Business Building – Partnerships to build the insurance of tomorrow

Digitalisation has not only profoundly changed our private lives, but has also affected the business models of a wide range of sectors. The insurance industry is therefore challenged to keep pace with these developments and find opportunities for innovation.

The prevalence of new business models and the application of novel technologies that resolve common pain points has led to increased expectations from both consumers and key players within the industry. This demand has been met to varying extents by the emergence of innovative propositions developed by existing primary insurers and a rise in InsurTechs.  

However, these new ventures also commonly find themselves, at some point, facing certain limitations in reaching their growth ambitions. For example, extensive regulatory requirements and widely differing licensing obligations can make expansion into new markets tricky. Dynamic risk-adequate pricing and effective claims handling processes are often more complicated to set up than initially envisaged.

These limitations conflict with the typical priorities for many new business propositions, which often, also rightfully, focus on customer needs and ease of access. Yet sustainable success for a new insurance venture fully requires a robust and high-quality solution which can easily adjust to market changes and is consistently managed and improved.