
More Info
Risk Suite: Compliance
Solutions by MunichRe

Risk Suite: Compliance

User Centricity

Implementing the requirements of GDPR

Risk Management Partners offers a cloud solution to guide you through the complex requirements of the new EU General Data Protection Regulation. A dialogue system guides process experts and data security staff through the relevant workflow. It classifies data, compares processes with legal requirements, illustrates the process architecture, and explains the procedure step by step. It automatically generates the legally required documentation including an overview of processing activities, documentation of the data protection, impact assessment, a ready-to-sign agreement on data processing and templates to fulfil information requirements.
Risk Suite: Compliance © Wavebreak Media ltd / Alamy Stock Photo

Benefits at a glance

  • Easy-to-use dashboard for data protection professionals
  • User friendly, fast and secure for all involved stakeholders
  • Automatic generation of required documents legally required by GDPR
More Info
IMPROVEX
Solutions by MunichRe

IMPROVEX

Connected World

Portfolio management with dynamic data exchange

Munich Re’s core client data exchange platform provides valuable insights on pricing and strategy. Our own comprehensive data form the core of these data pools, which are supplemented with data from participating client companies. In return, they receive defined insights from an unrivalled, quality-assured database that they can use to make permanent improvements to their underwriting strategy, portfolio management and pricing.
IMPROVEX © Bestbrk / iStock / Getty Images

Benefits at a glance

  • Strengthens participants’ competitive position and opens up new possibilities to identify attractive business potential
  • Interactive heat map helps to identify “white spots†and allows to challenge the underwriting and growth strategy
  • Next-level empirical pricing parameters make it possible to optimize excess pricing and attachment point strategy
More Info
Cyber Solutions
Solutions by MunichRe

Cyber Solutions

Connected World

A new kind of cyber insurance – beyond traditional reinsurance

Cyber threats are one of the biggest security risks of the 21st century. Cyber insurance is no small matter and the cyber covers available on the market differ greatly. Munich Re offers insurers holistic solutions that go well beyond pure insurance coverage. It is a comprehensive network covering every aspect of cyber claims. The one-stop solutions offer a clear cost advantage and take up significantly fewer of insurers’ resources.
Cyber Solutions © Munich Re

Co-operation and underwriting services include

  • Legal advice and wording analyses
  • Workshops, training and client seminars
  • Technical risk assessment support
  • White-label concept design for cyber products
  • Threat intelligence sharing and cyber-claims information exchange
  • Innovative cyber products and co-creation in the cyber network
More Info
IoT Solutions
Solutions by MunichRe

IoT Solutions

Connected World

Integrating tech, risk management & financing

Munich Re helps you to transform your best-selling products and services into smart holistic solutions that put customers first.

Teaming up with Munich Re allows you to safely grow your business and win new customer segments without having to significantly tie up resources or face all of the technology, investment and economic risks yourself.
IoT Solutions © Munich Re

Benefits at a glance

  • Cutting edge technology (hardware, software and retrofitting)
  • Use-case development
  • Risk management services
  • Ecosystem partners
  • Tailored financial solutions
More Info
MIRA Digital Suite
Solutions by MunichRe

MIRA Digital Suite

Artificial Intelligence

Accelerating life insurer’s underwriting and claims handling

MIRA Digital Suite provides life insurers the tools they need to utilize competitive advantages through digitalization: Cloud-based MIRApply completely digitalises key parts of the risk assessment process, reducing the time required by Underwriters by up to 90% – to just five minutes. CLARA halves process duration from claims notification to decision-making. In future, it will serve as the platform for deployment of artificial intelligence – e.g. machine-learning.
MIRA Digital Suite © Munich Re/Daniel Grizelj

Benefits at a glance

  • Faster process time in underwriting and claims handling
  • Innovative, flexible and customized products
  • More efficient processes inside the company
  • Improved risk results
  • Access to the newest, continuously updated insurance solutions
More Info
FIVE
Solutions by MunichRe

FIVE

Artificial Intelligence

Rules-based investment strategies

Using modern technologies, FIVE develops rules-based investment strategies for insurance companies and institutional investors globally. Insurance clients value the convenience of a one-stop-shop that’s combines investment strategies, guarantees and insurance covers into a single product solution – lean and tailored to individual needs. Moreover, they can access a suite of highly diversifying return sources, benefit from cost-efficiencies, and aim to improve their balance sheet utilization.
FIVE © Munich Re

Benefits at a glance

  • Access to a selection of quantitative investment strategies
  • Better risk transfer by sourcing complete investment solutions directly from Munich Re
  • Attractive payouts with guarantees and insurance covers
More Info
Epidemic Risk Solutions
Solutions by MunichRe

Epidemic Risk Solutions

Artificial Intelligence

Holistic solutions saving lives, protecting economies

Epidemic risks are hard to predict and even harder to insure. New covers are data based and incorporating intelligent accumulation management. The major advantage of an insurance approach to epidemic risks is that the ex-ante financing of necessary response measures is geared to rapidly contain the outbreak itself. Both the course and severity of an epidemic can be influenced, even during the outbreak. Additionally, the potentially severe financial consequences for companies can be mitigated.

Munich Re develops a holistic set of solutions for companies and the public sector, e.g. the hospitality business, infrastructure projects or mining.
Epidemic Risk Solutions © Callista Images / Getty Images/Cultura RF

Benefits at a glance

  • Revenue stability
  • Balance sheet protection
  • Indemnification of lost revenues or profits
More Info
Remote Claims Adjusting
Solutions by MunichRe

Remote Claims Adjusting

Disruptive Technologies

Algorithm-based, automated claims processing for natural catastrophes

Natural catastrophes generally result in wide-scale losses that require enormous effort and resources to settle. Insurers’ claims departments are stretched to the limit for weeks before and after an event and struggle to cope.

