On 11st March, LHoFT, Holland FinTech and FinTech Belgium organized a digital meetup to discuss how the insurance industry can be distruped by the well-developed ecosystem and the new powerful stream of data.
As digital distribution channels saw an all-time high in terms of traffic in our day-to-day lives, the insurance industry needs to face this accelerated digital transformation. Insurtech is believed to be ripe for innovation and disruption as the global Insurtech market is expected to grow 41% annually between 2019 and 2023.
To have a better picture of where we stand in the journey and to look beyond our borders and learn from the best practices from our neighbouring countries, for this event, we have invited top representatives from 6 Benelux companies to share insights and perspectives for what it takes for Insurtech to transform business.
Our Panels included:
- Alex Panican, Head of Partnerships and Ecosystem at LHoFT
- Don Ginsel, CEO at Holland FinTech.
- Patricia Boydens, Vice-President and InsurTech Ambassador at FinTech Belgium
- Kristina Franke & Florian Schubert, Senior Innovation Managers at Swiss Re
- Jean-Charles Velge, Co-founder at Qover
- Katharina Maass, Head at Achmea Innovation Fund
- Hidde Terpoorte, CEO at HYFEN
- Benjamin Hourte, Technology Director at EarthLab Luxembourg
- Penny Van Puymbroeck, Business Development Manager at Exellys
Jean-Charles Velge – Qover: “The vision is to rebuild API, transform the insurance infrastructure fully digital and plug all the platforms of the new economy into cover. We have built full stack insurance with cutting edge technology to enable businesses to embed, upsell or cross-sell insurance. The idea is to go after all the big players, all the platforms, connect them seamlessly with digital insurance and put them at the back. At Qover, we provide a seamless API that connects distributors and regulators. We cracked the puzzle by building tech, data, insurance, operations and Pan European”
Hidde Terpoorten – HYFEN: “We connect all different parties with their roles in administration and execution of pension to make sure that you do not have to deal with pension schemes as an individual, but the data regulation can easily and frictionlessly interact with your pension throughout an ecosystem. If you switch jobs, you will need to transform the pension calculation from the old job to a new job and it is important to have real-time data to compare the old and the new. We handle all the administration, fully digital […] process”
Benjamin Hourte – Earthlab Luxembourg: “We start with original ideas, then implement activities and finish with real product development. We had a discussion with brokers and we see the challenge of limited access to data, the lack of homogeneity, the delay in sending the information and the difficulty to handle large geographically areas. As a result, a time-based service is needed and we build a product that supports reinsurance groups to quickly assess the damage level after a windstorm by the use of AI technology and the implementation of large computing infrastructure”.
Katharina Maass – Achmea Innovation Fund: “We look at the most relevant drivers, mostly technological corporates in the market, their roles in the industry, their functions in mobility. The overarching theme is the new form of data , artificial intelligence driven by drones, satellites, and so on. We try to open up API, mirroring open-access technology, look at what role we can play, and identify the underline of customer’s needs. For example: in the healthcare industry, customers would rather be healthy than being healed, so it is important from our side to offer prevention rather than solution.” Maass emphasized that insurance companies need to implement the achmea strategy: look at broader opportunities driving by customer’s needs.
Penny Van Puymbroeck – Exellys: “By 2030, there will be a deficit of 600,000 jobs. That means there is a lot of scarcity in the job market, a high demand for tech people, and fierce competition between companies. And the image of the insurance industry may be not as sexy as other industries to attract these talents”. Her insight: “Hire for attitude and train for skills”. She offered 2 tips for insurance companies, which are first investing and bringing in the knowledge about insurance; and second, building a referral program. Speaking from facts, “35% of graduates leave their 1st employers after 1 year. 92% of professionals think training as the 2nd most important after salary”. She suggested retaining talents by establishing connections with the company, addressing their needs, giving feedback, offering management guidance in the boarding process, and bringing them added values.
Do you want to know what topics were thoroughly discussed during the event? Or are you curious about how the use of technology will transform the traditional insurance industry?
Watch the recording below!