10 2. Securing new value from data Startups can provide access to new data sources or offer new ways to drive value from data; this is very often the bridge now pushing InsurTech beyond the boundaries of insurance. Startupbootcamp InsurTech received over 1000 applications in 2018. These Startupbootcamp applications: startups, along with applications from 2016 and 2017, have been classified into startups focusing on data are four groups based on the primary theme of the startup. increasingly keen to move into Almost half of the startups that applied for this year’s Startupbootcamp (44%) tech insurance offered a value proposition predicated on providing more data or better data. But the question facing insurers now is how to secure greater value from data. Many in the industry are struggling to cope with the volumes of information 50% now flowing into their organizations while others point out that underwriting 44% activities over many years means they already have a high-quality and granular 40% 39% view of their markets. 36% 31% At the same time, looking beyond the insurance industry can open up new 30% 27% sources of valuable data that wasn’t originally collated or created with insurers 24% 21% 20% in mind. Despite the fact that the telematics has been in existance in the motor 20% 19% 16% 17% insurance industry for the past 10 years, there is still only a small market penetration of the technology. Customers remain hesitant to use this product 10% solely for the purpose of insurance, and need to see additional value from such a 5% proposition. 0% New data and New offerings, Interactions, Operational Startupbootcamp participant vDexi is one InsurTech innovator attempting to data insight new customer relationships enhancement enable more insurers to extract value from telematics. It is building a vehicle needs and trust data exchange that will give insurers access to standardized data which comes directly from devices inbuilt into cars. 2016 2017 2018