Insurance innovation: fostering a revolution with Beesafe 05 January 2022

Rafał Mosionek, CEO of Beesafe, talks about how the Agile insurer recalibrated since the start of the pandemic to become more human-focused. 

What makes your company truly innovative?

Beesafe has opened the door to innovation in insurance in Poland. It is the right product served in the right time. It is a game changer not just at a local level, but also at the CEE level - for a traditional insurer with a long history such as VIG, it was a moon-landing-milestone to create such a new company, utilizing all the cutting-edge technology and testing countless new options. We will not stop innovating from now on.

Our traditional competitors are looking for a USP which might change the situation within a short period of time, but they are working on a copy-paste version of the Beesafe solution. Hopefully, it takes some time for traditional and huge companies to develop similar offers so we can add more innovations in the meantime to make sure we are staying out ahead of the competition.

Over the long term, VIG's Beesafe will change the general landscape of the insurance sector. We expect that a number of customers will move from traditional brands to insurtech brands because it has already happened in the financial/banking sector. In a sense, we started a similar type of move in insurance in Poland and hope to have a true regional impact with Beesafe getting this beehive to buzz.

What are the major goals and results obtained from your ongoing innovation strategy?

Our mid-term target is to achieve double digit market share in digital distribution channels where Beesafe is present. Initial sales results are approximately 15% above the expectations that we had in our business plan for Poland!

We have a simple onboarding journey supported by continuous UI/UX improvements driven by multiple A/B tests that result in a very high % of customers entering the sales funnel to quotation.

Taking all these achievements into consideration, further rollout in other countries is to be scheduled soon.

How is a culture of innovation achieved across your company?

Beesafe was established as fully Agile entity working without traditional structures in order to verify our non-standard way of working and the impact it can have on such complex projects.

As a result, we experienced a extraordinarily short go-to-market time. Our implementation and state-of-the-art technology will become the new customer experience benchmark for the market.

New VIG competencies were built during the project such as UX/UI advanced design, data science, digital marketing, and high organizational agility and innovation shared with other group entities.

How does your company manage the overall innovation process?

The inception phase of Beesafe had just finished before the first lockdown in Poland in March 2020. While closing our office, we needed to rethink and pivot our operating model (starting with HR processes through to product development and operations) to becoming an even more digital company in the Covid era. At that time, there was no easy answer on to how to adjust our design thinking framework to the Zoom and Teams environment.

Our answer was to focus more on our people, creating safety and trust in our teams, when some of the assumptions of being and working together were challenged. We focused more on the human element and redesigning our initial concept. We were trying to understand our new customer and his situation in a Covid context. 

During that process, we have created new motor insurance, deployed a core system and integrations with several external partners, and employed 100 people. All of these achievements were accomplished using innovative technologies and an Agile way of working.

To know more about innovation in insurance and read more of these interviews, download your free copy of our Voice of the Insurers paper.

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