“Insurance Industry: Ensuring Tomorrow’s Survival Today” was his topic. Read an excerpt of his presentation here:
With the increasing shift of bargaining power in the value chains towards the players controlling the customer interfaces (in particular Google today, CHECK24 comparison portal and possibly Chat GPT tomorrow), the opportunities to generate margin from the insurance business are becoming more and more limited. An all around rethinking is needed here, from a focus on #customerjourney (insurance-focused view) to a focus on integrated solutions for customers’ life situations (cross-industry view). A good example of this is the approach taken by PingAn Trust Co, Ltd.
The key here is to follow the principle “Don’t build on other people’s land!”. This means that the players who rely only on other market players to bring them leads/customers are unlikely to make a margin in the future. Participation and (at least partial) control of the market players who occupy the customer interface is therefore necessary. This is not possible in all areas, but can be developed and built in some areas of the customers’ lives.
If you have any questions on this topic and would like to have an exchange, please feel free to contact Armin directly: