Business Model Transformation through Artificial Intelligence in the Israeli InsurTech

Creators: Berman, Tal and Schallmo, Daniel and Williams, Christopher A.
Title: Business Model Transformation through Artificial Intelligence in the Israeli InsurTech
Item Type: Conference or Workshop Item
Event Title: (Proceedings of the) ISPIM Connects Valencia "Reconnect, Rediscover, Reimagine"
Event Location: Valencia, Spain
Event Dates: November 29 - December 2, 2021
Projects: IFE
Additional Information: LUT Scientific and Expertise Publications ; Order number in series 110
Date: 2021
Divisions: Informationsmanagement
Abstract (ENG): This paper aims to introduce the case for digital transformation of business models (DTBM) via artificial intelligence (AI) as it takes place in the Israeli InsurTech. For this purpose, we have mapped that landscape using archival data and conducted 10 semi-structured interviews with experts in the field. External (e.g. Change in the customers' preferences) and internal challenges (e.g. low IT capabilities) have highlighted the need for DTBM with AI technology playing an important role as a driver for such. In this paper, we introduce these challenges and the value-creation opportunities AI entails within the industry. We also present how Israeli InsurTech start-ups shape the industry, solve challenges, and create value. In this way, we help bridge many gaps, e.g. how AI is used for value creation, how Data-Driven-Business-Models rely on big-data analytics as key activity for value creation, and how DTBM innovation generally works in practice.
Forthcoming: No
Language: English
Citation:

Berman, Tal and Schallmo, Daniel and Williams, Christopher A. (2021) Business Model Transformation through Artificial Intelligence in the Israeli InsurTech. In: (Proceedings of the) ISPIM Connects Valencia "Reconnect, Rediscover, Reimagine", November 29 - December 2, 2021, Valencia, Spain. (LUT Scientific and Expertise Publications). ISBN 9789523356917

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