The Insurtech Expo Day 2020 was held this past Wednesday at Plug and Play in Munich, Germany.
The event included fourteen (14) selected innovative startups who are working towards changing the Insurance Industry and Enterprise Tech. The startups get to pitch about the work they do before a room full of corporate mentors, experts and investors from different Industries.The Startups featured included but not limited to Clearbox, Enterprise Bot, r4, Sorcero, Curiousity, DreamQuark, EasySend, Yukka Lab, Aktivolabs Pte. Ltd, Knexus, Cytegic, Fixico, Previsico and Sureify.
We were also treated to a Fireside Chat with Arno Wilke (The General Manager at Hannover Re Life & Health) and Greg Yoder (Head of Business Development at Surefy , who are seasoned veterans in the Insurance Industry. The dialogue was an insight into the Industry, and how they are both fusing technology and insurance to serve their clients better.
I learnt how technology has been embedded into the Underwriting Process, Process of Engaging Clients, Claim Processing, Managing Risks & Analyzing Market Sentiments so as premium can be priced correctly. From Natural Language Processing, Augmented Intelligence, Machine Learning, Virtual Assistants, Cybertech and different Analytics Tools, it was knowledge to behold.
What stood out to me is how some of these startups are working towards closing the existing market gap between Life Insurance Companies and their clients, that has been attributed by the negligence of Insurance Agents to communicate the status on their clients, and also the neglect to contact all clients in the portfolio. The agents would concentrate on contacting top tier clients and forget the bottom end of the portfolio. The gap grew even wider because, most agents move to another company within a short span of time, which left Insurers with no one to hold accountable for status updates on their life insurance clients.
The tech has allowed for Insurers to be updated on the health status of their clients on a frequently basis, regardless whether or not the agent in question still works for the company. It has also allowed an ease for Insurers to contact all agents their portfolio. This has in turn, enabled Insurers to calculate risks effectively, so as to price premium correctly.
Here is a video showing an insight into the event;
Thank you so much Plug and Play Munich for an insightful event.