Update on InsurTech and Digitization in Insurance
Speaker: Frank Genheimer (New Insurance Business)
Change in insurance business is accelerating, however, it is still on a considerable low level. Which is surprising since technology offers solutions to major present challenges and issues of the industry. In addition, technology also opens up new opportunities to enhance insurance business. Present processes along the value chain – from back-office to front office – and current best practice offer still plenty of room for improvements. Insurance industry therefore remains a promising target for start-ups as well as other market entrants. It is well analysed by the insurers these days that start-ups in the InsurTech space are currently not a real threat to the incumbents. Time to lean back? No, not at all! It is time to better understand opportunities of the rising tech movement if insurers want to survive on long-term.
Insurers have a God-given superpower but they will need an additional one if they want to be in place in the future. The Tech movement provides the tools and instruments to do so. InsurTech will add this second superpower to insurance. Moreover, it will be important for insurers to restrain from any micro improvements of the value chain and facade painting, and to move on to value networks – aka ecosystems. Are you looking for a brief overview on the latest news around the FinTech / InsurTech movement and the digitization of insurance services? Then joining this websession is a must!