InsureTech
White Paper
Kazy Hata, CEO

justInCase / justInCaseTechnologies
Alex Leung, Co-founder

OneDegree Global (SG) Pte. Ltd.

2021/09

Table of Contents

1. Overview

3

2. Future of Insurance and Insurance Products

4

5. Regulatory Environment

17

5.1 Data security

17

5.2 Promotion of new product and service development18

2.1 Trends shaping the future of insurance and insurance products

4

2.1.1 Aging population and the continued low interest rate environment

42.1.2 Customer centricity

4

6.1 SaaS

19

2.1.3 Emerging risks

4

6.2 Startups

22

2.2 Digitally enabled disruptors challenge the traditional insurance models

5

2.3 How to prepare for the future5

7. Case Studies23

3. Understanding the Current State

6. Saas and Startups

19

7.1 Insurance sales on multiple platforms by utilizing API connection

24

7

7.2 Connecting with front-end service by loosely coupled connection

25

3.1 The current IT architecture

7

7.3 Accelerating new product launch time by implementing a middle

26

3.1.1 Maintenance of legacy systems constraining scarce resources7

oﬃce, second core system

3.1.2 Limited transparency and understanding of the existing systems

7

3.2 Technology talents recruiting challenges

8

3.2.1 Reasons for the severe shortage of IT engineers

8

4. IT Infrastructure Development

NOTES

27

10

4.1 Core IT system modernization path

12

4.2 Types of connection between core IT systems And services

13

4.3 No-code/low-code conﬁguration tools

16

2

1. Overview

In the future, we expect insurance to be transformed signiﬁcantly over the next decade amid changes in society, demographics andcustomer demand. In this whitepaper we seek to explore what insurers need to prepare for in response to these changes and oﬀer aroadmap for IT planning and development in large insurance markets such as Japan※.
Chapter 2. The Future of Insurance and Insurance Products

Chapter 4. IT Infrastructure Development introduces a

describes what changes are expected to happen with insur-

variety of approaches that insurers may adopt in 5-10 years

ance within ten years that most industry leaders and profes-

to address challenges identiﬁed in Chapter 3.

sionals foreseen. In fact, these changes together might accelerate their timeline to happen earlier. There might also beother changes that will happen that are yet to be discovered.
This chapter then examines how insurance products evolveto adapt to these changes (or whether adaptation is needed).
Chapter 3. Understanding the Current State identiﬁes challenges insurers are facing today and explains how the current
operating models and IT systems hinder insurers from
responding to the future changes described in Chapter 2.

Chapter 5. Regulatory Environment describes the importantrole that regulation plays in creating an environment for
insurers to respond to changes, as well as new regulatoryneeds arising from future changes.
Chapter 6. SaaS and Startups discusses the concept of
adopting SaaS and illustrates how insurers can partner with
Startups to realize value quickly. Example use cases are illustrated in Chapter 7. Case Study.

※Unless otherwise speciﬁed, all the content in this whitepaper is related to Japan3

2. Future of Insurance and Insurance Products

2.1 Trends shaping the future of insurance and insur-

enabling them to compare options to ﬁnd the best product thatance products

is tailored to their ever-changing needs. A study by J.D. Powershows that 77% of auto insurance customers were shopping to

2.1.1 Aging population and the continued low interest rate

look for another provider2. The future of insurance needs to beenvironment

customer-centric and the key to its success is data-driven

It is expected that the current status quo of the public healthpersonalization. Besides, online platforms such as social media

insurance and pension systems will be diﬃcult to sustain. In

and e-commerce are also becoming the gateway to connect

other words, it is likely that the medical expenses will no longer

and share, creating a network for insurance risk sharing

be able to be covered by public health insurance for most or all

through pooling online connection to achieve price fairness andof the population, and the public pension beneﬁts will shrink. As

transparency.

the public system is losing ground, the role of private healthand pension insurers will become more important. The insurers

2.1.3 Emerging risks

work with doctors, hospitals and pharmacies to provide health-

The transition to “new normal” due to the COVID-19 pandemiccare and medical services at lower costs.

