Last week, we organized a DIA Virtual Round Table together with InsurTech Hub Munich (ITHM) on how to stay on top of all the new developments with limited resources. The key takeaway: leveraging scale through cooperation.
As you might know, we organize these round tables on a weekly basis. They are a perfect opportunity to spark conversations about new developments and new opportunities in insurance, all aimed to accelerate innovation. This past round table with ITHM was a clear example, with many great insights on making innovation more efficient and effective. Interested in having DIA organize a Virtual Round Table with you? At the bottom of the article you can find all the information you need.
A Perfect Storm for Insurance Innovation
Since some key consumer trends shifted into a higher gear, we believe that innovation in insurance is about to experience a perfect storm. In more and more board rooms there is now a digital mindset. Looking at both demand and funding, insurtech is at the turn of a next chapter. Everything is set for a next level in insurance innovation.
But this also introduces some new challenges. How do you keep up with everything that is going on in the global insurtech space? How can you separate the wheat from the chaff – especially if resources are limited? When we speak to insurance executives about the future of insurance innovation, the insufficient scale is something many worry about.
In the round table with ITHM we were joined by executives from all over the globe, from Allstate and Nationwide in the USA to MAPFRE and NN Group in Europe, to Nippon Life from Japan and Sancor Seguros from Argentina. We discussed these challenges, but foremost how they can be solved: how to leverage scale through cooperation. We had the pleasure to give the floor to two thought leaders that day, who were both very open in sharing their challenges, experiences and learnings: Tom van den Brulle, Global Head of Innovation at Munich Re and also the chairman of ITHM, and Atsushi Izu, Senior General Manager, Director at Dai-Ichi Life International Europe and Head of their London Innovation Lab.
Four key takeaways to become more effective in innovation
In this round table we identified four key areas to accelerate innovation through cooperation. Cooperation results in leveraging scale; scale you would not have if you would do everything on your own. This larger scale gives benefits in helping you to become more effective in innovation in the following areas:
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