Munich Re is developing an automated claims processing from aerial imagery. The focus is on offering as a service insurance and claims expertise, along with solutions for remote identification of damage. Once the technologies are sufficiently established, it would be possible to handle all of an insurer’s claims management for natural catastrophes from your office.
Remote Claims Adjusting © Mark Downey / Radius Images

Benefits at a glance

  • Lower claims handling costs
  • Improve reaction times
  • Enhance fraud detection possibilities
More Info
One Cat Parametric Solutions
Solutions by MunichRe

One Cat Parametric Solutions

Disruptive Technologies

Comprehensive and rapid response to natural catastrophes

When a devastating natural catastrophe strikes, companies and organisations need their insurance claims to be settled quickly in order to avoid cash flow problems. Traditional covers often only respond after lengthy claims adjustments, and leave gaps in costs associated with restoring to the pre-event level.

To close these gaps, Munich Re has designed “One Cat†, a tailor-made solution concept with an unprecedented level of transparency and a very simple payout process.
One Cat Parametric Solutions © Millionhope / Getty Images

Benefits at a glance

  • Parametric triggers ensure rapid recovery
  • Covers previously uninsurable risks from natural catastrophes
  • Unprecedented level of transparency
  • No deductibles
  • Reduced claims-related expenses
More Info
User Centricity
Digital Ecosystems

Digital Ecosystems

User Centricity

Digital ecosystems enable a company to interact with customers, partners, other industries and competitors.

Opportunities

  • In combination with other technologies such as Blockchain, digital ecosystems may allow for a complete unbundling of services. The main functions of banks, such as lending, money transfer and safekeeping of assets could be offered by a group of separate providers in a digital ecosystem.
  • There’s a shift in the business model to a “layer player†pattern. This means that one step in the value chain is offered to a large number of customers. For example, collaboration with specialists for the underwriting of exotic risks or for more efficient claims handling.
  • Digital ecosystems offer access to capabilities and resources on a global scale and have the potential to reshape entire markets. On-boarding costs for consumers should be low, since all data can be shared within the ecosystem.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Digital Ecosystems

Related Trends

  • Open API
  • New Payment Models
  • Distributed Ledger
  • Cloud Enablement
User Centricity
User Centricity
Digital Identity

Digital Identity

User Centricity

A digital identity is the total sum of openly accessible information about an individual or organisation that exists online.

Opportunities

  • Digital identities reduce fraud risk, since they are much more difficult to copy or fake than paper-based documents.
  • Consumers can save time and effort, since customer on-boarding and identity checks (particularly in the financial industry) only need to be done once.
  • Consumers may command their own digital identity and decide which elements of it are disclosed to which counterparties. Health insurers e.g. only need access to the health information of the customer, but not his or her overall financial situation.
  • Risk assessment for insurance coverages may be completely based on digital identities. In health insurance, a complete health record of the patient would make extensive questionnaires obsolete, for example.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Digital Identity

Related Trends

  • New Payment Models
  • Social Analytics
  • Distributed Ledger
  • Truth Identification and Fast Checking
User Centricity
Connected World
Digital Health Services

Digital Health Services

Connected World

Advanced technology enables the monitoring of health indicators, provides detailed analyses and can make initial diagnoses.

Opportunities

  • Enable personalized therapies for critical/complex illnesses and thereby reduce follow-up treatment costs.
  • Data can speed up claims handling, since illnesses and the corresponding treatments are detected and reported automatically.
  • Insurance premiums can be adjusted to reflect the altered risk situation due to digital health services monitoring.
  • Participation in the digital health ecosystem may bolster health insurance sales.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Digital Health Services

Related Trends

  • Smart Textiles
  • Human Enhancement
  • Smart Home
  • 5G
Connected World
Connected World
Open API

Open API

Connected World

An open API is a proprietary software or application programming interface that is publicly available to developers.

Opportunities

  • Open APIs increase competition between providers, since everyone can integrate their systems and contribute to better products and services. Consumers are thus likely to benefit from cost-effective services tailored directly to their demands.
  • Open APIs enable the growth of a digital ecosystem, allowing for complete and seamless integration with service providers.
  • Open APIs decrease the need for individual development of certain digital solutions, since the software and systems from specialized providers can be integrated into the existing IT architecture. Open APIs can be used to access the large community of freelance developers to create innovative applications.
  • Open APIs increase the production of new ideas without investing directly in development activities.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Open API

Related Trends

  • Open Data
  • Digital Ecosystems
  • Distributed Ledger
  • Truth Identification and Fast Checking
Connected World
Connected World
Digital Twin

Digital Twin

Connected World

A digital twin is a virtual counterpart of a real object that enables IT systems to interact with it rather than the real object directly.

Opportunities

  • Digital twins allow exploration and improvement in production processes without expensive physical prototypes, something that will be particularly important in the Internet of Things (IoT) era.
  • Companies can use digital twins to show their products to customers or other third parties during the manufacturing process.
  • Insurance companies could maintain a digital counterpart of the computer system in an insured’s car in order to monitor usage-based (mileage-based) car insurance contracts (through sensors in the physical product).
  • Digital twins may be created on a Blockchain to reflect ownership rights of physical objects. This could replace comparable existing ledgers such as land registers.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Digital Twin

Related Trends

  • Digital Ecosystems
  • Industrial IoT
  • Virtual Worlds
  • Open Data
Connected World
Artificial Intelligence
Robotic Process Automation

Robotic Process Automation

Artificial Intelligence

RPA “robotize†existing applications in a digital system to achieve automated business processes.

Opportunities

  • RPA contributes to high employee satisfaction levels since it assumes monotonous tasks. Employees can thus concentrate on activities that are more important.
  • Focus on core business as operational tasks can be automatized.
  • RPA bots act only on the user interface of CRM or ERP systems and interact non-invasively with any type of infrastructure.
  • Through the combination of Artificial Intelligence, NLP and RPA it is possible to develop Intelligent Process Automation (IPA) solutions that foster significantly more efficient operating customer support, financial accounting or complaint management.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Robotic Process Automation

Related Trends

  • Intrepretable Machine-Learning
  • Digital Ecosystems
  • Machine Driven Decision
  • Autonomous Robotics and Drones
Artificial Intelligence
Artificial Intelligence
Computer Vision

Computer Vision

Artificial Intelligence

Computer vision enables computers to gain high-level understanding from digital images or videos.

