Tactical Recommendations to Insurers and InsurTech Startups

How to improve cooperation between traditional risk carriers and InsurTech startups? In this episode Lukas Naab from MindsMedical, Uli Kleber from the Digital Insurer und I give our recommendations to traditional insurance carriers and InsurTech startups on how to improve their cooperations.

Top Quotes

Top Quote: If you are an #InsurTech #startup pitching an #insurance company: Go laser focused in one thing you can do really well. And just pitch that idea and own that. Technically! (Lukas Naab)

Top Quote: If you are an #insurance company, train your staff to think more structured and follow the three steps (shown) to ensure that #InsurTech #startups deliver what they promise. (Karl Heinz Passler)

Top Quote: If I was a big #insurance company, I would structure my process to figure out what I actually need and which used cases I can apply. (Lukas Naab)

Top Quote: When I go to an #insurance company and they have no idea about their processes and stuff, I can basically go home. (Lukas Naab)

Top Quote: As an #InsurTech #startup be crystal clear on what is the value is that you bring, make sure that you bring in someone who understands insurance. If that’s not your home turf and make it easy for the #insurance company to like you and to actually work with you. (Uli Kleber)

Video

InsurTech Talk Podcast

Transcription

  • If would be an InsurTech startup. I would heavily pitch insurance companies with the three steps I’ve shown you.
  • [Off Camera] Sure.
  • Of course. And if I am an insurance company, I would train my staff to think more structured, maybe also in these three steps.
  • [Off Camera] Okay.
  • I am a startup and I try to go laser-focused in one thing I can do really well and just pitch that idea and own that, technically.
  • Yeah. Know your stuff very well.
  • [Off Camera] Right.
  • If I was a big insurance company, I would structure my process to figure out what I actually need, which used cases I can apply. Little experienced from if I had the time for myself. When I go to an insurance company and they have no idea about their process and stuff I can basically go home. I had a very good experience where we went through these used cases and they go back at their desk and they count stuff to see if it’s actually valid. And that’s what they all should do. Go back with a concrete idea, try it out and then come back.
  • Focus.
  • Focus on it.
  • Yeah, I think as an InsurTech be crystal clear on what up the value is that you bring, make sure that you bring in someone who understands insurance if that’s not your home turf and make it easy for the insurance company to like you and to actually work with you. And I think for the incumbents, it’s really about making sure that it’s the right people that take care of innovation that also have the Cloud, will achieve inside the company to bring these changes about and then be willing to fail fast.

About the panel

The panel discussion “InsurTech – Leveraging Digital Innovation to Transform Insurance Sector” was moderated by Matthias Reinwarth from KuppingerCole Analysts and included the following panelists:

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Published by Karl Heinz Passler

I help insurance innovators to apply InsurTech.