has heightened the importance of insurersʼ digital capabilities
to adapt to changes quickly and respond to emerging risks. It

2.1.2 Customer centricity

also reinforces the idea of developing technology-enabled

Insurance is regarded to be a well penetrated and sticky prod-

cities, or smart cities that leverage technologies to improveuct. According to OECD statistics, the insurance retention ratio

mobility, environmental sustainability, public safety, wellbeingof OECD economies was 85% in 2019 . However, as smart

and lifestyle. During the transformation to smart cities, the risk

device use becomes more prevalent, customers are becoming

landscape is expected to change drastically, which means that

accustomed to having information always at their ﬁngertips,

the risks currently addressed by insurers will no longer be14

signiﬁcant while new insurance solutions will be required to deal

2.3 How to prepare for the futurewith new risks. For example, autonomous driving for better
mobility is expected to lower the risks associated with human

As mentioned above, amid the socio-economic development and thedriving, yet it will generate the risks of robot driving and theacceleration of digitalization driven by COVID-19, the insurance

failure of autonomous systems3.

industry has continued undergoing major changes, including shifting
to more personalized products and services, diversifying distribution

2.2 Digitally enabled disruptors challenge the traditional insurance models
With the emerging and fast-growing technologies and trends, theinsurance industry is seeing signiﬁcant disruptions from new digital
players. A number of digital insurance players had been publicly
listed in recent years during the U.S. IPO boom. Lemonade andHippo oﬀer insurance online with ﬂexible pricing and automatedpolicy administration and claims. Oscar Health provides telemedicine
services for its members to enjoy unlimited virtual primary carevisits for free. Root Insurance and Metromile are specialized inusage-based automobile insurance, in which the premium rates are
based on a number of rating factors such as driving behavior, location, time and distance. P2P insurance, which enables customers topool and share their risks to get insured and help others get insured,is also a proven concept in countries including Germany, Japan andchannels from agencies to online, as well as allowing risk sharing
within a group through the P2P model. The risks covered by insurance are also constantly changing over time. New insurance products and services will be developed by taking advantage of technologies or evolution of existing business models and structures. We
ﬁrmly believe that in order to prepare for the future, insurance
industry players, particularly insurers, should ﬁnd ways to improvetheir systems rather than predicting the future changes to respondaccordingly. In other words, they should
put emphasis on improving user experience and develop
the essential infrastructure for the digital world, such as
insurance APIs;
build systems that can respond ﬂexibly and promptly
when changes in environment and risks occur, regardlessof whether those changes are expected or not.

the U.S.

5

Additionally, since insurers are in a relatively good position in termsof capital and time compared to players in other industries, over the
next decade, insurers should play the role of promoting the implementation of Sustainable Development Goals (SDGs) and transforminsurance products and services into eﬀective solutions to social
issues.
In Chapter 3, we will discuss the current situation and the challenges
and obstacles that insurers have been grappling with.

6

3. Understanding the Current State

Challenged by growing competition of new entrants, a number of insurers have already begun their digital transformation journey while
many others are still struggling with the concepts of agility and innovation. Many of them are stuck with their traditional operating
models and outdated legacy systems, which contribute to their inﬂexibility to support new business initiatives, scalability challenges andlack of readiness to respond to evolving market changes. This section highlights some of the major challenges faced by these insurers.
3.1 The current IT architecture
3.1.1 Maintenance of legacy systems constraining scarce

3.1.2 Limited transparency and understanding of the existing

Maintaining legacy systems takes up a large portion of the IT

Insurers currently lack in-house IT talents who can navigate throughbudget. A ﬁrm with an annual IT budget of 1 billion USD may

obsolete and complex legacy systems. Without the internal knowl-roughly spend around 700-800 million USD on legacy systemedge on the system speciﬁcations and the overall picture of how themaintenance. Also, it could take up to 18 months to launch new

systems operate, many insurers end up relying on external support

products on an outdated legacy system.

of one solution provider to keep the old system running.

