A Happy New Year and welcome to our first episode of “Voices of Ecosystems” in the new year 2022.
In the latest episode, Julian talks with Dr. David Stachon about the insurance industry, changes and developments taking place, ecosystem activities and trends in this field.
Dr. David Stachon started his career as a biochemist doing cancer research. After consulting at McKinsey, he was CEO at CosmosDirekt, board member at Generali Germany AG and is now COO at wefox, a one of the top European insurtech startups.
Here are the most important take-aways from this talk:
- Insurance companies can look back on a long history in which they did everything themselves as a closed company. Due to technological complexity and the associated speed of innovations and developments, this has changed in recent decades. Today, the industry is more opening up and evolving towards cooperations with other companies.
- Irrespective of the core business, there is also cross-sector potential for insurance companies. Specifically, there is great economic value in the Life Area Health (including well-being). For instance, in diagnostics and medication, data plays an enormous role. If all the necessary information were bundled in an intelligent system and this was connected to a pharmaceutical database, it would be possible to respond better to human needs. Due to the focus on individual needs, the life area Mobility also offers great potential. New forms of mobility, such as car sharing, require new insurance policies. And the Life Area Living also offers further opportunities, because here, for instance, it is possible to prevent anything from happening in your private home.
- To compete with the top players from Asia, the insurance industry needs more European integration. Different legislation, technologies, habits and data protection policies in the individual European countries make it difficult to keep up. Building a large home market would make European insurance companies more competitive.
- In order to keep up with the big insurance companies, startups need to have a development or technological innovation that sets them apart and makes them better than everyone else. And at the same time addresses the needs of the masses. Here, ecosystem collaboration with established companies and knowledge sharing is of high importance.
- In the future, the insurance industry will be about what new types of economic value can be created. And that is especially possible in ecosystems. By blurring industry boundaries and cooperating with other market players, it will be possible to achieve new offerings and create higher customer value.
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