7 Mistakes in Innovation, Insurtech Threat for Asian Insurers, and The Five Drivers of Fintech

7 Wrong Steps in Innovation

A new survey from PA Consulting has revealed seven very common wrong assumptions or mistakes companies make when deciding to get on the innovation bandwagon.

Among them is the assumption that innovation is a specifically technological concept and the setting up of a special innovation department, siloing activities.

Another thing that many businesses get wrong is failing to realize the full potential of innovation for fear of failing or for their unwillingness to copy successful innovation practices.

 

Virtualization, Hybrid Storage Drive Innovation

Workload virtualization and the increasing adoption of hybrid storage solutions are increasingly driving business innovation, a new research has found.

According to the 2017 State of Storage in Virtualization report by ActualTech Media and Tegile Systems, virtualization is especially popular, not just in file sharing but in other applications too, including Microsoft SQL Server and Microsoft Exchange.

At the same time, hybrid cloud services — flash and spinning disk — are also gaining prominence as businesses strive to boost efficiency.

 

A Security Boost Can Help Digital Transformation

IT is at the core of the digital transformation in today’s business world and it has gone a long way to enable this revolution.

Security is perhaps the biggest challenge along this way and some rethinking is in order so that businesses and individuals can fully embrace digital.

Applying the Agile approach to security is one way of doing this, strict regulation compliance from the start, and a holistic way of treating security are among the ways this issue can be addressed.

 

World’s First Infrastructure Accelerator Opens Doors in Virginia

The Smart City Works Infrastructure Actuator, the first business accelerator focusing exclusively on infrastructure and the built environment has opened in Virginia.

According to the state’s governor, the accelerator will look for tech startups with viable ideas for making cities smarter and creating new, more resilient communities.

The first cohort to benefit from what the accelerator has to offer consists of six tech and construction companies from Virginia, New York, Washington DC, and Illinois.

 

Asian Insurers Feel Threat of Insurtech

A PwC survey of Asian insurance providers has found that a majority of 74% believes the next few years will be challenging thanks to the emergence of insurtech competition.

Despite this threat, only 43% are planning to leverage financial technology to tackle it.

An even smaller minority, 28% is making an effort to join forces with fintech developers and just 14% are backing fintech incubators.

 

AI, Insurtech Are Among Top Fintech Investment Areas

Artificial intelligence, insurtech, blockchain, and cybersecurity are among the top five areas that have attracted the most investments in financial technology, according to the Financial Times.

The fifth area is a geographical one: China, where last year Ant Financial generated $4.5 billion in a single funding round — the sum constituted more than half of the total fintech investment spend in Asia.

A revolution is in the making for financial technology, where machine learning and big data analytics will lead to the replacement of a lot of humans with robots.

 

Canada Allocates $1.3 Bln for Business Innovation, China Lures in Global Incubator Majors, and Insurtech Money Goes into AI, IoT

Canada Sets Up $1.3-Bln Innovation Fund

The Canadian government has set up a $1.26-billion business innovation fund that will seek to create new jobs in the aerospace and carmaking industries.

The initiative is part of the government’s Innovation and Skills Plan, which aims at expanding the country’s middle class by training sought after professionals.

In the next few years, the fund will also start supporting other high-growth industries such as clean energy, IT and communications, and agri-food.

 

China Lures in International Incubators

China’s extensive business incubator network is luring in international incubators such as Plug and Play Tech and 500 Startups.

The country boasts some 4,875 incubators, up from just 1,600 in 2014, although many of them are still developing, and international partnerships will accelerate the process of their maturing.

It’s worth noting that about half of the total are incubators focusing on technology startups and these will greatly benefit from the entry of foreign tech majors, such as Microsoft.

 

Insurtech Startup Attracts $85 Mln in Funding

Insurtech company Torv, which focuses on on-demand insurance, has attracted funding to the tune of $85 million, led by Munich Re.

Japanese insurance provider Sompo Holdings also took part in the round, contributing a hefty $40 million.

The two major funders will also work with Torv on its international expansion as underwriters.

 

50% of Insurtech Funding Goes into AI, IoT

About half of the money that is pouring into insurtech companies is being used for the development of artificial intelligence and Internet of Things solutions, an Accenture survey has found.

The deals funding AI and IoT solutions only accounted for a quarter of the total in 2016 in terms of number of funding rounds, but they also accounted for 44% of the amount invested in insurtech firms.

Total funding for insurtech last year hit $1.7 billion, almost double on 2014, with a minority of the finance providers coming from the insurance industry: just 14%.

