InsurTech & The Sharing Economy - An Insurance Market Perspective
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On 5th & 6th April EXEC Berlin conducted a conference on the worlds of FinTech & InsurTech. I shared my point of view from an InsurTech Sharing Economy view point.
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InsurTech & The Sharing Economy - An Insurance Market Perspective
- 1. InsurTech & The Sharing Economy: An Insurance Market Perspective Sabine VanderLinden Managing Director Startupbootcamp InsurTech @SabineVdL @sbcInsurTech Sabine VanderLinden
- 2. Berlin Singapore Mexico New York Barcelona Internet of Things & Data FinTech Eindhoven FoodTech Amsterdam E-Commerce, Smart Cities Fintech & Cyber Security Copenhagen Mobile Smart Transportation & Digital Health FinTech London FinTech, InsurTech & Internet of Things Miami Digital Health Mumbai FinTech FinTech Istanbul MENA Region Melbourne Chengdu Digital Health We accelerate Startups & Corporates too FinTech + InsurTech IoT (data)EcommerceTransportationSmart Cities+ Mobility Digital Health … ioT § 17 programs globally § 11 cities § 140+ corporate partners § 400 startups § $850k av. funding § $240m raised § $1Bn- valuation
- 3. Bringing together OLD & NEW worlds CORPORATES STARTUPSTHE NEXUS
- 4. Spinlister 100+ countries (2012) Kickstarter +US$ 1.7 billion pledges (Latest Available Data) DogVacay +20,000 listed pet sitters (2011) Uber 260 cities Served (2010) TaskRabbit 1.25 million joiners 2013 (2008)RelayRides +2,300 cities served (2010) Streetbank +61,700 things shared (2010) Skillshare +1,000 classes (2010) xx (xx) Company Year Founded Vinted +14 million clothes listings (2008) Netflix 57.4 million subscribers (1997) Elance 2.5 million employments (1999) LiquidSpace +16,000 user companies (2010) Airbnb +37 million nights stayed (2008) Leading Sharing Economy Enterprises Impacting Traditional Business (2014 or Latest Available Data) Source: Looking Ahead (research 2014) These ventures are challenging traditional business models
- 5. Peer 2 Peer CollaborativeOn-Demand Accommodation FinanceHousehold Services Transportation Professional Services Segments of the Sharing Economy
- 6. Revenues & transaction values facilitated by sharing economy platforms in Europe (£Bn, 2015) Transaction Values Revenues £ 3Bn (UK: £0.9Bn) £ 24Bn (UK: £7.4Bn) P2P Accommodation P2P Transportation On-Demand Household Services On-Demand Professional Services Collaborative Finance Source: PwC UK, Sharing Economy Study, 2016
- 7. The sector is expected by 30% per year over the next 10 years, generating £18Bn of platform revenues and £140Bn of transactions revenues in Europe by 2025 Source: PwC UK, Sharing Economy Study, 2016 Revenues & transaction values facilitated by sharing economy platforms in Europe (£Bn, 2015) Transaction Values Revenues £ 3Bn (UK: £0.9Bn) £ 24Bn (UK: £7.4Bn) P2P Accommodation P2P Transportation On-Demand Household Services On-Demand Professional Services Collaborative Finance Source: PwC UK, Sharing Economy Study, 2016
- 8. $335Bn 2025 In revenues generated By capturing opportunities within consumer and business environments that are being missed by incumbent players Source: PwC UK, Sharing Economy Study, 2016
- 9. “The sharing economy is the value realized in taking under-utilized assets and making them accessible/ re-usable online to a community, leading to a reduced need for ownership of those assets.” Alex Stephany – The Business of Sharing What is the sharing economy
- 10. “The sharing economy is the value realized in taking under-utilized assets and making them accessible/ re-usable online to a community, leading to a reduced need for ownership of those assets.” Alex Stephany – The Business of Sharing What is the sharing economy
- 11. The sharing economy involves a marketplace Buyers Sellers A Digital Platform Business-to-Consumer Business-to-Business Peer-to-Peer Business-to-Crowd Consumers Riders Renters Guests Suppliers Drivers Providers Hosts
- 12. For the participants, this means: § more flexibility § the ability to access products and services whenever the supplier desires § efficient use of resources, reducing scarcity and § a more sustainable way to consume products
- 13. § Digital literacy § Easy access to digital technologies § Entrepreneurial spirit § Acceptance for emerging creative skills § Ability to incubate young businesses § Accelerating acceptance for sharing economy ventures WHY?
- 14. “The vast majority of insurers have made little headway in delivering solutions for the sharing economy: just 10 % already have an offer in the marketplace and another 35 % are only at the pilot or strategy stage. 55 % have taken no steps towards meeting these new insurance needs, potentially missing out on a significant new line of business.” Marketforce, The Future of General Insurance 2016, special report
- 15. Leading Sharing Economy Insurance Brands This snapshot is not meant to provide an exhaustive list
- 16. Example: MAIF – Investing Euro 125m “By supporting their development and ambitions, MAIF intends to be the insurer of reference of the young actors of this new economy with which we share the foundations.” Pascal Demurger, Director, MAIF group
- 21. Being successful in the sharing economy means building a business model that's based on trust, authenticity and transparency with your customers. “ ”
- 22. Trust mechanisms promote buyer & seller satisfaction Why • Buyers are prepared to buy goods and services from strangers • Reduce the number of low- quality sellers • Reduce the risk of fraud How • ID check • Reputational rating • Rate the experience • Messaging • Feedback scores • Incentives • Personalized services
- 23. Once trust is in place, people share and collaborate mostly for: Social reasons “I want to meet new people” Economic reasons “I want to save money” Practical reasons “I want to save time” Sustainability reasons “I want to protect the environment” Accessibility reasons “I want to access new ways of ownership"
- 24. “The model only works when individuals and businesses are willing to collaborate” Through genuine collaboration you can drive authenticity “Technology is a key enabler used to empower users to make connections and eventually share” The success of sharing economy models depends on the online platform which eases transparency amongst strangers
- 26. “The stuff that matters in life, is no longer stuff: It is other people. It is the relationships. It is the experience.” Brian Chesky, CEO, AirBnB
- 28. Sabine VanderLinden 18 years of expertise in Insurance Managing Director of @SabineVdL @sbcInsurTech Sabine VanderLinden Top Global Influencer