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#Insurtech explained orWhat Is #Insurtech? #Insurer, #Reinsurer, tech giants and more. - YouTube
Channel: Digitalscouting
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what is in Japan is it a nightmare
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smelly say or is it a cute toy like
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others in this video I will share I
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think is important to know about
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initiative to start with first you have
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some comments and there you have the
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good bad and Garbi
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second ensure tech startups year
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disruptors and enables third you have to
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reinsure us maybe the Darth Vader of the
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insurance industry and fourth you have
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the tech companies at Google Alibaba
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Tencent Amazon may be the pitman of the
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trans industry off tomorrow so I listen
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to this I'm scouting digital and tech
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trends around the world in order to
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bring it to you and I have helped
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numerous companies to set up ecosystems
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of digital products and services and to
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increase their reach with attention
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hacking
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[Music]
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so intro Tech actually describes the
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situation that insurance industry is in
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right now we have a lot of pressure from
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outside to innovate and to produce
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digital products and services and
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insurance products for the customer
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that excitement help them in a daily
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nice when talking about the intro tech
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startups you had a lot of renown names
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around you have maximal Oscar soul and
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friend insurance me folks letter Keisha
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clover health easy Pasco German Family
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Insurance
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Crawford policy genius and a lot of
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others and actually there's a list in
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the show notes with several over these
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important to know that you have certain
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nations leading the intro tech movement
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when it comes to the number of deals far
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beyond everybody in the US then UK
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Germany Singapore and India but who are
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the players in the introduction
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insurance industry about the startups
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also important to know that since
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several years several billion u.s.
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dollars we're invested in them and even
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though numbers vary you see that a lot
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of investors bet on disrupting the
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insurance industry to incumbents even
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though traditional insurance companies
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are perceived as Dusty's slow old and
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from some even soon-to-be-dead I want to
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underline that the group of insurers
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incumbents is not ominous it will be
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like in a sports league some clubs are
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always on top so I'm not afraid for
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aliens AXA generally and other big
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insurers and every season you have
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positive surprises and we already see
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small especially smaller interest using
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the opportunity of digital
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transformation and blowing over market
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average and investing a lot and
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restructuring the whole
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companies or the product portfolio or
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their IT a capabilities for you but as
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in most sports leagues you also have the
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Negev
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formerly gigantic and teams light and
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dark sports club that are going to
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decline a lot third reinsure us reinsure
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us are the shirts of the insurance
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industry
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this might sound quite similar but
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reinsurance is a totally different
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business model than direct insurer us
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it's a heavily to be played with a few
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customers who don't have an army of
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10,000 of agents and brokers you don't
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have to deal with the private end
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customer or the business end customer in
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fact and reinsurance happen ask the
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staff of highly skilled highly trained
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and highly sophisticated workforce and
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what I take away from my work was
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reinsurance is that you to some real
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reason I don't know they are very
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strategic about the future investing
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heavily in new upcoming players in the
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insurance market so even there are
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hundreds of years of Star Trek insurance
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they are strongly and heavily supporting
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insure tech startups that come up but
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also tech companies and provide them
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with insurance for insurance to be
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honest the reinsurers are the wild-card
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the big unknown in this play
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you have the tech companies Google
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Facebook Townsend Alibaba and Amazon
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also in this group you see different
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strategies so Google place tries to stab
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himself as enable of providing
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analytical tools and complex algorithm
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to carriers that they can use to upload
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their customer base and other knowledge
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into their cloud-based systems and to
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get a lot of insights there I don't know
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that single insurance e suit who would
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have the audacity to upload customer
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data into a Google cloud and then we
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have the disruptors like Amazon that are
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setting up business units to enter the
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insurance industry and behind the scenes
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and evaluate and then we have companies
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like uber
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let's try to be platform also for
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insurance products shout out discards so
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what is happening right now so
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there was a lot of panic at the
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beginning and into tech startups started
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to appear 2014 12 13 11 a lot of panic
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and accounts but right now we see a
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consolidation you see discussions are
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more calm a lot of in show tech
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companies are pivoting from being
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attackers to enable us so we are in the
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face of consolidation why is all of this
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actually happening we actually had an
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industry is a lot of high barriers to
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enter the market but due to regulation
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liberalisation and also to the expansion
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of the internet and we have seen that
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this formerly high barrier is lowering a
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lot of veterans of the insurance
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industry are used to the situation where
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regulator and that technology actually
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saved them from new participants in the
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market but this is over regulators are
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not there to save and neither encourage
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nor startups that actually the customer
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and the second thing is the internet
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allows you to start a company with a
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fraction of the cost it would have
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costed 10 20 30 40 years ago so what
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will the teacher day I don't know I
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would know this I would already reserve
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private island and plan how to them a
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hand-up sports club when German
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championship first hands 1983 hey guys
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it would help us a lot if you could hit
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the subscribe button down there and to
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make us also grow here on YouTube thank
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you very much
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