This is the final report for Mastre in Fintech and Digital Transformation at LUMSA about innovation team tech scouting for insurtech startups. The analysis process was set up in 5 different steps and worked as following: Panoramic view of Insurance market and last years trends Identification of needs and issue about Insurance market and what industry is working on Selection of 4 startups which are working on technology related to insurance new waves Description of the chosen startups and the tech features involved Our consideration about different aspects improvements:

1. Tech scouting in
Banking & Insurance
Project
Insurance-IoT Ecosystem
MFTDT 2022

2. 2
This is the final report about innovation team tech scouting for
insurtech startups. The analysis process was set up in xx different steps
and worked as following:
1. Panoramic view of Insurance market and last years trends
2. Identification of needs and issue about Insurance market and what
industry is working on
3. Selection of 4 startups which are working on technology related to
insurance new waves
4. Description of the chosen startups and the tech features involved
5. Our consideration about different aspects improvements:
Contents of this template

3. 3
Table of Contents
About Insurance industry
01
Scouting brief analysis
03
Startups drill-down
02
Description of the selected
Startups
04
Considerations and proposals
05

4. 4
01
About Insurance
industry

5. 5
Today Global
Challenge
Reflecting on the global
economic perspective

6. 6
Facing an era of uncertainty and scarcity
Post-Covid, War, Climate Change and Inflation open-up a “pandora vase” of less
revenues, shrinking subscriptions, high risks and costs for all Insurance sector.
Uncertain climate has yet effect on risks to cover, in house
insurance and in health or life insurance.
Predict the upcoming or next climate catastrophe will be and
imperative as is the values of properties could change in area
that enter on high risks.
The Consumer Price Index for All Urban
Consumers (CPI-U) rose 7.5 percent in 022.
More people face new poverty and will tend to
spend less ever and ever. The price battle
skyrockets.
Post COVID consequence, demographic
ageing and pollution will have soon
negative effects on costs for health
providers because of emerging cronicity
conditions. For life insurer, ‘cause the
reducing lifespan, meaning a significative
cut off of payroll duration.

7. 7
Industry Tales : The McKinsey 2022 Report
Creating value, finding focus: Global Insurance Report
“The impact on the insurance industry was noticeable: in 2020, premium
growth slowed to approximately 1.2 percent (compared with more than 4
percent per year between 2010 and 2020).
Profits fell by about 15 percent from 2019.
The decline was sharpest in Asia–Pacific (down 36 percent) and was
particularly driven by falling profits in life.”

8. 8
State of the art of Insurance sector: Hot Topic ‘22
In today state of the art is
strategic way try to explore by
Networking Events on Insurance
Sectors.
Between relations, talk and
communities on different sectors
and innovators it’s a good place
to find insights and innovations.
This part of research take a look
at the platea of investors and
startups Innovators who find
their stage in Berlin at the
Annual “Insurance Innovators
Summer Festival” 2022
The event will be face challenge
to solve the emerging crisis
wondering on these six “hot
topics” emerged by the
Insurance Companies.

9. 9
The Industry’s demand of a paradigm change
“The data-driven insurer:
overcoming challenges and
grasping new opportunities”
“Building an insurer fit for
the digital age”
Moving into risk prevention: making customers’
lives safer
Case study example
UNIQA Insurance Group
Embedded insurance in action
Case study example:
Amazon
Shifting the insurance paradigm: from
‘repair & replace’ to ‘predict & prevent’
IoT and connected insurance
data: the next wave
“The digital customer journey in a
world of choice and convenience”

10. 10
Insurtech
“Insurtech refers to the use of technology
innovations designed to squeeze out savings and
efficiency from the current insurance industry
model. Insurtech is a combination of the words
“insurance” and “technology,” inspired by the term
fintech.”
via @Investopedia
As Fintech in insurance, a similar pattern is
developing. “Insurtechs” are technology-led
companies that enter the insurance sector,
taking advantage of new technologies to
provide coverage to a more digitally savvy
customer base. https://mck.co/2frxBBg
via @McKinsey
When insurance marries technology:

11. 11
Insurtech Value Chain and Market
Size
Global Market Size 2021
$ 3.85Billion

12. 12
Emerged “Megatrend” drive Insurtech evolution
— Make environmental, social,
and governance
(ESG) considerations a core
feature of the business model.
— Regain relevance through
product
innovation and coverage of
new risks.
— Enhance and personalize customer
engagement and experience
— Develop new businesses for the
digital age
— Engage with ecosystems and
insurtechs.
— Scale impact from data and
analytics.
— Modernize core technology
platforms.
— Address the productivity
imperative.
— Reimagine culture, diversity, and
ways of
working to attract and retain talent.

