reat things happened in this year’s Insurtech Insights and these 5 trends I learned got me reminiscing about the nearing potentialities for Insurtech and made me recognize that the past is really reaching out with the future of the insurance industries.
1. Business Instead of Collaborations
One unnamed senior decision-makers at a large insurance company in Europe said introductions with the hoodie-wearing startups for a chat about corporations are actually over – now they mean real business.
So, the romantic phase between the incumbents and startups are slowly and surely is coming to an end reason why I think the collaborations are over and they really want to go to straight business.
2. Second Wave of Incumbents are Coming
I am fascinated by seeing more small to midsize players that I have not seen around for the last 2 to 3 years are now attending this kind of events. So I am now having the impression that these are the 2nd wave of incumbents opening up for business possibilities.
I think the wide spot of opportunities for insurance innovation is slowly but surely being filled by these so-called second wave of incumbents who are already catching up.
3. Death and Birth of Insurance Products
With current trends, we’re seeing a lot of debate about hyper-personalized insurance products and the deaths of insurance collectors, the lost battle of long application forms against online pre-filled forms with the data-based application process and obsoleting annual premium versus on-demand insurance.
Traditional insurance products are slowly losing the battle against insurtech innovative products that spoon feeding the rapid changing demands both for B2B and B2C.
4. The Rise of Value Adding Insurance Products
From risk coverage services to more value-adding insurance products are on the rise and it is really exciting to see who’s who in this game and how they can pull this off and expand the value chain. Please pass the popcorn!
5. IoT is Trending
Some insurance is now doing exciting innovations, they now hiring people to build up teams who are significantly relevant in this field and some even have their labs developing on models.
One incumbent made fun about IoT and said: “that only chips talking to each other” – well cell phones have chips like CPUs and memories and now look how it got you.
More about IoT, the 5G technology is a force to reckon with so the insurance nerds are now thinking ahead about the encountered challenges of providing digital products with current 4G and now 5G is coming – also to mention the effects of this new technology to the customer behaviors and demands.
Many thanks to the organizers of Insurtech Insight and we’re truly excited for the next year’s agenda – more power to you guys!
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