11 “Without access to connected vehicle data, insurance companies will struggle Data interpretation to provide competitive and profitable vehicle insurance moving forward,” the Other startups offer use cases and applications that convert the implicit value company argues. “Through vDexi, insurance companies can access standardized in data into realizable insight – for example, through real-time risk assessment vehicle data from all vehicle owners.” analytics. Another startup providing insurers access to existing data collected for purposes ZASTI is a startup that has built an artificial intelligence-powered data platform other than insurance is Startupbootcamp 2018 program participant CyStellar, that is able to help many different industries anticipate emerging risks, with whose IoT devices, and satellite data supports farmers to improve their crop successful use cases in aviation, healthcare and compliance. In aviation, precision. This data, is also extremely useful to insurers when it comes to ZASTI is able to combine new data sources from IoT devices, with existing data accessing data in areas they currently don’t have any. For example, it enables and historic data sets to predict flight delays; engine failures and can plan to the industry to provide support in areas such as incidents of catastrophe, where minimize these risks. solutions are currently in short supply. This data analysis is bringing deep insight to companies in aviation, but can also be applied to an insurance context. Partnering with startups that Partnering with startups that have the skills to exploit the exponentially increasing volumes of data in this way will be crucial for insurers. Currently, have the skills to exploit the incumbent insurers – hampered by legacy IT infrastructure and competing in a exponentially increasing volumes fierce market for data scientists – are struggling to drive actionable insight from data, particularly in real-time, with unstructured data posing an especially tough of data in this way will be crucial challenge. Harnessing the skills of startups, which are already being applied for insurers. successfully in industries beyond insurance, will therefore be crucial. Gregor Wiest, Head of Innovation at Ergo Group, highlights the AI priority at Ergo. “Amongst evaluating new propositions of digital health and mobility, we are heavily focused on exploring how AI can enable areas such as underwriting and claims. Our business has the willingness and openness to change and collaborate with startups, but like many insurers we have some constraints from legacy systems. Still, in the future we will put more emphasis on collaborating with startups, and expect the importance of this to increase.”