How are rising ESG interests changing wealth management

Climate change is one of the biggest challenges we face. While policies like the Paris Agreement attempt to change the world to have a net-zero emissions impact, there are still billions of dollars invested each year into harmful industries, such as fossil fuels. As pressure on climate change rises, could firms start to focus more on ESG funds?

This year alone has seen several devastating natural disasters. Whether it is the forest fires in California, floods in Germany, the Netherlands and Belgium or heatwaves in Canada, the effects of climate change seem to be happening more frequently. Scientists have warned these types of occurrences are only going to become more frequent if more effort is not taken to reverse climate change.

Governments around the world are taking measures to transform their countries’ operations to become less harmful to the environment. However, it is not as simple as flipping a switch. Transition away from certain energy sources will take time and a lot of money, but a lot of money is still being pumped into harmful energy. A report from Rainforest Action Network states the world’s 60 biggest banks have financed $3.8trn into fossil fuels over the past five years. Wealth management firms are also still heavily invested into these assets. The world’s top three asset managers, BlackRock, State Street and Vanguard, manage $300bn in fossil fuel investments, according to a report by The Guardian.

However, many banks are trying to change their operations and have green strategies in place. For example, Lloyd’s Banking Group is hoping to reduce the carbon emissions it finances by over 50% by 2030. While challenger bank Bunq plants trees for every €100 spent by a consumer. Many wealth managers are also part of this shift, with more and more offering ESG-focused funds. This strategy-shift is having an impact on the public. Kidbrooke CEO Fredrik Daveus said, “[Interest into green portfolios has risen] A lot, also fuelled by some financial institutions really making it their core marketing message. However, I still think there is a lingering idea with investors that anything sustainable will sacrifice investment returns.”

While there is a colossal amount of money still going to fossil fuels, interest in environment-positive investments have grown over the past few years. As the effects of climate change become more apparent, more people are shifting their lifestyle habits. One method of reducing their carbon footprint is by backing ESG funds. Analysis from Bloomberg found that global ESG assets under management are expected to reach $53trn by 2025. While CNBC recently reported that money invested into ESG funds more than doubled in 2020.

Sugi CEO and founder Josh Gregory said, “Interest in ESG investing has grown significantly to reflect the increased urgency of the climate crisis. Global flows into ESG funds topped US $178bn in the first quarter of this year, up from US $38bn in the same period last year, and on average two new ESG funds are launched each day. While private finance has the potential to make a real difference to climate outcomes, this will only happen if investors can make informed decisions.”

Echoing a similar sentiment is TietoEVRY head of insurance and wealth solutions Sameer Datye. He said, “ESG driven investment choices are seeing a rising popularity in the Nordic region. Overall, the society is very aware and sensitive of ethical business practices and takes pride in being at the forefront of this revolution. However, not all financial institutions have the choices available easily and obviously yet. However, the customer pressure is certainly mounting.” Datye continued to state that while not every financial institution is mature with an ethical portfolio, he is not aware of an organisation that does not have the project work to meet the need in their technology stack.

Green investment portfolios are becoming more available to retail investors. A number of WealthTech companies have started to offer a selection of portfolios designed to meet the customer’s interests, with the environmental impact being a common concern. UK-based digital investing app Moneyfarm recently launched its own socially responsible investing portfolios, enabling investors to pick portfolios that cover a variety of topics, including climate change, working conditions, corruption and more.

There are also several FinTech companies cropping up that exclusively focus on these types of ethics. Clim8 Invest is exclusively focused on the environment, enabling people to create a portfolio of companies operating in clean energy, clean technology, smart mobility, clean water, sustainable food and recycling.

However, with so many options available, it is easy for consumers to be overwhelmed and pick the wrong option. Gregory said, “When it comes to green and ethical investing, there’s more choice than ever. But this makes things very confusing for everyday investors. Greenwashing is also a serious issue, with limited regulation around using ESG labelling for investment products. So, while the majority of investors want their investments to have a positive impact, few follow through. This is what led me to create Sugi – providing personalised, understandable, relevant information so everyone can understand the impact of their investments and feel confident to make greener choices when managing their portfolios.”

Gregory continued to state that investment firms, both traditional firms and FinTechs, have started to launch new ESG funds and rebrand several existing vehicles. There have also been other options created, including low-carbon ETFs and “climate solutions” funds, which back businesses building solutions to combat climate change.

Another WealthTech company to have seen an increased appetite for ESG investing is WealthObjects, a digital robo and hybrid advice solution developer. WealthObjects CEO and founder Uday Nimmakayala explained how advisors have increasingly discussed ESG questionnaires and the best way of implementing them within their planning processes.

