14 Robo-advice, including applications of AI, is now starting to gain tion that they are being supported to achieve their outcomes. traction in insurance. Robo-advisers provide customers with From an insurers’ perspective, this should boost loyalty and 24-hour access to information that empowers them to take fi- retention. nancial decisions at a much lower cost. “This new generation of Quantifyle is a start-up that does just this. Its unique ‘Momen- robo-advisors will help to provide a quality user experience on tum Score’ captures intent and behavioural data from employ- mobile devices at any time,” says Ross Walker of Swiss Re. Tech- ees who receive income protection from insurers, helping to nology is now evolving to glean better intelligence on customer motivate individuals and improve the efficacy of rehabilitation needs and to enable goal-based risk and financial planning. services. Individuals are encouraged to meet their wellbeing Knip, for example, are focused on providing easier ways to ex- goals and outcomes, while insurers may be able to reduce their perience and interact with insurance policies. The Knip app ag- long-term income protection costs and employers benefit too. gregates a user’s policies in one place (including price, service PwC’s recent survey indicated that 65% of workers want their and expiry), and automatically analyses coverage to identify employer to take an active role in their health and wellbeing over- and or under-insurance. This example underlines the po- and feel that technology should be used to help them do this. tential for crossover between wealth management and the in- For the challenger firms, this theme primarily sees them surance sector, “One of the most valuable trends over the next disrupt the brokerage model, rather than the entire insurance year could be robo-advice for wealth management that helps stack. For insurers, they may represent enablers rather than people to manage their assets with life Insurance,” says Federi- disruptors. Incumbents will often want to partner with these ca Strobino of Intesa Sanpaolo. start-ups (many offer white label solutions) in order to improve More broadly, the developments in this area are good news their relationships with customers. For this reason, it is surpris- for customers, who will not only appreciate easier and more ing that insurers see this area as only the fourth most impactful convenient interactions with insurers, but also reap the bene- InsurTech trend, despite being the biggest source of challenger fits of a stronger relationship with their insurer and a percep- applications. These rankings may change as InsurTech matures.