In the analysis of flexible flapping wings of insects, the aerodynamic outcome depends on the combined structural dynamics and unsteady fluid physics. Because the wing shape and hence the resulting effective angle of attack are a priori unknown, predicting aerodynamic performance is challenging. Here, we show that a coupled aerodynamics/structural dynamics model can be established for hovering, based on a linear beam equation with the Morison equation to account for both added mass and aerodynamic damping effects. Lift strongly depends on the instantaneous angle of attack, resulting from passive pitch associated with wing deformation. We show that both instantaneous wing deformation and lift can be predicted in a much simplified framework. Moreover, our analysis suggests that resulting wing kinematics can be explained by the interplay between acceleration-related and aerodynamic damping forces. Interestingly, while both forces combine to create a high angle of attack resulting in high lift around the midstroke, they offset each other for phase control at the end of the stroke.