Welcome to the Age of InsurTech
The global insurance industry is undergoing massive change – an industry that’s been stable and reliable for the past decades is now facing real transformation and disruption. In 2017, investment in InsurTech exceeded US$2 billion globally. While the US and Europe are in the lead, Asia is catching up with major innovations happening in China and growing investments in Southeast Asia.
The current wave of transformation is fuelled by new technologies and changes in consumer behaviour. This development is creating new types of challenges that insurers will have to adapt to maintain and grow their market share. Insurers will need to develop new products and services for evolving consumer needs, and ultimately undergo data-driven transformations to work more smartly and more efficiently.
While new digital insurance players like Lemonade and Zhong An are getting major coverage and media attention, the majority of InsurTechs are actually not here to disrupt but to help innovate the insurance value chain. Insurers can massively benefit from the creativity, speed and digital knowledge of those InsurTechs and incorporate new technologies into their legacy.
With exciting new technologies come major changes and innovations that can leave management and staff disoriented. Artificial Intelligence, IoT, and Blockchain solutions to classic insurance problems are bringing about an explosion in new InsurTech companies, but at the same time discriminating between true innovation that will lead to business growth and marketing buzz can be increasingly difficult. Staff and management might be reluctant to change as they fear for their jobs. How can insurers change people and culture and innovate without sacrificing their cash?
Accelerating Insurance helps insurers cut through the noise and look beyond buzzwords. We develop and conduct seminars, training and workshops around digitization, artificial intelligence, big data and InsurTech for mid- and senior-level management. Our approach is to demystify the tech and help management understand the nuances of new developments, enabling them to drive innovation, develop a digital strategy and manage organizational change. We firmly believe that change doesn’t need to happen just in the technologies employed by a business, it needs to happen with the people as well.
Apart from one-time programs, we offer ongoing support guiding insurers through the change process by identifying relevant new technologies and concepts, accelerating internal innovation and helping to manage the organizational implications of those changes. Accelerating Insurance assists in Startup Programs and offers mentoring for InsurTechs.
What we offer
Developing and leading management workshops on innovation and digitization strategies.
Contact us today to discuss how we can help accelerate your business model and get your organization future ready.
DirectorTheresa has more than 10 years experience with leading European insurers both in Europe and Asia. Excited by the first signs of change in an industry typically resistant to change, she followed her passions into technology and big data. Theresa is responsible for some of the first academic research into the adoption of Big Data into the Southeast Asian insurance business, undertaken as part of her MBA. Prior to starting Accelerating Insurance, Theresa worked with a German management consultancy as Asian Insurance Lead. As a well-recognized expert in the field, her consultancy practice now brings to bear a deep knowledge of the InsurTech landscape in Asia and a fundamental understanding of upcoming trends, innovations and new technologies with the experience and know-how for applying it to incumbents.
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New technologies, especially the smartphone, have impacted our behavior on a large scale. We are living in the age of consumer power. We can get everything, anytime, on-demand and to competitive prices. Except insurance. What are the reasons for insurance lagging...read more
Insurance companies are not known to adopt new technologies and change easily. One thing I keep noticing when talking to insurance professionals is the lack of understanding of new technologies and trends in the insurance industry. People are fast to use terms like...read more
I’ve been working with Theresa extensively on InsureTech and Big Data topics during her time with Detecon. Theresa is an outstanding industry expert with the unique ability to excite everyone from small teams to large audiences about the future of the industry.Thomas Kessler