With which typical Use Cases can InsurTech startups improve the business of established insurers?


KHP:
Another example is NECT.com in Hamburg. They have a selfie-ident service running. So I take a selfie from myself and then I hold my passport besides my face, then it takes a few seconds and they identify me. Yes. This is Karl Heinz Passler, he is alive. He is it! Just one example I showed in my presentation. The claims-ratio in insurance is very high. It’s typically over 50 percent. And if you as a n insurtech startup can reduce the claims payments. This is direct profit for the company. So this is directly base AKA bottom line effective. So this would be a very good low-hanging fruit. Then also an example to lower the administration costs. Another example from Hamburg is NECT. They have a selfie-ident service running. So I take a selfie from myself and then I hold my passport besides my face, then it takes a few seconds and then they identify me. Yes. This is Karl Heinz Passler, he is alive. He is it. This is an example for identification. What are we doing right now is sending paper back and forth, we go to the post office. It is a hassle. Nect is very quick and saves a lot of admistration costs. ULI KLEBER:
I think, for example, where ever you have the possibility when you look for the value chain, where every effort possible that you do plug and play on adding over new features. So, for example, Imburse comes to my mind startup that actually offers different payment options, because if you look at, for example, adding PayPal as a payment option and you ask internal IT system provider for that, on the typical record, you have a year or two to install that while the startup comes in and says, we have this machine. These are the APIs. You can even choose the kind of services you want to add to that. I think the second point to that is enabling and the other one is adding new products. Wherever you have on demand insurance that is not been provided yet. You can go for it start immediately. MATTHIAS REINWARTH:
Is this is something that the tanker’s accept and cooperate or it’s something that is in parallel? LUKAS NAAB:
One good example, I think is Deutsche Familien Versicherung from Frankfurt, where they innovate products in the four-by-four Matrix. Very easy to understand. One click buy, on demand insurance. So that is very innovative, I think in a way. And the big tanker’s probably haven’t seen that yet. KHP:
These guys at Deutsche Familien Versicherung are really serious! MATTHIAS REINWARTH:
So we have one question from the audience. AUDIENCE:
I agree with Lukas, that most tankers and old insurance companies understand process optimization and they’re talking about this digitization and forget all the other topics, Business Models and clients. But I disagree, that everyone is doing innovation heavily currently, because my feeling is that big insurers are drinking innovation activities currently. I think the phase of experimentation is now ending a little bit. They have experimented a little bit and they say, OK, we have a lot of money and we have to focus more. KHP:
Do you think they are frustrated? Oh it’s about more focus and business efficiency, so where is the money at the end? LUKAS NAAB:
Well, more and more insurance companies I visit have innovation managers at least. And then the question is, do they have a mandate to actually bring people together? And I see that. More and more, they do have that mandate. So they are a little bit more focused in the process of choosing innovative ideas, choosing innovative processes. But in general, reluctance is high, especially when the hype of AI came. It was like we do everything with the eye. And obviously some burned their fingers heavily, but now little more realism settles in. So I agree there.

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