The InsurTECH Book, reviewed

By @SimonCocking, review of The InsurTECH Book, available from Wiley here.

The definitive compendium for the Insurance Digital Revolution

From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms.

The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it.

This book follows from the crowdsourced Fintech book that came out previously. It made sense to then dig deeper into particular aspects of the fintech world, especially as there are so many different elements to innovation in the financial technology world. Very quickly when you dig into the world insurtech, you realise there are many interesting and exciting opportunities and elements to it. As a crowd sourced book every chapter, and every subsection within is written by a different person. This could be a strength or a weakness, but in this case it seems to work well in providing you with a cornucopia of different ideas, insights and possibilities.

We were naturally happy to see some good blockchain use cases, but these are not the only areas explored. Medical data based innovations are discussed, car insurance and so many other areas where the ability to capture micro, personalised data, can potentially provide us with tailored, micro insurance solutions for our needs and daily lives. This is a useful addition to the editorial team’s collection of crowd sourced books, and it will be interesting to see what they come up with next.

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