Furthermore, the allocation of IT resources required to maintain

The nature of the business model run by incumbent IT providers can

the legacy systems leads to a drain on talent and IT capacities4.

have misaligned incentives between them and their clients (i.e.,

Consequently, with limited remaining resources, insurers are

insurers). As the IT providers charge their services on a “per-hour or

not equipped to drive fundamental digital reforms.

per-day” basis, they would tend to proﬁt from greater workload fromresources

systemsa long running legacy system maintenance, which directly conﬂicts
with insurersʼ interest in minimizing their long-term IT spends andrelated project costs.

7

3.2 Technology talents recruiting challenges
In order to develop advanced and ﬂexible systems, it is essential to recruit technology talents who possess knowledge on both thelatest technology and dated technology.

3.2.1 Reasons for the severe shortage of IT engineers

Why do insurers have difﬁculties in retaining their

The global shortage of IT engineers is becoming increasingly

technology talents?

evident. The ratio of the number of IT engineer job openings to
the number of the corresponding job applicants was about 9.2
in Japan5 and about 7 in the U.S6.
IT engineers tend to have relatively higher salaries. The averageannual salary of an IT engineer in Japan is projected to double to
12 million JPY from 2017 to 20257. Companies that seek todigitize on their own and build their internal IT teams need along-term commitment to technology talent investment.

Waterfall approach in the insurance industry is undesirable
Most IT engineers have the ambition to drive innovation andcreate customer value by developing something from scratch.
Therefore, they need a work environment that is agile andencourages close collaboration between engineering teams
and business teams. Yet, when it comes to working for insurers,
due to the stringent regulatory requirements and the widely

In general, IT engineers would choose to work on development

adopted waterfall approach that divides process from planning,that uses the latest technology stack rather than the older

development, and maintenance, engineers have a generalprogramming languages that are still being used by insurers andﬁnancial institutions. For example, COBOL language, which is stillused by many insurers and ﬁnancial institutions, got its last
syntax update in 1985 and it is neither scalable nor compatible
with modern applications.

perception that they will not be able to work ﬂexibly and the
product and service launch will also be time-consuming.

Many insurers are considered to be “defensive” and havestatus quo bias
In order to create and accelerate innovation and changes thathave an impact on the society, it is necessary to proceed in a8

development environment that welcomes new challenges andcial institutions that fall into this scenario, as they are unlikely toprovides learning opportunities under a ﬂexible structure.

have opportunities to take on new challenges and acquire the

Adoption of new methodology and tools, continuous processlatest skills.

of research, test and learn as well as ongoing improvement anditeration (i.e., refactoring) are all crucial for high-quality development and productivity improvement.
However, many insurers and ﬁnancial institutions rarely provide

Large companies with their standard compensation structure are unable to provide attractive compensation packages to acquire talents

such an environment. One reason is due to the stringent inter-

The growing digital transformation aﬀects all sectors, including

nal policies and regulatory requirements. Since the waterfall

the insurance industry. Given the increased demand for tech-approach, on-premise and internal infrastructure have been

nology talents, engineers are likely to change jobs to seek

implemented based on the outdated policies and requirements,

better opportunities. In other words, it is critical for companies

it is diﬃcult to adopt new technologies and methodologies,

to assess and update their Human Resources policies in ordersuch as agile, DevOps, Infrastructure as Code, as well as XaaS

to provide adequate rewards and beneﬁts for these talents

tools. Besides, while transformation requires a ﬁrm-wide com-without tying them down to a “seniority system” that rewards

mitment, most of the employees working on the ground are

employees based on the length of service or lifetime commit-

reluctant to change and to be accountable for the outcome.

ment to one company. Furthermore, as services built by theseAcceptance of the status quo and lack of initiative for funda-

talents may not necessarily contribute to immediate sales ormental change lead to another major issue: IT provider depen-cost savings, it is important to create a culture and reward

dency. A company reluctant to take risks ends up stuck withsystem that encourages creative solutions and initiatives.

the legacy systems in place that meet the existing policies andrequirements, which results in a dependency cycle of outsourcing maintenance to IT providers that charge “per-hour or
per-day” and seek to proﬁt from ongoing maintenance of theoutdated legacy systems, which do not contribute to business
impact or innovation. Engineers tend to steer away from ﬁnan

