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The knowledge of data enables exploring how value is created from data. Organizations’ strategic planning becomes easier if the value of data is understood and adopted. Unless managers know how to use data, its exploitable value remains limited. Previous studies assessed either data dimensions such as volume, variety, velocity, veracity and granularity, or data management processes. However, many of these topics have been treated with a technical approach and only a few focused on the data value in management, strategy, and planning. The ubiquitous of data has allowed insurance incumbents and startups to exploit technologies, from which InsurTech, leveraging a unique data-driven proposition and often gaining a competitive advantage. The paper aims to explore the economics of data, enabling to strategically plan data management practices. It contributes to the management and strategy literature with an evidence-based systematic literature review that embraces the value generated by knowing data sources, data types, extended data dimensions, analyzes enabling technologies, and extends data management practices for reaching organizations’ objectives in the InsurTech empirical context. In addition to further avenues of research, it provides managers with a theoretical data-valorization framework for data strategic planning, and institutions an overview for guiding the digital transformation. The novelty of this paper is the comprehensive focus on the economics of data at the intersection between traditional and emerging business models.

The undertaken study aims to examine the reasons for the delay in implementing financial technologies in both the conventional and participatory insurance sectors in Morocco while providing recommendations to overcome these obstacles. To achieve these objectives, a qualitative research approach was adopted, involving industry professionals to obtain detailed responses using semi-structured interview methods. This method facilitated a comprehensive analysis of our research problem. The obtained results revealed the existence of several difficulties and barriers hindering the implementation of financial technologies in the insurance sector in Morocco. These obstacles include resistance to change within companies, regulatory constraints, concerns about data security, and the need to train employees in new technologies. All these factors have contributed to the delayed adoption of financial technologies in the Moroccan insurance sector. However, the study does not merely highlight the obstacles; it also proposes recommendations to overcome them. Among these recommendations are raising awareness and providing training to stakeholders about the benefits of financial technologies, establishing a regulatory framework conducive to innovation, strengthening cybersecurity measures, and fostering collaboration among sector actors to promote the adoption of financial technologies. This study holds particular significance in the current context characterized by multiple crises and a focus on digital transformation. Indeed, it represents the first attempt to explore and analyze the specific challenges of implementing financial technologies in the insurance sector in Morocco while offering tailored solutions for industry professionals. By shedding light on these challenges and providing practical recommendations, this study contributes to stimulating the development of the Moroccan insurance sector in the era of digital transformation. Keywords: Financial technology, insurance, takaful, Insurtech JEL Classification: G22 Paper type: Empirical research, L'étude entreprise vise à examiner les raisons du retard de l'implémentation des technologies financières dans le secteur assurantiel conventionnel et participatif au Maroc, tout en proposant des recommandations pour surmonter ces obstacles. Afin d'atteindre ces objectifs, une approche de recherche qualitative a été adoptée, faisant appel aux professionnels de l'industrie pour obtenir des réponses détaillées à l'aide de la méthode des entretiens semi-directifs. Cette méthode a permis de fournir une analyse approfondie de notre problématique. Les résultats obtenus ont révélé l'existence de plusieurs difficultés et barrières entravant l'implémentation des technologies financières dans le secteur assurantiel au Maroc. Parmi ces obstacles, on peut citer la résistance au changement au sein des entreprises, les contraintes réglementaires, les préoccupations en matière de sécurité des données et la nécessité de former les employés aux nouvelles technologies. Ces facteurs ont tous contribué à retarder l'adoption des technologies financières dans le secteur assurantiel marocain. Toutefois, l'étude ne se contente pas de mettre en évidence les obstacles, elle propose également des recommandations pour les surmonter. Parmi ces recommandations, on peut citer la sensibilisation et la formation des parties prenantes aux avantages des technologies financières, la mise en place d'un cadre réglementaire favorable à l'innovation, le renforcement de la cybersécurité et la collaboration entre les acteurs du secteur pour favoriser l'adoption des technologies financières. Cette étude revêt une importance particulière dans le contexte actuel marqué par une accumulation de crises et une orientation vers la transformation numérique. En effet, elle représente la première tentative de découvrir et d'analyser les difficultés spécifiques à l'implémentation des technologies financières dans le secteur assurantiel au Maroc, tout en proposant des solutions adaptées aux professionnels du secteur. En mettant en lumière ces défis et en offrant des recommandations pratiques, cette étude contribue à stimuler le développement du secteur assurantiel marocain dans l'ère de la transformation digitale. Mots clés : Technologie financière, assurance, Takaful, Assurtech Classification JEL : G22 Type de l’article: Recherche empirique

This dissertation focuses on the analysis of the impact of technological developments derived from the digital revolution of the past decades on the insurance sector,specifically regarding the application of Big Data in risk assessment on the insurance contract and its disruptive nature when compared to traditional models. The possible negative impact of processing bulk data within the insurance sector will posteriorly be analysed, focusing on the implications that may arise in the privacy and data protection circle under GDPR, and thus examining the role of regulatory authorities in the process. A presente dissertação centra-se na análise do impacto, no setor segurador, do desenvolvimento tecnológico característico da revolução digital das últimas décadas, em especial no que respeita à aplicação de Big Data na aferição de risco no contrato de seguro e à disrupção que esta representa face aos modelos tradicionais. Procuraremos, numa segunda fase, analisar o possível efeito negativo do tratamento de dados em massa, no âmbito do setor segurador, nomeadamente as implicações que podem surgir no círculo da privacidade e proteção de dados, ao abrigo do RGPD, trazendo à discussão o papel das entidades reguladoras no processo.

The article outlines the use of digital and technological innovations in insurance, updates the use of autonomous systems and drones. The prospects for the use of drones and autonomous systems in insurance during the war and the post-war restoration of the full functioning of the economy of Ukraine have been determined. The use of autonomous systems and drones in various types of insurance has been studied. It was determined at what stages of the insurance product realization technology autonomous systems and drones can be applied, the risks and effectiveness of their application by insurers for the assessment of insurance value and insurance losses are revealed., У статті окреслено використання цифрових та технологічних новацій у страхуванні, актуалізовано використання автономних систем та дронів. Визначено перспективи використання у страхуванні дронів і автономних систем у період війни та післявоєнного відновлення повноцінного функціонування економіки України. Досліджено застосування автономних систем і дронів у різних видах страхування. Визначено, на яких етапах технології реалізації страхового продукту автономні системи і дрони можуть бути застосовані, розкрито ризики та ефективність застосування їх страховиками для оцінки страхової вартості та страхових збитків.

