DIA, the insurance of the future? A mix of traditional business and insurtech skills

  • INSIGHTS  |
  • 10/07/2019  |
  • 312 Views  |
DIA, the insurance of the future? A mix of traditional business and insurtech skills

At least 1,300 decision makers representing 56 countries from all 6 continents have participated. These are the numbers of the sixth edition of the Digital Insurance Agenda (DIA), the largest insurtech event worldwide which took place on 25-27 June, in Amsterdam. The event featured more than 50 Show&Tell by insurtechs and it was the occasion to address the insurance trends of the year. Panel after panel, organizations and startups presented solutions that truly enhance competitive power by increasing cost savings, improving customer engagement, boosting revenues or beginning new business opportunities. For example, insurtechs are studying a better way to automatically integrate pricing, contract management, claims management, into a unique customer journey.

During the summit, insurtech leaders shared their vision about issues such as how to accelerate innovation by using digital strategies, how to implement new technologies and how to build successful ecosystems. One of the main theme was the nature of partnerships between insurtechs and incumbents. A relationship that is changing, from rivalry to cooperation, which offers the possibility to explore new markets thanks to technology. Simon Kaesler, partner at McKinsey, stated during his speech about emerging digital models: “The data underscores a trend that we have been forecasting since a long time: digitally-enabled companies are outperforming”. And the good news is that less than 10% insurtechs actually seek to disrupt the insurance business model.  Almost 2/3 focus on little portions of the value chain and they aim to offer services to incumbents. That’s why traditional insurers need to cooperate with these new actors and consequentially be affected, in a positive way, by the innovative culture of insurtechs.

By the way, the world’s leading carriers were present at the event – once again sold out – and this is a sign of how the insurance industry is ready to implement new business models. It’s the case of RGI which was on the stage of the DIA Amsterdam 2019, with a Show&Tell. During their speech Elena Pistone, Corporate Services Director, and Paola Bruna, Corporate Marketing Manager of RGI, illustrated a model to manage an insurance profile with a fully digital and engaging experience, based on RGI technology in Cloud and on Adriano, a device by Domethics, an innovative IoT start-up. Which are the advantages? Thanks to this enabling technology an insurer can operate in real-time both in the case of B2B and B2C, becoming a lifetime partner for its clients. A perfect example of how an innovative solution can help insurers to stay near the customers.

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