Nimmakayala said, “In the short term, we believe ESG consideration in the planning process will be a differentiating factor for Advisers, and in the medium term, it will become the norm. Regulations requiring the investments to be displayed with the ESG characteristics will lead to an exciting trend of ESG/Sustainable portfolios replacing and becoming the Standard Portfolios themselves. ESG becoming a norm is great news for society at large.”

Will there be regulation

As efforts to counter climate change continue to rise, regulations could be placed to ensure wealth managers offer more green portfolios. The UK government recently released a new green taxonomy, which is designed to provide better data on the environmental impact of firms. These measures will classify green activities and reveal climate-related risks.

Other ESG-focused regulations are starting to crop up around the world. The European Union is currently proposing a new Sustainable Finance Disclosure Regulation. This would require financial market participants to incorporate sustainability risks in their investment decision-making and advisory processes.

In Japan, a panel was established by the Financial Services Agency with the aim to boost investment into Japanese firms that support the carbon-neutral transition. One of the recommendations made was that institutional investors should enhance ESG investments and investee engagement to ensure capital market functions promote sustainable finance. Another suggestion was for asset managers to carefully explain characteristics of an ESG-related investment trust at its creation and be accountable in the area on an ongoing basis with the FSA.

However, more regulations might not be the key to ensuring firms offer more ESG portfolios. Daveus said, “Regulation is already happening with the requirements to report on ESG scores for investment products. Not sure if even more regulation would be an answer.”

The impact on the future

As appetite for these types of funds increases, it poses the subject of how the success of an investment firm could be tied with offering ESG portfolios. Daveus said, “I think it is an overall trend that will continue to grow as long as the debate on climate change is as active as it is today. It will probably simply merge into the mainstream where only more or less sustainable investment products will remain.” An example given is investment into electric cars if they become the norm and the only cars available for sale.

Gregory added, “Climate change is a clear risk for many organisations, and those who are not addressing this risk may struggle in the long term. It’s critical that ESG portfolios offered by investment firms actually deliver positive climate action instead of superficially exploiting a current trend.”

When questioned on whether a shift in investor appetite for ESG-focused portfolios could encourage more investors to move away from funds with investments into companies harmful to the environment, Gregory said, “Unfortunately, it’s not easy to identify investments that are harmful to the environment – and much depends on your own perspective. A good example is holding shares in ‘transition’ companies. These are companies, typically in polluting sectors, working hard to decarbonise their activities. They might have a high carbon impact now, but without ongoing financing and other shareholder support they could struggle to achieve their net zero commitments.

“Another example is climate solutions companies. While these companies help others to reduce their carbon emissions (e.g. through manufacturing wind turbines or producing components for electric cars), their own carbon footprint might be relatively high. It’s only through access to the right information that investors can make informed choices and invest in a way that aligns with their values.”

Speaking on the same question, Daveus echoed a similar response on the difficulty of knowing the impact companies have. He said, “Yes I think [it will cause a change], at least superficially as it is still very difficult to measure/know what is actually harmful to the environment or not, especially considering all aspects of a company’s product and services.”

Copyright © 2021 FinTech Global

原文來源：

https://member.fintech.global/2021/09/22/how-are-rising-esg-interests-changing-wealth-management-wealthtech/

Is no-code technology the future of WealthTech?

No-code technology is quickly becoming a major trend in software development. As wealth managers continue to increase their exposure to digital services, will no-code technology be their go-to solution?

According to research company Gartner, 70% of new applications developed by enterprises by 2025 will use no-code or low-code technology, up from less than 25% in 2020.

So, what exactly is no-code technology? It describes software products designed for fast, easy implementation without the need for programming skills. Leveraging graphical user interfaces and prebuilt configurations, these solutions are often drag-and-drop and can quickly digitise processes with significantly fewer IT resources. No-code is designed to allow businesses to customise products, without needing to hire a team of coders.

Another report from Gartner predicts that by 2024, 80% of technology products and services will be created by those who are not technology professionals.

With the current emphasis on digital transformation and personalisation, it is easy to see the appeal of the technology.

The question is, will no-code be the future for WealthTech solutions? Put simply, Stefan Willebrand, founder and CEO of SaaS financial services platform Bricknode, said “As with most things there is no silver bullet.” Willebrand stated it all depends on the problem that needs to be solved.

“I have always liked to combine working with no-code platforms with building my own custom components through coding. If you are only using no-code solutions, you will have a hard time creating unique experiences so I think that there are only so many shortcuts that you can take.”

For example, Willebrand said he would utilise a no-code solution when building a new website or building a company’s first customer portal within wealth management. This will help get experience with development and a taste of what can be done. Once this has been operational for a while, Willebrand would use the gained knowledge to create a unique customer experience from the start with his own code.