13. 13
Insurtech startups ecosystem

14. 14
Startups
drill-down
02

15. 15
The Insurtech
world is
populated by a
large number of
players but only
those who will
be able to use
the data to
their advantage
will survive.

16. 16
Internet of Thing
The Internet of Things (IoT) describes
the network of physical objects—
“things”—that are embedded with
sensors, software, and other
technologies for the purpose of
connecting and exchanging data with
other devices and systems over the
internet.
@Oracle

17. 17
Connect Everything: The Internet of Things
Why
How
Whom Sensors
Trackers/Positionin
g
Devices
Cloud
Cognitive/AI/Visual
Platforms
Data Storage
It’s Pervasive!
Enable
Collect Data
Enable
many Industries
and everyday life

18. 18
Or Internet of Everything? IoE
Internet of Everything (IoE), the seamless interconnection and autonomous coordination of massive number of computing elements and
sensors, inanimate and living entities, people, processes and data through the Internet infrastructure, is an emerging research and
The realization of IoE demands novel engineering solutions to overcome the unique connectivity, spectrum scarcity, miniaturization,
interoperability and energy-efficiency challenges, but emerging technologies push forward from everyday object to the the satellites vision.
Trackers
Bluetooth
Depth
Sensors
AirTags
RfID
Computer
Vision
Edge /Fog Computing
Cloud
5G+
Platforms
REST APIs
Processors
Data Center
ML+Computer Vision

19. 19
IoT and Insurtech Ecosystem
digital ecosystems most important to insurers
SMART SATELLITE
Four preeminent digital
ecosystems emerging for
Insurance “nurture”
1. mobility/connected car,
2. smart housing/smart city
3. connected health
4. commercial lines

20. 20
IoT: Global Market Size Trends 2019-2030
The global internet of things (IoT) market size was
valued at USD 384.70 billion in 2021. The market is
projected to grow from USD 478.36 billion in 2022 to
USD 2,465.26 billion by 2029, exhibiting a CAGR of
26.4% during the forecast period.
Global Market Size
$ 384.7Billion
Today data about IoT Market Size have to be used with extreme caution because of
marketing Hype.
However still relevant that the IoT market have to grows significantly in the next years.
Insurance is one of the fastest-growing sectors in the global IoT market.
As of 2021, 20% of insurance companies were reportedly piloting, testing, or deploying
IoT initiatives, according to research from ReportLinker — a trend that’s only expected to
continue.

21. 21
Opportunities through the Internet of Things
Networked devices outnumber people today with a pervasive presence in today life, where any insurance company have to be
aware to offer a new paradigm of the insurance services.
The Digital networking and the availability of a large amount of Data feeding AI in real world (amplify by the contest analysis) allow
Insurer to generate additional revenues and optimize efficiency and reduce costs and risks

22. 22
About our company
01
IoT Market 2021: 10 Most relevant events
1.Most
unexpected IoT
market inhibitor:
chip shortage
2. Most notable new IoT
government initiative:
China’s 30 fully
connected 5G factories
3. Most promising
IoT technology
development:
artificial
intelligence+IoT
(AIoT)
6. Most notable
new IoT project:
New York City
4. Most prominent
new IoT-related
buzzword: metaverse
5. IoT security
breach of the
year
7. Upcoming IoT connectivity
technology: Satellite IoT
8. Biggest IoT-
related
merger/acquisitio
n: Emerson and
AspenTech
9. Biggest 2021 IoT funding
round: Armis Security’s
$300 million
10. Biggest 2021
IoT IPO

