Why do we need more digital leader in the insurance industry?

The insurance industry is working on digital process optimalisation. They are  learning a lot: how can we develop new business models and special new service models, to support the needs of clients and to achieve the „heart of customers“.

For this purpose they use a design thinking approach, analysing trends and using business model canvas. But they shouldn‘t learn only methods, but also how new technologies like artifical intelligence, blockchain, internet of things or predective analitics work. This combination is very important to be „fit for the future“, to be a digital leader! Because the digital leaders will be the winner and as you know „the winner takes it all“! 😊 I think, most of our challenges are coming from the complexity of digital transformation and the complexity of the insurance branche. How should we start? Should we start with processes, products, organisation, clients or employees? Should we cooperate with a startup or should we be a startup, as digital insurer or should we found a venture and invest in startups? Mehr lesen

TOP 5 explanations, why the digitalisation is not relevant for the insurance industry

In the last month I had the possibilities to discuss the „insider“ status with insurance managers (CEO`s and leaders from insurance companies). What is their opinion and mindset from the digital transformation?

I have collected for you my experience with the top 5 five explanations or excuses from insurance CEO’s and leaders, why the digital transformation is not relevant for their insurance company. I realised my mindset, my community, you as my Social Media friends are more motivated to understand and create a new way, new possibilities for the next generation. Sorry for my honestly words, but this is the reallity as well.:-)

Here you can find some insights from the „other world“ of insurance, but as real world as well.

  1. 1. „digitalisation is not something else than automatisation“ – in the last 5-6 years, I try to motivate the insurance industry, that this „journey“ is not only to buy a software, not only to install artifical intelligence or chatbot, this are more activities. E.g. to find new business models, to create amazing real time processes, marketing campagne and solutions, transforming the organisation and to understand the „exponentional thinking“.
  2. 2. „we are not interested in digitalisation, because, the IT colleagues -software engineer and data sciences are very expensive, our back office colleagues are cheaper“ – yes, this is true, but as leaders of a company, is this really a vision?
  3. 3. this topic is related to point 2: „unfortunatly IT colleagues is very difficult to find, because if you are talented, they will found own companies as a startup. Because founding a startup is a hype in our country.“ Of course, because some goverment recover the power of startups from the economic side too.
  4. 4. „Mrs. Krizsan, I have 3 years to get retired, why should I innovate? My results, premium, profit are going very well. It`s not necessery to change“. But I would ask, do you have the same situation in 10 years as well? Because the decision from today, can make results only some years later (or earlier:-).
  5. 5. „we don`t want to be „first mover“, because the insurance as a product you can`t protect by patent and we have to check, is the solution good or not. We are in a waiting position“ – yes, this is true as well. But if you want to be in the business tomorrow, you have to be different, you have to do other, creative solutions for your clients.

And, and, and…I could continue the stories, but I don`t want to demotivate you, because you are a future oriented manager with the right mindset about the future of insurance.

Let`s innovate with my personally motto: „the way to create your innovative insurance“  See you again at #MOI2019 in Vienna at 18-19.09.2019!

 

#MOI2018 Event Report, but from my individual perspective

What does it mean? I’m sure, you read a lot, you checked our photos about #MOI2018 (thank you for our media partner – they did an amazing job!), about speakers, interviews, mentors (The Insurance Manager, who supported startups), Insury startup winners in 4 categories (congratulations again to the best 20 INSURY startups) and about “How did we take the insurance industry to the next level“! But, I would like to give you a short summary from my personal initiator view, and from another perspective. (why? how?)

It was my dream to organise such an event in Vienna. In my opening pitch, I called #MOI as „my baby“ in the heart of central-eastern Europe, where I have been living now for more than 15 years. I like Austria, I like Vienna – it`s so beautiful, so cultured and it offers so much, of course more than 4 years #MOI as well! 😊

Many insurance companies and groups were located here in Vienna. And as you know, from my book (Innovationsdruck in der Versicherungsbranche) – I have liked this industry for more than 25 years as well! I also like the challenge, what we will have in the future through digital transformation. 6 years ago I had a vision to support the insurance industry with my enthusiasm to give impulses, ideas, methods, tools, training and workshops to learn together how can we develop an “entrapreneurship spirit“ in the insurance industry. Today, we are doing it every day! With my community from around the world, with you, who want to go to a conference to learn, to exchange experience, to “take the insurance industry to the next level“ – a big thank you to all of you! (and not only to go to a free of charge conference to spend the time out of the office and eat a good lunch!) Mehr lesen