Moving even further away from the benefit of no-code technology, Fredrik Davéus – co-founder of financial analytics API developer Kidbrooke – sees little value in the technology. Davéus said, “I’m sceptical of low/no-code solutions overall. You can only do what the platform allows you to do. Few people have training on each solution vs more general programming languages. It does not take away the need for skills associated with software development since any large project will require classic dev ops.”

Is no-code better for scalability?

As mentioned, there is clearly a rising interest for no-code and low-code technology. Willebrand believes this is also happening in the wealth management space, with firms seeing the technology as an easy way to start a business without needing a big investment in development.

It is no secret that firms have been held back by legacy technology. This has often hindered firms’ ability to adapt to new solutions, and as a result, firms are often keen on scalability. Having a solution that can scale for the future is beneficial in the long run. No-code technology, like most software, has pros and cons for scalability.

Willebrand stated that it all depends on the company’s requirements. For example, if the company is launching a customer portal where a few thousand customers will log on a few times a month to monitor their portfolio, there would be no issues with scalability from a performance perspective. However, if a firm is releasing a day trading platform that is data intensive and needs low latency, Willebrand believes full control of the code is essential.

As for a maintenance and development perspective, Willebrand stated no-code has benefits of not requiring staff to learn complicated code, particularly new joiners.

Davéus also highlighted some potential challenges with scalability around maintenance and flexibility when relying on no-code technology. He said, “Maintenance since you have to train people specifically on the solution and flexibility since you can only do things that are supported within the framework of the low code solution.”

Benefits of no-code

Karen Oakland, VP of industry marketing for financial services at customer conversation management software developer Smart Communications, highlighted that many wealth managers are already benefiting from no-code. For example, many are transforming their business processes from traditional PDFs and static web forms into a guided digital interview instead, which enables a more personalised, adaptive customer experience.

Oakland explained that these adaptive digital and mobile interviews are integrated with the core systems, eliminating the need to rekey information or upload documents. Questions and rules can be updated within minutes as market conditions or regulations change, all while meeting internal guidelines for security and data management. Additionally, complex documents and document packages can be generated on demand and automatically delivered via e-signature solutions to streamline customer experiences.

Oakland added, “With pre-built, validated connectors to many of the core systems used in banking today, as well as a flexible architecture and open APIs, SmartIQ can be implemented in weeks. Like many low-code solutions, it’s also purpose-built for business users, with no Java or programming skills required. Without putting in an IT request for help, analysts or other non-technical users can further control a range of visual and brand elements—from logos and colours to typography and styling—and view them in a live preview that makes it easy to view changes instantly and in context.”

Another benefit Oakland outlined with no-code technology was increased operational efficiency due to reduced paper and manual workloads when opening, onboarding data collection, servicing and reporting. There is also the chance for improved data quality and eliminating Not in Good Order rates, as well as improved speed to market by quickly onboarding new investments faster and improving customer satisfaction and speed to revenue.

Oakland also said no-code offers a better use of resources by reducing manual workloads, and reduces IT development costs through the easy-to-use interfaces.

Problems with the technology

That said, there are some challenges companies need to be aware of before they dive into the world of no-code technology. Alongside flexibility issues, Davéus stated that there is a shortage of people with knowledge of these specialised solutions, compared to those with general programming language skills.

Willebrand echoed the same challenge around flexibility. When using standardised components, even if they are configurable, there is a limit on what can be done. But not everyone will need to go beyond the limits. “The most annoying but also true answer that I usually get from my developer friends in our discussions is ‘it depends’.”

Another challenge both Willebrand and Davéus highlighted was the risk of getting too excited by the hype and not properly assessing solutions before engaging with no-code solutions. Willebrand said, “You need to find some sort of balance between paralysis by analysis and jumping the gun too early. The risk is the same with any new project that is started and nothing that in particular relates to no-code solutions other than it might be even a bit easier to jump the gun too early since the barrier of entry is lower.”

While it might be tempting to jump straight in, firms need to know what they want and go in with a vision and plan.

Willebrand added that a long-term mindset is key. He added, “Platforms and systems within finance should be bought in the same way as firms are buying CRM systems like Salesforce or project management systems from Atlassian. There should not be a crew of consultants needed for a year to get a solution going for you, it should be instant, and you or maybe a single consultant should be able to get things configured and going for you.”

Oakland also warned firms to be thoughtful about their adoption of the technology. “No code / low code applications aren’t a panacea for all ills,” Oakland said. She added that using many different platforms and solutions multiply the risks of bad apps and information chaos. As a result, IT teams need to have processes ready for system governance to support business agility and information security.

Oakland added, “No code solutions are not always designed to scale to meet enterprise needs, and customers today are unforgiving when a system goes down.

“Not only that, but it’s important to look at interoperability and integration with your core systems. It’s difficult enough to live with data silos with legacy on-premise software. Don’t let your business users create even more silos. IT leaders need to partner with them to create the data connections they need, then make sure they are able to manage the day-to-day changes and optimisations. Furthermore, IT needs to make sure that the business keeps up with training, or the system can end up sitting on the virtual shelf.”

