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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 disruptors.
Our experts, Marcin Pluta, Managing Partner, and Piotr Pastuszka, Manager, explained why insurers struggle to keep pace with modernisation.
Insurance companies will encounter problems when modernising if they do not approach digitalisation in the right way. “Insurers spend a lot of money on digitalisation projects, but they seldom deliver the expected results,” said Marcin Pluta. Piotr Pastuszka pointed out three major factors insurers should focus on in their digital transformation:
- 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 utilise big data and advanced analytics to serve customers more effectively.
- The appearance: There should be multiple ways to communicate with an insurer.
Digital transformation is essential for innovation. Insurers should use a modern core system, open APIs and flexible front ends. “This will prove essential to building an ecosystem of partners and gaining skills in using artificial intelligence,” Marcin Pluta summarised.
The Insurance Innovators conference is the region’s premier strategic event for insurance professionals. At this year’s event, attendees from Denmark, Norway, Sweden and Finland discussed new concepts in insurance. Participants had an opportunity to learn more about the future of insurance and the relationship between insurers and their clients in a digitalised world. Attendees represented leading Nordic insurance companies such as Gjensidige, Tryg and Länsförsäkringar, as well as startups such as ext Insurance, Buzzvault, Gigga and Tribe.