Starting off InsurTech LIVE Virtual 2023 was a keynote speech by highly respected international business developer, Frederik Bisbjerg, as he speaks about current opportunities and challenges within the insurtech sector.
Born in Denmark, Bisbjerg is today a renowned industry leader with a bank of experience in leading digital transformation and business model innovation. He lives by the mantra “the art of the possible” and continues to lead digital-first corporate strategies and C-level consulting activities.
With a wide-ranging career, Bisbjerg has been based in the Middle East since 2013 and at the time of this keynote was working as Chief Transformation Officer for AXA insurance company.
As of November 2023, Bisbjerg is now CEO of Al Wathba National Insurance Company (AWNIC).
Advancing the insurtech industry
Bisbjerg speaks about how the insurtech industry is facing a challenge of ageing employees and how enterprises are struggling to attract younger talent. As a result, he shares how the industry is experiencing low digital literacy, leading to it moving a bit slower than anticipated.
He also highlights how, with the slow-moving progress on these industry issues, new initiatives for optimisation and revenue generation are overdue.
“If you come in as an InsureTech and want to work across the whole organisation, you will face a lot of resistance and challenges,” he says.
“[Insurance] is an industry that has historically not been moving anywhere for the last 100 years - and then still is moving quite slowly - but around the corner, I see a lot of things changing or happening. We will start seeing fun … Most of you probably know that Amazon already in the UK has their own insurance store, and Google has a whole business unit assigned to Google Insurance.
He continues: “I don't think you'll see these tech giants go in and actually take the risks, but they will act as the distributions, which raises a lot of questions for the insurers: How do we actually do this?”
Embedded insurance and new digital business models
Bisbjerg also explores new technological ideas within the insurance and insurtech industries and how these can be implemented successfully. He touches on the potential for new digital business models and how insurers can work to explore partnerships with insurtech companies in order to maximise their digital transformation capabilities in an ever-evolving market.
“Technology is changing, customer experiences are changing, and we just have to keep up - which means we have to build a completely different operating model,” he says.
“The heartbeat of insurtechs is fast because of investors' culture and technology.”
To address these challenges, Bisbjerg suggests that the industry would do well to provide a more seamless experience for its customers, as well as optimising and automating more of its operations to stay competitive.
When asked if there are any infrastructural changes that incumbents can make, Bisbjerg says: “You will find that in most cases, there is so much wasted time and miscommunication in these handover processes that can be eliminated and many times without involving it, simply just by changing the way that we do things, changing the way your teams are structured.
“There are many things, especially in process optimisation automation, that do not require too much technology. And the good thing about this is it actually prepares the organisation for the next step - which could be introducing insurtech, [or] working with the technology changes.”
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