In today’s changing world, mutual/cooperative insurers are looking to embrace technology and transform their business models to remain relevant for the customer of the future.
As the InsurTech industry continues to grow (there are approximately 2,500 InsurTech companies active today accordingly to Willis Re), many start-ups are now looking for strategic partnerships with incumbent insurers. Mutual companies generally look to leverage emerging technologies to improve customer experience, however, there are other opportunities in this growing ecosystem. Effectively embracing technology transformation involves a process of understanding existing systems, identifying business needs and evaluating potential partners.
To remain relevant for its customers, P&V Group (Belgium) is looking to be active in new ecosystems and evolve the way it provides insurance solutions, through an integrated offer of value propositions (encouraging prevention and sustainable services) and a new interaction model with brokers and customers. P&V is focused on six ecosystems: mobility, home and family, SMEs, pension, health, and longevity.
This evolution is combined with embracing open innovation, shifting to data-driven solutions, and a cultural change (“culture eats strategy for breakfast”).
P&V is transforming its interaction model towards customer orientation, omnichannel communication (the customer is “phygital”), and open architecture. Through partnerships, P&V can create a virtual circle of customer engagement and offer insurance-as-a-service value propositions in these ecosystems.
LocalTapiola (Finland) no longer considers itself an insurance and financial group, but a lifelong safety company. As a result of this strategic transition, LocalTapiola’s operating model now revolves around providing personalised services to safeguard the life and security of its owner-customers.
In the future, it believes customers will appreciate easy, personal, multi-channel service, and plans to stand out from competitors by offering the best customer benefits and customer experience in lifelong security. LocalTapiola is shifting its focus in life and health insurance towards prevention and wellness, leveraging innovative digital and technology solutions such as its Smart Life Insurance solution (a mobile app that offers telemedicine services and wellbeing content) and Smart Home (IoT) and water leakage technology.
As a mutual company, sustainability and corporate responsibility must be at the heart of the LocalTapiola’s future strategy. Responsible investing and active asset ownership are already producing enhanced returns for the company. Embedding ESG is also an essential part of its holistic risk management approach.
Session speakers:
- James Kent, Global CEO, Willis Re (UK)
- Sophie Misselyn, Member of Management Committee, P&V Group (Belgium)
- Lauri Saraste, Director, LocalTapiola (Finland)