 

Businesses Should Apply Design Thinking Carefully

Design thinking has been touted as the best approach to running a business but it needs to be applied professionally, according to KPMG experts.

It is not a magic wand that can solve all problems all the time, the experts warn. Companies need to make sure that they factor in the user perspective from the get-go and then develop and implement the right framework that would serve to solve this particular company’s problems.

If applied properly, design thinking is what allows businesses to succeed in the digital environment.

 

Tech Innovation Hub in London Helps Digital Transformation

Pivotal’s technology innovation hub in London is seeking to help local businesses successfully transform in line with digital trends by offering them access to and insight into the latest in the sector.

Companies from not just the UK but Europe as well can benefit from the hub’s capabilities, which include the Pivotal Cloud Foundry and the company’s Big Data Suite.

The U.S. company’s aim is to enable traditional businesses in technology get better equipped to compete with innovative startups by adopting innovative practices themselves.

Insurers Should Embrace Digital Now, Design Thinking for Marketers, and How to Make and Effective Transformation

Insurers, Embrace Digital!

The insurance industry has been slow to adapt to the digital age but this should change quickly, McKinsey advises.

Insurers who act quickly to leverage the opportunities provided in digital channels will get ahead of the competition. The rest will lose.

Those who want to make it must focus on customer satisfaction by offering them simplicity of service use and customization.

 

Digital Takes Center Stage in Pharma Industry

The pharmaceutical industry is making a major push into utilizing the potential of the digital channel in a bid to gain a competitive edge.

Effective work in this respect includes a focus on teams rather than on the technology itself as a tool and acting quick to get on every disruptive bandwagon coming from the digital world.

Ultimately, the message for the pharma industry is the same as for all the rest: digital can change the game and you should not waste time in using it to enhance performance and competitiveness.

 

Making Transformations Work: A Lesson from McKinsey

Business transformations are complex tasks and less than a third of them seem to achieve the goals set at the start of such an initiative.

A study from McKinsey reveals that there are a few points business leaders need to follow in order to make the transformation effective.

Relentlessness is one of these, as are a targeted use of resources and planning and, more importantly, adapting to changing circumstances.

 

Design Thinking Essential for Successful Marketing

Design thinking has proven its worth in a range of business departments and marketing is not an exception.

At a time when marketing departments have to sift through massive amounts of data and make sense of them, design thinking can greatly help focus the attention on the right priority: creating effective campaigns.

To be effective, however, design thinking must span across the whole company and involve everyone, not just one department.

 

International Group Sets Up China Incubator

Five companies, three from China, one from Canada and one from South Korea have teamed up to set up a business incubator that will support startups from all three countries.

The incubator will target tech companies, aiming for technology transfer as detailed by one of the founders: the meeting point of innovation and entrepreneurship.

The five founding companies will offer hopefuls financial and technical support and also expose them to international expansion opportunities.

 

Digital Tech Changes Business Models, Carries Risks and Opportunities

Digital technology is developing at an overwhelming pace, changing business models and presenting businesses with new risks as well as opportunities, writes senior Oracle executive Bob Weiler.

Weiler suggests business leaders ask themselves seven questions and find the answers in order to make the use of digital tech efficient.

The questions cover topics such as the appropriate technology for an organization, the appropriate use fr this technology, and dealing with the inevitable challenges.

Google Tops Tech Investors’ List, IBM Sets Up Accelerator, Australia Needs to Address Digital Revolution Challenge

Google Tops Equity Investment List in Tech Industry

Google was the biggest tech investor in startup equity last year, followed by Microsoft and Amazon, far behind.

Google invested in 48 startups in 2016, twice as many as Microsoft and far ahead of Amazon, with its 11 startup equity investments last year.

Last year as a whole saw a spike in investment activity in the technology industry, despite the drop in large M&A deals.

 

Atlassian Founder Warns Australia Falling Behind with Innovation

Mike Cannon-Brookes, the co-founder of the top tech company in Australia, Atlassian, has warned the government that it needs to act on the threat of the digital revolution for thousands of jobs.

Cannon-Brookes said the country needed to adapt to the new economy by spurring an innovation drive that has been much talked about but never actually realized.

The government, which has allocated A$1.1 billion for the promotion of tech research and development over a four-year period, should act much faster, Atlassian’s founder also said.

 

Ontario Launches Tech Innovation Challenge

The government of Ontario is offering funding to small and medium-sized tech businesses in the form of a competition for solutions that will help the public service sector be more efficient.

