Tag: Digital Transformation

According to a new study, more and more insurers are thinking about managing their data via a hybrid cloud. Hybrid clouds are a hybrid of public cloud and private cloud applications. Hybrid clouds enable industrial insurers to deliver applications and services faster - to the customer's benefit.

The discussion "Whom does the data belong to" is not only intensively discussed between insurers, brokers and companies in industrial insurance. The current discussion in the private motor insurance market shows the challenges of digitisation for all parties involved.

When it comes to digitization, company executives are literally rolling over with promises about the potential of technology. However, safety often falls by the wayside. Many computer systems are not properly prepared for attacks - let alone insured against cyber attacks.

The advent of the Internet triggered a digital revolution that completely redesigned many sectors of the economy. Even in the insurance industry some major changes are emerging that could reshape this industry. We have already seen the first providers using digital platforms to sell insurance.

The previous parts of our series on microservices presented the functionality of this technology and explained its fundamental advantages. The third part describes some particularly important advantages in more detail. The focus here is on the individual adaptation of the customer experience.

The story of the Tower of Babel tells how a mammoth project failed when those involved were no longer able to speak the same language. A similar effect is currently emerging in the relationships between insurers and their industrial customers.

In the SME segment, commercial and industrial insurers have many opportunities to win new customers and thus increase their premium income. However, this area in particular is undergoing major change.

Innovative technologies, in which insurance companies invest hundreds of millions of euros, make completely new applications possible. The focus here is on transmitting data in real time via microservices or similar technologies.

Many well-known Internet companies - such as Amazon, Twitter, Netflix or Uber - have built their platforms with microservices. This technology also offers numerous new opportunities in the insurance sector and can trigger innovations that extend to all areas of the company.

Industrial insurers are facing major problems at the moment. Significantly higher loss ratios and increasingly fierce competition mean that the classic form of insurance is no longer profitable. For this reason, it is necessary to review the existing business models.