According to the statistical data, by 2020, there will be more than 20 billion devices connected to the Internet. The rapid changes in the IT industry and consumer behavior has led the enterprises to start strategically adapt and reposition themselves, their products, and solutions for the technological advancements within the market. How about the insurance industry?

Such retail giants as Walmart have identified the health insurance sector as one to watch, recently announcing to provide health insurance to consumers

Walmart soon to sell insurance
© Walmart

Apart from mentioned above, Google has partnered with thirteen insurers to provide comparative shopping for automotive coverage. Is nowadays the innovation a strong differentiator among the competitors within the insurance market? Find out why innovation is a game-changer in the insurance market in this article!

Why Is Innovation A Key To Success In The Insurance Industry?

Due to the emerging technological advancements, innovation has brought new opportunities and potential within the insurance enterprises, improving the value proposition for the insurance services and products provided. Why? Here’s an answer!

Why Is Innovation A Key To Success In The Insurance Industry?

Innovation becomes an essential element and a necessary part of an insurer’s business strategies to be ahead of its competitors. For instance, the rapid technological improvements have created new opportunities in information and data exchange, helping to reach new segments and generation of the consumers, with the solutions meeting the exact demands and needs of customers.

Thanks to the technology, it has opened the new doors allowing insurers to move from the traditional broker scenario towards a direct-to-market approach – cutting out the middleman and going straight and forward to the customer. To conclude – today, more important than ever, the insurers should embrace and use the innovation rather than fear it.

Concluding Remarks

Today, fast-paced technological advancements and innovations have started to convert the overall insurance landscape, developing new opportunities for insurers to engage with potential consumers, improve overall efficiency, and expand insurability.

The innovation has brought novel opportunities for the insurers to develop new insurance products, services, redefine their business models, improve their value propositions, and reach and increase broader customer segments. It has led not only the Insurtech industry but also the world´s largest enterprises to recognize the significance of the innovations in this industry, enhancing the way insurance has traditionally been assembled, purchased, and experienced.

The innovation has become from nice-to-have to must today, pushing the insurers to innovate their products and services inside out, providing unique selling propositions and adding value to the customers by addressing the exact needs and demands. More than ever, innovation is a crucial driver of the change in the insurance industry, which has led to substantial efficiency gains, even though these changes can initially be accompanied by uncertainty and doubt.

Why Innovation Is A MUST In The Insurance Industry?

In our 5th webinar we got to the bottom of this question. On the virtual podium, Corsin Sulser, New Business Manager at the Baloise Group, Fabian Nadler, Head of Digital Insurance & InsurTech at Bitkom, Hermann Fried, Managing Director of bsurance and Franz-Xaver Burner, CSO and Co-Founder of bsurance discussed the topic.

Watch the full webinar HERE.

Did a gap arise during the Covid 19 lockdown between current customer behaviour and the offers of the insurers? In which areas do customers see the greatest need for change and what is preventing insurers from providing digital offerings? Learn more in this webinar!

Webinar language: German (English subtitles available)