Among the solutions sought is an automated way of calculating the number of people in vehicles on High Occupancy Toll lanes, and a system for identity verification when people apply for government programs.

The participants must employ fewer than 500 people and be based in the province to be eligible for the challenge.

 

IBM Co-Founds Calgary Accelerator

IBM has partnered with Canadian District Ventures to set up a business accelerator in Calgary, Alberta.

The District Ventures and IBM Innovation Space will offer young businesses mentorship, assistance and access to IBM technologies.

In addition, the partners will put participating companies in contact with larger corporations to develop mutually beneficial partnerships.

 

Indian Design-Focused Accelerator Opens Doors

An academic and two businessmen in India have launched a design-focused business accelerator targeting all businesses regardless of industry.

DesignGild was set up under the umbrella of the Maharashtra Institute of Technology where one of the founders is Dean of the Institute of Design and aims to offer mentorship to design-oriented companies.

Participants will get access to the expertise of design professionals as well as young talents, plus tech resources and funding.

 

Insurer Sets Up Insurtech Company

The founder of UK-based insurer Moorhouse Group has teamed up with The Apprentice winner Tim Campbell to set up an insurtech company.

Named Blockrox, the firm will target insurance providers, offering them blockchain-based solutions that enhance security and help bring down costs.

The firm is now looking to raise funding for the launch of a pilot version of its solution.

Qualcomm Launches VR Accelerator, Innovatube Allocates $1.5M for Vietnam Startups, and 20 Tips on Innovation

Fintech Startup Raises $1.5 Mln

A fintech company based in Bangkok has raised seed funding totalling $1.5 million, with contributors including K2 Venture Capital and Kejora Ventures.

MoneyTable’s product combines fintech, human resource management and security in a single platform, making it easier for employees to pick financial options more easily.

The company will use the money to grow its client base, targeting 1 million by the end of the year.

 

International Incubator Sets Up $5-Mln Fund in Vietnam

An international startup incubator, Innovatube, has set up a $5-million pre-seed fund to stimulate tech businesses in Southeast Asia and Vietnam in particular.

In exchange for the financial support, Innovatube will seek stakes of between 5 and 10% in the businesses.

The focus of the investors will be on virtual/augmented reality, fintech, blockchain, and the Internet of Things.

 

Brokerage Launches Insurtech Incubator

UK brokerage Worry + Peace has set up a business incubator targeting innovative insurance solutions providers.

The brokerage has teamed up with a tech company, Mohara, on the venture.

The partners will provide technological support and regulatory assistance to insurtech startups for an unlimited period.

 

20 Innovation-Inspiring Tips

Innovation is the buzzword of buzzwords but the actual application of the concept seems to not be as common as its use in ads, strategies and business plans.

One engineer, Glen Ebersole, offers businesses 20 tips to make innovation an actual part of their work.

Starting with a clear vision of how innovation will be adopted by the company, the tips go on to list the steps you need to take to implement the vision, and reminding you that it should be kept simple and fun to make it work.

 

Qualcomm Launches Accelerator in China

Qualcomm has set up a business accelerator for VR headset manufacturers in China as part of a strategy to expand into this segment.

The Head-Mounted Display Accelerator Program will provide successful candidates with access to Qualcomm’s supply chain partners and marketing assistance.

The focus on virtual reality is not exclusive, and manufacturers of augmented reality headsets are also welcome to the accelerator.

 

Russian Banks Set Up Fintech Accelerator

Four Russian banks have launched a Fintech Lab — an accelerator program seeking to help the development of new banking products and solutions.

The founders, AK Bars, VTB 24, Home Credit Bank, and S Petersburg Bank have enlisted the support of Accenture and MasterCard for the 12-week program.

Accenture is taking part as corporate sponsor and MasterCard is supplying its expertise in running fintech accelerators around the world.

Tech Innovation Drives Growth, VC Firm Looks for Insurtech Investment Opportunities, and What to Watch for in a Business Accelerator

Innovation Critical for Business Growth: Survey

A survey from consultants Softchoice among 1,250 IT and business professionals has found that the majority considers innovation critical for business growth.

The main driver of this innovation, the survey also found, was technology, and there was a divide between IT and business professionals on the importance of technology.

According to the respondents in the survey, those business leaders that embraced technology as a driver of innovation were more successful in growing their business.

 

Healthcare-Focused Insurtech Startup Gets $25 Mln in Funding

A Singapore-based insurtech startup that has ambitions to disrupt the employee benefits industry in Asia has closed a successful financing round with proceeds of $25 million.