The future?

With a look into the future of no-code technology, Oakland concluded, “No one wishes for a global pandemic, but most industry experts agree that as customer behaviour shifted to digital channels in the years since 2020, this has accelerated investment in digital innovation. This puts pressure on IT leaders to build a strategy that delivers competitive differentiation.

“This competitive pressure will continue to grow. Celent reports a Microsoft estimate that 500 million new apps will be built by 2026, more than was built in the previous 40 years. Demand for applications is growing five times faster than IT departments can deliver. This need for business agility requires IT leaders to take a step back from the desire to control, and to consider where low/no code solutions can actually reduce the burden on their departments and deliver value to the business in weeks, not years.”

Copyright © 2022 FinTech Global

原文來源：https://member.fintech.global/2022/08/31/is-no-code-technology-the-future-of-wealthtech/

Insurance industry yet to fully embrace AI benefit: Accenture

Insurers are lagging other industries in making use of Artificial Intelligence (AI) to meet the expectations of modern customers and keep them happy, Accenture says.

Almost a third of claimants are not fully satisfied with their home and auto insurance claims-handling experience, a survey of the past two years of claims activity by Accenture has found, with speed of settlement topping the list of grievances.

Accenture calculates that unless AI is embraced to improve customer retention, $250 billion in premiums is at risk over the next five years across the insurance sector, creating winners and losers.

“That is the amount of money that is going to be moving around the industry. The implications to individual companies will of course vary,” Accenture MD of Applied Intelligence Raphael James tells insuranceNEWS.com.au.

“To modernise the technology will take a fair bit of investment and a fair bit of effort. The ideal approach is to design for a future that we know is going to be heavily AI orientated, but at the same time bite that elephant off in pieces – so design for the future and build out in stages.”

Insurers are "still way behind where we need to be” in data use, and in the years ahead, claims processing, broking and underwriting are all set to be transformed by AI.

Underwriting in particular clearly lends itself to the technology, being structured, data driven, rules orientated, and regulated.

AI can develop insights at scale that would take “enormous amounts of manual effort” for people to match, and can "surface those insights” from the large volume of data that is readily available, and drive decision making within processes like underwriting.

“If I were to be provocative, I would actually say it should be entirely machine managed,” Mr James said. "It is not a subjective set of processes. Artificial intelligence should accelerate those processes and at a minimum augment the decision-making for the underwriter.”

The machine managed underwriting should “only flick through exceptions to humans for more of the industry specific, knowledge orientated elements that require further research,” he says.

"The amount of machine learning and AI decision-making capability that exists should make the underwriting process incredibly seamless and managed by machines.”

Accenture says the costs of implementing AI are falling dramatically and industries such as retail are leading the way.

"AI is no longer a technology of the future but an established presence in our everyday lives. Many insurance innovators are already putting it to work to deliver better customer experiences and empower their workforces in parts of their business,” it said.

原文來源：https://www.insurancenews.com.au/insurtech/insurance-industry-yet-to-fully-embrace-ai-benefit-accenture

期交所 打造交易人風險偵測平台

面對國際政經變局，金管會主委黃天牧期許資本市場必須「以變應變，鞏固精進，持續提升競爭力」。臺灣期貨交易所亦因應國內外市場脈動，發展創新、韌性及永續的新未來。

政治大學風險管理與保險學系教授謝明華表示，由於衍生性金融商品大都屬於遠期交易合約，存在交易對手的信用風險。因此，期貨及選擇權交易採保證金即時洗價（Marked-to-Market）制度來確保交易的安全性。

綜觀近年新冠病毒疫情、俄烏戰爭、通膨升溫等重大事件持續影響全球金融市場，市場行情變化快速，波動度擴大。交易人從事期貨及選擇權交易，對其持有部位所需保證金及風險的掌控益顯重要。

期交所建置「交易人風險偵測平台」，透過提供交易人評估風險之數位工具，可以大幅提升交易人在期交所部位的風險控管品質。

「交易人風險偵測平台」可計算交易人設算部位各種風險資訊： 包括檢視設算部位所需原始保證金、維持保證金；風險情境分析；以及部位的風險參數（Greeks）。這些資訊可以讓交易人清楚評估交易風險以及調整風險控管策略。