23. 23
Safer Homes
By offering IoT devices that monitor a
connected home’s security and safety,
insurers can track even the smallest
anomalies in a home. If any abnormality
occurs, the IoT system will automatically alert
the insurance company, allowing the insurer to
step in to prevent damage from happening.
For that reason, IoT can ultimately provide a
safer home for customers and less risk for the
insurance company.
Enhanced Cost Management
By analyzing IoT data to optimize risk
prediction, insurers can lower the number of
claims and reduce costs to the organization.
This benefit is further magnified by the rapidly
declining prices of IoT devices — a trend that
will make IoT increasingly cost-effective for
both insurance companies and their
customers.
IoT to introduce usage-based pricing models,
monetize data insights, and improve customer
interactions for the cross-selling of products
and services.
Optimized Risk Assessment and
Prevention
By leveraging IoT data, insurers can take on
a preventative, rather than reactive,
approach. Instead of responding to issues or
events after the fact, teams can now predict
the occurrence of events. For example, in the
event of a boiler malfunction in a
commercial building, the insurer could warn
the policyholder before any costly damage
happens. As a result, customers feel
protected, improving loyalty, retention, and
trust in the brand.
Insurance company shift from one of risk
coverage to risk prevention,
Functional devices fire alarms, water
leakage alarm devices, and heat and gas
sensors in their homes or commercial
buildings and businesses can help prevent
property damage and unnecessary
expenses.
Improved Customer Experience
Use IoT data to identify gaps in their offerings
as well as offer customized products and
personalized coverage solutions to different
segments of customers based on their
specific coverage needs. With data from
external sources, insurers can now access
data to streamline processes (such as sales
and claims) to provide an improved user
experience for their customers. Insurance
companies can improve the UX by pulling
data from IoT devices and auto-filling certain
form fields, become easier to use and detect
pattern behaviours and become an Health
Advisors.
IoT Opportunities in Insurance

24. 24
Scouting
brief analysis
03
In this part we analyze few startups in
different sector or industry with a possible
tech transfer, their tech application in the
insurance sector and susceptibility to
become part of the Insurtech Ecosystem

25. 25
Upcoming IoT connectivity technology: Satellite IoT
Enabling Insurance
Applications
Predict
● Climate monitoring and forecasting
● Increasing CO2
● Ocean levels
● Level of pollutions (air, water and terrain)
● Traffic
Sector
Business (Stocks and Future), Agriculture.
Automotive and transport, Fleet management,
Transportation, Proptech consulting intersection
Security and emergency, Healthcare, lifestyle.
Prevent
proactive loss prevention, workforce management.
warranty management, situational awareness.
livestock monitoring, land scouting and value value,
risks of contaminations, stolen vehicle recovery, fraud
prevent, supply chain optimization, logistic and
navigation.
The race for ubiquitous satellite connectivity for IoT devices reached a
new level in August 2021, when Elon Musk’s SpaceX bought IoT
satellite connectivity specialist Swarm Technologies, In 2019 IoT
highlighted the rise of nano satellites and the related promise of
ubiquitous connectivity for IoT devices in very remote places. Swarm
launched 150 tiny SpaceBEE satellites into orbit. The acquisition of
Swarm by SpaceX sounds, many of Swarm’s competitors were facing
tremendous headwinds in 2021.
Myriota partnered with Spire rather than
launching its own satellites.
Next ESA mission Copernicus
Hyperspectral Imaging Mission for the
Environment, CHIME, will carry a unique
visible and shortwave infrared spectrometer
to provide routine hyperspectral
observations. The mission will complement
Copernicus Sentinel-2 for applications
such as land-cover mapping.
Another promising tech application for
remote sensing data is: SAR: Synthetic
Aperture Radar. The signal is instead
responsive to surface characteristics like
structure and moisture.
Geometry of
observations used to
form the synthetic
aperture for target P
at along-track position
x = 0. Credit: NASA SAR
Handbook.
CHIME applications.
Credit ESA

