NTT DATA
RICHARD CALVO
TITLE : HEAD OF INSURTECH COMPANY : NTT DATA INSURANCE EMEAL INDUSTRY : INSURANCE LOCATION : SPAIN
Richard is a graduate in PR & Communications from the University of Barcelona and with a master ’ s in management development and Business Administration and Management from ESADE Business School . He worked for 14 years in AXA Assistance , as Operations Manager , Key Account Manager , Business Analyst and Demand Manager and has experience in entrepreneurship and startups acceleration . Richard is currently the Head of Insurtech at NTT DATA Insurance EMEAL and Product Owner of the strategic initiatives Phygital and Smart Shipments with the mission of defining , developing , implementing and scaling the value proposition .
NTT DATA ’ s vision : The End of the First Wave of Innovation in the Insurance Industry All the previous information NTT DATA gathered , allowed them to identify a resounding change in the Insurtech industry . While used to seeing a vertiginous and continuous creation of new Insurtechs since 2017 , they have observed a continued and accelerated decline in the last two years , indicating an innovation exhaustion in the market .
In addition to contextual aspects such as the outcomes of a pandemic situation which inevitably reduced interest in more emergent models , NTT DATA has identified two indicators that signal the end of the first wave of innovation . First , an increased competitiveness in models related to distribution , and second , still-incipient technologies that have not yet found enough use cases ( e . g . blockchain ), or the adoption and adaptation of the first impacts for the Industry to actually believe in these models .
This , according to NTT DATA ’ s analyses , will begin to kickstart a second wave , characterised by the increased maturity of the aforementioned technologies and the collaboration of ecosystems that will bring competitiveness outside the natural area of the organisation , as well as open the path in investment towards these new scenarios .
EXECUTIVE BIO
Insurers and their Digital Garages : Insurers Bet on Transformation Through Insurance-Related Startups According to NTT DATA , Insurers ’ activity was also incredibly noteworthy . This presented a sustained increase of over 180 % in startup investment , putting almost $ 18B into these companies in 2021 . Although only $ 3B out of the total sum was directed to Insurtechs , they showed intense interest in startups