Address Delivered by Shanai Ghosh, Chief Executive Officer and Managing Director of Edelweiss General Insurance Company | Tech Summit in the Financial Services Sector
In the dynamic landscape of the German insurance sector, leading companies are actively leveraging new technologies to enhance their insurance expertise. Baloise, a frontrunner in connectivity, sets the pace, closely followed by Axa, a global powerhouse with a robust digital infrastructure across all insurance segments.
Baloise's prowess in connectivity is matched by Axa's digital might, but it's not just about technology. Debeka, with its stellar reputation and market presence, particularly in private health insurance, stands out. Meanwhile, Münchener Verein, VPV Versicherungen, and Adam Riese are recognised for their high customer satisfaction and service quality, often attributed to digital service improvements.
The progressive regulatory environment in Germany encourages the use of data for personalised and value-added services. This shift towards data-driven strategies is not a mere trend, but a strategic response to the changing needs of customers. By harnessing data, insurers can provide more personalised services, adding value to their offerings.
However, this transformation does not come without challenges. The alignment of business and IT strategies may be necessary for the insurance industry to fully capitalise on data-driven opportunities. Insurers are required to adapt to new technologies, and this adjustment might necessitate a rethink of their existing strategies.
The focus on emerging technologies in the insurance industry could be influenced by the supportive regulatory environment that encourages innovation. This regulatory backing is a catalyst for change, pushing insurers to explore new technologies and embrace data-driven strategies.
In conclusion, the German insurance sector is on a digital transformation journey. Leading companies are embracing new technologies, and the regulatory environment is supportive of innovation. The industry's focus on data and emerging technologies is set to provide more personalised and value-added services to customers, making insurance more accessible and relevant in the digital age.
