On Wednesday October 17th, Octo's global thought-leadership presence continued in Tel Aviv, in Israel's most prestigious annual business conference: 2018 Journey
Over 2000+ senior corporate executives, entrepreneurs, financial experts and world leading investors convened to discuss fundamental questions about humanity and the undoubted disruption we continue to see from technology.
Gianfranco Giannella, Chief Operating Officer and General Manager, presented in the panel session InsurTech - how technology and new business models revolutionize the traditional insurance industry and spoke about how:
- Insurance remains an essential societal and business need, but the industry itself is fundamentally changing. With competitive threats, cost pressures, ageing technology and increasing regulatory requirements, the industry is ripe for InsurTech.
- Many segments of new technologies are shifting the insurance space and marking the start of a new era.
- The tools and the new business models are defining the future of InsurTech and its strategic priorities
- We can measure the value of InsurTech to its consumers and how it benefits our lives.
Gianfranco's takeaway thoughts from the session were the following:
"Something fundamental is happening in the insurance sector, and the key question is not whether it’s overwhelming, but rather what is happening. For me, what shakes the market is when you fix something that is broken and when you generates a new need: InsurTech does both. Today, insurance companies operate in a structurally outdated way. Insurance companies set prices and collect premiums on the basis of incorrect data, and they ask the penalized customer what happened. It’s inconceivable.
Thanks to the data we collect, insurance companies are able to know who the prudent drivers are, who the drivers are that stop at the red light, and they have information above and beyond the mere age of a client. How can a client’s age only be considered a factor for risk! Furthermore, it is not necessary to separate home insurance, life insurance and car insurance. It is important to be able to insure the person, with all aspects that concern him or her, including if his/her flight is delayed by one hour... "