What can we learn from other sectors?Innovation in the automotive sector (very important for non-life insurance)
The car industry was a traditional market until recently. Until car manufacturers also started to cooperate with small startups. Cross-fertilisation between car manufacturers and startups meant that innovation was super-fast. The traditional car manufacturers were infected by the startup culture. By now, almost every modern car is packed with new technology coming from startups: self-driving cars, automatic parking, detection of humans and animals at night, communication with infrastructure like traffic lights. Don't forget the whole electric revolution. By working with startups, innovations have made it to production models in a short time. We in the sector can certainly learn from that. The sector can also develop and distribute new insurance products with new players such as startups. Message: Start experimenting
The insurance world is in a state of transition. New players on the market, room for Open Insurance and new business models are emerging.
Harold's message is clear: "Start experimenting! Engage with startups that meet a specific need in the market with their targeted solution."
He even goes a step further in his advice: "Partner with ten InsurTech startups at a time. Yes, a few of them may not bring you what you expected. However, you gain experience with so many at the same time, you can take that experience into the future."
Do you already have your own ideas and want to develop them further? Then enter into cooperation with innovative IT companies.