Welcome to Morning Insights, Nov 7th, 8-9 am
Insurance 4.0 - the next industrial revolution and the rise of blending ecosystems

Adopting an ecosystem mind-set can be a challenging journey, but those who understand this evolving landscape can take the first steps to creating new revenue sources. To succeed in ecosystems, insurers will have to evaluate their traditional roles and look for opportunities to partner with players in other industries. 

  • What does Insurance 4.0 mean for insurers? 
  • How should insurers cope with blending ecosystems?
  • How does Wellmo bring ground breaking healthtech values to insurers and customers?

November 7th
08:00 - 09:00 am (breakfast from 07:30 am)
Grev Turegatan 30 (conference room Turbine)

Michal Gromec
Insurtech Ecosystem Builder

Insights on macro trends in the Nordics with focus
on how to drive innovation through partnership.
Author of the Nordic  Insurtech Report.

Jakko Olkkonen
CEO, Founder Wellmo

Wellmo, a forerunner in the personalisation segment,
reveals groundbreaking health improvement collaborations
with exciting results.

Henrik Allert
Head of Digital Solutions

Itello will provide insights of the future of insurance and how insurance companies should cope with these blending ecosystems.

Wellmo - a forerunner in the personalisation segment

Wellmo is  driving the preventive digital health mega trend in insurance business. Their cloud-based content agnostic platform enables customers to integrate any content, service, or software into individually tailored digital health services. Wellmo makes it easy to build and develop the service set and effectively reach your customers with a mobile app.

Wellmo and the City of Kotka - combining digital health ecosystem with coaching
During fall 2018, Wellmo and the City of Kotka launched an exciting joint project. The goal was to bring services and digital health applications into one ecosystem and offer the users, people living in Kotka, nutritional group coaching and digital lifestyle guidance under a TARMO-branded mobile health application, which is powered by Wellmo platform. The Tarmo ecosystem is the first experiment implemented in Finland to combine digital health ecosystem with coaching, and the results are encouraging. The participants were able to lose weight and increase their confidence in also maintaining the healthier habits adopted. Promoting well-being and preventing diseases is thus possible to digitise. In addition, ecosystem enables to reach the target groups with the highest health risk; therefore the scarce resources can also be targeted to those people who need the most support. 

The pilot showed that a digital health service ecosystem enables public health service providers to offer personalized digital health services in a flexible and cost-effective way. The pilot project was also a great example of how a public actor can take advantage of the latest  knowledge and expertise developed in the private sector, in this case utilize the ecosystem of new digital health innovators, for the benefit of their people as well as for the whole society. Similar interventions with other municipalities and health care districts are presently in progress. Read more here. 

The Nordic Insurtech Report

The Nordic Insurtech Report is a result at the back of the popular Stockholm Fintech Week that took place earlier this year. The report has analysed 72 Nordic technology companies within the insurance industry for the first time in order to find statistics and findings within the sector.

The Insurtech industry is growing rapidly and technology develops at an exponential rate. It has been extremely interesting to map the industry at this stage and I think the findings show the dynamics of this business area. The insurance industry will no doubt change tremendously during the next 2-3 years and the Insurtech companies will be in the lead of this development as customer behavior is changing.

Michal Gromek,
Author, Nordic Insurtech Report  

Download Nordic Insurtech Report

The future - Insurance 4.0

For the insurance industry, its core business model has looked pretty much the same for over a century, is historically known as conservative and more focused on compliance and risk assessment rather than being customer-centric – facing the 4th industrial revolution and going into can be perceived as a somewhat scary challenge. The foundation of the digital era of tomorrow is data.

Thus, the successful insurance companies of tomorrow will be the ones that can harness the power of data to drive business efficiency as well as to tailor personalised products and services. Critical in this is to have an advanced and efficient internal business operation that can be empowered by IT-platform and utilising technologies like AI & Robotics to boost productivity through process automation further. It is also crucial to be able to quickly and securely interact with other relevant stakeholders in the insurance industry digital eco-system: Brokers, payment providers, fond traders, authorities.

Data is the foundation of Insurance 4.0, as stated previously. A significant promise of Insurance 4.0 is to utilise data for predictive analytics to be able to preventive products and service to its customers. But not all relevant data resides within the boundaries of the traditional insurance industry itself. There are many neighbouring industry eco-systems which sits on data that would be extremely valuable for an insurance company to use for risk assessment and personalisation. Examples would be life and health data from lifestyle apps like Apple Health, medical data from journal systems, DNA-data from genetics test for disorder screening, banking data for holistic 360-degree pension saving advisory services.

Thus, tomorrow, it won't be enough only to control and master the internal insurance digital eco-system. However, the winner of tomorrow needs to be willing and capable to tap into relevant data from nearby eco-systems. Also, the other apparent another side of this coin is the potential of capitalising on sharing insurance data with stakeholder from neighbouring eco-systems.

All this, of course, needs to be done with the delicate balancing act of respecting the customer's integrity.

Insurance industry outlook
The financial and insurance industry, like society in general, is currently going through a dramatic transformation.
Itello – insurance thought leader at the Nordic Health100 conference
On October 2nd, 100 selectively invited executives and influencers will gather at the Nordic Health100 conference in Helsinki for an open and creative discussion on the topic of the future of Nordic healthcare.
Launch of the Nordic Insurtech Report
As a result of Stockholm Fintech Week the Nordic Insurtech Report is released today. Co-authored by Itelos Head of digital solutions, Henrik Allert.