Like so many other industries, insurance is being disrupted. Incumbent insurers – slow, steady, and previously successful – are under threat from new, flexible players, able to meet emerging customer expectations with innovative digital experiences powered by super-fast technologies. These upstarts are coming to market with new operating models such as pay-how-you-live insurance, hourly motor insurance via mobile and peer-to-peer insurance, and to some extent established players are also adopting these new models – but there is some way to go.
The imperative to change is strong. Insurers are squeezed on the one hand by tighter regulation and compliance requirements post the financial crisis, and on the other by shifts in their customer bases, as ageing baby boomers demand later life products while members of the digital-only generation require personalised and tailored services when and where they choose.
On the plus side, new technology – digital, big data analytics, the Internet of Things (IoT), the many innovations coming out of the insurtech industry – is as available to incumbents as it is to new entrants, and holds enormous potential to underpin business transformation.
The key to success will be achieving agility in order to deliver to customers what they want in a timely – and relevant, contextual - way, and as a consequence we are seeing the focus of R&D shifting from risk-based product development to innovation labs, the adoption of big data analytics to replace labour-intensive underwriting and the use of digital technology to facilitate claims in real-time.
But how easy is it for insurers to exploit the potential of digital technologies, the IoT and the many innovations being driven by the insurtech phenomenon? Can they overcome the challenges of their legacy technology – and legacy operating models – to prevail? There are new opportunities in the space between traditional insurance and changing customer demands, but can established providers fill them – or will these new markets all be conquered by disruptive incomers?
- Leigh Calton, Head of R&D, Ageas UK
- Martin Pluschke, Head of Group Digitalisation Strategy, Nuernberger Insurance Group
- Jean-Charles Velge, Co-Founder, Qover
- Jo Sevarts, SVP Head of Insurance and COO, Global Market Financial Services, Atos
- John Salmon, Technology Partner, Hogan Lovells
Questions to be explored will include:
- Why is the insurance industry changing, and what does this mean for established – and new – players?
- What are the key new technologies that will help insurance players transform?
- How are insurers challenged in the new world, and how might they overcome the barriers they face?
- Which new target operating models should insurers consider, and how can they reach them?
- What are the keys to achieving customer-centricity as an agile insurer?
- Can established players ever really provide contextual products and services?
- How can insurers and insurtechs best work together for mutual advantage?
- What will success look like for insurers going forward?
Join Finextra and Atos for this webinar to participate in the debate about how to achieve agility in insurance, and to discuss the challenges – and opportunities – of digitalisation for insurance providers.