Sollers Consulting Representatives recently took part in the Insurance Innovators conference in Copenhagen. The event focused on key issues facing insurers such as digitally enabled customers and the rise of insurtech disrupters.
Our experts, Marcin Pluta, Managing Partner and Piotr Pastuszka, Manager explained why insurers struggle to keep pace with modernization.
Insurance companies will encounter problems when modernizing if they do not approach digitalization in the right way. Insurers spend a lot of money on digitalization projects, but they seldom deliver the expected results, said Marcin Pluta.There are three major factors insurers should focus on in their digital transformation that were pointed out by Piotr Pastuszka during the presentation.
- The heart: Insurers need to provide new products quickly. The basis for that is a modern core system.
- The brain: Insurance companies should be able to utilize big data and advanced analytics to service customers in a more effective way.
- The appearance: There should be a multitude of ways to communicate with an insurer.
Digital transformation is essential for innovation. Insurers should use a modern core system, open APIs along with flexible front ends. This will prove to be essential to build an ecosystem of partners and gain skills in using artificial intelligence, Marcin Pluta summarized.
The Insurance Innovators conference is the regions premier strategic event for insurance professionals. In this year’s event attendees participated from countries including Denmark, Norway, Sweden and Finland to discuss new concepts of insurance. Participants had an opportunity to learn more about the future of insurance and the relationship between insurers and their clients in a digitized world. Attendees hailed from leading Nordic insurance companies such as: Gjensidige, Tryg, Länsförsäk ringar as well as from startups such as ext Insurance, Buzzvault, Gigga and Tribe to name a few.