The article investigates, from the European perspective, to what extent the enhanced availability of granular data to insurance companies and the growing sophistication of insurers’ processing capabilities through big data analytics (BDA) are fostering the increasing personalization of insurance products and services for consumers. To this purpose, the article first explores the very notion of ‘automated personalization’ in insurance, and then delves into the institutional, epistemic, economic and legal factors that, in Europe, work as a constraint, at least in the short-term, to paradigmatic shifts in insurance consumers contracts. The analysis will hopefully demonstrate that automated personalization in consumer insurance contracts, in Europe, is for the time being more a myth than a reality. What does exist, by contrast, is a no less problematic trend towards mass customization and robotization of consumer insurance contracts, which fully deserves lawyers’ attention.

Godinama se industrija osiguranja smatrala veoma konzervativnom na financijskom tržištu, te su inovacijske tehnologije došle vrlo kasno u ovaj sektor poslovanja. Pojavom umjetne inteligencije, Internet of things - a, blockchaina i mobilnih aplikacija te značajnim promjenama u samoj obradi i analizi podataka, u osigurateljnoj industriji su veoma pojednostavljeni sami procesi prodajne što je dovelo do stvaranja potpuno personaliziranih polica osiguranja, povećanja učinkovitosti te smanjenje operativnih troškova. Tehnološke inovacije ključni su pokretači novoga digitalnog poslovanja u osiguranju, stoga se očekuje da će nove tehnologije dovesti do potpuno novih modela poslovanja kao što je na primjer osiguravajuće društvo Lemonade koje je uvelo revoluciju na tržištu osiguranja. Istraživanja su pokazala da se društva koja se bave osiguranjem suočavaju sa velikim problemima zadržavanja tržišnog udjela i prodaje proizvoda. Pandemija COVID-19 je mnoge natjerala da dodatno preispitaju svoje poglede na život, gospodarstvo i zaštitu svoje financijske dobrobiti. Negativni učinci krize ističu potrebu za zaštitnim sredstvima kao što je osiguranje. Kroz razvoj postojećih i uvođenjem inovativnih značajki osiguravajuća društva moći će se kontinuirano rasti i razvijati. To će im pak omogućiti da prošire svoju liniju proizvoda osiguranja i minimiziraju različite rizike, uključujući socijalne i financijske rizike stanovništva. Tehnološke inovacije omogućuju organiziranje prodaje usluga osiguranja a koja onda može biti distribuirana putem raznih kanala prodaje kako bi se budućim i postojećim korisnicima osiguranja omogućila dostupnost proizvoda u svako vrijeme. Ovim radom pojasniti će se i analizirati tehnološke inovacije na području industrije osiguranja te pokazati na primjeru Lemonade – a kako bi moglo izgledati poslovanje društava za osiguranje u bližoj budućnosti. For years, the insurance industry has been considered very conservative in the financial market, and innovative technologies came very late in this business sector. With the progress of artificial intelligence, Internet of things, blockchain, mobile applications and changes in data analysis and processing, sales processes have been simplified, thus enabling the creation of personal insurance policies, increasing efficiency and reducing operating costs. Technological innovation is a key driver of the new digital insurance business, so new technologies are expected to lead to completely new business models such as the example of the insurance company Lemonade, which revolutionized the insurance market. Research has shown that insurance companies face major problems in maintaining market share and selling products. The COVID-19 pandemic has forced many to rethink their outlook on the economy and the protection of their financial well-being. The negative effects of the crisis highlight the need for safeguards such as insurance. Through the development of existing and the introduction of innovative features, insurance companies will be able to continuously grow and develop. This will allow them to expand their line of insurance products and minimize various risks, including social and financial risk to the population. Technological innovations make it possible to organize the sale of insurance services that can be distributed through various sales channels in order to enable future and existing insurance customers to have products available at any time. The purpose of this paper is to explain and analyze technological innovations and perspective in the insurance industry and to show the example of Lemonade - and what the business of insurance companies will look like in the near future.

On June 23, 2022, the École Supérieure de l'Assurance (ESA) organized a roundtable on the prospects and challenges of insurtech in France. To address this vast subject, ESA brought together emblematic players from the French insurtech ecosystem. The various speakers shared their experiences and explained how their flexibility and agility have enabled them to develop and distribute new insurance solutions. This article is based on a summary of the roundtable discussions and explores the value added by insurtechs and discusses their future place in the insurance ecosystem., Les Bonnes feuilles de l'assurance de l'École Supérieure de l'Assurance (ESA) ont organisé le 23 juin 2022 une table ronde consacrée aux perspectives et défis de l'assurtech en France. Pour traiter de ce vaste sujet, l'ESA a rassemblé des acteurs emblématiques de l'écosystème assurtech français. Les différents intervenants ont fait part de leurs retours d'expériences et ont expliqué comment leur flexibilité et leur agilité leur ont permis de développer et de distribuer de nouvelles solutions assurantielles. Cet article se propose à partir de la synthèse des échanges de cette table ronde d'explorer la valeur ajoutée par les assurtechs et de discuter de leur place future au sein de l'écosystème assurantiel.

The second edition of our IFZ InsurTech Report describes the European InsurTech landscape based on an extensive, proprietary database of InsurTech companies. As of August 2022, 598 active InsurTechs were identified and analysed, accounting for a 20 percent net increase in companies compared to last year's report., + ID der Publikation: hslu_94181 + Art des Beitrages: Buch (Monographie) + Sprache: Englisch + Letzte Aktualisierung: 2022-11-24 14:21:45

The global financial market is undergoing transformational changes under the growing influence of innovative factors. Such changes are due, in particular, to the concentration and scaling up and diversification of the structure of financial services, the renewal of the financial sector on the basis of FinTech operations and blockchain technologies. This requires taking into account the impact of innovation factors on the transformation of the financial market in the dimension of FinTech. The study aims to identify the imperatives of global financial innovation and show ways to develop innovative models in the interpretation of S-curves for next-generation products using new technologies when key technologies on the previous S-curve become obsolete. Also, the matrix of financial innovations is presented and the synergy of its innovation models is proved.The results of the study are to prove that each of the presented models is not independent, it evolves and develops itself, as well as affects other models. This made it possible to identify prognostic pathways for the development of innovative models in their synergy in the form of two-ring motion. Thus, the study emphasizes the need for further research aimed at developing innovative models that will determine strategic decisions in the formation of innovation imperatives.

