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. 

1. The heart: Insurers need to provide new products quickly. The basis for that is a modern core system.
2. The brain: Insurance companies should?be able to?utilize?big?data and advanced analytics to service customers in a?more effective?way.
3. 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 region’s 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?Next Insurance,?Buzzvault,?Gigga and Tribe to name a few.?