Opportunities

  • By identifying objects on smartphone pictures, image recognition may offer cross-selling opportunities for insurers. Computer Vision allows insurers to improve their risk underwriting since it extracts and analyses visual information (e.g. images of property).
  • This is particularly interesting for small-scale risk coverages such as smartphone or pet insurance, which require an accurate premium. If the premium is too high, low-risk customers are likely to switch provider. If it is too low, loss ratios will explode.
  • Computer vision may be used to reconstruct accidents or collisions from a smartphone's camera and accelerometer data.
  • Brick-and-mortar stores could use computer vision to provide their customers with product recommendations during their shopping experience, based on the items already added to their shopping trolley.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Computer Vision

Related Trends

  • Robotics Process Automation
  • Interpretable Machine Learning
  • Augmented Decision Making
  • Augmented Worlds
Artificial Intelligence
Artificial Intelligence
NLP & Speech Recognition

NLP & Speech Recognition

Artificial Intelligence

NLP can ease human-computer interaction and lead to machines understanding and acting on natural-language content.

Opportunities

  • Insurers could use this technology to develop services that help customers understand their insurance contracts, i.e. explain wordings, technical terms, etc.
  • Data collected through speech recognition could potentially be applied for other business purposes.
  • Since microphones need to be turned on permanently, tremendous amounts of (personal) data are generated that, in turn, require companies to strengthen their security measures. Insurers could therefore benefit from an increasing demand for cyber coverage.
  • Speech recognition is likely to significantly accelerate claims handling since documentation can be done much quicker, leading to higher efficiency.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

NLP & Speech Recognition

Related Trends

  • Hardware-Embedded AI
  • Conversational User Interfaces
  • Smart Bots
Artificial Intelligence
Artificial Intelligence
Conversational User Interfaces

Conversational User Interfaces

Artificial Intelligence

Conversational user interfaces, such as chatbots or personal assistants, will bring about a paradigm shift in how humans interact with the digital world.

Opportunities

  • In terms of privacy, CUI threads are transparent and accessible for the consumer, whereas this does not hold true for apps/websites. The customer can therefore access any information at any time.
  • If embedded in a company’s website, consumers do not need to install a software or an app in order to use the services. Thus, on-boarding is much quicker and more efficient.
  • Since Generation Y customers are already used to chatting on WhatsApp and WeChat, they may prefer a CUI as a means of interaction with their insurance company as well. The customer could, for example, file a claim using the chat window by simply sending a picture of the damage, together with a short description of the incident.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Conversational User Interfaces

Related Trends

  • NLP and Speech Recognition
  • Smart Bots
  • Machine Driven Decision
Artificial Intelligence
Artificial Intelligence
Cognitive Cyber Security

Cognitive Cyber Security

Artificial Intelligence

Cognitive capabilities integrated into cyber security systems enable them to “understand†information from external sources like social media, as well as internal systems to identify risks.

Opportunities

  • Cyber security systems extended by cognitive technologies extend the early-warning systems of IT security departments.
  • Cognitive Cyber Security enriches and strengthens the service portfolio of organizational and industry related cyber security. Executives have identified cognitive technologies as disruptive technology to strategically invest in.
  • Intelligent cyber security systems may enable insurers to better understand and control cyber risks and therefore underwrite larger limits of cyber coverage.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Cognitive Cyber Security

Related Trends

  • Digital Ecosystems
  • Quantum Computing
  • Distributed Ledger
  • Machine Driven Decision
Artificial Intelligence
Disruptive Technologies
Quantum Computing

Quantum Computing

Disruptive Technologies

Instead of working in bits of 1 or 0, quantum computing makes a whole new form of computers possible and stands for unprecedented computing power.

Opportunities

  • Quantum computing is particularly helpful for training and teaching AI devices since it can handle large amounts of data in a short time. Furthermore, due to the higher efficiency, AI could learn from experience or correct itself once a false decision is likely to be made.
  • Quantum computing can improve drug development through analysing an almost infinite number of molecule interactions in a second. Moreover, by analysing human gene sequences much faster and more efficiently than is possible today, it allows personalized drugs to be developed.
  • Sensor measurements from smart devices (smartphones, smart home devices, wearables, etc.) are delivering tons of data in real time. Full automation of business processes in insurance (underwriting, claims handling) based on these data flows may not be feasible with current computers and thus require quantum computing.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Quantum Computing

Related Trends

  • Artificial General Intelligence
  • Neuromorphic Hardware
  • Smart Bots
  • Distributed Ledger
Disruptive Technologies
User Centricity
New Payment Models

New Payment Models

User Centricity

Advances in mobile and computer technologies are creating digital payment models that will shape the future of monetary transactions.

Opportunities

  • New payment models can reduce response times for claim processes and other insurance-related services. This improves productivity and customer service.
  • For example, AXA is now offering insurance using Blockchain technology. It gives direct, automatic compensation to policyholders whose flights are delayed.
  • New payment models create the need for new insurance products, e.g. protection of online wallets.
  • If transactions can be conducted on a globally recognised payment system with a single token of value, exchange rates and capital transfer restrictions become less of an issue.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

New Payment Models

Related Trends

  • Open API
  • Digital Identity
  • Distributed Ledger
  • Location Based Services
User Centricity
User Centricity
Social Analytics

Social Analytics

User Centricity

Social analytics monitor, analyse, measure and interpret digital interactions and relationships.

Opportunities

  • Open APIs increase competition between providers, since everyone can integrate insurance coverage to match specific customer needs. For example, information on marital status or homeownership indicate a potential need for term life insurance.
  • Risk assessment for insurance products can be more precise, taking the social profile of an individual into account. E.g. careless behavior inferred from social analytics may hint at a higher probability of moral hazard issues.
  • Fraud prevention in insurance may rely on social profiling of the customer, like the discovery of risky sports that were not disclosed by the customer in the risk questionnaire for accident or life insurance.
  • Open APIs can assist the insurance sales process by providing brokers and agents with key information about the customer’s lifestyle and coverage needs.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Social Analytics

Related Trends

  • Interpretable Machine Learning
  • Machine Driven Decision
  • Distributed Ledger
User Centricity
User Centricity
Location-Based Services

Location-Based Services

User Centricity

Location-based services use real-time geodata from mobile devices to provide information, entertainment or security.