In recent years, Insurtech innovations, driven by technologies such as artificial intelligence and blockchain, emerged in the insurance industry, with the promise of improving efficiency. However, while the positive impact of technology on insurance companies’ efficiency is expected, literature assessing it empirically is scarce, when it comes to recent technological change. Focusing on the US public P&C insurance sector in the period 2012–2018 and relying on both nonparametric (two stage DEA) and parametric (SFA) approaches, it emerges that on average insurance companies were not able to leverage on technological innovations to improve their efficiency. On average a relative level of efficiency among companies, according to a two stage DEA model, was quite stable in time, while the SFA approach shows that the distance between efficient and less efficient firms slightly increased. Moreover, we found one very efficient firm, almost a leader of the market in terms of efficiency, and a homogeneous group of followers, indicating that there is vast scope for improvement for less efficient companies. Nevertheless, even the most efficient company impaired its efficiency over time, suggesting that neither the leader nor on average the followers properly leveraged technology to improve their efficiency. In a competitive scenario, with new players’ entrance and fierce competition, inertia may seriously affect their positioning. Academicians, managers and policymakers should carefully consider the effects that a non-improvement of efficiency following technological change may have on market structure, competition and regulations, potentially opening to further discussion on how technological innovations adoption should be facilitated.

After describing the main features of the Spanish companies belonging to the FinTech, InsurTech, and PropTech sectors, the main objective of this study is to analyze whether their B2B/B2C business models are related to the existence of sustainability plans. Specifically, this paper analyzes whether the existence of a sustainability department is a determining factor for the business model adopted by the Spanish FinTechs, InsurTechs, and PropTechs. By using the multinomial logit regression, other factors such as the current closeness of companies to the sustainable development goals (SDGs), the sensitivity to domestic and European FinTech/InsurTech regulations, and the perception of FinTechs about such European regulations are debated before conclusions are drawn for a future research agenda.

Η πανδημία του COVID-19 έχει επηρεάσει διάφορους τομείς της οικονομίας, συμπεριλαμβανομένων των ασφαλιστικών, και έχει γίνει πρόβλημα και σαφής καταλύτης για την καινοτομία. Η πανδημία έχει επισημάνει ορισμένη αναποτελεσματικότητα του παραδοσιακού μοντέλου αλληλεπίδρασης μεταξύ των ασφαλιστών και των πελατών τους και εστίασε στις προσπάθειες των ασφαλιστικών εταιρειών για καινοτομίες και επενδύσεις στο ψηφιακό μέλλον. Αυτή η εργασία έχει σκοπό να γενικεύσει τους μετασχηματισμούς του θεσμικού περιβάλλοντος στο οικοσύστημα InsurTech στο πλαίσιο της πανδημίας COVID-19 και να εντοπίσει τις προοπτικές για την ανάπτυξή της στην μεταπανδημική περίοδο. Η ανάλυση της λειτουργίας του InsurTech ως οικοσυστήματος κατέστησε αναγκαία την αναγνώριση προκλήσεων για την ασφαλιστική αγορά στο πλαίσιο του COVID-19. Ο μετασχηματισμός της ασφαλιστικής αγοράς υπό την επιρροή της ψηφιοποίησης των επιχειρηματικών διαδικασιών υπό τη σημασία της InsurTech διαμορφώνει το ανταγωνιστικό πλεονέκτημα. Για πολλές εταιρείες, η κρίση ενίσχυσε τις καινοτόμες αναπτυξιακές τους στρατηγικές και επιτάχυνε την εφαρμογή εργαλείων χρηματοοικονομικής τεχνολογίας στην επιχείρηση στο πλαίσιο του εκσυγχρονισμού της τεχνολογικής υποδομής. Chatbots, τηλεματική, Διαδίκτυο των πραγμάτων, μηχανική μάθηση, τεχνητή νοημοσύνη, χρησιμοποιούνται ευρέως ως προγνωστικές αναλύσεις κ.λπ. Στο μέλλον, η InsurTech θα παίζει επίσης ένα σημαντικό ρόλο στην εισαγωγή ψηφιακών καινοτομιών στην ασφαλιστική αγορά. Στόχος είναι να διερευνηθεί πόσο διαδεδομένη είναι η χρήση των ψηφιακών τεχνολογιών στις ασφαλιστικές πωλήσεις και ποιες αξίες αυτών των ψηφιακών τεχνολογιών γίνονται αντιληπτές από τους ασφαλιστικούς διαμεσολαβητές. Τα αποτελέσματα δείχνουν ότι ακόμη και στο χρονικό σημείο της πανδημίας, σε ένα υψηλό ποσοστό πωλήσεων, ο ψηφιακός μετασχηματισμός δεν έχει προχωρήσει ακόμη πολύ. Περαιτέρω αναλύσεις δείχνουν ότι οι αποκλειστικοί πράκτορες και οι νεότεροι άνθρωποι είναι πιο μπροστά στον ψηφιακό μετασχηματισμό παρόλο που ο COVID-19 ωθεί την ψηφιακή ζωή σε όλες τις ηλικίες και κοινωνικές τάξεις. Με βάση τα αποτελέσματά μας, αντλούνται κάποιες αρχικές συστάσεις για τη δράση του ασφαλιστή., The COVID-19 pandemic has affected various sectors of the economy, including insurance, and has become a problem and a clear catalyst for innovation. The pandemic has highlighted certain inefficiencies in the traditional model of interaction between insurers and their customers and has focused insurers' efforts to innovate and invest in the digital future. This paper aims to generalize the transformations of the institutional environment in the InsurTech ecosystem in the context of the COVID-19 pandemic and identify the prospects for its development in the post-pandemic period. Analyzing the functioning of InsurTech as an ecosystem necessitated the identification of challenges for the insurance market in the context of COVID-19. The transformation of the insurance market under the influence of the digitization of business processes under the importance of InsurTech shapes the competitive advantage. For many companies, the crisis strengthened their innovative development strategies and accelerated the implementation of financial technology tools in the enterprise as part of the modernization of the technological infrastructure. Chatbots, telematics, Internet of things, machine learning, artificial intelligence, are widely used as predictive analytics, etc. In the future, InsurTech will also play an important role in bringing digital innovations to the insurance market. The aim is to investigate how widespread the use of digital technologies is in insurance sales and what values of these digital technologies are perceived by insurance intermediaries. The results show that even at the time of the pandemic, in a high percentage of sales, the digital transformation has not yet advanced far. Further analysis shows that sole agents and younger people are further ahead in digital transformation even as COVID-19 pushes digital life across all ages and walks of life. Based on our results, some initial recommendations are drawn for insurer action.

