Insurtechs present top trends and innovations at the Digital Insurance Agenda 2017
850 decision-makers from more than 250 companies from around 40 countries came together at the second Digital Insurance Agenda in Amsterdam. Q_PERIOR’s consultants represented the company at the world’s largest insurtech event. The most important digital developments of the coming years were presented in exciting, short presentations by start-ups.
At the event, over 50 insurtech representatives pitched their innovative approaches for the insurance industry in 10-minute presentations. As the majority of the represented start-ups have achieved a high level of maturity, and many solutions are already being applied in insurance companies, the standard of the presentations was correspondingly high.
The need for integrating start-ups was addressed in keynote speeches
The keynote speeches were another highlight of the Digital Insurance Agenda. Mark Klein (CDO Ergo Group), Christopher Longo (COO & CIO AmTrust), and Lee NG (COO Metlife Lumenlab) discussed the integration of start-ups in insurance companies. They all agreed that companies must select carefully. Furthermore, they considered it essential to support young teams in the political environment of large companies, but also to demand more of them. Already during the selection process, the pressure should be high and an understanding of the particular and individual requirements of the company should be gained to guarantee a successful integration later on.
The presentations from Amélie Oudea Castera (CMO & CDO AXA Group) and Egbert van Acht (CEO Business Group Health & Wellness at Philips) also provided exciting insights. Both highlighted the need for companies to increase their relevance for customers. Philips, for example aligned their strategy to identify diseases early on and to treat these preventively. At Axa something similar is being tried: The idea is to not only gain relevance at the only touch point of an insurance policy, the event of damage, but rather in the entire life of the insured person. This starts by offering customers better experiences at the few touch points they have. For example, one possible starting point for Axa was the development of a policy for all risks with only a few easily understandable exclusions, without nasty surprises in the event of a claim and additional assistance services.
Innovations are becoming must-haves in the insurance industry
Whether keynote speeches or pitches by insurtechs – all presentations had one core message in common: Innovations by insurtechs are rapidly finding their way into insurance companies. Until recently, interacting with customers was considered as revolutionary. Today, this is part of any good solution. Furthermore, a noticeable number of start-ups were represented, who showed how to take out an insurance policy in under 60 seconds, including identification via smartphone and selecting payment terms, i.e. an actual new customer acquisition. This is mainly possibly due to the advances in image recognition. However, image recognition was not only used for reading data on ID documents or for the recognition of contractual information or faces. Today, many insurers already use this in claim reports, for example for assessing damages, fraud detection or the identification of objects.
Also, the analysis of data which are captured via wearables or smartphones or which are already available at the insurance company, was very popular at the Digital Insurance Agenda. Whether this is for the modeling of sales figures when increasing the budget or sales measures, for the development of approach concepts, offering incentives for good risks or the development of new (on-demand) products.
“When comparing the solutions from start-ups to the processes in insurance companies, it becomes apparent, that great changes are pending, especially in the classic areas of product development & product management, sales, marketing / CRM, claim / service management and the interface to customers”, Walter Kuhlmann, insurance expert and Partner at Q_PERIOR says in conclusion. “As a consulting company we support our customers in taking advantage of the opportunities that these changes offer.”