Insurers facing new challenges – Grape’s participation on Portfolio.hu Insurance 2017 Conference
The new and young generations are waiting for new solutions and new products from the Insurers. Along with these new needs, new suppliers appear, who serve the clients with new and innovative solutions and products.
The issue of the Insurtech and Digitalization was analyzed from many different perspectives by the presenters in Portfolio’s Conference of Insurance 2017.
Can the appearance of the new emerging Insurtech suppliers and insurance services mean the disappearance of the conventional insurance services?
Gábor Tamás Veitz, – Head of Insurance Solutions branch within Grape Solutions Plc., pointed out in his presentation that this does not necessarily have to happen. However, for this – he added-, the conventional insurance companies will have to be prepared to be able to adapt new solutions to their own business model. Only those Insurers can stay in competition who are able to adapt new technologies, and develop their sales, portfolio management and services core systems constantly.
The most remarkable problem of the conventional insurers is that their business systems are too fragmented and this is why they can only implement adequate Insuretech solutions slowly and with high TCO. The AdInsure insurance policy adminstration system can offer a solution for them.
An insurer can only compete with new market players and serve the needs of the new generations (Y, Z and alpha generations), if they integrate their policy administration systems. This unified system provides possibility for a centralized partner master data management, henceforth makes cross-sell and upsell opportunities more effective than before.
In today’s digital world we leave an enormous digital footprint by our social media activity (searches, likes and chosen news, etc.). By analyzing this data we can get more information about a client than one can think. In order that insurers can benefit from this opportunity they have to be able to collect and link all these to their client data in a cost effective manner.