A network instead of a platform: Digital industrial insurance 5.0?

In this presentation (in german language) recorded at the event CosmoHub on June, 15th 2023, Ansgar Knipschild, Solution Manager at mgm, discusses the concept of digital networks in industrial insurance and highlights their significance over traditional platforms.


He explains that a platform is a central provider aiming to attract numerous market participants, while a network facilitates data exchange among market players. Despite various attempts by brokers, insurers and insurtechs to establish platforms, none have achieved significant market dominance due to the bilateral nature of industrial insurance. It is most unlikely that a one-size-fits-all platform is to emerge in this highly specialized industry.

So what does a 5.0 industrial insurance landscape look like?

Optimal Networking for Brokers and Insurers in Digital Industrial Insurance

How are market participants, especially brokers and insurers, enabled to navigate the complex landscape of digital platforms in industrial insurance? Relying on a single platform may not be effective, and instead, brokers and insurers should focus on connecting with multiple platforms to optimize their operations.

The emphasis is on creating a technical system that facilitates data exchange and automated processes between various parties, ensuring digital sovereignty without complete dependence on a central platform. Achieving this requires flexible, adaptable access options, and well-developed APIs to integrate internal and external systems effectively.

The goal is to build a robust network that grants individual control over the process while fostering growth and cooperation in the industry.

Cosmo Connect Vorgehensmodell: Building an Optimal Network Strategy

The “Cosmo Connect Process model (Vorgehensmodell)” is a three-stage approach to creating an efficient and secure digital network in industrial insurance. The focus is on reducing data exchange efforts through automation and minimizing IT implementation risks.

The model starts with Robotics Process Automation (RPA) to quickly achieve initial successes and then progresses to API integration and transformation. Analyzing the value chain and using Process Mining helps identify bottlenecks and manual data exchange points, leading to targeted automation solutions.

The strategy prioritizes scalability, KPI-driven improvements, and end-to-end process optimization to achieve significant and measurable benefits.

Enhancing Digital Sovereignty in Industrial Insurance

There is a high strategic importance of data integration, standardization, and automation in building an efficient digital network. Robotics and the low-code approach are effective ways to automate processes and encourage self-involvement.

The “Cosmo Connect Process model” enables participants to identify areas for automation, streamline processes, and gradually move towards more automated, high-volume operations. Emphasis is placed on self-empowerment through digital skills and innovative processes, ultimately enhancing digital sovereignty and efficiency in the industry.

The vision culminates in autonomous systems, potentially self-regulating through AI and continuous process optimization based on KPIs and content analysis. Organizations should assess their systems and enhance external communication capabilities. Where older systems lack digital integration, adopt a step-by-step model, starting with RPA and robotics, gradually complementing existing infrastructure for optimal efficiency.

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