Insurtech is the latest buzz word that is shaking up the insurance world globally. In the simplest terms, insurtech can be defined as insurance coupled with technology. Though insurtech is still believed to be in nascent stages in India, the insurtech start-ups in India are changing the market dynamics to a great extent. The present study aims to analyse the financial soundness of insurtech companies in India and also to compare the financial soundness of these two companies. Two leading insurtech companies namely, Go digit and Acko are taken as sample of the study. The financial data pertaining to these two companies for a period of three years from 2017-18 to 2019-20 was used for the analysis. The financial indicators of CARAMELS model were used for analysing the financial soundness of these companies. Six parameters of the CARAMELS model namely C - Capital adequacy, A - Asset quality, RA - Reinsurance and Actuarial issues, M - Management soundness, E - Earnings and profitability and L – Liquidity were used for the purpose of analysis. Through the results of the study, it was found that the financial soundness of Go digit was better than Acko as in four out of six parameters i.e. capital adequacy, reinsurance and actuarial issues, management soundness and earnings & profitability, it has exhibited better performance. Further only in terms of Asset quality and liquidity Acko was performing better.

Mediante la metodología CPS se quiere encontrar nuevos modelos operativos para los seguros de vida, basados en los contratos inteligentes, habilitados en la tecnología Blockchain, que permita una interacción con los seguros sencilla, confiable, amigable y transparente para todas las partes involucradas, desde la emisión hasta la indemnización del seguro. Esta nueva operación representa un gran reto para las aseguradoras colombianas hoy en día, pues les espera un futuro en dónde se debe actualizar e incorporar las nuevas tecnologías emergente, así como cambiar sus estrategias, enfocando los procesos en el cliente que además de estar hiperconectado, busca una hiper personalización que satisgaga puntualmente sus necesidades, ni más ni menos. Además, el desafío incluye una integración entre diferentes actores como son los intermediarios, las entidades públicas, los entes de control, los proveedores de tecnología y la misma compañía con su cultura organizacional. Magíster en Gestión de la Innovación Tecnológica Maestría

Trabajo de Grado para Optar por el Titulo de Maestría en Gestión de la Innovación Tecnológica Análisis de la realidad del sector seguros en Colombia y el diseño de una nuevo modelo de negocios para el futuro Es una tormenta perfecta para una de las disrupciones más importantes del país y la región: uno de los sectores económicos más importantes de Colombia con ventas por más de nueve mil millones de dólares al año, compuesto por empresas tradicionales con baja adopción tecnológica y ofreciendo productos obsoletos, usuarios que no confían en el sector y lo consideran un mal necesario, un regulador poco flexible que se encarga de hacer muy difícil, si no imposible, la entrada de nuevos jugadores, miles de intermediarios de seguros de todos los tamaños esperando que nada cambie y un sin numero de tecnologías emergentes esperando a ser adoptadas. El objetivo de este proyecto para optar por el título de Maestría en Gestión de la Innovación Tecnológica es el diseño de un modelo de negocio a través del uso de metodologías de diseño de negocios, que plantee las bases y características de una compañía que quiera dominar el futuro sector asegurador en Colombia. Para llegar a este resultado, se comparan e implementan diversas metodologías y artefactos, con el fin de construir, evaluar y refinar el modelo objetivo. El resultado a pesar de ser ampliamente discutido con expertos con diversos roles dentro del mercado actual, ofrece una oportunidad de aplicación real a través de un experimento controlado que, en caso de éxito, establecería fundamentos críticos en la real revolución del sector. It is a perfect storm for one of the most important disruptions in the country and perhaps the region: one of the most important economic sectors in Colombia with sales of more than nine billion dollars a year, composed of traditional companies with low technological adoption and offering obsolete products, users who do not trust the sector and consider it a necessary evil, an inflexible regulator that makes very difficult, if not impossible, the entry of new players, thousands of insurance intermediaries of all sizes hoping for nothing to change and countless emerging technologies waiting to be adopted. The objective of this project is to design a business model using business design methodologies, which sets out the bases and characteristics of a company that aims to dominate the future insurance sector in Colombia. To reach this result, several methodologies and artifacts are compared and implemented, in order to build, evaluate and refine the target model. The result, despite being widely discussed with experts with diverse roles within the current market, offers an opportunity for real application through a controlled experiment that, in case of success, would establish critical foundations in the real revolution of the sector. Magíster en Gestión de la Innovación Tecnológica Maestría

Esta dissertação busca (i) entender a forma de atuação das insurtechs de seguro peer-to-peer sob a ótica da regulação setorial; (ii) discutir a viabilidade jurídica das empresas pertencentes ao modelo autogoverno, à luz do artigo 757 do Código Civil de 2002 e do Decreto-lei n.º 73/1966; e (iii) apontar respostas regulatórias destinadas a essas empresas. As insurtechs de seguro peer-to-peer possuem modelos de negócios baseados em plataforma on-line, permitindo às pessoas se unirem e formarem grupos, autoadministrando-se em alguma medida, para se protegerem contra as consequências econômicas advindas da concretização de riscos predeterminados. Pela perspectiva da regulação setorial, as insurtechs de seguro P2P podem ser classificadas da seguinte maneira: (i) segurador: a plataforma é gerenciada por uma insurtech constituída na forma de sociedade seguradora legalmente autorizada; (ii) intermediário: a plataforma é gerenciada por um intermediário de seguro e há uma seguradora subjacente na operação; (iii) autogoverno: a plataforma on-line é administrada por empresa não regulada e não há a presença de uma sociedade seguradora na operação. Para avaliar a viabilidade jurídica deste último, são indicados os referenciais normativos envolvendo o contrato de seguro e a operação de seguro privado. Verifica-se que o contrato de seguro possui quatro elementos essenciais e somente pode ser parte nesse instrumento como seguradora uma entidade legalmente autorizada para tal finalidade. Tomando em conta essas premissas normativas, o modelo de negócio da Teambrella, insurtech de seguro peer-to-peer pertencente ao modelo autogoverno, é analisado. Conclui-se que o contrato oferecido por essa insurtech aos participantes da plataforma não contém os elementos do contrato de seguro. Por esse motivo, não precisa ser constituída na forma de sociedade seguradora, sendo viável, portanto, o modelo de negócio. Com base nos estudos elaborados pela EIOPA e pelo regulador de seguros da Lituânia, sugere-se que as insurtechs pertencentes ao modelo autogoverno não devem ser equiparadas às sociedades seguradoras, mas regulamentadas em alguma medida. This paper aims to (i) understand the operation of peer-to-peer insurance insurtechs under the view of sectorial regulation, (ii) discuss the legal feasibility of the companies that function as technical service provider, under the article 757 of Brazilian’s 2002 Civil Code and DecreeLaw n.º 73/1966; and (iii) present possible regulatory responses. Peer-to-peer insurance insurtechs have business models based on an online platform, allowing people to come together and form groups, self-managing to some extent, to protect themselves against the economic consequences arising from the realization of predetermined risks. From the perspective of sectoral regulation, P2P insurance insurtechs can be classified as follows: (i) insurance: the platform is managed by an insurtech constituted as a legally authorized insurance company; (ii) intermediary: the platform is managed by an insurance intermediary and there is an insurer underlying the transaction; (iii) self-government: the online platform is managed by a non-regulated company and there is no insurance company in the operation. To discuss the legal feasibility of the latter, this work presents the normative framework involving the insurance contract and the private insurance operation, which involves the four essential elements of the insurance contract – operations that aim to place on the market a contract in which the four elements are present are private to insurance companies as ruled by law. Based on these premises, the business model of Teambrella is analyzed. The conclusion is that the contract offered by Teambrella does not have the elements of the insurance contract provided by article 757 of the Civil Code of 2002. Therefore, it does not require to be an insurance company and the business model is viable. Based on EIOPA and the Lithuanian insurance regulator studies, this paper suggests that insurtechs pertaining to the selfgovernment model do not match insurance companies, but should be regulated somehow.

