Insurance disrupted

Opinion piece by Tine Holvoet, Senior Researcher at Vlerick Business School

The InsurTech era is bringing forward new services and business models for an industry with roots in the 17th century. Picture a number plate to buy coverage on an hourly basis! Insure your friends within a shared cashback pool? Move the entire brokerage and policy management process into a mobile phone… Sooner or later, most of these initiatives become “businesses-within-a-business” having capital investment from larger parent companies, but keeping the flexibility to adapt to changing customer needs. Insurers are more willing to collaborate and work in partnerships than ever before.

An exciting opportunity for Belgium

The 5th Fintech Futures event kicked off with our finance minister, Johan Van Overtveldt, stating that “Belgium is punching below its weight in the financial sector”. Yet, the picture we see is one of ambition and innovation.

Johan Van Overtveldt

Qover is leading the way in digital insurance

Quentin Colmant - QoverTech company Qover has made quite an entrance into the insurance business. Since 2016, founders Quentin Colmant and JC Velge have designed a truly digital insurance offer. They have a library of on-demand, highly customisable and easy-to-use products that are backed by insurance giants Lloyd’s and Munich Re. Qover allows any organisation to easily build bespoke, white-label cover to sell on to their own customers. Struggling with the mentality of old-school insurers, Qover draws an InsurTech future where costs will be saved and end-user’s quality will be improved. With their Motor GAP product, Qover optimizes the expense ratio from 25% to 5% for example.

KBC is building future-ready teams

I invite you to walk into any insurer’s office and check the amount of paper! I could talk all day about what we are doing to build entrepreneurial spirit and stay successful.” says Frank Fripon, General Manager Strategy at KBC Insurance. To reposition itself for the future, the firm – winner of the 2017 Euromoney World’s Best Bank Transformation Award – is preparing its teams for digital transformation. Frank Fripon  stresses the vulnerable employability of bank and insurance employees. That’s why the company has launched a “digital driver’s licence” for teams to test their digital ability – and gives anyone who needs a refresh support and training to update their skills.

Frank Fripon - KBC Insurance

Ageas is putting customers at the heart of the experience

Stefaan de Kezel - AgeasAnd while KBC is focused on changing mind sets internally, Ageas is involving the customer. Stefaan de Kezel, Programme Director of Innovation and Smart Synergies, says the industry is slow to change because “clients aren’t demanding it yet”. But Ageas is ahead of the curve. The insurer has launched Back Me Up. An insurance app described as “Tinder-style insurance for millennials”, it offers pay-as-you-go products that are flexible and relevant. Just like Qover, Back Me Up is a story about end-users. UX is central to the story.

Find out more and get inspired

Vlerick’s FinTech Futures is the place to explore the very latest in technology, regulation and user experience in financial services. We bring together independent expert speakers, new innovations and networking opportunities to create unmissable events for professionals in the finance sector. Interested in getting involved? Get in touch with [email protected].

Tine Holvoet is a senior researcher at Vlerick Business School. She focuses on innovation and disruption in the global financial services sector and is currently exploring new ways of knowledge sharing and experience exchange. Together with Prof Bjorn Cumps, she set up FinTech Futures.

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