Shoulder to shoulder with over 500 participating leaders from the insurance and digital transformation sector, as well as 200 companies from 36 countries, Signaturit’s participation at the first DIA Barcelona 2016 conference has been a great experience and an amazing opportunity.
During the two-day event we learned a great deal about new trends in the insurance sector and had the chance to meet with potential partners. In this blog post we share our experience of the event, highlighting the most interesting talks.
This post is also available in Spanish.
Insurance and technology
As commented by Minh Q. Tran, General Partner at AXA Ventures, the insurance industry represents a great opportunity for startups because it’s a huge market globally (in excess of $3 trillion dollars). Even though regulations have created barriers to entry, namely Solvency II in the European Union, digitization in the insurance sector is well behind in other industries and thus technology can really help improve several aspects of its business practices.
By attending to the different conference talks, we acquired a better understanding of the insurance industry’s different work processes and its value chain, from product design and pricing, to the distribution of insurance products and the administration and claims management once the customer is on board.
Paradigm shift to an “outside-in” approach
One aspect that most people agreed upon is that the insurance industry is moving towards a unified customer experience. As in other industries, the customer is now center-stage in any negotiations and the traditional way of dealing with them is evolving from an “inside-out” approach (where insurers just focused on “throwing” products at consumers) to an “outside-in” approach, with products being offered to customers uniquely based on their immediate needs, as explained by Jouk Pleiter, CEO of Backbase.
From the technology perspective, insurance companies should be ready to combine traditional legacy systems with new technologies in order to provide an integrated customer experience with a deeper level of personalization. These new technologies will be sourced from specialized suppliers, namely startups that cover specific needs for every step of the customer journey.
Moreover, insurers must accept that the key to business success is not just combining technologies (old and new) but to connect and engage with consumers on an individual basis. This point was very well explained by Moshe Tamir, Digital Transformation Director at Generali.
One technological innovation that is oriented to a specific user group, namely Millennials, is Insurgram, a chat application that sells insurance policies to consumers. This app is effectively introducing conversational commerce in the insurance industry, thus significantly enhancing the Millennial customer's user experience.
A true example of Insurtech
Last but not least, we participated at DIA Barcelona 2016’s Show and Tell sessions. Juan Zamora, CEO at Signaturit, presented our advanced electronic signature solution together with Jordi Rivera, CEO of DAS Spain. In their talk, they explained how Signaturit is helping DAS to streamline and simplify the buying process of an insurance policy.
With an electronic signature solution, they can close the signing of insurance policies and the SEPA mandate in just three steps - using an intuitive, secure and legally binding process.
INSURANCE COMPANY WORKFLOW
This initiative is part of the “Digital DAS” project, whose goal is to adapt the insurance company to the digital transformation of the industry within a three year timeframe.
We want to thank Jordi Rivera and all the DAS Spain team for their support during this event, and to Reggy de Feniks, founder of DIA Barcelona and all his team for organizing such an informative and outstanding event. We look forward to participating in future editions.
If you are in the insurance business and wish to learn more about Signaturit, please send us an email to firstname.lastname@example.org and we’ll be more than happy to assist you.
This post is also available in Spanish.
- Interview with Jordi Rivera, CEO of DAS Spain.
- The digitization of an insurance policy buying process.
- What are the innovation areas for insurance companies to adapt to the digital age?