CXA Group, whose business is valued at $100 million, offers people employed in the healthcare industry flexible benefits, data analytics, and benefits administration through its platform.

Among the participants in the funding round were Facebook’s co-founder Eduardo Saverin, the investment banking division of the Singapore Development Board, Philips Healthcare, and international reinsurer RGA.

 

Insurance Consortium Looks to Invest in Insurtech

Two investment vets have teamed up to invest in insurtech startups with venture capital firm ManchesterStory Group, backed by a consortium of insurance businesses.

The firm, run by insurance industry vet David Miles and investment vet matt Kinley, will target businesses active in all the hottest directions insurtech is taking, including customer engagement and core systems, home automation, big data analytics, regulatory technology, the Internet of Things, cybersecurity, and claims processing.

The funding to be offered to each business would range from $1 million to $4 million in minimum commitment.

 

Scotland to See First Fintech Accelerator

The first fintech accelerator in Scotland will open doors in may this year with the support of both the central government in London and the Scottish government.

The accelerator will be housed in the Entrepreneurial Spark so-called hatchery, providing fintech startups with working space and support in developing successful growth strategies.

All stakeholders in the initiative recognize the growth potential of the nascent fintech industry and see the accelerator as benefiting everyone, from the local government to established financial services providers.

 

Three Tips for Choosing a Business Accelerator

Business owners who have had experience with accelerator programs highlight three things to focus on when choosing one.

First is the size of funding and the equity interest received in exchange for it. Second is the fact that this funding may not come to the startup at the end of the program. Third is the team that the business owner brings to the accelerator.

Accelerator program applicants should be aware of these before applying to ensure that their expectations from the endeavor are realistic and thus boost their chances of success.

 

Johannesburg University Sets Up Tech Incubator

The University of Johannesburg in South Africa has become the latest in a string of academic institutions to set up an incubator for tech businesses.

The facility, launched in partnership with Finnish Laurea University, which has a lot of experience supporting young entrepreneurs, will focus on students from the university, helping them set up businesses and create jobs.

In this, UJ will draw on Laurea’s models facilitating the transition from a working concept to a viable business.

Design Thinking Drives Success, Insurtech is the Hottest Kid on the Fintech Block, and Family Firms are Most Innovative

Ideo Helps Businesses Apply Design Thinking for Success

Any business in any industry can benefit from adopting a design thinking-based approach to innovation, according to the CEO of Ideo, Tim Brown.

In today’s business environment, creativity and innovation are the ultimate drivers of competitiveness, so businesses need to find ways to unlock the creative and innovative potential of their workforce.

What most are doing wrong is focusing solely on effectiveness, Brown says, ignoring the big picture and the need for a change.

 

New Business Accelerator to Launch in Atlanta

A group of 10 businesses in partnership with Georgia Tech and the Mayor of Atlanta have announced the launch of a new tech business accelerator, dubbed Engage.

Applications will start to be accepted in early spring, with plans to take on as many as 48 companies over a three-year period.

The accelerator will offer successful applicants a 12-week training and workshop program plus mentorship from the organizers.

 

Insurtech is the Hottest News in Fintech

Insurtech has been drawing a lot of attention recently and, according to several venture capital funds, it is the most interesting segment of the emerging fintech sector right now.

VC investors taking part in a recent conference in London, the Economist Finance Disrupted, said that they are most likely to invest in an insurtech company right now.

The reason: there has been almost zero innovation in insurance until insurtech companies started popping up here and there, and innovation was badly needed.

 

Cuvva Gets £1.5 Mln in Seed Funding Round

Yet another insurtech startup has announced a successful funding round: Cuvva, a pay-as-you-drive business got £1.5 million in a seed funding round.

The round was led by LocalGlobe, with participants also including Tekton Ventures, Techstars Ventures, and Seedcamp.

The company’s specialty is quick short-term insurance covers that target infrequent drivers, offering them to pay — through an app — for their insurance via a top-up premium whenever they drive the vehicle.

 

VC Firm Sets Up Fintech Investment Fund

Venture capital firm Nyca Partners has amassed over $125 million for its new investment fund targeting fintech businesses.

The firm, led by Visa ex-President hans Morris, will focus on alternative lending services providers, digital investment advice, and financial infrastructure.

The fund comes as VC investment in fintech startups declines: according to one principal at Nuca Partners, it’s time for a second wave of fintech funding, aiming to foster links between startups and larger players rather than building new brands.

