Insurance 4.0 : benefits and challenges of digital transformation / Bernardo Nicoletti.
Nicoletti, Bernardo, author.
2021
HG8075 .N53 2021
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Title
Insurance 4.0 : benefits and challenges of digital transformation / Bernardo Nicoletti.
Author
Nicoletti, Bernardo, author.
ISBN
9783030584269 (electronic bk.)
3030584267 electronic book
9783030584252 hardcover
3030584259
DOI
https://doi.org/10.1007/978-3-030-58426-9
Published
Cham, Switzerland : Palgrave Macmillan, [2021]
Language
English
Description
1 online resource (xxiii, 528 pages) : illustrations (black and white).
Item Number
10.1007/978-3-030-58426-9 doi
Call Number
HG8075 .N53 2021
Dewey Decimal Classification
368/.00285
Summary
Industry 4.0 has spread globally since its inception in 2011, now encompassing many sectors, including its diffusion in the field of financial services. By combining information technology and automation, it is now canvassing the insurance sector, which is in dire need of digital transformation. This book presents a business model of Insurance 4.0 by detailing its implementation in processes, platforms, persons, and partnerships of the insurance companies alongside looking at future developments. Filled with business cases in insurance companies and financial services, this book will be of interest to those academics and researchers of insurance, financial technology, and digital transformation, alongside executives and managers of insurance companies. Bernardo Nicoletti is a Professor of Operations Management at Temple University, Rome, Italy. He also provides consultancy advice and coaching in Europe, Middle East, and Asia on ICT strategy, process improvement, and financial services. In his research, Bernardo has been particularly active in the application of the agile method and its tools to a variety of industries. He has authored 30 books on management and published 250 articles in domestic and international journals. He frequently speaks at international conferences.
Note
1.Introduction.- 2.Industry 4.0 and Insurance 4.0.- 3.Business Model Canvas and Insurance 4.0.- 4.Propositions of Value for the Customer in Insurance 4.0.- 5.Proximity to the Customer in Insurance 4.0.- 6.Partition of the Customers in Insurance 4.0.- 7.Place or Channels in Insurance 4.0.- 8.Platforms for Insurance 4.0.- 9.Processes in insurance 4.0.- 10.Persons in insurance 4.0.- 11.Partnerships in insurance 4.0.- 12.Pricing in Insurance 4.0.- 13.Payments for Costs and Investments in Insurance 4.0.- 14.Insurance 4.0 and Digital Transformation.- 15.Future of Insurance 4.0 and Insurtech.- 16.Conclusions.
Bibliography, etc. Note
Includes bibliographical references and index.
Access Note
Access limited to authorized users.
Digital File Characteristics
text file
PDF
Source of Description
Description based on online resource; title from digital title page (viewed on January 15, 2021).
Series
Palgrave studies in financial services technology.
Available in Other Form
Print version: 9783030584252
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Intro
Foreword
Contents
Abbreviations
List of Figures
List of Tables
1 Introduction
2 Industry 4.0 and Insurance 4.0
Introduction
Industry 4.0
Main Components
Soft
Hard
Significant Challenges
Insurance 4.0
Insurance World
First Industrial Revolution. Insurance 1.0
Second Industrial Revolution. Insurance 2.0
Third Industrial Revolution. Insurance 3.0
Fourth Industrial Revolution: Insurance 4.0
Insurance 4.0 Model
Cybernetics
Communication
Control
Cooperation
Connection
Cognition
Coordination
Conclusions

3 Business Model Canvas and Insurance 4.0
Introduction
Business Model Literature
Business Model Canvas-Structure and Components
Value Propositions
Customer Proximity
Customer Partitions
Place or Channels
Platforms and Resources
Essential Processes and Activities
Partnerships and Collaboration
Pricing and Revenues
Payments for Costs and Investments
Business Models, Strategy, and Competitive Advantage
Application of the Model to the Insurance Industry
Competitive Advantages
Conclusions
4 Propositions of Value for the Customer in Insurance 4.0

Introduction
Insurance 4.0 and Value Network
Empowerment of Customers
Benefits and Challenges in Insurance 4.0
Loss Control
Behavioral Change
Risk Selection
Shared Economy
New Products to Add Value
New Insurance Products Developed Based on the Technologies Used
New Products Based on the Objectives
On-Demand Insurance
Usage-Based Insurance (UBI)
Peer-to-Peer Insurance
Cyber Insurance
Parametric Insurance
Business Interruptions Insurance
Other Services
Unit-Linked
Conclusions
5 Proximity to the Customer in Insurance 4.0
Introduction

Value Proposition and Customer Proximity
Customer Engagement
Claims
Consultant
Customer Relationships Management 4.0
Direct Interaction of Insurance with Customers
Customer Proximity Center
The Evolution of the Call Center
Model of the Characteristics of a Call Center Based on the Strategy of the Organization
Persons
Processes
Structure
Technology
Assessing the Quality in a Call Center
The Future of the Call Centers
Conclusions
6 Partition of the Customers in Insurance 4.0
Introduction
Customer Partition
Millennials

The Impact of Technology
Conclusions
7 Place or Channels in Insurance 4.0
Introduction
Insurance 4.0 and Distribution
Choice of the Channel for the Distribution of Insurance Products
Direct Digital Channels
Online Intermediaries for Insurance 4.0
Price Comparison Websites
Value Comparison Websites
Digital Brokers
An Overview of the Italian Market
The New Distribution Regulation: IDD-Insurance Distribution Directive
Conclusions
8 Platforms for Insurance 4.0
Introduction
Classification of the Platforms
Architecture for the Platforms

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