Insurance & InsurTech

From insurer to companion in all life situations

For years, there has been a massive shift in profit pools away from the insurance industry. Successful companies are those that control the customer interface and offer the customer the right solution in all areas of life, and do so where the customer really is.

At the same time, rising loss amounts require consistent digitization and automation of the operating model – along all stages of the value chain and in such a way that it becomes an experience for the customer and a cost reduction lever for the insurer.

What is needed is an update of the understanding of insurance from the customer’s perspective: from “solid but slow” to “fast, secure and digital”.


USD 2.5 trillion in gross premiums insurers worldwide are estimated to be able to generate through embedded insurances over the next decade.


74% of consumers expect their insurance companies to use their personal data appropriately to make the right recommendations.


3 seconds took the fastest ever insurance claim review and payout. All fully automated and AI-based.



Adapting business models to customers’ growing expectations for communication and digital contract management and claims settlement.

Customer expectations

Providing a seamless, simple and transparent service to meet rising customer expectations.


Continuous improvement and innovation in an intense competitive environment, intensified by new insurtech players.

Big Data and privacy

Leveraging Big Data for improved risk assessment and pricing, while complying with strict data protection laws.

Regulatory requirements

Coping with a complex and highly regulated environment, which means a high administrative burden.


Protecting customer data and internal systems from rising cyber risks due to increasing digitalization.

Opportunities of digitalization

Digitalization has been impacting all parts of the value chain in the insurance industry for years. It is leading to a significant transformation of the industry, bringing substantial benefits for both the companies themselves and their customers.

Improve customer experience

Through digitization, insurers can significantly improve the customer experience. Customers can take out policies online, make inquiries and claims via digital platforms and easily manage their policies online. This can lead to higher customer satisfaction and retention.

New products and services

Digitization enables insurers to develop innovative new products and services tailored to specific customer segments or needs. Examples include telematics insurance in the area of motor vehicle insurance or on-demand insurance, which is only active in case of the customer actually needing it.

Risk assessment and pricing

With the help of Big Data and Artificial Intelligence (AI), insurers can carry out more accurate risk assessments and calculate more individualized premiums. This can lead to fairer prices for customers and improved risk management for insurers.

Partnerships and ecosystems

Digitization opens up the opportunity for insurers to form partnerships and work in ecosystems with other companies. This can lead to improved customer experiences, for example, by seamlessly integrating insurance products with other services (such as insurance offered directly with the purchase of a car or property).

Improving claims management

Digitization can significantly improve claims management. With digital tools, claims can be assessed more quickly and accurately, resulting in faster payouts and higher customer satisfaction.

Preventive services

By leveraging IoT (Internet of Things) and AI-powered analytics, insurance companies can offer preventive services that help avoid or minimize risks. For example, sensors in homes or cars could be used to detect hazards early and warn customers.

Improving fraud detection

Advanced data analytics and AI can help insurers more effectively detect and prevent fraud attempts. This can lead to significant cost savings.

Increase efficiency

By automating processes, insurance companies can make their internal operations more efficient, resulting in cost savings. These can be used to either increase profits or reduce premiums for customers.

DevelopX Perspectives

Gain insights into the perspective of one of the most successful growth and digitization consultancies and read short, meaty articles on current topics and challenges.

17.05.2023 Germany, Europe / Insurances

Insurance business – securing tomorrow’s survival today

5 min Armin Hoell-Steier

Digital business models are playing an increasingly important role in the insurance industry. Consumers today expect quick access to information and ease of use online. – Read the summary of Dr. Armin Höll-Steier’s presentation at the Insurtech…

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Dr. Armin Höll-Steier

Contact us About Armin

Before joining DevelopX in 2021, Armin spent more than 10 years as a manager/principal at the top strategy consultancies Bain & Company and the Boston Consulting Group (BCG), advising corporations, mid-sized companies and private equity funds on strategic issues and the operational implementation of measures. Armin also looks back on more than five years as Managing Director at Germany’s largest comparison portal CHECK24, where he successfully managed and scaled the property insurance division as well as the insurance center.

Armin holds a PhD from LMU Munich in Capital Markets Research, a Master of Business Research, a Diploma in Business Administration from LMU Munich and a degree from the startup and entrepreneurship school CDTM (Center for Digital Technology and Management) from LMU and TU Munich.

At DevelopX, Armin focuses on optimizing customer-related processes and digital customer journeys. He focuses on the Insurance & InsurTech and Banking & Fintech industries.