 

Family Businesses Top Innovation Ranking

Though it sounds counterintuitive, family-owned businesses seem to be much more innovative than other enterprises, according to a new research.

Family-owned firms have smaller R&D budgets and they dedicate less time to innovation but they compensate this by making the whole process much more efficient.

This focus on efficiency is driven by the risk aversion typical of family-owned businesses and another aversion: to waste.

4 Pros of Joining an Accelerator, 3 Non-IT Uses of Agile, and Why Accelerators Could Do with Better-Quality Startups

Four Advantages of Joining a Business Incubator

Business incubators are becoming increasingly popular and there are four main reasons for this — four things that determine forward-thinking entrepreneurs to join one.

Incubators offer businesses various physical and digital resources; they make available to them a multitude of relevant connections; they help entrepreneurs increase their company’s productivity; and, finally, joining an incubator saves time and money.

The combination of these four factors is what drives the multiplication of business incubators and their growing attractiveness for new businesses.

 

Atlanta Teams Up with Academics, Corporates on Tech Accelerator

The Atlanta local government has joined forces with Georgia Tech and ten companies to set up a technology-focused accelerator program plus a $15-million venture fund.

The initiative, called Engage, will be oriented specifically towards providing new businesses across the U.S. with mentorship and market access advice.

Plans are to take on 48 startups during the first three years, with the first iteration of the program scheduled to start this spring.

 

YES Bank Announces Fintech Accelerator

India’s fifth largest private lender, YES Bank, has set up a business accelerator specifically targeting fintech companies.

The stated purpose of the enterprise, dubbed the YES FINTECH platform, is to stimulate innovation and then make it part of the bank’s client offering.

The lender has enlisted the cooperation of T-HUB, the biggest business incubator in India, Anthill Ventures, and fintech research firm LetsTalkPayments for the accelerator.

 

Accelerators Need Better-Quality Startups

Business accelerators have multiplied significantly over the last decade and so has the number of businesses they take under their wing.

The quality of these businesses, however, has not moved in an upward direction. There are still a lot of mediocre enterprises, bound to fail at some point.

Training entrepreneurs to become better businesspeople and better innovators is the way to improve the quality of businesses that benefit from what accelerators have to offer.

 

Three Non-IT Uses of Agile

Agile has become a buzzword but it has somehow remained “trapped” in an IT context, which, in reality, is no longer the case.

In an answer to a question on Quora, one Agile professional provides three not strictly IT examples of Agile applications: proposition design, product design, and product or system support.

Design sprints, growth hacking, and continuous delivery are all marked feature of Agile but they don’t necessarily have to be about coding — they could be about any other product or service.

 

Large Corporations Find It Tough to Make Innovation Their Own

Innovation has proved to be a particularly difficult challenge for large corporations because of their already established way of doing things and the often uncertain return prospects of an innovative idea.

The way to tackle the challenge is by, first, analyzing the innovation journey so far — what worked, what didn’t, and what the people involved in the journey thought about it.

Then, a look to the future is in order, setting goals and formulating specific return on investment expectations. Finally, a new set of priorities needs to be compiled, in accordance with the goals and expectations based on the analysis of the past.

CES 2017 Opens, Goldman Sachs Helps Small Businesses Grow, Lemonade Processes Claims in under 5 Secs

Cambridge Incubator Seeks Partner

Paragon Land, owner of the Stirling House Business Centre, is looking for a partner to help it run the incubator.

Stirling House, at the Cambridge Innovation Park, already accommodates some 40 businesses but is being expanded into one of the largest incubators in the UK.

According to Paragon, the future partner or partners can be either individuals or organization, as long as they have relevant connections and know-how in mentoring and incubator management.

 

Goldman Sachs Launches Free Accelerator Program

Goldman Sachs is inviting candidates for its four-month free business accelerator program targeting specifically UK companies.

According to the bank, the 100-hour program aims to help small companies unlock their potential in terms of growth and job creation.

Successful candidates will get to take part in workshops, one-on-one advice sessions, and meetings with professional experts.

 

Atlantic Canada Sprouts Incubators, Accelerators

The tiny part of Canada that is called Atlantic Canada has turned into a heaven for business accelerators and incubators.

There are to date more than a dozen such organizations, active in IT, bioscience, clean tech, and a number of other industries.

More than a hundred companies have already passed through these and more are on their way to benefit from what these accelerators offer this year.

