The latest Insurtech trends at DIA Amsterdam 2022
DIA 2022 Amsterdam was everything it promised to be: inspiring speakers, interesting insurtech start-ups, challenging workshops, and great networking nicely wrapped up in a flawless organization in a sunny Amsterdam setting. Let us share some of our personal take-outs, for the sake of sharing. And who knows, maybe it may ignite some ideas that were already lingering in the back of your mind. Over two full days, a total of 75 companies shared their insights, and vision of the future or solutions to start right away through a format of show & tell: 10 minutes of high pace pitching, deep dive, or keynote with the audience. As we breathe insurance and technology, we did not expect any big surprises. However, DIA did bring us new insights, interesting evolutions, and innovations.
A strong case for Low Code
The number of solutions and use cases using low code was remarkable, making it clear where the future is headed. Mendix explained how their low code platform could improve productivity and efficiency while integrating AI and machine learning. In the same alley, Instanda, Realytix Zero, Simplifai were making a strong case for low code. Most participants were not convinced low code is the way forward whatever the situation but agreed that it is quickly becoming a valuable alternative to a tailor-made approach.
Health and wellness solutions also remain on the agenda. While betteryou.com focuses on steering their users towards their personal well-being goals by smartly using data available on your phone, binah.ai and doc.me illustrate a new trend where your health parameters are captured via your smartphone or face camera, making hardware such as a smartwatch unnecessary. A promising evolution in NLP technology was illustrated by Sensely, which showed an empathy-driven conversation platform designed specifically for healthcare. This bot's engine constantly learns from customer interactions and immediately uses these insights to guide and improve the conversation.
An interesting Belgian-based solution Jane (meetjane.be) monitors the elderly home that goes beyond the emergency button or fall detection wearable. Based upon AI algorithms it can give you an alert if the elderly is falling out of their normal pattern & habits such as not going to the kitchen in the morning at a certain hour.
Sustainability is entering the Insurtech market
Strongly emerging on the insurance agenda is anything to do with sustainability. While it is not yet all over the place, the signs are clear like claimsscarbon.com, which is taking carbon out of insurance monitoring operations, investments and alternatives for claim settlements favoring repair before replacement. A design thinking workshop on sustainability only confirmed the wake-up call the industry is facing, so we expect this topic to grow in the near future.
Big data and AI are also driving Gent-based trensition.eu to deliver strategic intelligence. Through a very accessible tool, they make you understand which trends are going to affect you and your customers, when this will happen and how strong the impact is expected to be. How top of mind is the sustainability subject in the insurance industry?
The best part is that they manage to make these insights very actionable and thus create a great basis for further (human) discussion and dialogue.
Kasko2Go was another sweet spot on the Show & Tell stage: they are on a mission to predict traffic accidents, based on AI. Thus, they asses, inform and prevent risk based only on place and time data. Concrete results include a personalized report for the insured informing them of where and when accidents are most likely to occur in their neighborhood, or data sent to car telematics to dynamically alert the driver of any future risks.
The Belgian connection
Besides the aforementioned Jane & Transition solution, we also witnessed a very strong pitch performance on stage by wegroup.be which earned them the DIAmond award 2022 (cfr. also WeGroup blog).
Baloise presented their use of tietoevry.com in the deep dive panel conversation in how they have used this platform to launch new innovative products fully embedded into their broker-first strategy. The platform allowed the rapid launching of new digital products and allowed Baloise to Test & Learn and see what sticks with these kinds of customers and what doesn’t.
Between the hall of the show & tell & deep dive panel you find a replica of the DeLorean time machine directly out of the 'back to the Future' films back in the 1980s.
It reminds us again of Microsoft's Bill Gates' famous quote: “Most people overestimate what they can do in one year and underestimate what they can do in ten years.”
All these cases, and many more, illustrate that the insurance industry is facing an interesting time, packed with new technological opportunities to deliver great experiences in response to ever-evolving customer needs while creating business value. Should you be facing a challenge that requires a fresh mix of these ingredients, please reach out to us. We will be happy to discuss it with you.