Opportunities

  • Risk-prevention measures based on the location of the customer, like early hailstorm warnings to avoid damage to cars.
  • Automatic insurance protection based on the geolocation of the insured person, such as travel insurance when crossing borders or product insurance when entering high-risk zones (e.g. bike insurance around the central railway station).
  • Establish a detailed risk profile of the customer based on geolocation data to offer tailor-made coverage.
  • New distribution channels, enabled through loc-based services, offer insurers the possibility to communicate with their customers in specific contexts, with proactive product suggestions.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Location-Based Services

Related Trends

  • Deep mapping
  • 5G
  • Open Data
  • Machine Driven Decision
User Centricity
User Centricity
Truth Identification/Fact Checking

Truth Identification/Fact Checking

User Centricity

Applications are being designed to help identify truthfulness in order to combat the spread of false information and fake news.

Opportunities

  • Truth identification to date is mostly employed in political debates. Companies that invest in veracity saving mechanisms can gain competitive edge.
  • Trust in seller-buyer relationships gains in importance. Trust is being operationalized and measured. Companies that put emphasis on trustworthiness could stand out of the crowd.
  • Emphasis on veracity safeguards can create a company culture where people are better aware of threats and less likely to fall prey to false information.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Truth Identification/Fact Checking

Related Trends

  • Social Analytics
  • Generative Adversarial Networks
  • Distributed Ledger
  • NLP and Speech Recognition
User Centricity
User Centricity
Augmented Worlds

Augmented Worlds

User Centricity

In augmented worlds, physical and graphical objects interact naturally, thereby creating a mixed reality.

Opportunities

  • Insurance customers can experience claims scenarios first-hand – in an augmented real-world environment – to illustrate how important and valuable insurance coverage is.
  • Although the potential of the technology is impressive, there will be many challenges and roadblocks. Identifying key target personas and exploring targeted scenarios.
  • In the field of car insurance, virtual-reality can provide a range of personal driving-assistance functions including augmented driving, collision warnings and “black-box†services such as video recording.
  • Assist insurance brokers in the selling process by visualising loss scenarios in the surroundings.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Augmented Worlds

Related Trends

  • Haptic Technologies
  • Human Enhancement
  • Location Based Services
User Centricity
User Centricity
Virtual Worlds

Virtual Worlds

User Centricity

Virtual worlds are digital, three-dimensional environments that users can explore and interact with.

Opportunities

  • Insurance customers can experience claims scenarios first-hand, which illustrates how important and valuable insurance coverage is. Assist in risk assessment by allowing underwriters to explore insurable objects via the virtual-world.
  • There’s a potential cost savings as claims adjusters can explore damages without having to be on-site.
  • Only by examining and exploiting real-life scenarios can you drive tangible business benefits with these technologies. Train insurance brokers with regard to convincing selling arguments.
  • The advances of this technology are so rapid that we can expect AR/VR devices will soon have sensors that monitor brainwave activity, heart rate, and cortisol levels in the blood.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Virtual Worlds

Related Trends

  • Smart Textiles
  • Augmented Worlds
  • Haptic Technologies
  • Human Enhancement
User Centricity
User Centricity
Haptic Technologies

Haptic Technologies

User Centricity

Haptic technologies enable users to touch things inside a virtual world, thus opening up a new dimension in virtual reality.

Opportunities

  • Haptic technologies could improve the claims process of insurance companies by allowing claims adjusters to assess damages from a distance. The possibility to gather a haptic impressions could complement imagery (e.g. taken by drones). Thus, costly on-site visits may become less central for accurate claims handling.
  • Touch interfaces could aid several e-commerce business models by allowing online shoppers to touch the products before purchasing. An example are fashion web shops, which could offer consumers the possibility of touching the fabric in order to assess its quality.
  • Scientists are incorporating haptic technology into touchable maps for the blind. Using a haptic interface device, a blind person can feel, along with audio cues, a city’s or building’s layout.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Haptic Technologies

Related Trends

  • 5G
  • Virtual Worlds
  • Augmented Worlds
User Centricity
Connected Worlds
Industrial IoT

Industrial IoT

Connected Worlds

Industrial IoT is the integration of intelligent and connected systems in industrial processes, resulting in, for example, smart factories.

Opportunities

  • In-built sensors can communicate the current condition of a product or machine and help the insurer to optimize the risk/premium calculation (renewal business), or to handle claims faster.
  • Based on information submitted by IoT machines, insurers might also provide risk mitigation, prevention and assistance services to their clients.
  • Connected and smart machines that interact with each other could report key risk or safety indicators to the insurer and automatically add coverage if needed.
  • IoT is likely to significantly increase the demand for cyber security and insurance.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Industrial IoT

Related Trends

  • Open API
  • 5G
  • Digital Ecosystems
  • Robotic Process Automation
Connected Worlds
Connected Worlds
Smart Home

Smart Home

Connected Worlds

Smart home systems are made up of interconnected devices, services and apps, ranging from communications and entertainment to healthcare, security and home automation.

Opportunities

  • Smart home devices improve the quality of life since they save the consumers’ time.
  • The installation of smart home devices may substantially increase property value and provide damage reduction and prevention.
  • Smart devices can track and learn individuals' daily routines and therefore allow people to monitor their elderly relatives without invading their privacy.
  • Insurers benefit from smart devices since they lower a homeowner’s risk profile, deliver big data for underwriting purposes, and improve the efficiency of claims settlement processes.
  • Smart Home technology will lead to a wide range of new products, e.g. flexible household insurance based on tracked (and shared) application data.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Smart Home

Related Trends

  • Open API
  • 5G
  • Digital Ecosystems
  • Conversational User Interfaces
Connected Worlds
Connected Worlds
Deep Mapping

Deep Mapping

Connected Worlds

Deep mapping is the layering of multiple types of geo-tagged data within a GIS (geographic information system).