 

Self-Driving Cars, Fake News, Wearables Mark CES Opening Day

The biggest tech show in the world, CES, opened with several keynote speeches addressing some of the most topical questions of today’s world.

The risks of immediate publishing — more specifically fake news — and how they affect advertising, and the growing importance of self-driving cars in the drive to a zero-emission world were among the topics of these first keynotes.

The organization behind CES, the Consumer Technology Association, said it will invest $1 million over the next five years to create better paying tech jobs in the US, in a bid to maintain the country’s #1 spot as innovative nation.

 

Lemonade Boasts Immediate Claims Payment

Insurtech company Lemonade, which has been getting a lot of attention lately, made headlines again by saying its claims bot had processed a claim in just three seconds.

The processing included review of the claim, cross-reference with the respective policy, running anti-fraud algorithms, approving it, and sending payment instructions to the bank.

To compare, Lemonade says, normally claims are processed over 30-45 days. The client whose claim was paid in 3 seconds confirmed the speed of service.

 

Design Thinking: a Tool for Generating Commitment

The usual way of generating commitment to a new idea involves paying disproportionately more attention to logic than to the emotional side of things, i.e., the emotional comfort this idea can offer.

The twist is that a new idea has no sufficient data behind it that proves its viability, so logic is not necessarily the best driver for idea implementation.

Enter intervention design, which pays equal attention to logic and emotions, providing decision-makers and other stakeholders with a useful tool to see any new idea from all sides, facilitating commitment to it.

 

Agile Future for Big Businesses, Insurtech is in Focus, and Design Labs Gain Prominence

Big Companies Can Also Become Agile

The agile methodology can be adapted for large-scale businesses with the help of a set of techniques that enable scaling the methodology.

These include developing a minimum viable product (MVP), putting together a single product backlog, and building a collaborative culture.

In addition to these techniques, adopting the Scrum process is also part of the implementation of Agile, using the three fundamental frameworks that enable the Scrum: Scaled Agile Framework, Disciplined Agile Delivery, and the Large Scale Scrum.

 

Design Labs are All the Rage in India

Corporate organizations in India are getting increasingly aware of the benefits of design thinking and are nothing less of racing to set up and utilize design labs.

Following in the footsteps of Microsoft, BNY Mellon and other design lab pioneers, large businesses such as Axis Bank, team up with startups to offer their customers both better core products and additional stuff, such as fitness wearables.

Design thinking, according to a report on the topic, helps big businesses not just develop innovative products but also improves workflow, so it benefits corporates to start thinking in a more lean, startup way.

 

China Incubator Looks for the Next Big Star in Food, Beverages

The Hatchery is what a major new business incubator based in Beijing is called. The project aims to both enable new concepts in the food and beverage area and help set up new successful businesses.

As one of its founders explains, the incubator’s aim is to go around the difficulties that startups in the food industry often experience, since lean thinking is difficult to apply due to high upfront costs.

The Hatchery has developed a five-stage HatchTrack system that, along with funding, enables food startups to set up and develop into a profitable business.

 

Talent Shortage is Insurtech’s 2017 Challenge

A report by KPMG has revealed the growing prominence of the insurtech segment in the fintech industry, with the number of insurtech companies on KPMG’s Top 100 Fintech companies doubling from last year.

Going forward, the biggest challenge for insurtech players would be attracting talent, especially in the UK, thanks to the uncertainty surrounding the future of the country after Brexit.

Still, according to KPMG’s head of Insurance Technology and author of the report, Murray Raisbeck, traditional insurance companies will bleed senior staff who would be willing to move into the more exciting field of insurtech.

 

Agile Spurs Advancements in Testing

The Agile methodology has spurred the faster development of testing suites and solutions, with testing in production expanding beyond just product development.

These developments will see tech players focus more on the load of tests, the alternative solutions to be tested, and on the kinds of tests to be used.

What’s more, Agile’s effects are not limited to IT, so a growing number of businesses will need to get used to the digital channel, regardless of their subject area, and, consequently, to the idea of software as a business – a business where every new solution needs testing.

 

Insurtech, Real Estate to Drive Fintech Growth in 2017

Successful startups in insurtech and real estate will be the drivers of growth for the wider fintech industry, according to a Fast Company review.

Companies such as Metromile – a provider of auto insurance solutions – and mobile investment management firm Stash will spearhead the industry’s development, along with players such as real estate investment joint Cadre, peer-to-peer payment provider Tilt, and banking services provider Cross River Bank.

According to Fast Company, insurtech players deserve special attention next year, as they are capable of offering customized risk management solutions.