期交所初步規劃在「交易人風險偵測平台」上提供以下功能：交易人在輸入部位資料，產生設算部位後，可進行價格、波動度及相關風險參數等分析，並了解其投資組合曝險資訊。

例如：1.標的資產價格變化（即行情漲跌）對設算部位價值的影響：亦即提供選擇權評價理論中常用的風險參數Delta與Gamma。

2.標的資產價格波動度變化對設算部位價值的影響：亦即提供選擇權評價理論中常用的風險參數Vega。

3.時間變化對設算部位價值的影響：亦即提供選擇權評價理論中常用的風險參數Theta。

4.設算部位保證金試算：提供交易人優化的使用者介面，彈性的投資組合選取，並依期交所保證金訂定方式（單一部位、選擇權策略組合及期貨價差組合部位），計算保證金，比較在不同組合狀況下之保證金變化。

5.壓力測試情境分析：透過風險情境，讓交易人了解未來在不同價格漲跌及波動度增減（如價格漲停／跌停且波動度增加10％）之壓力情境下之損益，並瞭解其投資組合主要風險來源。

謝明華表示，期交所「交易人風險偵測平台」透過設算部位風險參數的計算，讓交易人了解設算部位在各個面向的風險特性，所需保證金，以及在各種極端壓力情境下最大可能損失。

不論有經驗的交易人或市場新進投資人者都可透過該平台，瞭解及評估可能的風險，對提升風險意識，強化期貨市場安全將有實質效益。

在系統正式上線後，透過使用者的使用經驗以及國外相關平台的發展經驗，「交易人風險偵測平台」可以持續精進。在金融市場跟數位科技日新月異的變化下，將可持續滿足交易人的需求。

來源：https://tw.stock.yahoo.com/news/%E6%9C%9F%E4%BA%A4%E6%89%80-%E6%89%93%E9%80%A0%E4%BA%A4%E6%98%93%E4%BA%BA%E9%A2%A8%E9%9A%AA%E5%81%B5%E6%B8%AC%E5%B9%B3%E5%8F%B0-201000379.html

迎戰零接觸經濟　金融業強化線上服務

疫情帶來消費場景與需求的轉變，其中金融業是最明顯的產業之一。符世旻攝

疫情帶來消費場景與需求的轉變，其中金融業是最明顯的產業之一。消費者轉為零接觸的線上金融服務，帶動像是電子錢包、行動銀行等的相關數位金融商機，同時，也讓各大金融機構紛紛展開強化線上服務的計畫，除了鎖定台灣本土市場，也瞄準像是東南亞等快速崛起的市場。

近年隨著法規鬆綁，加上疫情催化下，台灣在金融科技的發展應用也開始跑起來，包括在零接觸消費的鼓舞下，行動支付在台灣普及率於2022年初達到6成，並同時宣步要在2025年普及率要超越9成的目標。 事實上，不只台灣，電子錢包浪潮已經席捲各國，特別是東南亞市場的快速崛起。昕力資訊長歐采瑀在「TPI Day 趨勢論壇」上分享東南亞市場商機。

歐采瑀指出，除了中國大陸發展較早而成熟外，無現金支付如今也逐漸成為越南的消費習慣，其與中東市場都有25%以上的成長率。她也相當看好，未來5年內東南亞的數位經濟成長曲線非常大，預估2025年東南亞數位經濟規模將達到3,000億美元，特別是越南、印尼、菲律賓等是「市場潛力巨大者」，其中，先買後付(BNPL)的支付模式正迅速崛起。

除了行動支付外，近年在金管會核准純網銀設立後，包括樂天國際銀行、LINE Bank與將來銀行等3家純網銀紛紛開行，也象徵銀行將走向數位化另一個里程碑，純網銀加入戰局，也讓傳統銀行加快數位轉型的腳步。國泰金控副總經理梁明喬就指出，國泰金控在2016年成立數位數據暨科技發展中心(簡稱數數發中心)，未來將推動集團底下六大子公司以圍繞在數位、數據與金融科技的核心下，提供全方位的金融服務。

而雲服務將作為支撐數位經濟的核心技術，Gartner指出，未來95%的數位轉型計畫都會將以雲原生平台作為核心資源。各行各業都在上雲，金融業也不例外，上雲的速度更是名列前茅，尤其在2019年金管會放寬金融業上雲，面對法規鬆綁，雖然金融機構躍躍欲試積極擁抱金融科技，但也因為涉及龐大的隱私數據，使得資安成為金融業首當其中的挑戰，昕力資訊總經理姚勝富就強調，未來金融業的資安要做到「分散且完整」，也就是節點分散，但資安管控要全面。

姚勝富進一步指出，過去企業在資安多是單體架構，比較單純，但未來新型態數位服務不再是單一系統，不僅要上雲端，還要透過各種API與其他服務供應商整合，一個交易或服務的成形，牽涉多個節點，因此在資安策略上，更要考量將每個節點都要納入保護，缺一不可，必須建構在完整的資安防護上。此外，政大風險管理與保險學系教授謝明華則觀察到，在數位金融服務盛行與資安意識雙重效應下，未來金融業也開始朝無密碼身分辨識領域布局，甚至近一步將數位身分落實到元宇宙發展中，都是產業值得關注的焦點。

Are insurers ready for the future of mobility?

