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Insurtech Sydney Launch Event 7 September 2016
- 2. Insurtech: The opportunity for Australian startups and insurers Sydney Fintech Startups
- 3. Agenda for this evening Introduction Brenton Charnley, Organiser Insurtech Sydney Pulse of Insurtech Martin Blake, KPMG NSW Chairman Panel Discussion Chair: James Mabbott, Partner KPMG Innovate Thanks Brenton Charnley, Organiser Insurtech Sydney Networking Drinks and nibbles 6:00pm 6:10pm 6:30pm 7:15pm Conclude 8pm
- 4. Insurtech trends Insurtech investment on the rise globally 01 It’s all about the customer 02 Unlocking the data 03 Tech Tech Tech
- 5. The opportunities for insurance technology Source: https://www.startupbootcamp.org/blog/2015/10/so-what-is-an-insurance-startup-infographic/
- 6. Disruption is coming…. Source: https://www.cbinsights.com/blog/insurance-tech-market-map/
- 7. Pulse of Insurtech Martin Blake, KPMG NSW Chairman
- 8. 8#FINTECH ©2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. INSURTECH IS TOP PRIORITY FOR INVESTORS Top Deals & Cities, 2016 (YTD) InsurTech Investment Activity 2011 – 2016 YTD (Q2’16) Top Deals Oscar Health $400M // Series C Clover Health $160M // Series C Bright Health $80M // Series A Justworks $33M // Series C Top Cities San Francisco 8 Deals // $213M New York 5 Deals // $467M Source: The Pulse of Fintech, Q2 2016, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) August 17th, 2016. $0.1 $0.3 $0.2 $0.7 $2.5 $1.0 21 42 55 71 74 47 0 10 20 30 40 50 60 70 80 $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2011 2012 2013 2014 2015 2016 YTD Investment ($B) Deals
- 9. 9#FINTECH ©2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. AT A GLANCE (YTD) TOP 20 DEALS OF 2016 (YTD) ~$1BVC funding 82VC Deals 47%Deals at seed-stage 63%Deals to US-based startups TOP 20 INSURTECH DEALS IN FIRST HALF OF 2016 TOTALED OVER $980M IN FUNDING 1 Oscar Health $400M Series C 11 Xishan Information Technology $20M Series B 2 Clover Health $160M Series C 12 Goji $19M Series D 3 Bright Health $80M Series A 13 Insurance Zebra $17M Series A 4 Justworks $33M Series C 14 Friendsurance $15M Series B 5 Huize Insurance $31M Series B 15 PolicyGenius $15M Series B 6 Namely $30M Series C 16 Joyowo.com $15M Series B 7 Trov $26M Series C 17 Zendrive $14M Series A 8 Gusto $25M Series B 18 Next Insurance $13M Seed VC 9 LEAGUE $25M Series A 19 Embroker $12M Series A 10 Maxwell Health $22M Series C 20 Shift Technology $10M Series A North America ($899M) 14 20 Europe ($25M) Asia ($66M) 5 11 16 3 9 10 12 13 1 4 6 15 27 817 18 19 Source: The Pulse of Fintech, Q2 2016, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) August 17th, 2016.
- 10. Panel Discussion James Mabbott, Partner KPMG Innovate
- 11. Meet our Panelists Insurtech: The opportunities for Australian startups and insurers Tim Tez Vanessa Dobson Dan Cohen Alfred Lo Chief Product & Marketing Officer Manager Research & Development, Life Managing Director, Head of AMP New Ventures
- 12. Sydney Fintech Startups Thanks & Close
- 13. Insurtech Sydney Connect with us Our next meetup Coming soon in October! Twitter / Social @InsurtechSydney #Insurtechsyd Email / Website insurtechsydney@gmail.com www.insurtechsydney.org Join us! Brenton Charnley @Insurtech Sydney
Editor's Notes
- Good evening and welcome to the first Insurtech Sydney Event My name is Brenton Charnley. I am the organiser of Insurtech Sydney & also a member of the Customer Strategy and Innovation Team at MetLife Insurance, one of the world’s largest life insurers Next slide
- The topic for this evening is to explore the opportunities for innovation in the insurance industry for startups and insurers And as many of you would be aware, the insurance industry has largely left behind in the fintech trend over the last few years, particularly in Australia. But hey, not many people look at the insurance industry and immediately see the opportunity. And as I have heard before a few times since joining the insurance industry, the only time innovation and insurance had met previous to now was in the dictionary. But, now is our time and we look forward to exploring these opportunities this evening. Tonight is supported by KPMG, MetLife Insurance and Sydney Fintech Startups. A special mention to Martin Blake, KPMG NSW Chairman and James Mabbott, Partner KPMG Innovate for hosting us this evening at their new premises. Thank you and congratulations on moving into your new space.
