Artificial intelligence, machine learning, connected devices, chatbots, robo-advice: there is so much going on in digital technologies that may impact insurance as we know today. But what is here to stay, and what is just the flavour of the month? DIA Amsterdam, which takes place at 10 and 11 May, offers the rare opportunity to get up to speed in just two days and reset your Digital Insurance Agenda. We asked Reggy de Feniks and Roger Peverelli, the founders of Digital Insurance Agenda and DIA Amsterdam, to explain.
1. How did you come up with the idea of organizing Digital Insurance Agenda?
Peverelli: “After our last book ‘Reinventing Financial Services’ we have been invited in many boardrooms of insurers. And also in our work as consultants for various large and smaller insurers we experienced that everyone agrees that innovation is necessary and that the latest technology is important to simultaneously cut costs and get closer to customers.”
De Feniks: “But as an individual insurer it is almost impossible to keep a close watch on what is going on around the world in the insurtech scene. And vice versa, insurtechs find it very hard to connect to insurers since this so much a fragmented market with many different often local players. When we noticed this, we decided to organize DIA, Digital Insurance Agenda.”
2. What are the DIA’s goals?
Peverelli: “Ultimately, the goal is to accelerate innovation in insurance. We do this by connecting insurance executives with insurtech leaders that are carefully selected by us. Many insurance firms are busy with digital transformation to digitise processes, become more operational excellent and decrease costs. Some are already applying digital transformation to make a net leap: to improve customer engagement and empower brokers, agents and other front liners. By connecting insurers with the best insurtechs insurance will company are able to do a better job in staying in pace with increasing customer demands and digital technology possibilities. This will result in better performance, for the customer as well as the insurance company itself.”
3. How are Insurtechs selected?
De Feniks: “We have fairly complete picture of all insurtech firms in the world. We have around 1,000 in our database and this number is growing every day. Insurtechs must apply and go through a selection process. Obviously, we look whether their solutions are really innovative, if it is already proven and ready to b implemented by insurance firms. But most importantly we match the solutions against the challenges that insurance carriers are facing today and tomorrow. What is the impact on costs, on customer satisfaction, on broker satisfaction?”
4. How does the DIA’s program work?
Peverelli: “DIA is a two day program. No less than 50 of those handpicked insurtechs with ‘show&tell’ their solutions on stage in fast 10 minute presentations. No powerpoint slides, but real demo’s so that everyone in the room can see how things really work, and how it would contribute to their business challenges. Expect a perfect blend of startups, mature solutions from innovative players and the latest from well-known tech providers. Furthermore, five keynotes and panel discussions by industry executives provide guidance and share learnings on how to make cooperation with insurtechs successful. At DIA Amsterdam, which will take place on 10 1ne 11 May, among others Amélie Oudea Castera, chief marketing & digital officer AXA Group, and Mark Klein, the chief digital officer of ERGO Digital Ventures, will share their views.”
5. What are the most disruptive trends and innovations for this year?
De Feniks: “What we currently witness is that AI (artificial intelligence) and machine learning are getting mature. Blockchain is showing some exciting use cases. And we same goes for connected devices, telematics and all the added value that comes from the data – not only for more sophisticated underwriting, but also for all sorts of new services. Furthermore, we notice much more attention for how to empower brokers and agents. More and more insurance firms realise that digital transformation also has a danger in it, becoming even more distant to customers. We now see many chatbot and robo-advice solutions that are supporting brokers, agents and other front liners resulting in better conversations, improved satisfaction and higher conversion rates.”
6. What is the target audience, and why do you recommend attending?
Peverelli: “Last year in Barcelona we had a crowd of 550 people from 36 different countries, which in effect made DIA the largest and ‘must see’ event in insurtech and insurance in the world. The companies represented varied from the well know big names to smaller challengers, and included the whole chain from brokers, insurance companies to reinsurers. The job titles of the executives included head of innovation, head of claims, head of data analytics, marketing director, head of IT, digital transformation officer, head of change, chief operation officer, CEO, and so on. It’s a great opportunity to meet peers from all over the world and share ideas. But moreover, it is the best place to learn in just two days what the state of the art is, and to get inspired to accelerate your own innovation.”
Pleased to announce that, Fintech Times offers special discounts for DIA (Digital Insurance Agenda), the two day conference connecting insurance executives to insurtech leaders. With 50 insurtechs on stage and 550 attendees from 36 countries present at the previous edition, DIA was immediately coined ‘the must see event’ for insurtech and innovation in insurance.
DIA Amsterdam will take place on 10 and 11 May 2017. Fintech Times relations enjoy a special 200 euro additional discount via the link. You can use the discount code DIA2017FT200 during the registration process to redeem this offer. Check here to get a good impression of what to expect.