Opportunities

  • Open APIs increase competition between providers, since everyone can integrate their systems and contribute to better products and services. Consumers are thus likely to benefit from cost-effective services tailored directly to their demands.
  • Open APIs enable the growth of a digital ecosystem, allowing for complete and seamless integration with service providers.
  • Open APIs decrease the need for individual development of certain digital solutions, since the software and systems from specialized providers can be integrated into the existing IT architecture. Open APIs can be used to access the large community of freelance developers to create innovative applications.
  • Open APIs increase the production of new ideas without investing directly in development activities.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Deep Mapping

Related Trends

  • Open API
  • 5G
  • Digital Ecosystems
  • Location Based Services
Connected Worlds
Connected Worlds
Autonomous Robotics & Drones

Autonomous Robotics & Drones

Connected Worlds

Intelligent robotics and drones can perform tasks without human supervision. Their functions are getting more and more accurate and effective.

Opportunities

  • Robots are particularly helpful in tasks that are dangerous for humans, such as working with hazardous objects/substances, at extreme heights, etc.
  • Autonomous robots that share their workplace with humans, e.g. in warehouses, require innovative liability insurance solutions. Similarly, new insurance solutions are required since both soft- and hardware for robots could be subject to malfunctions.
  • Drones allow insurance companies to improve their underwriting of property & casualty risks through upfront inspections. Moreover, periodic inspections indicate whether the current coverage is still appropriate.
  • By taking aerial photos and videos, drones provide insurers with accurate data that can be used to calibrate their risk models accordingly.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Autonomous Robotics & Drones

Related Trends

  • Autonomous Vehicles
  • 5G
  • Cognitive Cyber Security
  • Artificial General Intelligence
Connected Worlds
Connected Worlds
Autonomous Vehicles

Autonomous Vehicles

Connected Worlds

Autonomous vehicles use sensing and localization technologies, such as LiDAR (light detection and ranging), radar, cameras, GPS and map data in combination with AI-based decision-making.

Opportunities

  • To operate autonomous vehicles safely, a complex infrastructure is needed, which offers insurance companies a new revenue potential (hard- and software insurance).
  • Autonomous vehicles require a complex hard- (sensors, chips, etc.) and software that are both subject to failure. Insurers could thus offer product liability insurance.
  • Particularly for large fleets, cyber security and insurance are central topics (e.g., an implanted malware could cripple a fleet) that provide new opportunities for insurers.
  • Insurers might build up competences regarding the appropriate handling, safety management, maintenance, etc., of autonomous vehicles.
  • Autonomous vehicles can automatically take into account changes in the environment and adjust the driving profile accordingly.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Autonomous Vehicles

Related Trends

  • Autonomous Robotics & Drones
  • 5G
  • Cognitive Cyber Security
  • Artificial General Intelligence
Connected Worlds
Connected Worlds
Open Data

Open Data

Connected Worlds

The idea behind open data is about sharing data freely to allow everyone to use them as they wish, without copyright or patent restrictions.

Opportunities

  • Open and accessible public data can benefit individuals, companies, communities and government by unleashing new social, economic, and civic innovations and improving government accountability and transparency.
  • In the context of the health care system, Open Data enables recommendations for services for medical institutions and for customer treatment from the insurance side.
  • Greater access to data fosters and improves competition.
  • Open geo-spatial information is fundamental to planning and decision-making in most situations, including disaster and risk management.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Open Data

Related Trends

  • Digital Ecosystems
  • Distributed Ledger
  • Interpretable Machine Learning
  • Cognitive Cyber Security
Connected Worlds
Connected Worlds
Smart Textiles

Smart Textiles

Connected Worlds

Smart textiles can do many things that traditional fabrics cannot, such as communicate with their environment.

Opportunities

  • Just like other wearables, smart textiles provide the opportunity to collect data on the insurance holders well-being, which can help to personalise insurance products.
  • Smart clothes open up new service potential based on vital checks (heart rate, etc.) and can be used for medical and healthcare monitoring and diagnostics.
  • Gesture recognition through smart textiles enables consumers to operate smart devices such as smartphones, laptops, IoT devices, etc.
  • Smart textiles can be used in nursing homes to detect when a patient's health condition or hygienic situation deteriorates.
  • Data collection and statistics on professional athletes in sports can be improved.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Smart Textiles

Related Trends

  • Digital Ecosystems
  • Swarm Intelligence
  • Digital Health Services
  • Smart Home
Connected Worlds
Connected Worlds
Human Enhancement

Human Enhancement

Connected Worlds

Soon, people may have the possibility to alter themselves in ways that, up to now, mostly existed in science fiction.

Opportunities

  • One of the most important developments involves a gene-splicing technique called “clustered regularly interspaced short palindromic repeats†(CRISPR). This method improves scientists’ ability to edit the human genome in both embryos and adults.
  • An exoskeleton – looking pretty similar to the Iron Man suit – may soon make soldiers much stronger and largely impervious to bullets.
  • Enhanced humans may pose lower risks and therefore obtain cheaper insurance coverages. Human enhancements could even be used to cure severe sicknesses or chronic health conditions.
  • Improved reactions and reflexes may lead to lower frequency and severity of accidents and, in turn, insurance claims.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Human Enhancement

Related Trends

  • Digital Ecosystems
  • Artificial General Intelligence
  • Digital Health Services
  • Smart Textiles
Connected Worlds
Connected Worlds
Smart Dust

Smart Dust

Connected Worlds

Smart dust are tiny chips, as small as a few millimetres or less, that contain communication, computation, and sensing technologies.