9

4. IT Infrastructure Development

4.1 Core IT system modernization pathTo overcome the challenges described in Chapter 3, insurers need to modernize their core IT systems. There are three main approaches as follows:

A) ReplaceB) RefactoringC) Buy External Packages
A) Replacemeans to build a new system internally to replace the existing legacy

words, they are able to ﬂexibly customize, ensure alignment withsystems completely. B) Refactoring refers to modifying language

their data infrastructure and adapt to changes. However, thisand structure based on existing legacy systems. C) Buy External

approach requires a large pool of in-house IT skilled resources andPackages is to adopt a new solution provided by an external vendor

technology talents. Take Goldman Sachs as an example. In order toto replace or complement the existing systems. While all of the threekeep up with the growth of digital banking, it has hired thousands ofapproaches will lead to improvements in existing legacy systems,

engineers and the proportion of its engineers has reached 25% ofeach of them has their pros and cons in terms of factors such as theits entire workforce8. There are also statistics showing that 30% of

customization level, IT talent requirements for development andemployees in some U.S. banks are engineers9. As explained in Chap-

maintenance.

ter 3, it is currently diﬃcult for most insurers to build such a large

For instance, it is mostly likely that top-tier insurers without capitalscale IT team internally.

concerns will modernize their systems through A)Replace. In other10B) Refactoringvary depending on the insurer, even within one insurance company,

is to build an "adapter" to enable existing systems to connect toit should consider to adopt a combination of approaches. In otherexternal services. The language and development structure arewords, even if an insurer has a strong capital base and a wide range

updated while the functionalities are maintained. Since it is builtof product oﬀerings, it is not realistic to completely replace all ofbased on the existing systems, the development risk is reduced.

their legacy systems. The future of insurance and insurance prod-

However, in some cases it is treated as a stopgap measure rather

ucts that address new customer needs and emerging risks asthan a long-term solution.

described in Chapter 2 are still yet to develop. For example, considering that top-tier non-life insurers in countries like Japan will usually

Regarding C) Buy External Packages,

take ﬁve years to fully replace (or fully refactor) their existing core

there are two main types, Package Software and Cloud-based Soft-systems, it is almost impossible to take a ﬁve-year preparation

ware as a Service (SaaS), which are not easily distinguishable. In

period for something that is currently diﬃcult to deﬁne require-particular, in the case of SaaS, the pricing is often based on thements for.

usage and number of users, the entry cost is generally lower evenwith customization costs included. It is considered to be a practical
option for insurers which aims to improve speed to market yet havecapital concerns. Nevertheless, if the package becomes highly
customized, the beneﬁts of using external packages will diminish.
Therefore, instead of applying the traditional development approachthat seeks to change system requirements to meet business
requirements, it is necessary to consider the perspective of changing business requirements to meet system requirements.
It should be noted that although the application of these options

11

4.1 Table: Three approaches of core IT system modernization

124.2 Types of connection between core IT systems and services
Once an insurer has modernized its core systems through one of the approaches introduced above, how can the insurer leverage themodernized systems to connect with other applications and front-end services? There are three main types of connection as listed

below. In some cases, by using the latest technology, the connection can still be established without going through the system modernization process.
API
Adapter (Tight coupling)
Loose coupling
4.2.1 Diagram: Connection between front-end services and core IT systems

13

API

Loosely couplingis the interface that allows external parties to acquire or update

is regarded as the simplest connection type among the three. It

data from the core systems. In this case, for example, by con-

may be more accurate to say it is an asynchronous informationnecting to the platform app that is serving a large customer

exchange rather than a connection. In this instance, the policy

base, all customer information required for insurance can be

management function is provided by the front-end service side,

directly input to or pulled from the core systems. Connecting

hence operational ﬂexibility is required. Loosely coupled con-through API is often applied to systems modernized by A)

nection is used for batch data processing which is usually held

Replace or C) Buy External Packages.

on a regular basis, such as daily, weekly, monthly. The disadvantages of batch processing can be mitigated if it is used for

Adaptermonthly settlement only. In addition, it can be performed in theis a type of connection used as a temporary measure or whencase when the core systems are not modernized. Since it takes

the core systems are modernized by B) Refactoring (where thetime to assess the existing system situation and understand thesystems are not fully replaced). The policy management func-

requirements of new insurance product oﬀerings and distribu-

tion can be either done on the existing core system side or thetion channels, it is a viable option to connect with external

front-end service that is integrated withservices by loose coupling in the initial phase.

the system. Thisdepends on the operational ﬂexibility (e.g., whether the newpolicy management function can be applied only to speciﬁc
products or channels) and the timeliness of the connection.
Based on our experience, in most cases the existing coresystem would continue to serve the policy management function.