July 21, 2022For decades, population growth and rising per capita income in Europe were accompanied by an increase in the number of vehicles purchased and kilometers driven. But mobility is at a turning point. The fight against climate change has changed all mobility-related industries—including the insurance market. And as customers become more aware of new technologies, such as autonomous driving and connectivity, both the automotive industry and motor insurers will need to change their product offerings and ways of working. These changes bring challenges to the insurance industry, but they also bring new opportunities.

The traffic turnaround

In 2021, European policymakers significantly enhanced their efforts to reduce transportation emissions. In accordance with the European Green Deal, companies have committed to cutting CO2 emissions from passenger cars by more than half by 2030, compared with 1990 levels, according to the European Commission. More than 150 European cities have already introduced access restrictions, such as reducing private vehicle use in designated areas, and electric-vehicle adoption is expected to reach nearly 50 percent globally over the next decade.

New technologies will also help ease the flow of traffic. The first Level 3 road congestion pilots, for example, can monitor traffic jams and switch the vehicle temporarily to autonomous driving. Level 4 highway pilots, which can monitor traffic and drive autonomously at higher speeds, are expected to be approved for private vehicles by 2025 at the latest. By then, 70 percent of all new vehicles are anticipated to be connected “smart” cars. Additionally, self-driving cabs are already on the roads of cities such as Phoenix, San Francisco, and Seoul. In China, they are projected to account for an estimated two-thirds of all passenger kilometers by 2040. Europe is also expected to introduce these types of vehicles to their streets in just a few years.

Individual mobility still primarily means owning a car. But the consumer market has become more open to new mobility solutions. Electronically booked trips, known as e-hailing, tripled between 2016 and 2021, and the micromobility sector (small electric vehicles, public transport, and shared services) grew by 60 percent in 2021 alone. As these trends continue, more people will shift from owning a car to using alternative transportation options.

How insurance will be affected

As the mobility sector evolves, so will the insurance market. For example, the frequency of claims is likely to decrease significantly in the coming years. At the same time, when accidents do happen, claims will be more significant because of the high cost of component replacements, such as sensors in vehicle bodies or batteries in electric vehicles. More dramatically, privately owned cars will become less popular as fleet businesses and micromobility grow, which will greatly reduce the largest business segment for most motor insurers.

Insurance companies will need to develop new approaches to address the impending decline in car insurance premiums and compensate for this loss with new business models. Motor insurers will also have to get used to a different risk portfolio if liability is transferred from the driver to the manufacturer—an approach that some political leaders are discussing. To adjust, insurers will have to develop new competencies in product development and in actuarial, sales, and customer service departments.

Across the board, the insurance industry must prepare itself for significant shifts in business priorities—the sooner the better.

Where to start

Fortunately, such a change brings opportunities that nimble providers can capitalize on. According to expert estimates, vehicle connectivity alone has the potential to produce $30 billion to $50 billion for the global mobility insurance industry by 2030. That amount would be more than 10 percent of today’s premiums.

Below are four examples of new data-driven approaches that companies can use to seize the potential of mobility shifts:

1. Behavior-based pricing. Premiums based on driving style (“pay how you drive”) or vehicle use (“pay as you drive”) give policyholders attractive opportunities to save. This approach can pay off in the long term if movement and vehicle data are used to make additional offers.
2. New ecosystem offerings. With growth in direct sales of motor vehicles, car manufacturers are becoming increasingly important as partners. But they should also be considered potential competitors as embedded offers—purchasing a vehicle and insurance from a single source—continue to trend. Insurers should strive to create partnerships within their ecosystem that benefit both sides. For example, they could integrate a simplified insurance offering into vehicle buying and selling using a seamless digital process.
3. Multimodal insurance products. Providers can respond to the uptick in mobility diversity with appropriate insurance solutions. For example, they could offer one product class for everything from private cars to borrowed e-scooters to rental cars on vacation. This solution provides new customer groups access to the company and their insurance offerings that they might not have been exposed to before.
4. On-demand services. After purchasing a vehicle, 39 percent of all buyers want to activate additional digital services. For owners of premium brand vehicles, 50 percent opt for these additional services. Insurers can take advantage of this ample demand by making extended services—such as international insurance, insurance for passengers, or active driver coaching—available at the push of a button.

In the medium term, insurers can plan to jump at new business opportunities, using the insights and data they have collected from mobility insurance solutions to grow into other areas of the mobility ecosystem. Fleet management, buying and selling used cars, the electric charging market, and car servicing sectors are just a few of the many options. More diversity also provides advantages over aggregators, which tend to benefit from standardization.

