Insurtech companies embody technical innovation, optimize business processes and drive digitization forward. Most providers may congregate in the consumer market, but more and more of these startups are now moving into commercial and industrial insurance.
When it comes to insurance and digitization, many focus primarily on marketing and sales. Insurance companies, however, have some unique points of contact with their customers where they could really shine with digitization. This includes the processing of damages.
The discussion "Whom does the data belong to" is not only intensively discussed between insurers, brokers and companies in industrial insurance. The current discussion in the private motor insurance market shows the challenges of digitisation for all parties involved.
When it comes to digitization, company executives are literally rolling over with promises about the potential of technology. However, safety often falls by the wayside. Many computer systems are not properly prepared for attacks - let alone insured against cyber attacks.
The advent of the Internet triggered a digital revolution that completely redesigned many sectors of the economy. Even in the insurance industry some major changes are emerging that could reshape this industry. We have already seen the first providers using digital platforms to sell insurance.
The previous parts of our series on microservices presented the functionality of this technology and explained its fundamental advantages. The third part describes some particularly important advantages in more detail. The focus here is on the individual adaptation of the customer experience.
The story of the Tower of Babel tells how a mammoth project failed when those involved were no longer able to speak the same language. A similar effect is currently emerging in the relationships between insurers and their industrial customers.
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