apidays LIVE London 2021 - A playground for Open Insurance by Francesco Zaini, G2 Startups

w w w. g 2 - s t a r t u p s . c o m

1 Open Insurance & Ecosystems
AGENDA
2 The Playground

New trends for an old industry
O p e n I n s u r a n c e & E c o s y s t e m s
Platform and API
economy
Higher customer
expectations
Decreased barriers
among sectors
Bigger protection
needs
Covid impact
Reinforced New
Reinforced Reinforced

Platform and API
economy
Avanzata delle
Bigtech
Higher customer
expectations
Decreased barriers
among sectors
Bigger protection
needs
Covid impact
Reinforced New
POTENTIAL
WINNERS
➢ Bigtechs
➢ Full stack insurtech startups
➢ Providers of Insurance AAS
➢ Incumbents from other industries
➢ Insurtech startups ready to partner with
incumbents as intermediaries or TPP

New York
JULY
Australia
SEPTEMBER
Singapore
APRIL
Helsinki & North
MARCH
Paris
DECEMBER
London
OCTOBER
Jakarta
FEBRUARY
Hong Kong
AUGUST
JUNE
India
MAY
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Platform and API
economy
Avanzata delle
Bigtech
Higher customer
expectations
Decreased barriers
among sectors
Bigger protection
needs
Covid impact
Reinforced New
POTENTIAL
WINNERS
➢ Bigtechs
➢ Full stack insurtech startups
➢ Providers of Insurance AAS
➢ Incumbents from other industries
➢ Insurtech startups ready to partner with
incumbents as intermediaries or TPP
What about
traditional
insurance
carriers?

The API economy enables Open Insurance
APIs and new roles
• The availability of open APIs and the
adoption of open insurance principles
triggers the breakdown of the insurance
value chain and its recomposition in
different forms
• The development of APIs and Open
Insurance, in addition to the traditional
integrated role, allow carriers to take on
the roles of "Producer", "Distributor"
and the more advanced "Platform“
• Larger companies will be able to assume
the role of «Integrators» by combining
several roles according to the vertical
service
DD Month YYYY
Products/Services (Bank)
Customer
Prod./Serv. (TP)
Distribution (TP) Distribution (Bank)
Prod./Serv. (Company)
Company channels/networks
API API API
API

The whole value chain is impacted
Source: G2, based on EIOPA Discussion Paper on the (Re)insurance Value Chain and New Business Models arising from digitalisation

Product Product Product Product Product
Channel Channel Channel Channel Channel
Process Process Process Process Process
Business model

Product Product Product Product Product
Channel Channel Channel Channel Channel
Process Process Process Process Process
Business model
Relevance of
Open Insurance
by innovation
type
PRDT
CHNL
PRCS
BUSM

Options for traditional insurance companies
Radical Process Improvement
Product/Channel
transformation
Business model transformation

Options for traditional insurance companies
Radical Process Improvement
➢ Quotation/Uderwriting
➢ Policy issue
➢ UX management
➢ Post sale and claims
Product/Channel
transformation
➢ Parametric
➢ Instant
➢ PPU
➢ Bottom up coverage
Business model transformation
➢ Service bundling
➢ Embedded insurance
➢ Ecosystem orchestration
➢ Platformization

Business Ecosystems generate high value
Risk management
• Monitoring of homes, cars, and
other assets reduces frequency
and severity of claims
• Remediation is ensured by the
integrated service, while
compensation is in kind
• The pricing of policies is
calibrated to the actual risk due
to the availability of granular
data
Preventio
n
Mitigation
Remediatio
n

Risk management
I
vantagg
i tecnici
indotti
• Frequent interaction: Day-to-
day insurance
• Focus on the customer journey
• Customer lifecycle coverage
data
New Customer relationship
paradigm
Preventio
n
Mitigation
Remediatio
n
MOBILITY HOME
HEALTH