As is often the case during change management, motor insurers will need courage and creativity to forge ahead. Companies that address challenges early on will emerge stronger by responding to the transportation transformation. What's more, they will play a key role in shaping the new era of mobility.

Stephan Binder is a senior partner in McKinsey’s Zurich office; Ulrike Deetjen is a partner in the Stuttgart office, where Stefan Pöhler is an associate partner; and Kersten Heineke is a partner in the Frankfurt office.

來源：https://www.mckinsey.com/industries/financial-services/our-insights/insurance-blog/are-insurers-ready-for-the-future-of-mobility

How Fintech Can Deliver on Its Social Impact Promises

放棄一步到位，轉型就像收拾髒亂房間！3 項具體辦法，幫金融業完成數位轉型

據歐洲銀行聯合會（European Banking Federation）的報告，2008 年歐盟區尚有 23.8 萬家銀行分行，到了 2018 年只剩下 17.4萬家。無獨有偶，僅在 2017 年下半年，全美就有超過 1700 家分行關門，其中不乏金融巨頭，譬如美國第二大商業銀行美國銀行（Bank of America），自 2009 年來陸續關閉或出售逾 1500 家分行。

政大數位金融創新實驗室執行長謝明華指出，隨著雲端、人工智慧及區塊鏈等技術持續成熟，金融業態已有結構性的改變，競爭者不再只有銀行業，比如台灣首間純網銀，便是電子商務起家的樂天。

然而，金融畢竟是特許行業，監管嚴謹。即使有金融監理沙盒（Financial Regulatory Sandbox，低度監理、風險可控的環境）作為實驗場所，2021 年下半年沒有一家公司通過申請。更不用說，「進了沙盒不一定出得來，出來也不代表成功，成功也不見得符合金管會、銀行公會的期待。」投入大筆創新預算，最終卻宛如丟進水坑。

謝明華（美國史丹佛大學作業研究學博士。現為政大風險與保險研究中心主任和金融科技研究中心數位金融創新實驗室與AI創新實驗室執行長）

侯俊偉 攝影

期望能協助尚未數位轉型，或轉到一半卡住的金融業者，找到適合自己的亮點，謝明華等學者出版《金融數位轉型趨勢與成功方程式》，囊括國內外、傳統與新創等 19 家企業，「它不是答案，但有許多令人眼睛一亮的啟發。」

從政策找發展的方向，讓法規成為助力

觀察台灣金融業的創新，一些人常嫌棄步調慢了一點，比如都什麼年代了還在用紙鈔，一隻手機走遍天下不是很方便嗎？然而，這並非單純技術問題，還受限於法規、流程。比如保險業的「親晤親簽」，要求保戶「親自」「當場」簽名，想要改為線上進行，得打通監理官、工會，還必須整個業界同意。

東吳大學財務工程與精算數學系助理教授李宜熹解釋，其中部分原因跟「法系」有關。英美多半是海洋法系（common law），只要法條沒有規定，就表示法律允許你嘗試，即使發生問題，如果犯錯者立意良善，懲罰力度會變輕；台灣是大陸法系（civil law），除了法令允許的，其他都是犯法，創新容易被限制。

李震華（政治大學資訊管理系博士。現為資訊工業策進會資深產業分析師兼數位發展組組長，研究領域為新興軟體技術、金融科技、資訊安全、區塊鏈暨加密貨幣。）

侯俊偉 攝影

由於法規是繞不過去的坎，謝明華建議，跟進金管會的發展方向，像是防洗錢、業務員詐欺，因為「防洗錢的技術，也能用在防洗錢之外的領域。」金融業者可以先提出監理技術上的創新，快速通過申請，熟悉這項技術的過程，就當作練兵，一邊滿足金管會、監理官的需求，一邊強化自己的數位能力。等到能力準備周全，再來創造利潤，屆時法規也可能已經調整完畢。

或者，也可以考慮購併或跟新創合作。舉例來說，線上股票交易平台羅賓漢（Robinhood），賣點之一就是沒有交易佣金和最低帳戶餘額限制。然而，交易費用是許多券商的收入來源，傳統金融不可能為了創新，一夕之間取消，得不償失。

從整個金融產業的角度出發，大公司容易取得大眾信任，「這對金融服務業是一種優勢，但在創新上卻是一種包袱，」沒辦法快速從傳統過渡到未來，畢竟既有服務還在賺錢。

相對傳統金融，新創是從零開始，更容易想出顛覆式做法，而且發展初期影響力小，不容易受到監理機關過度的關注。羅賓漢也是在爆紅之後，才收到美國國家證券清算公司（NSCC）的存款要求。

