From artificial intelligence to digital transformation, GlobalData has identified some of the top tweeted terms trending in insurtech discussions happening on Twitter by key individuals (influencers) in Q3 2019.
1. Artificial intelligence – 3,496 mentions
The applications of artificial intelligence (AI) in insurance and the risks associated with it were widely discussed during Q3 2019.
An infographic shared by Antonio Grasso, the founder and CEO of Digital Business Innovation, depicts how AI can be applied in areas such as Internet of things (IoT).
The pros and cons of using AI in the insurance industry were also popularly discussed.
An article shared by Andi Staub lists some of the risks associated with the use of AI in insurance including ambiguous results and discriminative profiling.
On 18 September, @andi_staub tweeted: “Very risky business: The pros & cons of #insurance companies embracing #ArtificialIntelligence #insurtech #fintech #AI #IoT #BigData #smarthome #privacy @jblefevre60 @YuHelenYu @Julez_Norton @mvollmer1 @HaroldSinnott @pierrepinna @horstwilmes @natashakyp bit.ly/2FvO4T8”, which collected 18 likes and 27 retweets.
2. Start-ups – 1,061 mentions
The new expansion and brand refresh plans of Alan, a digital health insurance start-up based in France, was trending in Q3.
Insurtech influencer, Minh Q. Tran shared an article detailing the complete technology overhaul of Alan’s payments system, and its expansion into new markets including the hospitality industry. The company also plans to target individuals including those with specific needs and the retired.
Q. Tran also tweeted about Instanda’s plans to open a managing general agent (MGA) start-up facility. The platform will enable the distribution of products, submission and management of policies, as well as handle first notice of loss (FNOL) processing and renewals.
On 3 July, @Minh_Q_Tran tweeted: “Instanda, the cloud based #insurance platform has revealed an MGA start-up facility, IMGA, that offers all the necessary technical tools to manage and run a new MGA. buff.ly/2XjjaaG #insurtech #MGA #fintech @Insurtech_Cap”, which saw 67 likes and 56 retweets.
3. IoT – 601 mentions
Connected devices and sensors offering new opportunities for insurers to revamp their products were widely discussed in the third quarter.
Antonio Grasso shared an infographic in his tweet to illustrate how connected devices can widen the scope of new insurance customers to provide better risk-based pricing, as well as better opportunities to cross-sell and eliminate fraudulent claims.
Grasso also details how telemetry can be used for automobile insurance, sensors, and drones for home insurance and IoT wearables for life and health.
On 14 July, @antgrasso tweeted: “Telemetry for automobile insurance, sensors and drones for home insurance and IoT wearables for life and health are poised for growth. Link > buff.ly/2mNNOUn @globaliqx @Accenture via @antgrasso #IoT #IIoT #Insurtech #wearables #FinServ #innovation”, which gained 65 likes and 67 retweets.
4. Blockchain – 589 mentions
The use of technologies such as blockchain, data analytics, and robotics in helping the insurance ecosystem evolve was widely discussed on Twitter in Q3 2019.
Mike Quindazzi, Managing Director at the consulting firm PwC, shared an infographic detailing the significance of technologies for the insurance ecosystem. The infographic highlights blockchain’s usefulness in claims management, an area insurers have begun to exploit.
Meanwhile, Florian Graillot tweeted about MetLife’s plans to invest approximately $2.7 trillion in the life insurance industry using Ethereum. It is expected to be the first pilot programme focused on life insurance, where users will access the ‘Lifechain’ platform for claims processing.
On 8 July, @FGraillot tweeted: “Interesting use case of the #blockchain technology in Life Insurance. #InsurTech #FinTech”, which attracted 28 likes and 13 retweets.
5. Digital transformation – 551 mentions
The need for insurers to invest in key areas in order to transform their business was a popular topic discussed in Q3 2019.
Antonio Grasso shared an article explaining a four-fold path or strategy to becoming more agile and innovative in a digitally disruptive world. The article further details how the insurance industry has been slow to adopt technology, but that businesses could be transformed by adopting digital initiatives and winning strategies.
Separately, Mike de Waal discussed how the rise of insurtech will make 2020 a crucial turning point for global innovation in the insurance sector.
On 16 July, @globaliqx tweeted: “The turning point for the global insurance innovation? buff.ly/2NPV6Yv #fintech #insurtech #DigitalTransformation @abockelm @jaypalter @nigelwalsh @Xbond49 @albertogaruccio @WFSULLIVAN3 @robgalb @insurtechforum @MikeQuindazzi @charliehalkett @insurtechtalk @psb_dc”, which collected 42 likes and 28 retweets.