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Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world

Author

Listed:
  • Emanuel Stoeckli

    (University of St.Gallen)

  • Christian Dremel

    (University of St.Gallen)

  • Falk Uebernickel

    (University of St.Gallen)

Abstract

Recent developments in the insurance industry embrace various “Insurance Technology” (InsurTech) innovations. To date, there is a lack of structured assessments of InsurTech. Prior research on FinTech fails (1) to clarify how InsurTech can be characterized and what capabilities are employed, and hence, (2) to reveal implications for value creation on firm and industry level. We address this by inductively building a model of InsurTech innovation adopting the grounded theory method. Our empirical data includes 208 InsurTech innovations from a market analysis based on Twitter data and a multiple-case study. The resulting model comprises 52 characteristics and 14 transformational capabilities and is integrated with extant value networks and intermediation literature. The former explains how InsurTech affects firm-level value creation and suggests that disruptive potentials emerge from aligning the transformational capabilities along three interdependent activities. The latter explains the entrance of digital intermediaries and their roles in the personal insurance market.

Suggested Citation

  • Emanuel Stoeckli & Christian Dremel & Falk Uebernickel, 2018. "Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 287-305, August.
    • Handle: RePEc:spr:elmark:v:28:y:2018:i:3:d:10.1007_s12525-018-0304-7
    DOI: 10.1007/s12525-018-0304-7
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    InsurTech; FinTech; Digitalization; Insurance; Insurance IT innovations;
    All these keywords.

    JEL classification:

    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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