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Celent at ITC: How Insurtechs and Insurers Are Unlocking Value

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26 October 2019
Donald Light

With Insurance Functionality as a Service AND Monetizing Data from Connected Cars and Homes

At InsureTech Connect, Celent organized and delivered a four-hour session to a packed room.

The topic was "Unlocking Value with APIs, Connected Car and Connected Home Data."

There were three outstanding panels:

Unlocking Value with APIs: Offering Insurance Functionality as a Service

  • This panel answered the question: "Why are Slice, AXAXL and other insurtechs and insurers offering APIs to expose valuable parts of otherwise proprietary processes and functions to almost anyone willing to pay for their use?" The panelists were: Doug Alexander, Digital Enterprise Architect, AXAXL; Inaki Berenguer, CEO, CoverWallet; Jackie Morales, Chief Insurance Officer, Bestow; Philippe Lafreniere, Chief Growth Officer, Slice. Celent's John Barr moderated.
  • Panelists described the advantages which APIs have provided in building their solution portfolios: easier connectivity, speed to build, and relative ease to maintain.
  • APIs also enable what Celent calls “Insurance Functionality as a Service” (IFaaS). This is an important emerging trend in which insurers and insurtechs use APIs to expose functional components, typically to distribution partners operating in more or less adjacent sectors, e.g. a new parent’s site wishing to sell life insurance, or a home valuation site that wants to offer homeowners insurance.

Unlocking Value with Connected Car Data

  • This panel addressed how two insurtechs from Israel (Otonomo and MDGo) collect, analyze, and use these new data and established data from connected cars. The panelists were Robb Harrison, Director of Business Development, Otonomo, and Shahar Samoelov, VP Business Development, MDGo. Celent's Craig Beattie moderated
  • MDGo, and Israel-based insurtech, described its path-breaking technology in which after a collision, the onboard sensors in a 4G connected vehicle transmit data about the state of various operating systems (e.g. drivetrain, climate control, power windows, etc.). MDGo then uses AI to model the severity of injuries to the vehicle’s occupants. That information in turn can be transmitted to emergency responders who can respond more quickly to serious and life-threatening injuries. The advantages to insurers (and of course the injured people) are clear.
  • Otonomo, another Israeli insurtech, has created a data exchange of information transmitted by connected cars. In addition to telematics data, it will also be collecting other data from other sensors. The hypothesis is that insurers, OEMs, and others will find ways to monetize this new data.

Unlocking Value with Connected Home Data

  • Insurtechs Neos, Roost, along with Comcast and Verisk discussed the newer and emerging opportunities for monetizing data from connected homes. While this is a less developed sector, the panel found that the opportunities are real. Panelists were Roel Peeters, CEO & Co-founder of Roost, Matt Poll, CEO and Co-Founder, Neos, David Wechsler, Executive Director, Comcast, Joe Wodark, AVP, IoT, Strategy & Business Development, Verisk. Mike Fitzgerald, of Celent, moderated.
  • In this session the panelists described some of the challenges inherent in collecting, analyzing, and monetizing connected home data. These include the battle for the control of the hub, sending data from multiple devices to one or more data repositories, privacy, security, and cost of installation and maintenance.
  • In the UK, Neos is making real progress on these fronts. Roost is partnering with WTW in developing a data repository and analytics capability. Comcast has launched insurance offerings in certain jurisdictions. And Verisk is continuing development of its connected home repository: Verisk Data Exchange Connected Home and Property Solutions.

Celent thanks all of the panelists for sharing their experience and insights.