Opportunities

  • Smart dust technology may be applicable for automated damage assessment of insured objects. After a car crash, for example, smart dust-enhanced paint could potentially measure dents and scratches on the bodywork,and report the results to a smart contract for an automatic payout to the policyholder.
  • Smart dust will create new ways for businesses to deliver services. This will have wide-ranging implications for businesses' technological, social, economic and legal practices across the globe.
  • This could present a comprehensive solution to collect real-time data for people, industries, cities and the natural environment.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Smart Dust

Related Trends

  • Digital Ecosystems
  • Industrial IoT
  • Smart Textiles
  • Smart Home
Connected Worlds
Artificial Intelligence
Augmented Decision-Making

Augmented Decision-Making

Artificial Intelligence

Driving insight-driven decision making, augmented analytics combine key the technologies of analytics and AI.

Opportunities

  • Save time and labour costs when it comes to analysing enterprise data and putting it into intelligible formats to aid in decision-making on the executive level.
  • Democratise analytics jobs like root-cause-analyses, which were formerly limited to the competencies of data scientists but now open to a broader base of staff members.
  • More comprehensive data sources provide more relevant insights.
  • Organisational culture shift is required – leaving behind habits of hiding data and “beautifying†reports towards transparent data management and openness for learning and improving based on past data.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Augmented Decision-Making

Related Trends

  • NLP and Speech Recognition
  • Virtual Worlds
  • Interpretable Machine Learning
  • Computer Vision
Artificial Intelligence
Artificial Intelligence
Machine-Driven Decision

Machine-Driven Decision

Artificial Intelligence

Machine-driven decisions are business decisions that are derived and backed by verifiable, quantitative data analysis.

Opportunities

  • Data on an individual's driving behaviour has been shown to be the most accurate predictor of claims costs; machine-driven decisions therefore allow motor insurance providers to flexibly adjust their premiums if risky driving behaviour is observed.
  • High-quality statistical predictions through machine-driven decisions could free employees from repetitive tasks.
  • In contrast to individuals, machine-driven decisions stick to clearly defined decision criteria and are not influenced by personal moods that might negatively affect decision-making.
  • In combination with smart contracts, machine-driven decisions can automate claims payments in insurance. The machine may measure temperature and decide to execute a smart insurance contract based on a given set of trigger conditions.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Machine-Driven Decision

Related Trends

  • Robotic Process Automation
  • Smart Bots
  • Distributed Ledger
  • Intrepretable Machine Learning
Artificial Intelligence
Artificial Intelligence
Smart Bots

Smart Bots

Artificial Intelligence

Smart Bots are programs that are capable of conversation-like interactions with the user. They act autonomously and learn continuously from the received data.

Opportunities

  • In contrast to classic websites and apps, Smart Bots allow companies to offer each customer/consumer a personalized 24/7 experience through text-based interactions without having to run expensive call centres.
  • Smart Bots may improve the online shopping experience for the consumer, for example by showing pictures in real-time and giving related advice.
  • In insurance, chatbots or personal digital assistants, such as Alexa and Siri, could greatly improve the customer experience in on-boarding, underwriting and claims handling. They are available around the clock and interact with the consumer in a familiar CUI.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Smart Bots

Related Trends

  • Industrial IoT
  • NLP/ Speech Recognition
  • 5G
  • Conversational User Interfaces
Artificial Intelligence
Artificial Intelligence
Knowledge Graphs

Knowledge Graphs

Artificial Intelligence

Knowledge graphs are used in AI to contextualize data by creating relationships between data.

Opportunities

  • Graph-based solution enrich data with missing data. Their capabilities can identify entities, e.g. people, by analysing unstructured data from Various sources.
  • By building up rich knowledge networks from unstructured data graph-based technology can compensate the lack of human reasoning in AI solutions.
  • With their contextualizing capabilities knowledge graphs unfold their potential in fostering collaboration of formerly distinct data, e.g. from individuals.
  • Knowledge graphs do not necessarily come as stand-alone AI market solutions. They offer their full potential as concepts implemented in broader AI and cloud platforms and services.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Knowledge Graphs

Related Trends

  • Industrial IoT
  • NLP/ Speech Recognition
  • Cloud Enablement
  • Truth Identification Fact Checking
Artificial Intelligence
Artificial Intelligence
Interpretable Machine-Learning

Interpretable Machine-Learning

Artificial Intelligence

Interpretable ML is the science of getting computers to act without being explicitly programmed.

Opportunities

  • Interpretable machine-learning is very powerful if enough data is used as input. In combination with new and large amounts of data, such as is generated by Internet of Things (IoT) devices, insurers can significantly improve their efficiency.
  • Insurers could collect usage-based data such as driving behaviour in motor insurance and draw on ML to improve their risk analysis and pricing models.
  • Advanced machine-learning may allow automated underwriting of risks, saving time and costs in the process. One example is determining quotes for life insurance coverage based on smartphone selfies.
  • Interpretable machine-learning could also be applied in claims handling, substantially freeing up the capacity of human claims adjusters.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Interpretable Machine-Learning

Related Trends

  • Robotic Process Automation
  • Smart Bots
  • Industrial IoT
  • Machine Driven Decision
Artificial Intelligence
Artificial Intelligence
Auto ML

Auto ML

Artificial Intelligence

AutoML tries to emulate the functions of the inner layers of the human brain.

Opportunities

  • Thousands of vendors are exploring the applicability of auto machine-learning to a range of fields, such as computer vision, conversational systems and bioinformatics.
  • Heavyweights like Google, Apple, Microsoft and Facebook are constantly increasing their deep learning skills. For example, deep learning is behind Apple's Siri, Google's Google Now, Microsoft's Cortana and Amazon's Alexa.
  • Data and analytics leaders of modernization initiatives should revisit previously intractable “cognitive†problems relating to text, images, video and speech analytics, as well as problems that involve complex data.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Auto ML

Related Trends

  • Interpretable Machine Learning
  • Computer Vision
  • Digital Ecosystems
  • Cognitive Cyber Security
Artificial Intelligence
Artificial Intelligence
Generative Adversarial Networks

Generative Adversarial Networks

Artificial Intelligence

A GAN is a network architecture based on two algorithms challenging each other in order to reproduce patterns of data, like images or motions.

