DIA Prime Time 2020 – Key Takeaways

Digital Insurance Agenda 2020, held online this year, connected the world's leading Insurtech community members. DataArt took part in the event and gathered the key technological trends discussed in DIA virtual conference this year.
4 min read
By Elena Dedyurina
Innovation Manager
DIA Prime Time 2020 – Key Takeaways

Like almost every other huge event, Digital Insurance Agenda (DIA) fell victim to Covid-19 and had to go online in 2020. The good news is, it did not affect the agenda in any negative way.

InsurTechs Are Bringing Digitalization to Insurance

As usual, DIA was largely attended by the industry's most tech-savvy startups that presented innovative solutions that could automate and digitize almost every part of the insurance value chain with the purpose of improvement of products and services.

First up is perfecting the quality of preventive services. The pandemic has made it very clear there is nothing more important than life and health, and it is always better to predict and prevent rather than break and fix. What is suggested to be innovated in this field, is telematic technologies that monitor and manage health, helping to mitigate possible risks.

Smart homes, another boiling topic where telematics seems the most promising, are also on the list. With so many people working remotely now and finding comfort in it, telematics technology is bound to remain a trend, at least for a while. For insurance, it means expansion of ecosystems that will include security solutions, connected devices, insurance, etc.

In a bid to follow the rules of social distancing, many people try to avoid public transportation, so, naturally, new commuting options are emerging, personal vehicles become preferred. Along with that, against the backdrop of the economic crisis, people change their spending habits to save money. That is why motor insurance is also subject to transformation and InsurTech startups present the corresponding solutions right off the bat. For instance, they create platforms that use AI and automation tools to search for cheaper insurances and optimize car insurance renewal. That is why motor insurance is also subject to transformation, and InsurTech startups present the corresponding solutions right off the bat. 

Some of the DIA’s exhibiting InsurTechs focus on creating white label solutions to replace off-the-shelf products with customized ones. Others develop platform solutions to equip brokers, agents, and TPAs with digital tools (e.g. RPA). All of that just proves that digital transformation is no longer optional but a necessity.

Instead of wrapping traditional processes digitally, the market now wants truly innovative solutions designed specifically for the digitized world, which essentially means that the customer journey has to become fully virtual. No paperwork, no face-to-face meetings, no physical assessment – and this should be not just an idle motto but a factual representation of how things are done. All of this can only be achieved through better data management and optimization since data is still the king, so such solutions are in-demand as well. 

Incumbents Are Not to Escape Transformation as Well

It is important to note that InsureTechs are not necessarily challengers for traditional companies. They can be supporters on their way to digital transformation. While startups experience their ups and downs, somewhat clumsy but stable incumbents stay firmly on the ground because traditional business models still work (for the time being) but might struggle to evolve and expand into new markets. Thus, this story is not about competition but mutually beneficial cooperation.

Now, as we have come closer to the idea of "digital everything," innovation is no longer a thing for startups but a goal for multinational corporations as well. During one of the DIA sessions, Iván de la Sota, Chief Business Transformation Officer at Allianz, has disclosed how transformation is being done in one of the biggest industry players, Allianz.

Allianz has launched a successful digital transformation program, trying to keep all processes as easy as possible because simply automating complexity is not enough anymore. With the help of Cloud, BPM, and advanced business analytics with scalable AI solutions, they are modernizing their legacy and striving for single architecture with global scalability. Allianz believes that to achieve true transformation, a company should go beyond the traditional business model and stop being bureaucratic.

Living in the New Norm

All in all, the pandemic has just accelerated the overall course towards digitalization the world has taken, and the insurance industry is no exception to this, even though it still remains on the conservative side. While traditional distribution models are challenged during the crisis, digital models prove to be resilient. On the one hand, life and P&C insurance has become more topical and sought-for, and, on the other hand, consumers seek online services as remote but connected living has become a new norm. We are still getting through the ordeals, but some benefits can also be unlocked by the industry if adaptation is done in the right way.

If you are among innovators and you know how your company could win in the disrupted world with the help of technology, make sure you have a reliable partner by your side. Do not hesitate to contact DataArt if you have any questions or need a consultation.

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