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- Forget about Peer to Peer, the Future of Insurance is Invisible and Parametric
Volume 2019 : 1
Insurtech, wat brengt de toekomst ons binnen de verzekeringssector?
Digitalisering: Wat is de impact op verzekeringsproducten en distributienetten?
Forget about Peer to Peer, the Future of Insurance is Invisible and Parametric
Insurtech: des bisounours dans la pépinière ou Alien chez les assureurs?
The Vision of the National Bank of Belgium on Sustainable Finance
Report of the colloquium
Report of the panel debate
Introductory speech
The risk-free rate term structure in Solvency II
Volatility Adjustment: Regulatory and Supervisory aspectst ,
How to deal with volatility under Solvency II
Discounting under Solvency II – Reflections from a company perspective
Solvency II long-term guarantee measures
A framework for evaluating the future performance of actively managed mutual funds with the European Economic and Monetary Union (EMU) universe as a testcase
Insurtech, wat brengt de toekomst ons binnen de verzekeringssector?
Digitalisering: Wat is de impact op verzekeringsproducten en distributienetten?
Forget about Peer to Peer, the Future of Insurance is Invisible and Parametric
Insurtech: des bisounours dans la pépinière ou Alien chez les assureurs?
The Vision of the National Bank of Belgium on Sustainable Finance
Report of the colloquium
Report of the panel debate
Introductory speech
The risk-free rate term structure in Solvency II
Volatility Adjustment: Regulatory and Supervisory aspectst ,
How to deal with volatility under Solvency II
Discounting under Solvency II – Reflections from a company perspective
Solvency II long-term guarantee measures
A framework for evaluating the future performance of actively managed mutual funds with the European Economic and Monetary Union (EMU) universe as a testcase
Jaar
2019
Volume
2019
Nummer
1
Pagina
15
Taal
Engels
Rechtscollege
Referentie
Q. COLMANT, “Forget about Peer to Peer, the Future of Insurance is Invisible and Parametric”, BFW 2019, nr. 1, 15-19
Samenvatting
The InsurTech wave has just begun and will fundamentally change the industry in the coming years. All parts of the insurance value chain will be challenged by InsurTech players and incumbent players will have to partner with innovative players to embrace these changes. Although the revolution in place has not yet elected the winning business model of tomorrow, we will focus in this chapter in what we believe will be the fundamentals of the Insurance of the future rather than focusing on what we call the technological enablers of this soon to come transformation. By technological enablers, we designate all technologies and tools such as machine learning techniques, AI, IoT, distributed ledgers etc, which are not an end per se, but a mean that will be used in the tech landscape of the future of insurance but do not actually determine the fundamentals of the new paradigm of insurance. Our assumption is that the new paradigm of insurance will be “invisible” and “parametric”, enabled by several technologies such as AI and IoT. The concept of invisible insurance mainly addresses the way insurance will be distributed. The direct consequence of “invisible” is the need to shift to an infrastructure of “Insurance-As-A-Service” and the possible emergence of giant risk carriers. While “invisible” redefines the distribution by minimizing any possible frictions, the other extreme of the value chain is the claim management. In our view, while most of the InsurTech do focus on “solving” problems posed by the claim management in general, our approach would rather tackle the problem at the source: redefine the essence of the claim itself to create a situation where it does not need to be managed anymore. This will lead to the second fundamental that will define insurance of tomorrow: “parametric insurance”. Some readers might raise questions with regards to a possible third fundamental: “Peer-to-Peer Insurance”. In our view, the new disruptive P2P business models tend to irritate insurance purists: the roots of insurance have always been about mutualisation of risk. The insurers are essentially an “escrow” account shared by all insured (so it is already peer-to-peer), and some of them already share their profits. In short, “P2P” sounds just like a trendy synonym for traditional insurance.
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