INSURANCE TECHNOLOGY  #CHASING THEDIGITAL INSURTECH WAVE MICHAL GROMEK 

RESEARCHER ON FINTECH

& CROWDFUNDING 

IFIRST NSURTECH CONFERENCE STOCKHOLM

SEPTEMBER 20TH 2017

IS THIS

YOU?

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THX TO : R .WIELFORS . ERICSSON

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SOURCE :  THX TO : R .WIELFORS . ERICSSON

# Researcher on FinTech (SSE) 

Center for Strategy and Competitiveness

Department of Marketing & Strategy 

>>> Behavioral economics,  Netnography 

# Head. Int. Finance - FundedByMe.com 

# Country Head - FinTech Rocket Internet 

# Board Member - FinTech company 

# Trainer Securities Commission Malaysia

## Travel Book author (in the future :)

#GOOD TO SEE YOU 

CENTER FOR STRATEGY AND COMETITIVENESS  

https : / /www .hhs .se /en /research/centers /csc/y

https : / /www .slideshare .net/michalgromek

#Stockholm FinTech Report 2015 - June 2015 

#Stockholm FinTech Update 2016- June 2016 

#Chasing the Tale of the Unicorn - October 2016 

#Informal Networks in Stockholm - December 2016

UPCOMING: 

# Stockholm FinTech Report 2017 - October 2017

# Swedish FinTech Book - Q4 2017

# Swedish RegTech and InsTech Report, Q4 2017

CONTINUOUS OBSERVATION OF FINTECH 

CENTER FOR STRATEGY AND COMPETITIVENESS WAS FOUNDED IN 2005 AND FOCUSES ON FIVE RESEARCH TRACKS: STRATEGY & MARKET SYSTEMS, INTERNATIONAL BUSINESS, KNOWLEDGE IN NETWORKS,  CLUSTERS, AND COMPETITIVENESS POLICY. 

# To illuminate the growing landscape of InsurTech

    and RegTech companies that operate on the    

    Swedish market and arrive at recommendations  

    for three groups:

    > Incumbents

    > Startups

    > The Regulator  

# Landscape mapping 40+ companies 

# 11 Case studies and interviews

# 40+ pages of lesson insight and lesson learned 

FIRST INSURTECH AND REGTECH REPORT 2017 

IN PARTNERSHIP WITH PA CONSULTING

MAPPING THE ECOSYSTEM 

DEPARTURE POINT TRAVEL INDUSTRY 2003

Source http://www.gp.se/nyheter/ekonomi/resia-s%C3%A5-in-i-norden-1.4215191 (Accessed 18th of September 2017) 

From 54 different locations to ONE

Transformation of the business process by adapting a digital strategy early to meet the shifting expectations of customers

EXAMPLE TRAVEL INDUSTRY 2017 

STOCKHOLM

SCHOOL OF ECONOMICS  

"Had we not made the changes then, I doubt that we would have been around today. We could not have dreamed of going from 173M SEK in 2003 to 1.2BN SEK last year"

Magnus Wikner, Group CEO Thomas Cook Nordics

SOurece: https://weekend.di.se/nyheter/lang-resa-for-att-stalla-om (Accessed September 18th 2017) 

Claim

Prevention

Complexity

Value

0

10

20

30

40

50

Item 1 Item 2 Item 3 Item 4 Item 5

STOCKHOLM PATHWAY TO INSURTECH

PAYMENTS

EQUITY 

COMPLEXITY

VALUE 

ROBOADVISORY

LENDING 

INT. TRANSFER

WEALTH

MANAGEMENT 

BLOCKCHAIN 

BASED 

INSURTECH 

REGTECH 

GDPR & PSD2

BLOCKCHAIN 

BEYOND

BANKING

AI

MACHINE

LEARNING

Data

Proliferation

EMERGENCE CONVERGENCE COEXISTENCE

EMERGING INDUSTRY

ADOPTED FROM MC GAHAN, HBR, 2004 (ALTERNATE MODEL) 

ESTABLISHED INDUSTRY

DOMINANCE

WHERE IS INSURTECH IN SWEDEN BY SEPTEMBER 2017? 

TIME 

SALES

VOLUME

Data

Proliferation

NOT

THREATENED

ADOPTED FROM MC GAHAN, HBR, 2004 

TRAJECTORIES OF INDUSTRIAL CHANGE

CORE ACTIVITIES 

CORE

ASSETS

NOT THREATENEDTHREATENED

THREATENED

CREATIVE CHANGERADICAL CHANGE

INTERMEDIATING CHANGE PROGRESSIVE CHANGE

COMPANIES IMPLEMENT INCREMENTAL

TESTING AND ADAPT TO FEEDBACK. 

