The Insurance and Reinsurance sectors are facing a number of challenges. The list is long and the way to respond to the growing pressures from – potential disruption, implication of the developments in AI and technology; regulatory pressures; changes in the customer expectations and the demand pattern; an impact of climate change – is seldom straightforward.
Dana Hanby from Health Equity Exchange had the pleasure of chairing sessions at 3rdAnnual Connected Insurance Summit Europe, which took place on 11thand 12thJune. Organised by Insurance Nexus, as every year, it attracted over 300 participants. Executives from companies that included AXA, EY, Zurich; Swiss Re, Munich Re, Allianz, and many others joined the event debating the future of connected insurance and the business cases for developing a value proposition around connected technologies and solutions for ‘tomorrow’. It is not surprising that the focus of Insurance is shifting as the industries around them are undergoing dramatic changes. If we look at just the medical world– it is clear that Big Data, AI, and technology shifts the power from the doctor to the patients. Self-treatment and self-diagnosis are more readily accessible and influence customers’ expectations in relation to the overall value proposition. “Being close to customers” is no longer a marketing slogan, but one of the key success factors.