The most innovative things from Insurance Week 2020
Last week, on February 25, 26 and 27, the Insurance Week 2020, at the IFEMA North Convention Center. The event, organized by CHINESE, brought together insurers, associations, service companies, mediators, experts, etc. to move forward, grow and build a sector in full development and transformation. In this edition, the XXVII, we find forums, conferences, meetings and professional debates, as well as private events and business spaces. This is the most important event in the insurance industry in Spain, a few days where analyze and debate the current and future of the insurance sector.
1. The customer is the most important thing: simplicity, omnichannel, flexibility, innovation and personalization
Companies must consider solving their customers' problems and sustainability. There is a clear need to know the customer well, to put it at the center of every strategy and evolve towards an adaptation to it. There was talk of the innovation and flexibility such as the factors that currently represent a differential value. The sector is making slow progress in these areas and investment in the area of innovation is often low, but whoever leads the change can generate significant benefits. Managers agreed that digital barriers have been overcome and highlighted the importance of omnichannel and personalization, increasingly in demand by consumers. Looking to the future, a greater orientation was noted towards individualization and instantaneity.
2. Technology in the insurance industry
La technology was one of the key axes on which many of the days held over the three days were based. There is no doubt that this generates great opportunities for companies and the insurance business. The application of new technologies such as artificial intelligence, Internet of Things, robotics, augmented reality or blockchain, among many others, was discussed. The latter, the technology blockchain, is already a reality and every day it is going to impose itself more, since it is in full boom and development, so we must know how to identify when and how to use it. In addition, several experts shared their experience in the application of the data analytics and of the techniques of Machine learning and artificial intelligence to optimize the insurance business.
Four trends detected in the sector were presented, such as artificial intelligence It will change professional services, those that are based on advice, and will make them more productive, or that the value of data increases in the environment that an insurance company shares with other companies that are not properly in the sector. Insurers should think like a technology company, even if they're not, to leading in the digital business: to be aware, open, with access to I+i, to know how to build partnerships and alliances and to push digital culture. The influence of data in the relationship with customers, and the need to deepen the knowledge of cyber risk. The change in attitude on the part of society in the face of technological advances was also highlighted, since now news is welcomed with open arms. It was seen how the robots they are the most desired by entrepreneurs, because they exponentially increase the omnichannel customer experience, who must always be at the center.
3. News in the insurance industry and the immediate future
The sector must be prepared for what is coming; promote customer knowledge, open ecosystems and data exploitation, develop new offers for the collaborative economy, collaborate with insurtechs, take advantage of new business opportunities... The demographic challenge, the demands and consumption habits and trends of millennials, technological advances, the digitalization of the insurance sector, new medical and health problems, changes in business environments, sustainability or climate change are some of the factors that will influence the way of consumer and in the insurance business. Different debates were held in which topics such as the role of technology to innovate in the sector or the role of Insurtech startups in the insurance industry. Other topics discussed were future pensions, which are of great importance in our country, as well as the mention of some keys to cybersecurity. https://www.youtube.com/watch?v=TgOiybAji_MUn an example of change mentioned during Insurance Week are the new ways of traveling, which need more comprehensive and personalized coverage. The tourism sector is growing, especially thanks to the internet and new technologies, and this has brought new ways of traveling, planning trips, managing them and counting them. Most trips are taken out online and insurance tends to be dispensed with. The conclusion of this day was the need to advise on what is best for the client depending on their destination and possible risks. In short, it's about identifying needs or opportunities, adapting to change and seeking solutions. There were many topics covered during Insurance Week, always oriented to the development and transformation of the sector, to promote and support change processes to improve the insurance market.
