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https://www.avenga.com/magazine/digital-transformation-insurance-interview/

Digital transformation in the insurance and finance sector: An Interview with Fabian Van Lancker of Swiss Life Germany

2020-06-12 10:17:22, Sascha Langfus (Insurance Specialist & SVP Sales Europe), Miriam Birkett (Head of Marketing DACH), Avenga

Content Categorization

Word Count:
3100

Words/Sentence:
21

Reading Time:
20.67 min

Reading Quality:
Adept

Readability:
13th to 15th

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The insurance and financial sector, therefore, operates according to different rules than, for example, the music market, where people, when they feel the urge to listen to music, compare the best providers and then simply purchase it.

Added to this are the challenges in IT.

This means that insurance products may become cheaper due to the use of smart technology, but not more expensive.

Micro-finance and shorter maturities: The future of the insurance industry

SL: Looking into the crystal ball: Digitization is advancing rapidly.

What will the insurance industry look like in 10 years?

FVL: Micro-finance products are becoming increasingly important: Generation Y and Z clients do not want to sign 40-year contracts which do not allow them to access their money for 40 years.

Digitization will then take place in the distribution channels.

Similarly, as with banks and PSD2, this will be separated from the insurance companies and instead be provided beforehand by FinTechs, InsurTechs, and independent distributors like Swiss Life.

Piloting, obtaining feedback, making pilot projects bigger – these are the three parameters with which we at Swiss Life have completed the digital transformation.

In the end, there is always a need for a central person in the company to take over the patronage of the digital transformation.

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