26. 26
AIoT as the most prominent new buzzword, mentioning that a
number of Chinese and US firms had adopted the new term.
In February 2021, German automotive supplier and early IoT pioneer
Bosch unveiled its AIoT strategy. Bosch believes that the
combination of artificial intelligence (AI) and the IoT will create
billion-dollar growth opportunities in markets. Then-CEO Denner
stated, “We want to become a leading AIoT company.” In May, the
company launched its new edge AI platform, “Phantom Edge,” and in
June 2021, the company opened a €1 billion semiconductor plant,
known as its first AIoT factory. Bosch experts were also involved in
creating the AIoT playbook, an open-access practitioners’ guide to
AIoT.
Companies that turned to AIoT in 2021 include Advantech and
Qualcomm, which released a number of AI and IoT chipsets in June
2021. An IoT Analytics market report published in November
2021 estimates that the global industrial AIoT market will reach
$102 billion by 2026.
IoT technology development: artificial intelligence + IoT (AIoT)
Enabling Insurance
Applications
Predict
● Deep Data Analysis about:
○ Domotics
○ Smart mobility
○ Customer behaviour
○ Infrastructures
○ Financial and economic trends
○ Heathcare
● Cognitive technologies for real time risk
assessment
Sector
Business (Stocks and Future), Agriculture.
Automotive and transport, Fleet management,
Transportation, Proptech, Security and emergency,
Healthcare, Lifestyle.
Prevent
proactive loss prevention, warranty management.
situational awareness. livestock monitoring, loss
property value, supply chain optimization, logistic
and navigation.

27. 27
As data becomes ubiquitous, open-source protocols will emerge
to ensure data can be shared and used across industries. Various
public and private entities will come together to create
ecosystems in order to share data for multiple use cases under a
common regulatory and cybersecurity framework. For example,
wearable data could be ported directly to insurance carriers, and
connected-home and auto data could be made available through
Amazon, Apple, Google, and a variety of consumer device
manufacturers.
In industrial settings, equipment with sensors have been
omnipresent for some time, but the coming years will see a huge
increase in the number of connected consumer devices. The
penetration of existing devices (such as cars, fitness trackers,
home assistants, smartphones, and smart watches) will continue
to increase rapidly, joined by new, growing categories such as
clothing, eyewear, home appliances, medical devices, and shoes.
Experts estimate there will be up to one trillion connected
devices by 2025.
Business Model/Services:
Micropayments-Global Assistant -Multiadvisoring on demand or
overall- AutoInsurance/Protection-Embedded insurance
Kind Of Tech or Business Model aided by IoT
Enabling Insurance
Applications
Predict
● Olistics Data Analysis and Pattern recognition:
○ Domotics
○ Smart mobility
○ Customer behaviour
○ Infrastructures
○ Financial and economic trends
○ Healthcare
● Tech Device experience monitoring
● Cognitive technologies for real time risk
assessment
Sector
Agriculture.Automotive and transport,
Transportation, Proptech, Utilities, Healthcare,
lifestyle.
Prevent
proactive loss prevention, warranty management.
situational awareness, supply chain optimization,
logistic and navigation, product insurance
optimization

28. 28
Description of
the selected
Startups
04

29. 29
The applications
Ecosystemic grade
Description: Ubotica Technologies provides smarts for
smart satellites (CUBESAT by ESA) Space industry
partners to deliver real-time insights directly to users
through Computer-Vision.
Sector: Space Industry
Technology: SmartSAT
Semi-autonomous satellite systems that provide real-
time insights from flexible on-board processing using
low energy hardware. The Ubotica CogniSat platform
use computer vision software and AI system integration.
Enabled the first ever hardware-accelerated AI
inference of Earth Observation images on an in-orbit
satellite.
Partners:
NASA JPL and the European Space Agency (ESA).
#shadoweconomy #spaceeconomy #smartsat
Direct Applications:
Predictions and Analysis
Agriculture: productions, fertility
Climate Change (Ocean levels,
Forecast, droughtness etc.)
Pollution: Air, Soil and water
Other possible applications:
Values of properties and risks through time
Global Health, Health providers, Risks
Management
Satellites have turned Earth observations into a
revenue-generating business by capturing different
types of imagery related to agriculture, energy, and
more. Focused on geospatial intelligence for a wide
variety of industries yest.
Recently, most geospatial intelligence startups used
algorithms in the post-acquisition phase to analyze
and commercialize the data.