先用科技幫工作省力，員工才能認可轉型

資策會資深產業分析師李震華指出，數位科技一般分為 3 階段：數位化、數位優化和數位轉型。「數位化」是企業缺乏相關系統或科技，為了提升效率，開始採用；「數位優化」是在既有技術上，改善營運效能或顧客體驗，但依舊不算創新；直到「數位轉型」，因為技術和經驗的完善，才可能引發商業模式的突破。

而台灣大型金融業者多半處於「數位優化」階段，許多紙本或 PDF 檔案沒有數位化、整理，或是珍貴資料掌握在一線業務員手上，不一定願意和公司分享。「沒有資料，或是格式錯誤，機器沒辦法讀取，所以設備夠數位，也派不上用場。」這些都是「髒活」，但想要數位轉型，就只能慢慢做，就像是收拾房間，難以一次把雜物全部丟掉，只能一件一件整理，看看哪一個有價值。

李宜熹（國立中山大學財務管理博士。現為東吳大學財務工程與精算數學系助理教授，兼任政大金融科技研究中心數位金融創新實驗室與 AI 創新實驗室副執行長。）

侯俊偉 攝影

短期來說，可以透過金融科技（FinTech，financial technology）加速。FinTech 分為 2 種：一種像是羅賓漢，本身有技術能量，提供新的服務，算是傳統金融的直接競爭者；另一種是軍火商，比如第三方的數據公司，它們比傳統金融更懂數據、科技，比如台灣資訊服務業龍頭精誠資訊，就很善於處理異質平台的資料。金融業者不用自己處理格式不一的數據，向他們買工具，不失一可行方法。

「不要想一步到位，一邊整理數據一邊思考應用，轉型更容易被接受。」根據謝明華的調查，傳統金融業裡，還是有很多人不相信，新科技可以幫公司賺到錢，說服內部接受一樣是挑戰。單純整理數據，不會賺錢，所以整理到一定程度，就要去找應用。不用非常創新，能用更省力的方式完成現有工作即可，這也是員工體感最高的改變。

以保險業為例，審核一位客戶適不適合這項商品，要不要賣給他，其實很耗費成本。但除了少數個案，8 成顧客的條件其實相對單純。換句話說，人工智慧只要能挑出 8 成客戶，員工就少掉了 8 成工作。

轉型是漫長的過程，初期別設太艱難的目標

《金融數位轉型趨勢與成功方程式》中記敘的 19 家企業，轉型方法都不太一樣，「幾乎沒有一體適用的方法，因為每一家公司的條件都不同。」但謝明華歸納出一套架構（參見下圖），包含衡量成本和績效的「組織營運卓越」、跟客戶的生命周期有關「完善顧客體驗」，以及最終的「商業模式再造」。

經理人

普遍來說，台灣金融業者多半著重前 2 項，一來是因為 2 者都是優化既有工作流程，比較容易看出成果，二來是數位轉型一開始多半會從「痛點」思考，而金融業是服務業，所以客戶和成本最容易發生問題。

至於商業模式的創新，多半只有國外有較成熟的案例，不然就是出現在新創。以那斯達克（NASDAQ）為例，原本是股票交易所，後來發現只靠交易業務沒辦法支撐這麼大的組織，才開始轉型為「顧問軟體銷售」。2021 年 9 月財報可以看出，NASDAQ 營收只有 28% 來自傳統證交所的「市場服務」「公司服務」，其餘 72% 都跟數位轉型有關，譬如透過演算法提供客戶市場決策建議的「訊息服務」、提供金融機構解決方案的「市場技術」。

話又說回來，雖然 NASDAQ 的轉型成果令人羨慕，但謝明華不建議一開始就以某種商業模式，作為數位轉型的目標，因為說服內部同仁相信很困難，說服主管機關同意又更困難，不論走「試辦」或「沙盒」，即使成功，也容易跟現行法規牴觸，投資難以回收，比如凱基銀行與中華電信聯手，希望協助金融小白獲得信用貸款，雖然模擬成功，但因為工會不允許，最後只能停辦。

大的改變需要時間，很難一步到位。各大金融公司不乏有遠見的投資，譬如數位通路，雖然目前只占保費收入的千分之幾，然而事關未來發展，所以不會輕易捨棄。但除此之外，多半是先在前面嘗試，累積一些東西，過一陣子創新的機會才慢慢浮現，「真實的金融創新，更像是摸著石頭過河。」

【數位創新與轉型分析師系列】你應該知道的法遵科技概念

【數位創新與轉型分析師系列】電商保險鳴槍起跑

國內電商巨頭八月宣布完成一起策略投資，從此一起事件觀察消費者消費型態是否轉變，近年也可以發現不少電商陸續開始和保險業合作，這邊由產業分析師 賴苡安來說明目前保險業現況及實務。 

更多趨勢案例：https://mic.iii.org.tw/bmn/default.aspx 

數位金融創新實驗室：https://digitalfin.tw/ 

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