14

4.2.2 Table: Three types of connection to core IT systems

15

4.3 No-code/low-code conﬁguration tools
No-code/low-code is one of the ways to accelerate front-end service
application development. In Japan, there are no-code application
platforms developed by overseas startups such as Unqork10 andProtosure11 . Through the use of no-code/low-code conﬁguration
tools, business solutions can be created and updated throughgraphical user interfaces without relying on coding support from thelimited pool of engineers. It is, however, not a universal ﬁx. For example, if the distribution partner is a large B2C platform, it would likely
require customized journey and support for various customer
touchpoints and high visitor traﬃc volume. In our view, no-code
development for customer touchpoint applications are most suitable
to the needs of small and medium-sized enterprises without complex
customization requirements.
In any case, the most important factor is whether the services
provided through the resulting application create value for customers. Nowadays many new and innovative products and services areprovided by startups and their SaaS services. We will discuss theconsiderations when using SaaS and collaborating with startups in
Chapter 6 and introduce relevant case studies in Chapter 7.

16

5. Regulatory Environment

5.1 Data security
With the growing use of cloud services and SaaS solutions, there areProtection Regulation (GDPR), and countries such as China, Indone-

rising concerns about personal information protection and cybersia and Vietnam also have mandated similar requirements for SaaS

security. While insurers and other ﬁnancial institutions are deemed

providers to meet domestic data residency requirements.

to take appropriate and reasonable measures at all times, they are
in need of supportive regulations and guidelines from regulators.

It is important to keep in mind that a higher level of security generally leads to lower usability. Thus it is vital for business to take appro-

As IT development and vulnerabilities are constantly evolving, use

priate security measures while taking into account the existence ofcases and policies that are regarded as “best practices” today may

such trade-oﬀs.

become obsolete in a few years. Changing passwords regularly wasconsidered as one of the best practices in the past, yet this is clearly
not the case today. 12
In Japan, the Center for Financial Industry Information Systems(FISC) set out the guidelines for security measures related to clouduse and cyber attack in its “FISC Security Guidelines on Computer
Systems for Financial Institutions (8th Edition Supplementary Revision)" in June 2015. Subsequent revisions have been made to set
security measures standards according to various risks. Outside ofJapan, the European Union (EU) has enforced the General Data17

5.2 Promotion of new product and service development
In Asia, countries such as Japan, Hong Kong, and Singapore use a

In South Korea, Small-amount and Short-term insurance business

Regulatory Sandbox to experiment with new technologies and new

was also introduced in June 2021. Similar to Japan, the minimum

business models for insurance products and services. With relaxed

capital requirement is 1 billion KRW (about 100 million JPY) and theregulatory requirements in Taiwan, there also has been a growing

upper limit of insurance premium income is 50 billion KRW (about 5

number of insurance products and services available online.

billion JPY). However, based on our understanding, Small-amountand Short-term insurers in South Korea are not allowed to provide

In Hong Kong, there is a fast track approval scheme for virtual insur-

both life and non-life insurance products.

ers that purely operate online. Bowtie was the ﬁrst virtual insurer
approved under this fast track scheme in December 2018. During

Insurance business laws in many countries currently pro-the same period, Tencent established a digital insurer named Blue by

hibit insurers from providing both life and non-life insur-

ways of merging and rebranding Aviva Hong Kong.

ance products. Although there are diﬀerences in risks,

In Japan, in the ﬁeld of Small-amount and Short-term insurance business, many innovative digital products have been developed and thenumber of insurers in this ﬁeld has also been growing signiﬁcantly.
In our view, Japanese regulators intend to experiment with sandbox-like products and services in the Small-amount and Short-term
insurance business. Meanwhile, it should be noted that such a sand-customs and systems between the two types of products,from the customerʼs perspective, both are based on theinsurance concept. As the deﬁnition of “insurance”
changes over time, we expect that the boundary line
between life and non-life insurance will gradually disappear.

box-like experimental approach does not mean that governance canbe neglected as a ﬁnancial institution.