30. 30
The applications
Ecosystemic grade
Description: EyeCloud.AI is a supplier of open AI vision
solutions. Help vision developers overcome the
integration and production challenges of delivering
edge-AI vision products through its expertise in
advanced hardware production, embedded software,
and IoT management services.
Sector: multiple Industries
Technology: AIoT
​Deep Learning Inference Acceleration, Open Edge-AI
Video SDK, AIoT Device, Dept Sensors.
Products: OpenNCC Platform Eyecloud.AI product
edge-AI hardware, software, management, and cloud
solutions. Integrated Edge-AI, Vision Camera,
#cloud #AIoT #sensor #surveillance
Direct Applications:
Monitoring application
Healthcare, workplace safety, security, surveillance,
and consumer applications.
Standard-operating-procedure validation, PPE
compliance, and accident prevention
Other possible applications:
Detect Pattern Behaviors, Trigger point of risks, Risk
Management
The product is just Faster Time to Market: AI
algorithm development, field deployments, and
production. Furthermore the company drive its
competence around commercial products: sensors,
camera and devices.
The services are Custom Features and
management scalability
Open hardware and software for differentiated
edge-AI solutions, and has Simplified
Development: Streamlining hardware integration
for deep-learning vision systems.

31. 31
The applications
Ecosystemic grade
Description: Snapsheet exists to make claims simple for
everyone. Through its pioneering expertise in virtual
estimating and leading cloud-native claims management
software are transforming the end-to-end claims process —
delivering faster, modern claims experiences for claims
organizations of all sizes.
Sector: AIoT insurance sector
Technology: Snapsheet uses 13 technology products and
services including HTML5, Google Analytics, and jQuery,
according to G2 Stack, and
Partners:
Smart Communications, Walker Sands, USAA, Socotra
#IoT #insurtech #cloud
Direct Applications:
Claims, Appraisal, Payments
Other possible applications:
Risk management, Data management
Snapsheet’s cloud-native claims management
platform is an end-to-end solution that can plug into
the existing tech stack to digitize and automate
processes through omnichannel engagement tools,
no-code workflow engine and API-driven flexibility.
This gives auto and home insurers an out-of-the-box
platform to dramatically improve claims experiences

32. 32
The applications
Ecosystemic grade
Description: TrueMotion is shaping the future of driving
safety - through data and technology - while redefining how
insurance is priced and delivered. TrueMotion’s technology
platform enables insurance companies to distinguish
between safe and risky drivers, reward safe drivers with
discounts on their insurance and help reduce the number of
driving accidents, leading to safer roads for all.
Sector: AIoT - Autotech - Insurtech - Claim management
Technology: Iot, Phones, Connected car, Video, AI data
driven platform, Telematics
Partners:
Unipol, Noblr, Guidewire, Tieto
#IoT #Insurtech #Autotech
Direct Applications:
turnkey technology solutions to implement pay-as-you-
drive or pay-how-you-drive, auto insurance programs.
Other possible applications:
Data collection and analysis, risk management
Truemotion platform combines sensor fusion, artificial
intelligence, and behavioral science to enable insurers,
rideshare companies, fleet operators, automakers, and the
personal safety industry to accurately measure driving
risk, help drivers become safer, and offer real-time crash
assistance.

33. 33
Considerations
and proposals
05

34. 34
Ecosystem - “Looking at the sectors”
Four different digital ecosystems are emerging that are
relevant and attractive to insurers in the IoT:
mobility/connected car, smart housing, connected health,
and commercial lines
While these ecosystems certainly have parallels by measure
of their basic dynamics, on a granular level, they have key
differences, which is why insurers need to develop a
dedicated strategy for each.
Maturity - “Talk the same language: Needed of skilled persons”
The degree of market maturity differs in each of the
ecosystems, and they feature some clear distinctions in
market dynamics, relevant players, and regulatory
environment. Be aware of the infrastructure (Data centers
and Connections).
Challenge - “Apply a bird vision is an imperative”
Overarching dynamics through different sectors can be
explored using two examples: the mobility/connected-car
ecosystem, the most advanced of the four ecosystems, and
smart housing, specifically Ambient Assisted Living, which
combines smart-home and connected health services in an
innovative and effective way.
Top tech trends will transform insurance
Final Hints and Tricks to get into the IoT Ecosystem

35. 35
The Future of IoT: SPIME
This is one of the foundations of
the new leap into a #phygital
web that becomes pervasive
and digitally merges with
material.
The future of IoT has an
enormous potential of
application in any industries
The term spime was coined for this concept by author
Bruce Sterling at SIGGRAPH Los Angeles, 2004.
DIGITAL (IoT)+PHYSICAL (world) ==PHYGITAL

36. 36
Thanks for watching
Filippo Marco Giorgia Federico Ivan
Our team