EXAMPLES: ONLINE AUCTIONS, COMMERCIAL

AIRLINES AND LONG HAUL TRUCKING 

THE INDUSTRY IS CONSTANTLY REDEVELOPING

ASSETS AND RESOURCES  

EXAMPLES: THE MOTION PICTURE INDUSTRY,

SPORTS TEAM, OWNERSHIP AND INVESTMENT

BANKING 

EVERYTHING IS UP IN THE AIR 

EXAMPLES: MAKERS OF LANDLINE TELEPHONE,

HANDSET, OVERNIGHT LETTER DELIVERY

CARRIERS AND TRAVEL INDUSTRIES

RELATIONSHIPS ARE FRAGILE 

EXAMPLES: AUTOMOBILE DEALERSHIPS,

INVESTMENT BROKERAGES AND AUCTION

HOUSES 

Data

Proliferation

ADOPTED FROM MC GAHAN, HBR, 2004 

TRAJECTORIES OF INDUSTRIAL CHANGE

NOT THREATENEDTHREATENED

MENTI.COM 

PLEASE VISIT 

CODE: 11 211

Data

Proliferation

ADOPTED FROM MC GAHAN, HBR, 2004 

TRAJECTORIES OF INDUSTRIAL CHANGE

NOT THREATENEDTHREATENED

Data

Proliferation

ADOPTED FROM MC GAHAN, HBR, 2004 

TRAJECTORIES OF INDUSTRIAL CHANGE

(ANSWERS COLLECTED FROM THE PARTICIPANTS)NOT THREATENEDTHREATENED

STOCKHOLM

SCHOOL OF ECONOMICS  

Expectation of the InsurTech Startup companies

Source: http://podroze.onet.pl/na-weekend/zamek-w-

malborku-krzyzacka-warownia-na-pomorzu/cvcm5

#FUNDING

#REGULATION 

#INVESTORS 

#EDUCATION 

NOT

THREATENED

STOCKHOLM

SCHOOL OF ECONOMICS  

Reality of the dedicated InsTech support (oversimplified) by 2017

Source: http://podroze.onet.pl/na-weekend/zamek-w-

malborku-krzyzacka-warownia-na-pomorzu/cvcm5

WHO IS 

RESPONSIBLE?

WORKING IN 

SILOS 

FINTECH ANNO 2015 

# Record High investments 2014 - 2015 (Klarna, Izettle) 

# FinTech world organized around payments 

# No community around FinTech 

# Limited regulatory support 

DEPARTURE POINT OF INSURTECH SEEMS TO BE 

MATCHING WITH OUR EXPERIENCE

FROM FINTECH IN 2013-2014

STOCKHOLM

SCHOOL OF ECONOMICS  

"If the rate of

change on the

outside exceeds

the rate of

change on the

inside,

The end is

near…" 

Jeck Welch 

INSURTECH OPENS NEW DISTRIBUTION CHANNELS 

CORE FINTECH

Consumer

Communities

Source: http://www.businessinsider.my/hot-nordic-fintech-

startups-2016-7/14/ (Accessed September 18th 2017)

Source: https://www.allianz.com/en/press/news/financials/stakes_invest

ments/160630_health-insurance-for-taxi-drivers-in-indonesia/ (Accessed

September 18th 2017th)

GOJEK+ALLIANZ 

COOPERATION WITH

ESTABLISHED FINTECH'S LIKE TINK 

TROV+ AXA 

Source: http://www.businessinsider.com/axa-insurance-startup-trov-uk-

millennials-insurtech-tinder-airbnb-2016-11?r=UK&IR=T&IR=T (Accessed

September 18th 2017) 

AVIVA AND APPYPARKING Source: http://startups.co.uk/parking-app-appyparking-raises-

1-5m-seed-round-from-aviva/ (Accessed, September 18th,

2017) 

STOCKHOLM

SCHOOL OF ECONOMICS  

Source: https://www.altus.co.uk/media/107128/3072-altus-general-insurance-whitepaper-final.pdf (Accessed September 28th 2017) 

Componentised

Insurance

Digital

Intermediaries

Consumer

Communities

Data

Proliferation

Episodic

Insurance

Collabolation

and Partnership

Personalised

Policies

Claim

Prevention

Remutalisation

FROM BROKER TO AGGREGATOR

- DIGITAL INSURER

# STRONG GROWTH OF THE MARKET 

# MAP THE MARKET AND USE ONE TERMINOLOGY

# INSURTECH BOTTOM-UP ORGANISATION          

# INTRODUCTION OF INDUSTRY NORM, SELF-REGULATION

# CREATION OF AN INSURTECH HUB (EXTENDING)

# INSURTECH ACCELERATION PROGRAMS

# SUPPORTING EDUCATIONAL PROGRAMS ON

    DIFFERENT LEVEL 

# CREATION OF INSURTECH DEDICATED VC'S

# PUBLIC SUPPORT SCHEMES 

# REGIONAL AND NATIONAL INSURTECH AGENDA 

STOCKHOLM

SCHOOL OF ECONOMICS  

DIGITAL ECOSYSTEM PROGRESS 2017 

ACCOMPLISHED BY SEPMTEMBER 2017 

IN PROGRESS BY SEPTEMBER 2017 

STOCKHOLM

SCHOOL OF ECONOMICS  

ALL OUR SLIDES ARE AVAILABLE ON SLIDESHARE.COM 

THE FUTURE IS NOTHING THAT WE ENTER.  THE FUTURE IS WHAT COMES AT US.

´FINTECH IN

SWEDEN´ BOOK 

FREE ACCESS, Q4 2017

INSTECH & REGTECH

IN COOPERATION WITH   2017

MICHAL

GROMEK 

SHAHRYAR

SIRI 

Report release

November 2017 

STOCKHOLM

ALEJANDRO

PUERTAS

ROBIN 

TEIGLAND