Digital transformation could change our daily routines, from currency to the purchases. Specifically, financial sector aims to efficiently supply distinct services using an infrastructure by relying on a centralised authority to manage and coordinate transactions at specific prices. In turn, final customers constantly seek to lower costs, quality, and reliability. Moreover, costumers desire less documentation and bureaucracy which hinder the access to financial services and credits. Financial system needs to create a digital strategy at the organisational level to address technology challenges and satisfy user’s needs. In this scenario, financial and technology domains have been integrated originating FinTech business models with significant impact. Therefore, this paper contributes not only with a technology background which allow to explore new FinTech-based business models but also describing existing business models employed in the market. Moreover, we present a comparison among traditional and FinTech-based models allowing to analyse the financial progress. The paper identifies, still, future research opportunities including regulation of decentralised financial business models.

Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Information Systems and Technologies Management This Master’s Thesis dissertation focuses on the insurance sector, more precisely on the insurance companies present in the Iberian Peninsula and how new technologies are being used. New technology trends, digital transformation, and technology disruption are widely used terms nowadays; however, while it is quite common to use these terms, their practices and theories are not always applied by businesses. Several factors can be the cause of the failure to implement technological trends in insurance companies, either due to lack of expertise, high costs, or simply because the technologies are not mature enough and there is some fear of creating a bad reputation with customers. In order to investigate this gap between the existing technology and the technology that is being used by the insurance companies, a case study analysis was performed. Based on the technologies identified in the literature review, in-depth interviews were conducted with CIO’s, CTO’s, IT Directors, and Heads of IT of some insurance companies (from small insurance companies to market-leading insurance companies) and the results were analyzed in order to reach a valid conclusion about this gap and why it exists. After carrying out the case analysis and analyzing the answers given by the respondents, it is possible to identify that the technological gap exists and what the main reasons are for the lack of usage of the new technological trends in most insurance companies.

New technologies are integrating and deeply influencing people’s work and life, and have become a key factor leading the continuous innovation of the insurance industry. The application of InsurTech has attracted widespread attention in the industry, and it is necessary to conduct in-depth deconstruction and analysis of its impact on insurance enterprise innovation to ensure the sustainability of technological innovation in insurance enterprises. Based on the panel data of Chinese insurance enterprises from 2011 to 2020, this paper empirically examines the relationship between InsurTech and enterprise technological innovation level and the mechanism of action by using the fixed effect model and the intermediary effect model. The empirical research results are as follows: (1) The development of InsurTech has significantly improved the technological innovation of insurance companies. (2) From the perspective of mechanism, InsurTech mainly improves the technological innovation level of insurance companies by alleviating financing constraints. (3) Furthermore, we also found significant differences in the promotional effect of InsurTech’s development on enterprises of different sizes and properties. At the same level of development, InsurTech has a greater and more significant “incentive effect” on the technological innovation level of non-state-owned enterprises and small and micro insurance enterprises. The research conclusion of this article not only enriches the literature on InsurTech and the technological innovation level of insurance companies, but also has significance for China’s insurance companies to help them formulate digital transformation policies and promote the “sustainable development” of technology empowerment insurance strategies.

The concept of insurance was found several centuries before Christ. Correspondingly, Chinese and Babylonian traders practiced moving or dispensing risks in the second and third millennia BC. Nowadays, insurance is the backbone of the economy. The recent introduction of big data, IoT, and other forms of InsurTech led to the fourth industrial revolution in insurance in the developed world. The industry is looking to improve the ergonomics of remote sensing technology to improve the acceptability of the clients. The adaptation of IoT in developing economies may provide a solution in increasing insurance penetration. This study explores the challenges and solutions in adopting IoT to increase insurance penetration in India. This study applied a systematic literature review (SLR) to extract the themes/variables related to challenges and solutions in adopting IoT in India’s insurance sector. Several keywords were used to search the relevant literature from Google Scholar. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and their solutions in the adaption of IoT in the Indian insurance industry. Policymakers could adapt the suggestions provided to improve the service delivery insurance sector. The authors listed several challenges and solutions in the adaption of IoT in the Indian insurance industry through a systematic literature review to facilitate the policymakers to make the right decisions.

