This blog is guest-authored by Brendan Kelley, Head of Provider Sales at Benify
The insurance industry is undergoing significant change driven by advancements in digital transformation. The Future of Insurance Europe 2023, a prestigious event organized by Reuters, only served to further underline this. The two-day experience provided a panoramic view of the shifts and strategies reshaping the insurance industry.
Key Learnings from The Future of Insurance Europe 2023
The event opened with a panel emphasizing the pivotal role of innovation in reshaping the insurance landscape. CEOs and heads of innovation from companies including Policy Expert, Generali, and Ergo emphasized the need to lead by example, encouraging a culture where learning from mistakes is embraced, and new ideas rewarded. Among the innovations discussed were open finance, AI, and data-driven ways of working. Implementing new technologies isn’t always a straightforward process, leading some to believe it’s better to rely on tried-and-true methods — but it’s those who risk being left behind.
This discussion set the tone for the rest of the event, where three topics from the panel remained front and center: looking to the future; driving evolution for growth; and instilling a digital-first mindset.
1. Looking to the Future
Innovation is the key to the future of insurance. But how exactly can insurers overcome inertia and learn to truly embrace said innovation?
During the event’s opening day, Brian Hayes, Senior Director at VMware, advocated for a future-facing strategy focused on breaking down silos, leveraging available technology for risk mitigation, and ensuring a cohesive understanding of strategies across business functions. Collaboration and resource allocation emerged as critical for navigating disruption. However, Hayes stressed that insurers are not IT companies. They would do well to focus on insurance, and buy tech solutions from those who specialize in them, rather than attempting to build them themselves.
The second day of the event offered technology-driven workshops, discussions on the potential of generative Al, increased pace of transformation, IoT applications, and foresight into upcoming trends. Insightful conversations centered on the evolution of insurance, catering to the next generation of policyholders (Gen Z), and the significance of partnerships and forward-thinking strategies to navigate the industry’s future.
2. Driving Evolution for Growth
From generative AI to fully digital pay-as-you-go models, there is no shortage of groundbreaking solutions to fuel the industry’s continued growth.
The event delved into the transformative potential of automation and Al in underwriting, optimizing cloud strategies, and harnessing data for improved decision-making. Presentations by industry leaders, including Olivera Böhm-Rybak from UNIQA Insurance Group AG and Will Davies from PA Consulting, offered actionable insights into efficiency enhancements through technology adoption.
Meanwhile, the Orange Stage featured sessions highlighting other opportunities for growth, including claims optimization, proactive customer-centric approaches, and the increasing importance of embedded insurance to meet evolving customer demands.
3. Instilling a Digital-First Mindset
Embracing innovation and driving growth both require a digital-first mindset — the importance of which was underscored by several leaders, including VMware’s Brian Hayes and Policy Expert CEO Steve Hardy. While Hayes (as mentioned above) focused on reducing internal friction by breaking down silos and leveraging available technologies, Hardy advocated utilizing data analytics for personalized products and improved customer experience, while also urging a shift towards alternative distribution models.
However, buy-in from leadership for investment in innovation is just one piece of the puzzle. Equally important is instilling that same mindset throughout the entire workforce.
Addressing employee mindset concerning Al adoption became a crucial topic during the ‘Matrix Complex’ panel. Experts highlighted the importance of transparent and easily understandable Al solutions, gradual implementation strategies, and focused training sessions to alter perceptions and ensure employee confidence in technology.
Firas Ben Hassan from Allianz Technology led a thought-provoking case study on the potential of OpenAl models in insurance. Discussions revolved around harnessing Al for improved risk assessment, ethical considerations, and collaborating with regulators to ensure transparency and accountability.
The Future of Insurance Europe 2023 event was an amalgamation of visionary insights, technological innovations, and strategic discussions, providing attendees with a roadmap to navigate the ever-evolving insurance landscape with confidence and foresight.
While the shift towards a digital-first approach has its share of challenges, solutions like Benify API Connect can help smooth the transition. Seamlessly connecting all benefits and rewards systems, and eliminating the risk of conflicting datasets, it enables real-time data for real-time experiences, products, and pricing.
Do you want to know how Benify API Connect can help your organization harness the potential of the digital insurance revolution? Book a demo with our team of experts and see for yourself.