InsurTech is Coming. Will It Impact Your Business?

A review of the insurance sector uncovered during Sollers Consulting and Guidewire Software’s 5th Annual “Innovation in Insurance” conference

Warsaw, Poland (Nov. 24, 2016) – Only two percent of the world is insured, which means there is a great deal of potential in the insurance market. It is estimated that underinsured property risk approaches USD $221 billion per year. So it seems that there are still chances for insurance companies to gain market share and survive.

Will the insurers be able to cope with upcoming changes in the market? Will InsurTech startups, a new generation of clients, and other technological advances be a threat to the market, or will they give insurance companies the tools to thrive? Many global trends are completely unpredictable, but can still influence entire industries. Can they be controlled? If so, how?

All the outcomes depend on insurers’ ability to adapt and change with the times.

How to prepare for these disruptions and seize the opportunities that exist in the market

This was the main theme of the 5th Innovation in Insurance conference, organized by Sollers Consulting and Guidewire Software.

During their keynote speech Michal Trochimczuk, Managing Partner at Sollers Consulting, and Keith Stonell Managing Director EMEA Guidewire Software discussed how upcoming changes will affect insurers and how they can go about meeting the needs of new generation of customers.

How do insurance companies respond to those changes?

Representatives of European insurers: Witold Jaworski, former CEO of Allianz and PZU (Poland), Dr. Rainer Sommer, COO at Generali Deutschland (Germany), Rafal Stankiewicz, Vice President of Management Board at Warta (Poland) and Hans Vranken, CEO at Touring Assurance (Belgium), facilitated by Marcin Pluta, Managing Partner at Sollers Consulting, discussed how they perceive the impact of InsureTech start-ups on their business. Will they cooperate with them and make use of their innovations?

Surprisingly, 65% of guests gathered at the conference said that these companies will be threat for incumbent insurer, while panelists agreed that they should be treated as an opportunity.

In the second voting poll, participants said that they are already starting to work with startups. This signifies that evolution in the market could be here sooner rather than later.

You can find more information about topics covered during the conference at www.sollers.eu.

About Sollers Consulting

Sollers Consulting is an international company specializing in advisory and implementation services for the financial sector. The company was established in 2000 in Warsaw by experts in operational consulting and IT. Our mission is to help customers achieve better business results through innovative projects.

Sollers Consulting’s key areas of expertise cover insurance, banking and leasing sectors. In its projects Sollers Consulting combines business knowledge with competence in new technologies. The company cooperates with a number of partners all over the world, including Guidewire, Moody’s Analytics, Microsoft, Oracle, and TIA Technology.

Source: Sollers Consulting