Η πανδημία του COVID-19 έχει επηρεάσει διάφορους τομείς της οικονομίας, συμπεριλαμβανομένων των ασφαλιστικών, και έχει γίνει πρόβλημα και σαφής καταλύτης για την καινοτομία. Η πανδημία έχει επισημάνει ορισμένη αναποτελεσματικότητα του παραδοσιακού μοντέλου αλληλεπίδρασης μεταξύ των ασφαλιστών και των πελατών τους και εστίασε στις προσπάθειες των ασφαλιστικών εταιρειών για καινοτομίες και επενδύσεις στο ψηφιακό μέλλον. Αυτή η εργασία έχει σκοπό να γενικεύσει τους μετασχηματισμούς του θεσμικού περιβάλλοντος στο οικοσύστημα InsurTech στο πλαίσιο της πανδημίας COVID-19 και να εντοπίσει τις προοπτικές για την ανάπτυξή της στην μεταπανδημική περίοδο. Η ανάλυση της λειτουργίας του InsurTech ως οικοσυστήματος κατέστησε αναγκαία την αναγνώριση προκλήσεων για την ασφαλιστική αγορά στο πλαίσιο του COVID-19. Ο μετασχηματισμός της ασφαλιστικής αγοράς υπό την επιρροή της ψηφιοποίησης των επιχειρηματικών διαδικασιών υπό τη σημασία της InsurTech διαμορφώνει το ανταγωνιστικό πλεονέκτημα. Για πολλές εταιρείες, η κρίση ενίσχυσε τις καινοτόμες αναπτυξιακές τους στρατηγικές και επιτάχυνε την εφαρμογή εργαλείων χρηματοοικονομικής τεχνολογίας στην επιχείρηση στο πλαίσιο του εκσυγχρονισμού της τεχνολογικής υποδομής. Chatbots, τηλεματική, Διαδίκτυο των πραγμάτων, μηχανική μάθηση, τεχνητή νοημοσύνη, χρησιμοποιούνται ευρέως ως προγνωστικές αναλύσεις κ.λπ. Στο μέλλον, η InsurTech θα παίζει επίσης ένα σημαντικό ρόλο στην εισαγωγή ψηφιακών καινοτομιών στην ασφαλιστική αγορά. Στόχος είναι να διερευνηθεί πόσο διαδεδομένη είναι η χρήση των ψηφιακών τεχνολογιών στις ασφαλιστικές πωλήσεις και ποιες αξίες αυτών των ψηφιακών τεχνολογιών γίνονται αντιληπτές από τους ασφαλιστικούς διαμεσολαβητές. Τα αποτελέσματα δείχνουν ότι ακόμη και στο χρονικό σημείο της πανδημίας, σε ένα υψηλό ποσοστό πωλήσεων, ο ψηφιακός μετασχηματισμός δεν έχει προχωρήσει ακόμη πολύ. Περαιτέρω αναλύσεις δείχνουν ότι οι αποκλειστικοί πράκτορες και οι νεότεροι άνθρωποι είναι πιο μπροστά στον ψηφιακό μετασχηματισμό παρόλο που ο COVID-19 ωθεί την ψηφιακή ζωή σε όλες τις ηλικίες και κοινωνικές τάξεις. Με βάση τα αποτελέσματά μας, αντλούνται κάποιες αρχικές συστάσεις για τη δράση του ασφαλιστή.

[EN] The digitisation process is affecting all markets and raising consumer awareness about companies' sustainable behaviour. This work studies the effect of the sustainability profile of FinTech companies on the firm (market value and book value) as the factors that add value to investors and motivate their evolution in markets are still unknown. Using the KBW and Nasdaq FinTech Indices, and the NASDAQ Insurance Index (IXIS), we composed a panel of 95 companies over a 10-year period (2010-2019) with economic-financial variables and data about green certificates and sustainability indices. The applied methodology is based on dynamic (GMM-SYS) and static (PCSE) panel data models. Our results show that the market value of FinTech companies is positively driven by an CSR report being issued, the position in the CSR RepTrak, company size and board size. In contrast, the number of green certificates, particularly their position in the Green Ranking, is negatively related to their market value. Surprisingly in the most transparent companies, the direction of the variables effect evidenced for the book value per share is the opposite to market capitalisation., this work has been partially supported by the Spanish Ministry of Science and Innovation under the research project PID2020-117792RA-I00

Сучасні тенденції розвитку технологій зумовлюють більш детальну оцінку інновацій у стратегічно важливих фінансових сферах функціонування держави, серед яких виділяють страховий сектор. Нинішній фінансовий ринок вже неможливо уявити без залучення різноманітних цифрових технологій. Широкого поширення набуває фінансова інклюзія, що являє собою створення відповідних умов для залучення усіх сегментів як населення, так і бізнесу до користування різноманітними фінансовими послугами. Такі сервіси повинні бути доступні за ціною та інфраструктурою ціною, офіційно врегульовані та відповідати потребам населення, що стимулюватиме економічне зростання країни. Страхові інновації виступають частиною фінансової інклюзії, оскільки новітні методи залучення та обслуговування клієнтів є драйвером економічного росту держави. Метою дослідження є оцінка стану страхових інновацій як частини фінансової інклюзії. Основними інструментами, що використовувалися під час дослідження, є: методи групування, порівняння та узагальнення. Також було використано графічний метод під час аналізу кількості угод укладених у секторі страхових технологій, частки транзакцій фінансування insurtech у визначених країнах, обсягу фінансування сектору іншуртек, зміни кількості стартапів іншуртек в усьому світі. У статті проаналізовано такі показники страхової діяльності у сфері інноваційності: кількість угод у сфері страхових технологій у всьому світі та обсяг фінансування сектору іншуртек протягом 2017-2021 років, частка транзакцій фінансування insurtech у вибраних країнах світу в 2021, , кількість стартапів іншуртек у всьому світі протягом 2008-2019. Визначено, що максимального значення кількість угод, укладених у секторі страхових технологій, набула у 2021 році. Щодо кількості стартапів у сфері іншуртек, то спостерігається тенденція до значного зменшення з кінця 2016 року. Таким чином, іншуртек є драйвером розвитку страхового ринку та фінансової системи у цілому, тому одним із пріоритетних завдань держави має бути підтримання фінансової грамотності населення задля підвищення рівня використання інноваційних технологій, розробка та реалізація стартапів. Пріоритетними іншуртек векторами можуть бути використання машинного навчання, “неструктурованих даних”, штучного інтелекту, блокчейн-технологій, телематики та інших новітніх процесів. Їх список постійно розширюється в умовах глобалізації світових ринків товарів та послуг. Modern trends in technology development lead to a more detailed assessment of innovations in strategically important financial spheres of the state's functioning, among which the insurance sector is highlighted. The current financial market can only be imagined with the involvement of various digital technologies. Financial inclusion is becoming widespread, creating appropriate conditions for attracting all segments of the population and businesses to use multiple financial services. Such services should be available at the price and infrastructure price, officially regulated, and meet the population's needs, which will stimulate the country's economic growth. Insurance innovation is part of financial inclusion, as the latest methods of attracting and serving customers are the driver of the state's economic growth. The purpose of the study is to assess the state of insurance innovations as part of financial inclusion. The main tools used during the research are grouping, comparison, and generalization. A graphical method was also used during the analysis of the number of deals concluded in the insurance technology sector, the share of insurtech financing transactions in selected countries, the amount of financing of the insurtech industry, and changes in the number of insurtech startups worldwide. The article analyzes the following indicators of insurance activity in the field of innovation: the number of deals in the area of insurance technologies worldwide and the amount of insurtech financing during 2017-2021, the share of insurtech financing transactions in selected countries of the world in 2021, the number of insurtech startups worldwide during 2008-2019. It was determined that the number of agreements concluded in the insurance technology sector reached its maximum value in 2021. As for the number of startups in the field of other technologies, there has been a significant decrease since the end of 2016. Thus, Usurtech is a driver of the development of the insurance market and the financial system as a whole. Therefore one of the priority tasks of the state should be to maintain the financial literacy of the population to increase the level of use of innovative technologies, development, and implementation of startups. The use of machine learning, "unstructured data", artificial intelligence, blockchain technologies, telematics, and other modern processes can be priority vectors of different technologies. Their list constantly expands in the conditions of globalization of world markets of goods and services.

