Insurance business is changing and 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.
Present challenges and issues as well as the general opportunities and prospects of insurance business offer a promising target for start-ups as well as other new market entrants. The present processes along the value chain – from back-office to front office – and best practice offer room for improvements. No doubts about that!
The activities of many InsurTech start-ups target directly retail clients and their needs. The utilized technology is creating a pleasant situation since clients are served faster, more flexibly and more transparently – at least that is the promise of the start-ups. And how do insurance companies, the incumbents, react? What are their tactics to deal with this rising technology movement?
How can they master the digital transformation?
Besides all the fuss about the latest technological trends, it also becomes apparent that the digital transformation is foremost a mental one, thus starts in our minds. It is time to break with old rules, habits and mind sets. It is time for a change.
Are you looking for a brief overview on the FinTech / InsurTech movement and the reactions of the incumbents? Are you interested in how to master the digital transformation? Then join this webinar of Frank Genheimer (New Insurance Business) on behalf of the European Actuarial Academy.