The insurance industry is ready for big changes. Emerging players are about to create new models based on prevention, assistance and interaction with customers.
InsurTech: Key Figures
According to a report published by PwC, 74% of insurance companies believe that some part of their business is at risk of disruption.
InsurTech represents a large market, which makes it attractive for VC investment. In the US alone insurance is a $1.2T market.
Almost a third of insurers do not deal with FinTech or InsurTech at all while nine in ten fear losing part of their business to new players.
The estimated sales in the world of Wearable devices related to healthcare in 2019 will reach 245 million units, tripling 2015 figure.
The expected Compound Annual Growth Rate (CAGR) for the period 2017-2022 of global cross-industry Connected Car revenues is around +24%.
The adoption of IoT products could generate a potential loss reduction of -40% for Connected Home insurance.
In Italy, 51% of people have access to prevention programmes while the EU level is around 80%.
Open-F@b At a Glance
Innovate to prevent, assist and protect. In its role of preventive insurer BNP Paribas Cardif, one among the top ten insurance companies in Italy, is building tomorrow’s insurance on this new paradigm.
This year, the international contest for startups will award the 3 most innovative ideas on Preventive Insurance.
Projects should particularly deal with predictive models that allow preventive analysis to anticipate events, or with digital platforms, related objects or services designed to prevent or mitigate the risks. The focus will be made on health, family, home and mobility.
Anyone with innovative ideas can participate: startups, technology providers, professionals, developers, students etc.
The objective is to identify the best technological and digital startups and build collaboration paths together with BNP Paribas Cardif.
The inventors of the most creative ideas, selected by a Committee composed by executives of BNP Paribas Group and BNP Paribas Cardif, by academic professionals in the digital technologies area and by experts, will be supported by the BNP Paribas Cardif R&D team which will help them to develop the idea, taking into account the needs of the market and of the Company.
All finalists will present their proposals during the day of the final public event where the 3 most innovative ideas will be awarded by the Evaluation Committee. Winners will then be supported by the Company in the development and in the realization of their project.
Note: with the fourth edition of Open-F@B Call4Ideas the investments planned in 4 years, distributed among the winning projects, raise the amount of 400.000€.
(Deadline is October 23rd 2017)
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