Speaker(s): Frank Genheimer
Thanks to several issues on different levels, insurance business is in a transition process. This transformation is no ordinary evolution because it already becomes apparent that the magnitude of change is bigger and the speed, at which the change will move through the industry, will be significantly higher than ever before.
It will be a fundamental change or at least a revolution. In this conflict situation, the technology movement steps into the market of insurance services. Present challenges and opportunities of insurance business offer a promising target for FinTech & friends – from back-office to front office.
Some tech start-ups are in a cooperation mode and some intend to disrupt the existing business model and the existing players. However, the technological movement is capable of creating a pleasant situation for retail client since they will be served quicker, more flexibly and more transparent – or to put it briefly: simply better than today.
For an insurance company it is time to reconsider the existing business model and the way in which it does business today. It is also the right time to decide on how to embrace the technological movement.