Itello speaker at Insurtech Stockholm conference

At this year's largest insurtech event in Sweden, more than 130 participants gathered at The Spårvagnshallarna on Wednesday, September 20. The magazine Finansliv arranged the venue.

One of the day’s first speakers and key-note speaker is Henrik Allert Head of Digital Solutions from Itello presenting our views on the life insurance industry's digital needs today and in the future.

Key notes from our presentation
According to several Business analysts at renowned management companies, life insurance companies generally have two directions for further development of their business.

Core producer
Reintroducing the producer role - ie offering insurance and distributing risk as cost-effective as possible. Through low premiums, good risk assessment, low administration costs and high internal efficiency. Driven by automation and digitization, insurers increases the business and reaches critical volumes for sustained profitability and growth.

Owning the customer relationship
Owning the customer relationship is the second direction. Closer customer interaction and always being relevant to the customer creates a customer relationship that provides opportunities for more and profitable business for the insurance company.

The way forward for the players according to Itello
We are convinced that life insurance companies must work actively with both of the above directions - in each case at the moment.

The cost pressures in the Swedish market will continue, the efforts to streamline internally must therefore continue – at even higher pace. Many players have a major technical debt, their IT support does not allow for the rapid adjustment required to meet new regulatory requirements and meet new business opportunities without too much effort.

We see three clear driving forces for the transformation:
- Customer relevance
- Transparency and efficiency
- Disruptive technology

In addition, the life insurance industry is in a regulated unity that requires a holistic approach to the three driving forces.

For life insurance companies, there are several strategies to meet and evaluate both new technology and new start up challengers.

At a breakfast meeting Morning Insights at Itello in May 2017, the Celent analyst presented five different forms of cooperation.
Read more here: Morning Insights - Digital Trends in Life and Pension

We are convinced that it is high time for the players to create opportunities to collaborate with new players who sometimes build on new technology and relate to brand new players. Already today, there are a few players who offer insurance through smart contracts and blockchain technology. We also see examples of new collaboration almost every week!

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  • September 21, 2017