German and European insurance and brokerage companies in the industrial insurance sector are lagging far behind the possibilities when it comes to digitalisation. The opportunities lie in digital platforms.
Digitisation is changing the way industrial insurance transactions are conducted between market partners. The use of a state-of-the-art digital underwriting platform ensures efficiency and...
Promising a la Check24? Possibilities and limits of marketplaces for industrial and commercial insurance
Many private consumers have long since taken out their insurance policies via the well-known online comparison portals such as Check24 and Verivox. Now the relevance of such online marketplaces is also becoming increasingly important for commercial insurance policies. Small businesses in particular are already taking advantage of the opportunities.
With the digitalisation in the insurance industry, there will also be an update of professions. In future, underwriters at insurers and customer or specialist advisors at brokers will have to have more IT skills than in the past. To enable them to work efficiently and successfully, low-code solutions are a possible answer.
Amazon is everywhere, sometimes as a role model, sometimes as a spectre - or both at the same time. The eCommerce giant also regularly serves as a basis for discussion in the industrial insurance sector as to whether a similar solution is not possible for the industry, through which insurers and brokers can present offers and policyholders as customers can place risks.
One basis for resilience to crises and normal market upheavals is the digitization of products and processes. In the industrial insurance sector, a second necessary basis is added, which even in the diverse platform discussions is of too little importance: The tried and tested networks also need digitalisation.
There are many changes that large insurance brokers have to face due to digitalisation. Processes, products, closing routes are becoming digital, and the daily work in the operating departments is changing fundamentally. How can employees be supported in these changes through communication?
The digitalization of the industrial insurance sector involves very complex and individual processes. In such an environment, a change process is recommended that takes into account the requirements of your own organization and the market participants.
The future working world of the insurance broker is unthinkable without IT and software. However, the broker of the future will not only use IT solutions, but will also be in demand when it comes to practical new and further developments.
The industrial insurance broker GGW from Hamburg and mgm work closely together on a project basis. The aim of the co-innovation: digitalisation of the GGW insurance processes and partner connection on the basis of a platform. For several months now, teams of experts with diverse backgrounds have been working together at eye level in both companies.