We’ve published a new disruption report (more on that below)
The long and short is I should probably go away more often.
What's the 'wurst' that could happen?
Who doesn’t love the idea of hopping on a plane to Germany, doing a couple of hours work, eating a wurst and heading home? And that’s how Wednesday was spent.
The team over at Elixirr invited me over to chat with a select group of Allianz folk from around the world. We explored some key trends currently impacting insurance and discussed how to set up effective partnerships and PoCs with Insurtechs. If you’d like to know more on this, drop me a line.
Also out in Munich was Minh Q. Tran, ex General Partner AXA Ventures and now running Insurtech Capital. We've been fortunate to work with Minh recently - he helped with our latest report (see below) and also features on our latest Future Disruptors podcast where he talks through how his latest VC-as-a-Service platform works.
And if you are interested in partnering with Insurtechs, have a listen. Minh talks about how those relationships can work best.
New disruption report: Hyper-personalisation
We’ve spent the past few months working really hard so you don’t have to.
Our latest industry report explores the challenges and opportunities associated with hyper-personalisation, deep-diving into the sub-trends of data analytics, virtual assistants, internet of things, AI and machine learning, on demand and concierge platforms.
It features the ventures reshaping the industry and the corporate innovators driving change from within.
We also get to hear thoughts from Shefi Ben-Hutta, founder of Coverager. By the way, if you’ve not subscribed to Coverager, you really should. It’s easily our favourite read and having met up with Shefi earlier this year, I can safely say she’s pretty brilliant too.
The report officially launches at the end of the month and will be on sale for £295.
For all Sønr clients, a hard copy will be landing on your desk this week. You’re welcome. And hey, there’s a ton more information on each venture on the platform. But you already know that.
And for everyone else, if you’d like a copy ahead of time (for free), let me know and I’ll send one over. It’d be my thank you for enduring my writing every couple of weeks.
DIA: The big boys are owning the [event] space
This week a few of the team have been out in Amsterdam at DIA. By the sounds of it, the big providers and re-insurers are making their presence felt; clearly bringing the support and resources to attract the startups.
As for the startups, they’re also out in force, and whilst there's a huge range of propositions, we noted a few key trends and a few key ventures:
1. Value chain disruption
There are some compelling software & platform offerings, from enhanced motor claims (Xtract) to AI-powered sales (Zelros) and data-modelling (DataRobot), even whole insurance syndicates (Black Insurance).
2. AI for everything
Zelros / DataRobot (as above), Digital Fineprint, Carpe Data, ForceManager, bah just loads of them! AI is definitely here to stay, especially when enhancing the value of existing data for improved/predictive marketing, sales and claims. And chatbots. Let’s never forget chatbots. It looks like they're here to stay too.
3. Claims efficiency
Quicker fraud detection and expedited end-to-end handling are seemingly top of the agenda. Keep your eye on FRISS, Xtract (again), Socratus. Transparency and fairness are at the heart of the customer experience now, and those failing to innovate in the claims journey risk losing market share.
Startupbootcamp: Sore heads, a few favourites and some definite standouts
Yesterday some of the team also headed to Startupbootcamp Insurtech’s 2018 demo day. Another belter and congrats to the organisers over there.
Based on the sore heads in the office this morning, it appears the networking session in the bar afterwards was a success, if nothing else.
With ten startups chosen from an initial global scout of 4,000 back in 2017, there were a wide range of propositions from ventures whose head offices were spread across 3 continents.
Highlights for us? Although it’s hard to choose from such a brilliant bunch: P2P airport car rental venture ForestCar, deep-learning risk prediction platform Zasti and cloud-based big data platform CyStellar were some of the standouts.
Building our international profile
Fact for the day: over the past 6 months we’ve taken on more clients from overseas than the UK.
No matter where you’re based, if you'd like to better connect with the global Insurtech ecosystem and access the latest trends, insights, ventures, corporate innovators, accelerators investors and industry events, then you should definitely be using Sønr.
And if you’re wondering how to build and execute world class M&A, investment and/or partnership strategies, then definitely get in touch. We’re more than happy to jump on a flight and chat.
Finally, as I’m writing this with my new little one on my chest, a reminder to myself as much as all the other dads out there:
“A child looks up at the stars and wonders. Great fathers put a child on his shoulders and helps them to grab a star.”
Sounds a bit like being a CEO. Just harder and more tiring.