In discussion with Michael Carl and Simon Dufour from Keylane are David Stachon, COO at Wefox, and Sebastian Pitzler, CEO at InsurLab Germany.
The future is about collaboration – the attraction lies in disruption
Who owns the future of the insurance industry: the big or the small, the established or the startups? The fast and the cooperative, according to David Stachon and Sebastian Pitzler. 90% of InsurTechs are designed to collaborate with established insurance companies. Accordingly, the ability to cooperate on all sides is the decisive factor for success, they said.
More exciting, according to David Stachon, are the remaining 10%, which aim to disrupt the industry. The insurance industry is the last of the major industries that has not yet been technologically disrupted, clearly evident in the industry’s national borders. A good product from Portugal no one can buy here, a good Belgium no one can distribute in from here in France. It’s as if BMW had to build its cars for Denmark exclusively in Denmark.
As David Stachon points out, “Even though Wefox is clearly aiming to disrupt the insurance industry, they don’t perceive competitors in their environment, only potential partners. The agile will survive, big or small. Agile and collaborative, in the industry and beyond. The days when every insurance company wrote every line of its own program code into its own system are de facto over”, he says. A fundamental shift in the industry.
Insurance as a supplier
Insurance companies must learn to integrate themselves into existing value chains. The car insurance of the future will be an integral part of the car, just like tires and injection pumps. After all, no one would check these parts on Check24. This is where a real paradigm shift becomes visible: The insurance of the future will no longer be sold. It will no longer be bought at all; instead, it will be an integral part of another value chain. Insurance will thus become a supplier alongside many others – the ability to cooperate will be decisive.
In the exciting discussion, there was quick agreement on one point: the ability to cooperate on all sides is the decisive factor for success.
Enjoy listening to it now (in German language): https://keylane.com/de/