What will the insurance industry look like in 2050?

Efma feature

15 May 2019

The insurance industry is set to undergo a dramatic transformation in the coming decades. Optimization, transformation and engagement are fundamental to insurance companies’ long term success – and are the three key areas of focus of Efma’s upcoming Insurance Summit, which will take place in Vienna from 13 to 14 June 2019.

How will the insurance world develop towards the year 2050 and beyond? In what ways will millennials interact in the future? How will mobile technology and micro insurance impact the industry?

Efma’s Summit, ‘Insurance Revolution: Optimize, Transform and Engage’, seeks to answer these burning questions, among many others. Leading insurance business minds from all over the world will take you in a time machine and project how digital behavior will evolve in the coming years.

Here are some of our top picks from the summit:

Folker Michaelsen, Senior Manager of Customer Insight & Strategy at Allianz SE, will look at generational shifts and the pivotal role of Gen Z in transforming industry expectations in his stimulating session ‘Understanding the Digital Natives’.

Makoto Okubo, General Manager of International Affairs at Nippon Life Insurance Company (NISSAY) will look ahead to the year 2030 in the life and healthcare insurance sector. Calling it ‘a paradigm shift’, Okuba’s session will dive into holistic approaches to technology and innovation, new insurance initiatives across the APEC region and how to incorporate the Sustainable Development Goals (SDGs) into your business strategy. 

What role will ecosystems play?

Insurance revolution will also come about via acquisitions and longstanding partnerships. Three case studies of real-life successful ecosystems – car sharing, electric mobility and global health – will be a major highlight of this year’s insurance summit.

Hear what Generali JenIoT’s Alberto Busetto has to say about the Generali-DriveNow car sharing partnership, for example how individual customer profiling and a profound understanding of customer behaviors has helped launch an ecosystem championing ethical and safe driving. Jean-Marc Pailhol, Head of Group Market Management & Distribution at Allianz SE will also share his insight into electric mobility ecosystems.

AXA’s Sandrine Coulange, Health Program Director of the leading worldwide insurer’s innovation team, will share her outlook on the global landscape of health ecosystems and partnerships, notably how to leverage technology and team up with insurtechs.

What are the secrets to successful innovation?

PZU, one of the 2018 winners in Efma-Accenture’s Innovation in Insurance Awards, sure knows what they are talking about when it comes to innovation. In an invaluable session led by Roman Pałac, CEO and Chairman of PZU’s Innovation Committee, expertise on the role of innovation hubs and insurtech partnerships in accelerating innovation will be revealed.

These are just a few of the many exciting sessions on the summit’s agenda that will tackle the challenges and opportunities of innovation.

Boris Plantier, Strategic Content Manager at Efma, said "Thanks to technological innovations and the building of new ecosystems around the customer’s journey to accompany them in their everyday life, insurers can reduce their costs, improve customer service and, most of all, become a partner in their everyday life to improve the customer’s health and life. This is a huge change in the industry."

Through interactive workshops, demos, presentations, networking and panel sessions, Efma’s Insurance Summit will explore the key issues facing insurance leaders today and in the future, and what this revolution means for insurers in areas such as cyber risks, artificial intelligence, robotics, 3D printing, mobility, drones and wearable devices.

With insights into best practices from across the industry and case studies from different regions, Efma aims to help insurers find the best strategies to succeed in a transforming industry.

Don’t miss out on this unique opportunity to connect with your peers, learn from industry leaders and build together the insurance industry of the future! Register now!

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Keywords : Insurance Products & Services , Transformation , Business strategy/Model , Corporate social responsibility (CSR)

Geography : Austria