Fintech Insurance Tech

Startupbootcamp cohort reveals big data as trend for insurance in 2017

Startupbootcamp cohort reveals big data as trend for insurance in 2017. Main image: SkillUp, Shutterstock.com
Written by Stewart McEwan

Startupbootcamp’s 2017 cohort features 10 insurtechs that could be set to challenge and ultimately change the face of insurance. Focus areas reveal key trends and themes for 2017 and beyond, one of which is the more effective use of big data. Story by Stewart McEwan.

Big data is already well-established as a buzzword within insurance, referring to the ever increasing amount of digital information being generated and stored by industry players. Two of Startupbootcamp’s class of 2017 reflect a growing space in which tech-savvy businesses can offer to transform a mess of metrics into actionable content via machine learning.

US-based Adapt Ready provides predictive analysis to pinpoint how customers’ operations and supply chains could be impacted by extreme weather events.

Adapt Ready, risk intelligence software for a changing planet.

South Africa-based Emerge Analytics, meanwhile, can provide solutions through existing held information to solve complex business problems, such as sales/marketing and fraud prevention.

Emerge Analytics

Startups like these are targeting businesses that not only don’t appreciate what they can do with their data, but don’t fully understand what information they actually hold.

What these operations unlock for insurers is a wealth of opportunities across a number of business functions, for example:

  • Identifying trends and ‘red flagging’ previously undiscovered fraudulent activity.
  • Understanding which customers are most at risk of being lost, or which account for the greatest opportunity to up- and cross-sell to.
  • Shaping books of business around intelligently predicted risk outcomes.
  • Meeting the increasing demands from customers for services moulded to individual needs – providing the insurance equivalent to Amazon’s recommendations or Spotify’s personalised ‘Discover Weekly’ playlist.

Insurers face the need to develop such know-how in-house, buy in the expertise, or risk being left in the Stone Age.

READ NEXT: Nektarios Liolios on how and why Startupbootcamp FinTech was created

– This article is reproduced with kind permission from Verdict Financial. Some minor changes have been made to reflect BankNXT style considerations. Read more here. Main image: SkillUp, Shutterstock.com

About the author

Stewart McEwan

Stewart McEwan is a senior analyst at Verdict Financial, specialising in general insurance. He is particularly interested in the new challenges the market faces in an online 'big data' world and growth in the innovative ideas, approaches, and disruptive players that are setting the pace in the industry.

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