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 2019, investment in InsurTech exceeded US$4 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 and a rise in InsurTech partnerships come major changes that can leave management and staff disoriented. Artificial Intelligence, IoT, and Blockchain solutions to classic insurance problems are bringing about an explosion in disruptors, 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 cow and successfully partner with startups?
Accelerating Insurance helps insurers cut through the noise, look beyond buzzwords and identify the hottest InsurTech trends. We advice insurance incumbents and startups, develop and conduct InsurTech strategies and bring the two worlds together. Our approach is to demystify the tech and help insurers to understand the nuances of new developments, enabling them to drive innovation via InsurTech, develop a digital strategy and manage organisational 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.
We train, advice and assist insurance companies and startups in their innovation journey to help reshape the future of insurance.
What we offer
Developing and leading strategy workshops on startup partnering, innovation, 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 15 years experience in the insurance industry 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 after working with Italian insurer Generali for 10 years. Theresa is responsible for some of the first academic research into the adoption of Big Data into the Southeast Asian insurance business. 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 advisory 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. She is also the Founder of the Asia InsurTech Podcast.
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
Looking at the global InsurTech scene, the major hubs are in the US and Europe. But Asia is in catch-up mode. China is home to some of the world’s most innovative InsurTechs while Singapore has a strong focus on AI and a government that supports and drives innovation....read more
Organizational Implications for Insurers Big Data has become an ubiquitous term attracting widespread interest in many sectors, and the insurance industry is certainly no exception. Already at the 2015 Insurance Government Leadership Network conference in...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