Los emprendimientos tecnológicos “Startups” son negocios de alto riesgo debido a que se desconoce si la oferta de valor será aceptada por los clientes, por tanto en su evaluación se requiere de un modelo estratégico y financiero disruptivo a través del cual se logren identificar, medir y reducir los riesgos que pueden llevar al fracaso de la Startup, el modelo estratégico y una adecuada gestión de las finanzas corporativas son habilitadores de un proyecto de intraemprendimiento de una insurtech que como hipótesis puede ser parte de un gran grupo financiero en Colombia y que tiene como objetivo ser una herramienta para garantizar la competencia con los atacantes digitales, Fintechs y otras Startups mediante la oferta de micro seguros, seguros incluyentes y seguros masivos., Startups are high-risk businesses because it is unknown whether the value offer will be accepted by customers, therefore their evaluation requires a disruptive strategic and financial model through which to identify, measure, and reduce the risks that can lead to the failure of the Startup, the strategic model and adequate management of corporate finance are enablers of an intrapreneurship project of an insurtech that as a hypothesis can be part of a large financial group in Colombia and that aims to be a tool to ensure competition with digital attackers, Fintechs and other Startups by offering micro insurance, inclusive insurance and mass insurance.

Masteroppgave i innovasjon og ledelse, Høgskulen på Vestlandet, campus Bergen Fenomenet insurtech er relativt ferskt i forsikringsbransjen, og omhandler digitaliseringen av forsikring. Det har tidligere vært rettet søkelys mot finansindustrien og fremveksten av fintech, og den kan anses som en forløper til insurtech markedet som er oppstått. Sentralt i studien har vært hvordan innovasjon og digitalisering har påvirket forsikringsmarkedet, og hvilke implikasjoner dette har for virksomheter i industrien. Masteroppgaven viser at en åpen tilnærming fra forsikringsgiver sin side er avgjørende for insurtech selskaper sin forretningsmodell, og en åpen tilnærming kan skape vinn-vinn situasjoner for begge parter. Hvis ikke et etablert forsikringsselskap har kapasitet til å følge de teknologiske trendene vil de gjøre lurt ved å inngå samarbeid med insurtech aktører. Funnene indikerer at digitaliseringen vil være en stor del av forsikringsmarkedet i årene som kommer, og at ulike digitale prosesser blir mer aktuelt i skapelsen av nye, innovative og effektive produkter og tjenester MOØ300

Posljednjih se godina fokus financijske uključenosti sve osjetnije i brže pomiče prema industriji osiguranja. Osigurateljna inkluzija postaje nužan preduvjet za ostvarivanje dugoročne održivosti financijski ranjivih skupina stanovništva pa se kreatori politika sve više usredotočuju na oblikovanje mehanizama i politika koje proširuju pristup proizvodima i uslugama osiguranja. Rastućim naporima za povećanje dosega tradicionalne industrije osiguranja doprinosi i nedavna tehnološka revolucija, koja je utjecala na pojavu nove osigurateljne tehnologije pod nazivom InsurTech. InsurTech mijenja tradicionalnu industriju osiguranja i stavlja sve veći naglasak na zadovoljenje potreba potencijalnih i postojećih korisnika osiguranja. Temeljni cilj ovog rada je naglasiti važnost inkluzivnog osiguranja i utjecaja InsurTech-a na osigurateljnu inkluziju te istražiti stavove potrošača, društava za osiguranje, regulatornog tijela i InsurTech kompanija o potencijalu primjene InsurTech-a u razvoju inkluzivnog osiguranja u Republici Hrvatskoj. Istraživanje je provedeno primjenom metodologije anketnog istraživanja i primjenom kvalitativne metodologije. Podaci su prikupljeni metodom anketiranja na uzorku od 243 ispitanika i metodom intervjua na uzorku od pet ispitanika. Rezultati i rasprava u radu ukazuju na trenutno postojanje skepticizma od strane potrošača prema novim tehnološkim rješenjima u osiguranju, uz istovremeno prisutan optimizam kod predstavnika industrije osiguranja, InsurTech zajednice i regulatornog tijela. Ovaj rad doprinosi istraživačkom području inkluzivnog osiguranja ukazujući na potencijal i prepreke za njegov daljnji razvoj u zemlji, s naglaskom na korištenje nove osigurateljne tehnologije za povećanje dostupnosti, personaliziranosti i prilagođenosti proizvoda i usluga osiguranja. S obzirom na ograničenost literature i slabu zastupljenost tematike inkluzivnog osiguranja u znanstvenim istraživačkim radovima, nameće se i potreba za značajnijim proučavanjem ovog područja, posebice u Republici Hrvatskoj.

In 2019, the sharia insurance market share in Indonesia was only 3.44%. The reason is the low level of literacy and inclusion of sharia insurance. On the other hand, there are opportunities and potentials that allow the growth and increase of sharia insurance market share in Indonesia. For this reason, an acceleration strategy is needed to increase the market share of sharia insurance in Indonesia through insurance technology. The purpose of this study is to determine the acceleration strategy in reaching the insurance market in Indonesia by highlighting the case of the YukTakaful InsurTech startup. This type of research is qualitative based on phenomenology. Methods of collecting data by semi-structured interviews with the founder and management as well as documentation. Analysis and interpretation of data with a literature study approach. After the analysis, it is known that the acceleration strategy to increase the market share of sharia insurance in Indonesia with a case study on the YukTakaful startup is to go through the stages starting from setting focused and clear goals, creating a vision and mission that brings benefits and has social impact (maslahah). focusing on community and community-based segmentation and targets, building a network of cooperation in the business ecosystem (alliance strategy) and communicating and educating consumers through offline and online communication channels as well as collaboration with the fintech ecosystem and community customers (market penetration strategy). Alliance strategy by establishing cooperation with venture capital, server providers, data centers, data recovery centers and cloud computing insurance brokers and insurance companies. Market penetration strategy by targeting the community segment, focusing on basic protection with types of micro insurance products, end to end process services in real time 2x24 hours, maintaining the trust and comfort of consumers by maintaining the security and confidentiality of their data., Pada 2019, pangsa pasar asuransi syariah di Indonesia hanya 3,44%. Penyebabnya adalah rendahnya tingkat literasi dan inklusi asuransi syariah. Di sisi lain, terdapat peluang dan potensi yang memungkinkan pertumbuhan dan peningkatan pangsa pasar asuransi syariah di Indonesia. Untuk itu, diperlukan strategi akselerasi untuk meningkatkan pangsa pasar asuransi syariah di Indonesia melalui teknologi asuransi. Tujuan dari penelitian ini adalah untuk mengetahui strategi akselerasi dalam menjangkau pasar asuransi di Indonesia dengan mengangkat kasus startup YukTakaful InsurTech. Jenis penelitian ini adalah kualitatif berdasarkan fenomenologi. Metode pengumpulan data dengan wawancara semi terstruktur dengan pendiri dan manajemen serta dokumentasi. Analisis dan interpretasi data dengan pendekatan studi literatur. Setelah dilakukan analisis, diketahui bahwa strategi akselerasi untuk meningkatkan pangsa pasar asuransi syariah di Indonesia dengan studi kasus pada startup YukTakaful adalah melalui tahapan mulai dari menetapkan tujuan yang fokus dan jelas, menciptakan visi dan misi yang membawa manfaat dan berdampak sosial (maslahah). berfokus pada segmentasi dan target berbasis komunitas dan komunitas, membangun jaringan kerjasama dalam ekosistem bisnis (alliance strategy) dan berkomunikasi dan mengedukasi konsumen melalui jalur komunikasi offline dan online serta kolaborasi dengan ekosistem fintech dan pelanggan komunitas (strategi penetrasi pasar ). Strategi aliansi dengan menjalin kerjasama dengan modal ventura, penyedia server, pusat data, pusat pemulihan data, dan pialang asuransi komputasi awan dan perusahaan asuransi. Strategi penetrasi pasar dengan menyasar segmen masyarakat, fokus pada perlindungan dasar dengan jenis produk asuransi mikro, layanan proses end to end secara real time 2x24 jam, menjaga kepercayaan dan kenyamanan konsumen dengan menjaga keamanan dan kerahasiaan datanya.

