Insurance is experiencing synthesis: the coming together of various market constituents to create a connected whole. Synthesis is fusing the traditional and the new, incumbents and startups, and two complementary sets of stakeholders supported by digital technology and new ways of doing things. How are we seeing synthesis in insurance? Through collaboration and partnerships between large and world-renowned insurance companies and new market players. And synthesis is shaping intelligent insurance.
In the last 12 months, mini eruptions across the insurance industry have occurred, caused by new market entrants impacting an insurance market ripe for change. InsurTech has gone from another buzzword and an initial eruption of ideas, to an industry segment where there is tangible evidence of innovation and collaboration taking place. Through collaboration and engagement, 2017 will see bridges gradually being built to connect the two converging worlds.
“For LBG, partnering with Startupbootcamp InsurTech has really helped promote our Innovation agenda internally. It helps us facilitate internal conversations; having access to a wide variety of interesting start-ups, with an open environment in which to engage with them, has helped us build a knowledge base, making those conversations internally more tangible and engaging. It has also been valuable meeting and interacting with peers from across the industry, hearing about different corporate approaches to innovation & seeing where interest in the market is shifting,” added Meera Last, Innovation Manager, Lloyds Banking Group.
The day also welcomed on stage Thomas Ollivier, Head of Sharing Economy and Emerging Practices at MAIF, a French insurer that has allocated a €125 million fund towards sharing economy startups. Ollivier shared his learnings of working with startups within the sharing economy space and instilled MAIF’s best practices and insights to the attendees and insurers in the room.
“My learnings from working with startups are threefold: 1. Innovation is not an objective to be achieved, it’s a cultural movement and a creative energy of value. 2. Customer centric approaches have to be the only drivers for disruptive services, not the old rules! 3. Working with startups reveals the internal potential of an incumbent and creates convergences between personal aspirations and corporate needs,” said Thomas Ollivier, Head of Sharing Economy, MAIF.