Opportunities

  • In test management, GANs can generate test data if not available.
  • GANs can be used to explain neutral networks and find weaknesses AI algorithms.
  • In cybersecurity GANs can help to find platforms in order to destect threats in the data system.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Generative Adversarial Networks

Related Trends

  • Auto ML
  • Virtual Worlds
  • Quantum Computing
  • Truth Identification Fact Checking
Artificial Intelligence
Artificial Intelligence
Hardware-Embedded AI

Hardware-Embedded AI

Artificial Intelligence

The integration of AI into hardware creates smart automation solutions with benefits like energy savings and cost efficiency, as well as the elimination of human error.

Opportunities

  • Based on the ability to recognize and interpret patterns, machines with hardware-embedded AI could perform more complex tasks than simple smart devices in the area of IoT.
  • In an autonomous car, for example, hardware-embedded AI could evaluate traffic flows to recognize patterns that will allow it to optimize the route to the destination in real-time.
  • An advanced insurance product could rely on AI embedded in wearables or smart textiles that permanently evaluates data from the customer's environment and automatically adjusts coverage based on certain patterns.
  • A hardware-embedded AI in autonomous drones or robots could be highly useful for the automation of underwriting and claims handling.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Hardware-Embedded AI

Related Trends

  • Autonomous Robotics and Drones
  • Brain Computer Interface
  • Autonomous Vehicles
  • Cognitive Cyber Security
Artificial Intelligence
Artificial Intelligence
Artificial General Intelligence

Artificial General Intelligence

Artificial Intelligence

AGI – also called “strong AI†– does not yet exist, since today's AI technology cannot be proven to possess the equivalent of human intelligence.

Opportunities

  • In contrast to other technologies, AGI does not require any technical know-how or highly-trained employees with particular IT skills.
  • In theory, it could fully replace human employees throughout the organization.
  • By combining advanced computing capabilities with human-like self-reliant cognitive skills, AGI could help companies solve the most complex and demanding tasks.
  • Take cyber risks: AGI might be the appropriate technology to autonomously prevent attacks, detect and fix security leakages in software, and evaluate and apply potential countermeasures, etc.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Artificial General Intelligence

Related Trends

  • Industrial IoT
  • Brain Computer Interface
  • Autonomous Robotics and Drones
  • Hardware Embedded AI
Artificial Intelligence
Disruptive Technologies
Distributed Ledger

Distributed Ledger

Disruptive Technologies

Distributed ledger technology eliminates the need for a trusted central authority. It is further decentralized, and safe and thus, a transparent data network.

Opportunities

  • Distributed ledgers do not have a single point of failure and are therefore robust in terms of hacking attacks and can be conducted at low cost.
  • Blockchain technology significantly increases the transparency of transactions for all parties involved. No further alterations or deletions are possible.
  • Modern Blockchains such as Ethereum are capable of running smart contracts that allow for the automatic execution of transactions if certain requirements are fulfilled.
  • It enables the complete tracking of objects or individuals over their life cycle.
  • An idea is to create a distributed ledger that stores the health history of individuals, which could then grant access to health insurers to facilitate the underwriting process.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Distributed Ledger

Related Trends

  • Auto ML
  • Digital Ecosystems
  • Cognitive Cyber Security
  • Quantum Computing
Disruptive Technologies
Disruptive Technologies
Cloud Enablement

Cloud Enablement

Disruptive Technologies

The future of enterprise IT is cloud computing, which is in fact an elementary enabler for digital transformation.

Opportunities

  • Better integration of business units through sharing data, driving integrated decisions, and moving more quickly to solve customer problems.
  • Use the implementation of cloud technology as an opportunity to update and enhance IT security standards and systems.
  • Capture cost efficiencies in dynamic cloud pricing by increasing or decreasing computing capacity as needed, which can facilitate granular spending control.
  • Tech capabilities and solutions attract new talents and provide access to ecosystems with new skill sets – DevOps, agile, UX, etc.
  • This means a move from company data centers to gain the ability to replicate data and app services across more than a single data center or region.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Cloud Enablement

Related Trends

  • Cloud Edge
  • Digital Ecosystems
  • Quantum Computing
Disruptive Technologies
Disruptive Technologies
3D Printing

3D Printing

Disruptive Technologies

3D printing is the process of making solid objects from a digital model. But new technologies, such as 4D printing, are also emerging.

Opportunities

  • Modelling new products based on this process will become a new future market for the industry as well as a boost for medical progress.
  • 3D printing allows on-demand production of products close to the point of consumption. Thus, shipping, inventory, and logistics costs are significantly lower.
  • After a design has been completed, 3D printing allows fast visualization through prototypes.
  • In medicine, 3D printing can be used to produce “customized†parts or organs of the human body – assuming that adequate materials are available in the future.
  • In manufacturing, this technology allows for greater customization of products with personal designs, etc.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

3D Printing

Related Trends

  • Cloud Edge
  • Digital Ecosystems
  • 5G
  • Quantum Computing
Disruptive Technologies
Disruptive Technologies
Cloud Edge

Cloud Edge

Disruptive Technologies

Edge computing processes data as close to its source as possible – at the edge of the network structure.

Opportunities

  • Edge computing can be deployed in a variety of circumstances. Specifically for IoT networks that generate and move massive amounts of data, Edge Computing is considered to be a real game changer.
  • Large amounts of data for insurance underwriting and claims handling, e.g. from drones/robots, do not need to be completely transferred to the insurance company.
  • It could improve the underwriting of risks based on big data in areas with slow network speeds.
  • Edge computing reduces latency as data does not have to traverse a network. This is ideal for situations where latencies of milliseconds can be untenable.
  • Local processing enables a better response to local security requirements.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Cloud Edge

Related Trends

  • Industrial IoT
  • Digital Ecosystems
  • Autonomous Vehicles
  • Distributed Ledger
Disruptive Technologies
Disruptive Technologies
Swarm Intelligence

Swarm Intelligence

Disruptive Technologies

Swarm intelligence is the collective behaviour of self-organized systems, whether natural or artificial.