Mestrado Bolonha em Economia e Gestão de Ciência, Tecnologia e Inovação Até à data, há falta de estudos académicos sobre InsurTechs plataforma e a sua internacionalização, especialmente, as oriundas de regiões em desenvolvimento como a América Latina. Portanto, surge a necessidade de explorar três questões relevantes que ajudariam a compreender melhor o processo de internacionalização atual deste tipo de empresas. (1) como é que as InsurTechs plataforma tomam as decisões sobre os mercados estrangeiros a abordar? (2) como ultrapassam os desafios defrontados na internacionalização? e, (3) como estas InsurTechs aplicam a inteligência artificial para superar as liabilities of foreignness e outsidership? Estas questões foram abordadas adotando uma metodologia qualitativa. Os dados empíricos utilizados neste trabalho incluem estudos de caso de três InsurTechs plataforma latino-americanas. Os resultados indicam que a envolvente macroeconómica e a perceção de existência de vantagens competitivas específicas relacionadas à tecnologia são relevantes na tomada de decisões. Para enfrentar os desafios as InsurTechs preocupam-se pelo estabelecimento de parcerias no mercado estrangeiro, como instrumento de estímulo e alavancagem de efeitos de rede. Finalmente, verifica-se que o desenvolvimento de capacidades tecnológicas permitiu superar os desafios de adaptação da plataforma ao novo ambiente estrangeiro e mediante a aplicação da inteligência artificial conseguiram criar relações mais intensas, através de um melhor conhecimento dos utilizadores, ao mesmo tempo que torna possível controlar melhor o comportamento destes e vinculá-los á plataforma. To date, there is a lack of academic studies on InsurTechs Platform and their internationalisation, especially, those from developing regions such as Latin America. Therefore, the need arises to explore three relevant questions that would help to better understand the current internationalization process of this type of companies. (1) How do InsurTechs Platform make decisions about which foreign markets to approach? (2) how do they overcome the challenges faced in internationalisation? and, (3) how do these InsurTechs apply artificial intelligence to overcome the liabilities of foreignness and outsidership? These questions were addressed by adopting a qualitative methodology. The empirical data used in this work includes case studies of three Latin American InsurTechs Platform. The results indicate that the macroeconomic environment and the perceived existence of specific technology-related competitive advantages are relevant in decision making. To face the challenges InsurTechs are concerned by the establishment of partnerships in the foreign market, as a tool to stimulate and leverage network effects. Finally, it was found that the development of technological capabilities allowed to overcome the challenges of adapting the platform to the new foreign environment and through the application of artificial intelligence they managed to create more intense relationships, through a better knowledge of the users, while making it possible to better control their behaviour and link them to the platform. info:eu-repo/semantics/publishedVersion

This study aims to demonstrate the effect of accurate risk evaluation by Insurtech on the participants’ selection of insurance coverage, based on the canonical separating market equilibrium model. A precise risk evaluation through telematics will promote market efficiency by alleviating adverse selection and moral hazard of insureds. In reality, however, risk evaluation is not perfectly accurate even utilizing telematics and thus a certain cross-subsidy applies. The analysis reveals that lowrisk individuals tend to purchase less coverage in case a cross-subsidy factor is embedded based on a constant ratio. Meanwhile, when cross-subsidy is factored into the premiums at a constant value, individuals are willing to be fully insured regardless of their risk characteristics.

As part of the Fourth Industrial Revolution (4IR), blockchain, fintech (financial technology), and insurtech (insurance technology) are some innovations that have been rolled out in the financial landscape and have captured the imaginations of policymakers and scholars alike. The African continent lags in embracing technology and is still grappling with financial access and enhancing financial inclusion. As such, it is bewildering whether African insurance markets are at a stage where they can leverage the possibilities offered by the 4IR. Against this backdrop, the aim of the study was to investigate whether information communication technology (ICT) adoption influences the development of African life insurance markets. We utilised a sample of 31 sub-Saharan African countries for the period 2005–2020. Panel data techniques were employed, and the pooled ordinary least squares, fixed effects, and random effect estimators were used to test the relationship between life insurance density and the measures for ICT adoption (proxied by fixed telephones, internet use, mobile cellular telephones, and broadband) as well as financial freedom being the control variable. We found that the life insurance market development variable was positively related to three of the four ICT adoption variables, namely, fixed telephone, mobile cellular telephone, and broadband. Further, the life insurance market development variable is positively related to the financial freedom variable. These findings suggest that ICT adoption fosters the development of the life insurance market in Africa. The findings also lend credence to the view that the degrees of financial freedom of insurance companies (who are unencumbered by regulations) have a bearing on the levels of insurance sales and, hence, promote life insurance access in Africa. The policy imperatives that flow from this study are that African governments must ensure that they (1) institute ICT adoption-friendly policies and (2) regulate the life insurance sector optimally, in order to foster the development of their life insurance sectors.