18

6. SaaS and Startups

6.1 SaaS
As mentioned in Chapter 4, SaaS refers to a software distribution model in which a cloud-based solution provider delivers
services online to end users, instead of providing packaged
products as software. According to Gartner, the SaaS market
has been expanding exponentially, with around 101 billion
USD (38% of cloud services market share)13. In addition, the
SaaS market is projected to grow at a CAGR of 17% between
2020 and 202213.
Similarly, in the insurance industry, the use of SaaS, including
the migration from on-premise solutions, has been growing.
The U.S. insurance software provider Duck Creek Technologies achieved 50% subscription revenue growth in FY2020. Its
subscription revenue accounted for 40% of its revenue14.
Another provider Guidewire Software has also increased its
revenue share of subscription and support to

34% inFY2021 compared to 21% in FY201915.

19

20

SaaS is gaining popularity as it has advantages over all in-house development, including infrastructure cost savings, faster deployment, ﬂexibility toadapt to market changes and freeing up resources to focus on driving competitive advantages and creating new business value. Even after deployment, SaaS allows continuous update of its core system which prevents a system from becoming obsolete. SaaS solutions are particularly suitableto support smaller insurers that are struggling to cope with the high infrastructure costs and diﬃculties of system changes and implementation tomeet regulatory requirements. Larger insurers are also realizing these beneﬁts by utilizing SaaS to support their new products and distribution channel needs.
The SaaS solutions can be generally applied across the insurance value chain (sales, policy administration, and claims) in the following ways:
Cost reduction through the common core system

Understanding business requirements

There are similarities in required features and functions that exist

It is a prerequisite for SaaS providers to understand complex busi-

across the insurance value chain. Insurers are able to reduce theirness requirements and the characteristics of insurance products. It

costs by leveraging shared resources and functionality with otheris important to note that a provision of a “good” insurance productusers (i.e., insurers). It is also said that the system is unlikely to

per se is not enough; the digital service oﬀered also needs to satisfy

become legacy due to the existence of this functional commonality.

the expectation of the end users. As such, SaaS fees are usuallybased on a usage-based and pay-as-you-go pricing model, andCustomizationsome of the providers are also oﬀering consulting services to

Due to the complexity of insurance products and diﬀerent businesssupport digital sales and marketing.

requirements, customization is often required. Customization can be
implemented either by SaaS providers or other IT vendors. In any
case, a high degree of customization for the sake of sticking with theexisting business requirement should be avoided otherwise it will
defeat the purpose of using SaaS in the ﬁrst place.

216.2 Startups
Startups are often the providers of these SaaS solutions. Unlike

should be well aware of the highly complex nature of the insurance

others, SaaS is based on a subscription model and does not face thebusiness and operations. Delivering solutions for the insurance

issue of incomplete or “half-way” development as it is subjected toindustry requires deep domain knowledge and experience due to its

continuous improvement and updates. Furthermore, the SaaS distri-complex operations and types of products and transactions.

bution model ﬁts in well with the agile development approach that is
usually taken by startups, which enables insurers to deliver quality

In Chapter 7, we will introduce three example use cases on how

service at a faster speed when compared to delivering the same

insurers partner with Startups and adopt their SaaS solutions toservices on their own.

realize value quickly.