Opportunities

  • High flexibility due to quick adaptation to internal and external changes, i.e. predetermined and new, unknown stimuli.
  • Due to internal redundancy like multitudes, failing individual parts can be offset by the swarm so they do not affect performance. Moreover, individual parts can be removed without affecting the structure of the swarm.
  • Swarm intelligence allows for scalability, since the swarm's architecture can easily be extended to include additional swarm members.
  • It may enable better investment and underwriting decisions.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Swarm Intelligence

Related Trends

  • Industrial IoT
  • Digital Ecosystems
  • Autonomous Vehicles
  • Artificial General Intelligence
Disruptive Technologies
Disruptive Technologies
5G

5G

Disruptive Technologies

5G technology is 40 times faster than the current standard of LTE (4G).

Opportunities

  • 5G is more than a new generation of technologies; it denotes a new era in which connectivity will become increasingly fluid and flexible and is a powerful enabler for all related digital services.
  • Faster data transfer speed: 10-100x higher speeds. Improvements in bandwidth have characterized every new generation of wireless networks. The goal of 5G is to support 1–10Gbps connections to endpoints in the field.
  • 5G will be commercial network infrastructure with early 5G-standard compliance being possibly achieved by 2019.
  • Gartner expects that by 2020, 3 percent of network-based mobile communications service providers will launch the 5G network commercially.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

5G

Related Trends

  • Industrial IoT
  • Digital Ecosystems
  • Autonomous Vehicles
  • Smart Dust
Disruptive Technologies
Disruptive Technologies
Volumetric Display

Volumetric Display

Disruptive Technologies

Volumetric displays create visual 3D representations of objects, with a 360-degree spherical viewing angle in which the image changes as the viewer moves.

Opportunities

  • Volumetric displays in combination with x-rays can significantly reduce the length of security checks at airports, national borders, high security areas, etc.
  • In the field of flight security, 3D volumetric displays provide a detailed and comprehensive view of an aircraft’s position.
  • In insurance, volumetric displays can help underwriters assess insurable objects, and help claims handlers to inspect damage without being physically present.
  • Also, the consequences of damages or losses could be illustrated with volumetric displays to insurance customers to improve their understanding of risks.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Volumetric Display

Related Trends

  • Industrial IoT
  • Digital Ecosystems
  • Smart Textiles
  • Computer Vision
Disruptive Technologies
Disruptive Technologies
Programmable Materials

Programmable Materials

Disruptive Technologies

Programmable materials are designed to become dynamic in form and function on-demand – which allows for unprecedented possibilities.

Opportunities

  • It may be useful for risk prevention. For example, roofs or certain building components could be programmed to change their structure to avoid exposure to high wind speeds in catastrophe risk scenarios.
  • It could be used for theft prevention by transforming objects into useless shapes if they detect an unauthorized user.
  • Researchers are working on paper-like robots that can fold themselves origami-style. Similar robots could be useful in larger forms, which could lead to a tool capable of turning into anything you might find in a tool kit.
  • Programmable materials are going to be a big plus in environments where packing efficiency is important, such as outer space or combat zones.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Programmable Materials

Related Trends

  • Industrial IoT
  • Digital Ecosystems
  • Smart Textiles
  • Artificial General Intelligence
Disruptive Technologies
Disruptive Technologies
Neuromorphic Hardware

Neuromorphic Hardware

Disruptive Technologies

Neuromorphic chips are modelled after the neural brain network of humans.

Opportunities

  • Neuromorphic computers could dramatically improve data mining and pattern recognition systems to monitor certain biosphere processes.
  • Neuromorphic computers could impact financial markets, financial forecasting, or the monitoring of agriculture, or alternatively, they could render certain jobs performed by humans redundant.
  • There are likely to be major leaps forward in hardware in the next decade, if not from neuromorphic hardware, then from other radically new hardware designs.
  • Successful application of neuromorphic hardware could result in machines being able to tag, contextualize and react to language, content and people's behaviour, and improve on some things we used to think only people could do (drive automobiles, for example).

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Neuromorphic Hardware

Related Trends

  • Industrial IoT
  • Brain Computer Interface
  • Smart Textiles
  • Artificial General Intelligence
Disruptive Technologies
Disruptive Technologies
Brain-Computer Interface

Brain-Computer Interface

Disruptive Technologies

A brain-computer interface interprets the user's brain patterns to control external software and hardware.

Opportunities

  • Brain-computer interfaces to robots have the advantage that users will not be limited to communication, but also be able to control the devices by imagining actions.
  • In claims handling, it could become possible to reconstruct accidents and loss events from the recollection of the policyholder and fraud detection may be improved by verifying the statements of the policyholders through brain-computer faces.
  • Soon, it could be possible to write an e-mail just by thinking. Facebook is about to develop a skullcap to mentally type thoughts and feelings for common use.
  • Medical device makers will be able to apply brain-computer interface hardware to a wide range of projects. One project is bypassing damaged nerves to reconnect brain and body. Or in an even more futuristic scenario, someone will put his exoskeleton on and go for a walk.

Insurance Value Chain

  • Product Design & Pricing

  • Sales & Distribution

  • Underwriting

  • Risk Management

  • Customer Engagement & Services

  • Claims

History of the Trend's Relevance

Brain-Computer Interface

Related Trends

  • Industrial IoT
  • Neuromorphic Hardware
  • Smart Textiles
  • Artificial General Intelligence
Disruptive Technologies

User-Centricity

Risk Suite: Location Risk Assessment
Infrastructure Risk Profiler
Risk Suite: Compliance
Risk Suite: Claims
NatCatSERVICE
Realytix

Connected World

IMPROVEX
Cyber Solutions
IoT Solutions

Artificial Intelligence

Epidemic Risk Solutions
MIRA Digital Suite
FIVE

Disruptive Technologies

One Cat Parametric Solutions
Remote Claims Adjusting

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