Oliver Bäte, CEO of Allianz SE, today opened the 44th annual Insurance Conference in Sun City, South Africa, with a keynote address on the conference theme "Disrupt, Debate, Deliver". In his speech, Bäte addressed the profound transformation of the insurance industry wrought by digitalization.
“In today’s fast changing world, it’s critical to innovate quickly and to change course rapidly if necessary. The insurance industry, like other customer service industries, is transforming because of the all-encompassing impact of digitalization on our lives. Customers have new expectations, a growing number of disruptors are taking the stage and new megatrends, such as artificial intelligence (AI), voice-based smart assistants (i.e. ‘Alexa’), telematics, wearables and drones are fundamentally changing the traditional insurance model.”
“We are completely rethinking the way we serve our customers, not least because of the competition posed by disruptors from the fin-/insuretech space, who have an impressive facility with mobile technology and analytics. Today’s customers will choose a product primarily because it’s easy to use, transparent in terms of price and quality, and personalized – and because it’s available to them via the digital channels they want it from.”