- Our agenda for the tonight is: I will run through a introduction into the insurtech opportunity and what are some of the key areas where startups and insurers can focus their innovation efforts This will be followed by a presentation by Martin Blake KPMG NSW Chairman and Head of Insurance on the Pulse of Insurtech Then I will ask James Mabbott to welcome and facilitate the panel this evening. And after some Q&A, we will conclude the night with some further networking drinks Next slide
- Before we get into our presentation and panel, I thought I would to talk to two points: First, what is insurtech? And second, what are some of the key technology opportunities for startups and insurers alike? For those that don’t know “Insurtech” is short for insurance technology and relates to technology enabled startups (or insurers) looking to improve or transform one or more elements of the insurance value chain. And common to most Insurtech’s are the customer, data and of course, technology. Like most new business models, the customer must be at the centre of everything we do. Whether that be through personalisation, know me better or better product or experience design. Today, the customer expects a better experience from all of their suppliers. No longer do customers forgive insurers because they are ‘insurers’. If we are not providing a positive end to end experience we are behind. Secondly, Data is the new corporate currency and if you aren’t capturing it or using it someone else is. Data governance, management and integration into your business model can help transform experiences, services and insurance business models – But, the challenge for insurance industry more broadly, and in particular for actuaries will be making the use of the new sources data. And the transformation must supported by technology - to help scale and deliver efficiencies. Next slide
- This diagram from startup bootcamp is a great summary of some of the segments of opportunity for technology across the insurance industry. To list off a few, these include: Regulation and the law - knowing your customer better (or KYC) and things like digital contracts empowered through blockchain technology Using robo-advisory platforms to deliver wealth management and financial advice, new distribution channels for insurance Real time data analytics to help mitigate risk and personalise premiums Health related services including wearables and use of genetic data for risk profiling The use of the Internet of things and the use of telematics, home security and environmental sensors to help prevent and manage risk And Customer engagement is a clear priority - leveraging cloud, mobile and digital technologies to help improve customer acquisition, underwriting and claims handling and processing. These are all common pain points across most insurance segments We see the opportunities for technology insurance is huge and clearly we are not alone in this pursuit. The startups are coming. Next slide
- Globally, there are a large number of startups and insurers targeting the insurance sector From life insurance, auto, health, re-insurance, sharing economy and P2P, insurtech is certainly the next hottest thing following fintech boom In Australia, we aren’t yet seeing the scale of startups targeting the sector as we have with fintech, but this is changing. We are seeing some great startups coming to the fore like: FlareHR, in HR tech, who you will hear from tonight Boundlss – in health using Wearables GoFar – in Vehicle Telematics CoverGenius – A platform for insurance distribution; and Flamingo – a customer engagement platform using AI We certianly look forward to hearing more startups emerging in the insurance sector in 2016 and 2017. Importantly, if you are an Australian startup here tonight, please reach out, make yourself known. We would like to connect you in the ecosystem. But, to hear more about the recent trends in insurtech globally, I would like to introduce our first speaker this evening Next slide
- Martin Blake is the KPMG NSW Chairman, Head of Insurance and brings a breadth of knowledge an experience working with insurers and technology startups alike Please join me in welcoming Martin
- Thanks Martin for sharing the wonderful insights Now it is time for the panel I would like to introduce James Mabbott, Partner KPMG Innovate who will introduce the panellists and chair the panel this evening. Please join me in welcoming James
- Thank you everyone, this draws a close the formal events for this evening Thank you again to our panellists, Tim, Vanessa, Alfred and Dan for sharing their wonderful insights Thank you again to KPMG for hosting us, MetLife for coordinating the event and Kim Heras from Fintech Sydney Startups supporting us on the Meetup platform. If you aren’t already signed up to Insurtech Sydney, please head to the platform and sign up. The next event will be coming soon. If you are interested in participating or hosting an event, please contact me on the details on the slide. Again if you are a startup interested in the insurance space, please reach out. We would be happy to try and connect you within the insurance network. Thanks again, and please join us for drinks through to 8pm.