Risk management
I
vantagg
i tecnici
indotti
• Frequent interaction: Day-to-
day insurance
• Focus on the customer journey
• Customer lifecycle coverage
I
vantagg
i tecnici
indotti
• Services plus policies: Data
monetization & Revenue sharing
• Greater penetration of service-
driven coverage
data
Defensive Strategy
Platform strategy
New Customer relationship
paradigm
New Revenues
Preventio
n
Mitigation
Remediatio
n
MOBILITY HOME
HEALTH

1. Purchase Phase 2. Renovation Phase
3. Management
Phase
4. Sale Phase
The case of Home Ecosystem: a lifecycle view
1. Insurance
services
2. Financial services
3. Non Insurance/
Financial services

1. Purchase Phase 2. Renovation Phase
3. Management
Phase
4. Sale Phase
• Consumer credit
• Payment services
• Theft and Fire
• Catastrophe risk
• Personal liability
• Safety/Security
• Maintenance
• Home activities
(cook, refrigerate; clean; wash)
• Entertainment
• Comfort
• Health
(Ambient Assisted Living)
1
2
3.1
3.2
3.3
The case of Home Ecosystem: a lifecycle view
1. Insurance
services
2. Financial services
3. Non Insurance/
Financial services

Different roles can be played in an Ecosystem
Orchestrator
Customer
Partner/Embedded insurance

2 The Playground
AGENDA
2 The Playground

An international partnership…
G
o
• Main international body on Open
Insurance
• Global coverage
• +300 members
• Focus on interoperability
• Enabler of open innovation with a vertical
approach (eg. Open Insurance)
• Insurtech startup accelerator
• Industry/Country competence
• Focus on business ecosystems
Open Insurance Initiative (OPIN) G2 Startups
T h e P l a y g r o u n d

…with a focus on Ecosystems
IWG: The Open Insurance Think Tank with a focus on Ecosystems
• Geography: Italy, with an International vision
• Scope: O. I. standards for Ecosystems, adaptation of International standards to the Italian context
• Focus: Use cases and API
Playground: The Sandbox for testing insurance interoperability
• Objective: Co-development and testing of APIs based on
the standards developed in the IWG
• Approach: Cooperation with technology partners
(Tesobe and D4Next)
• Prerequisite: IWG membership

Playground purpose and approach
Identify the main Ecosystem use cases in the Home and Health areas
Adopt an Agile approach (sprint of work, sharing, experimentation)
Define (or verify) functional and taxonomic standards on use cases
Publish standard open APIs and Best Practice
Develop and test sets of APIs related to use cases and develop a best practice in
interfacing with legacy systems

Three use cases in this phase
Prevention and
monitoring of
gas leaks at
home
Booking of
Health services
with instant
coverage
Home insurance
policy quotation
and issuing

High level architectural frame
INSURANCE DOMAIN
ECOSYSTEM
STARTUPS
INSURTECH
STARTUPS
CARRIERS

The API development program per use case
Booking of Health
services with instant
coverage
Journey: Online search of
service; choice of
location/company/
Hospital; Reservation; Payment
and/or Insurance coverage
Purpose: development of APIs
between Startup (booking
company) and Insurance
company
Approach: Design information
flow, Define/adapt standard
taxonomy, Use OBP platform for
test/development
Prevention and
monitoring of gas
leaks at home
Journey: Sale of the policy
and installation of the IoT
device; constant info flow to
control hub; flow of structured
info from Hub to Carrier; alerts
and emergency calls when
needed; repair if needed
between Startup (IoTdevice and
info provider) and Insurance
company
taxonomy, Use OBP platform for
test/development
Home insurance
policy quotation
and issuing
Journey: Customer
onboarding; choice of coverage,
time, limitations, exceptions,
etc.; fast quote; confirmation;
issuance; payment
between Startup (Digital broker)
and Insurance company
taxonomy, Use Yoga as
interface for carrier and OBP
platform for test/development

G2 Startups – Growth Through Innovation
Via Legnone, 4
20158 Milano (MI)
Tel. +39 02 83 422 410 - info@g2-startups.com
Francesco Zaini – francesco@g2-startups.com
IWG – PlayGround
Via Legnone, 4
20158 Milano (MI)
Tel. +39 02 83 422 410 - info@open-insurance.it
open-
insurance.it

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