STRATEGY
“ The pandemic did supercharge both interest and investment , however , many processes still remain firmly stuck in the past ”
HERMANN FRIED MANAGING DIRECTOR ,
BSURANCE
“ Although the innovation gap between insurance and other sectors may seem quite large , we ’ ve experienced how fintech , after a slow start , rapidly gained traction over the last few years and is now growing exponentially resulting in wholesale change .
Insurtech and the digital transformation it will enable is likely to follow a very similar path , says Fried . “ As a result , I expect that the insurance industry will look radically different in only a few years ’ time .”
As Rebane succinctly says , “ The pandemic has been both a stress test and a turning point for the world of insurance and the skyrocketing demand for fully digital services has pushed the industry ’ s technological capacities to their limit .
“ Insurtech is playing catch-up in the areas of innovation and technology and is just starting to digitise the customer experience in a similar way to banking a decade ago ,” she stresses . “ However this means there is plenty of opportunity to add value in the Insurtech sector today .”
Fried agrees . “ Although the innovation gap between insurance and other sectors may seem quite large , we ’ ve experienced how fintech , after a slow start , rapidly gained traction over the last through years and is now growing exponentially resulting in wholesale change .”
He adds , “ Insurtech and the digital transformation it will enable , is likely to follow a very similar path .”
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