However, it is common for the management and project managers
at insurers to believe that there are certain risks that would arise
when partnering with startups, especially in the areas of ﬁnancial
stability and capacity. Conducting thorough due diligence to assess
the risks may hinder a smooth delivery of a project. Therefore, it isimportant for insurers to assess the possibility of a project failure,evaluate best-case and worst-case scenarios, and deﬁne an appropriate scope of partnership when engaging in a project. In any ofthese cases, the managementʼs commitment at insurers is pivotal
for a successful partnership.
On the other hand, Startups that provide SaaS solutions to insurers

22

7. Case Studies23

7.1 Insurance sales on multiple platforms by utilizing API connection
justInCaseTechʼs joinsure Insurance Application SaaS Solution enables Tokio Marine & Nichido Fire Insurance to sell insurance products online
to the customers and members of its distribution partnersʼ platforms such as Loyalty Marketing and Kansai Electric Power, with an excellent UX.
The API connection between the insurerʼs core system and front-end service system facilitates continuous UX improvement.

24

7.2 Connecting with front-end service by loosely coupling
joinsure solutions that support insurance application, policy management, and claim ﬁling enables digital e-commerce insurance
sales on the e-commerce platform
High conversion rate is expected to achieve by providing the insurance at the time of purchase with excellent UX
Through loose coupling with the core system, the deployment cost is kept low without sacriﬁcing UX

25

7.3 Accelerating new product launch time by implementing a middle ofﬁce, second core system
With OneDegreeʼs IXT Digital Insurance Platform, Taiwan's First Insurance has been able to signiﬁcantly shorten its new productlaunch time from one year to just 21 days
OneDegreeʼs platform is connected to the insurer's existing systems through adapter creation.
OneDegree also provides API integration solutions for insurers to capture new business opportunities with aﬃnity partners andecosystems

26

NOTES
1. OECD. Insurance Indicator: retention ratio
https://stats.oecd.org/index.aspx?queryid=25441
2. J.D. Power. (2020, April 30). Direct-to-Consumer auto insurers take top honors in Shopping study as New Normal arrives for P&C
Industry, J.D Power Finds [Press Release],https://www.jdpower.com/business/press-releases/2020-us-insurance-shopping-study
3. SMA Research. (2017, August).Smart Cities and insurance: Exploring the implication
https://cdn2.hubspot.net/hubfs/732222/SMA-RR-2017-Smart-Cities-and-Insurance-082917-V115-Synerscope.pdf?t=1505751589866
4. Japan Information Technology Services Industry Association (2018) JISA-DI Research “Information Services Sector”（After 2015）
5. Doda Tenshoku Site（2021) Tenshoku Kyujin Bairitsu Report [Report on job opening to applicant ratio]
https://doda.jp/guide/kyujin̲bairitsu/
6. CNBC. (2021, June 10). Facing shortage of high skilled workers, employers are seeking more immigrant talent, study ﬁnds
https://www.cnbc.com/2021/06/10/study-employers-seek-immigrants-amid-shortage-of-high-skilled-workers.html
7. Ministry of Economy,Trade and Industry (2018) “DX Report: Overcoming the IT System Cliﬀ in 2025 andFull-scale Development of DX”,

https://www.meti.go.jp/press/2018/09/20180907010/20180907010-1.pdf
8. CNBC. (2018, April 30).Computer engineers now make up a quarter of goldman sachs workforce
https://www.cnbc.com/2018/04/30/computer-engineers-now-make-up-a-quarter-of-goldman-sachs-workforce.html
9. Financial Services Agency (2017) Joint session of the 38th general meeting of Financial System Council and the 26th meeting of Sectional Committee on Financial System “Trends in Fintech and payments and future challenges”,
https://www.fsa.go.jp/singi/singi̲kinyu/soukai/siryou/20170303.html
27

10. Unqork Website
https://www.unqork.com/
11. Protosure Website
https://protosure.io/
12. Ministry of Internal Aﬀairs and Communications. “Information security site for the public”
https://www.soumu.go.jp/main̲sosiki/joho̲tsusin/security/business/staﬀ/01.html
13. Gartner. (2020, November 17). Gartner Forecasts Worldwide Public Cloud End-User Spending to Grow 18% in 2021. [Press
Release]https://www.gartner.com/en/newsroom/press-releases/2020-11-17-gartner-forecasts-worldwide-public-cloud-end-user-spending-to-grow-18percent-in-2021
14. Duck Creek Technologies Quarterly and annual ﬁnancial results
15. Guidewire Software Quarterly and annual ﬁnancial results

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2021/09