1 PwC Global FinTech Report Figure ‹: Tren s in the insurance in ustr rane b importance an lielihoo to respon 2.4 Insurers leverage data and analytics to bring personalised How important are these trends for your industry and how likely are you to respond to them? value propositions while (e.g. allocate resources, invest) The size of the bubbles is proportional to the number of related FinTech companies as assessed by the DeNovo platform proactively managing risk e 1 Selfdirected services ‘or 2 Œsagebased Insurance Žpay as you go‘ The insurance sector sees usage-based risk models and new ‰emote access and data capture methods for capturing risk-related data as key trends, while the shift to more self-directed services remains a top priority in ’onnected…smart car order to efficiently meet existing customer expectations. 2 1 “ew models of holistic advice Žroboadvice‘ € ”ranular risk and…or loss ‹uantification Increasing self-directed services for ƒ Shift from probabilistic to deterministic model insurance clients „ ’onnected health & medical advances „ ƒ € Our survey shows that self-directed services are the most † ‰idesharing solutions important trend and the one to which the market is by importance † 1ˆ ‰obotics and automation in core insurance 1ˆ far most likely to respond. As is the case in other industry of 11 ‡lockchain segments, insurance companies are investing in the design and “e€e implementation of more self-directed services for both customer acquisition and customer servicing. This allows companies to improve their operational efficiency while enabling online/ mobile channels demanded by emerging segments such as Millennials. There have been interesting cases where customer- 11 centric designs create compelling user experiences (e.g. quotes obtained by sending a quick picture of the driving licence and “ess the car vehicle identification number (VIN)), and where new “ess ‘ore solutions bring the opportunity to mobilise core processes in a “iˆeihood to respond to the trend matter of hours (e.g. provide access to services by using “robots” to create a mobile layer on top of legacy systems) or augment Source: ‚ƒ …oa FinTech Sur€ey 21† and eo€o – see in Appendi the definitions of the ao€e™mentioned trends„ current key processes (e.g. FNOL3 notification, which includes differentiated mobile experiences). 3 First otice of “oss
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