From November 22nd to 23rd, 2023, we were part of the incredible event that is ITC DIA Munich. It's one of the biggest insurtech gatherings, bringing together insurtech enthusiasts, the insurance community, and renowned insurance companies.
We also gathered some interesting observations:
1. Many insurance companies still struggle with a seamless digital transformation and selecting technologies that truly enhance the industry's modern image and provide a competitive edge. Will it be AI or perhaps the cloud in the coming year?
2. With the shift in purchasing habits, Embedded Insurance is gaining significance. However, the discussion remains on collaborating with new partners in different industries - how to plan it, and what are the success factors? Nevertheless, it's a topic that will continue to grow in importance.
3. Climate change and, consequently, natural disasters pose a challenge for insurers in the coming years but also offer an opportunity to find new sales opportunities. This is a new area that will significantly impact the use of new technologies and geolocation for risk assessment. Are insurers prepared for this?
4. The theme of data analytics consistently ranks among the key challenges for insurers. They possess vast and valuable data sets - the challenge lies in their proper utilization, such as risk assessment, pricing, and product personalization.