The third year of the prestigious conference Fin.Techsummit, taking place on September 25 in Bratislava, presents new current topics, especially technological innovations for the insurance business – InsurTech.
Acceleration of the digital transformation and the growing role of technology in financial services is a mutual topic of the thematic program streams of this unique professional event with participants from all over the world.
“I consider new financial technologies to be one of the most interesting innovative changes in the present. They have the potential to completely change in the short term the way we use bank services or insurance companies. The Ministry supports the development of innovations,” said Ladislav Kamenický, Minister of Finance of the Slovak Republic, for the conference Fin.Techsummit 2019.
This department belongs to one of the main partners of the conference, which is proven by the importance of the topics present at the conference. “Supporting FinTech, it is equally important for us that FinTech maintain a high standard of consumer protection and financial market stability – and therefore supports to improve financial literacy,” the Minister emphasized as well.
Insurance of the future – the revolution expected?
While the first conference stream is traditionally focused on banks and banking, the second part of the program focuses on technologies for insurance institutions.
What does smart insurance mean? What pros and cons does it bring for the customer and the insurer? Will we be monitored by a “big brother” equipped with intelligent technologies to find out as much about us as possible? These questions, tied with the challenges of the new development of the insurance industry, will be open at Fin.Techsummit for the first time ever, this year.
In this field as well, technology, applications and artificial intelligence mean a new era is coming. A handful of world-class experts in insurance business will present their views.
“Most insurers today face the same challenge: how to create a dynamic, high-growth business while managing risks and reducing costs? Business applications in most insurance companies are 10 to 30 years old, so they do not provide the functionality and capabilities that meet today’s customer expectations anymore,” said company Thinksense.
Its expert Samir Parekh will speak in a roundtable discussion “New Business Opportunities in the Insurance Industry – How Data and Artificial Intelligence Can Contribute?”
The vision of KASKO startup company is to build an open and interconnected insurance platform-B2B marketplace, where large digital distribution platforms – aggregators, brokers, banks, etc. – can exchange access to customers and bulk distribution of customized insurance products. Richard Allan will share more about this topic in Bratislava.
“Insurance will be simplified, automated, personalized. Insurers must focus on the customer, his needs and different preferences through an agile digital-first approach,” as stated in the opinion of consultancy company Adastra, its CEO Márius Maslo being also the participant of panel discussion at Fin.Techsummit.
Samarth Sekhar from SixThirty, an international fund focused on financial technology, will also be a participant at the roundtable discussion. Financial companies such as Mastercard, US Bank and Wells Fargo Advisors are cooperating with this US-based fund.
The unique presentation in this stream dedicated to the use of blockchain technology will also emphasize the needs of the insurance business. The Austrian blockchain influencer Robert Schwertner, also known as CryptoRobby, will share his opinion on this topic.
“We will soon be living in a world where this technology plays a crucial role – also in non-bitcoin contexts,” said Schwertner.
Insurance companies: New skills and requirements
The question of what is the role of insurers/underwriters today in applications and smart devices represents the unique view of the insurance business. In this context, a specific panel will address issues such as: What new skills are required of the future underwriter? What is the difference between “new” and “old” data used in the world of insurance? Can the simplified language of insurance conditions support the further expansion of smart insurance products?
The panel participant will also be, among others, Zaynep Stefan from Turkish Insurance, who noted in a recent expert article continuing underinsured status in the US and Europe markets, particularly in life insurance. Technological development could help solve this issue, where one of the causes is the complexity and bureaucratic processes.
“It is crucial for the future of insurers to simplify life insurance, especially when considering the new generation of people buying insurance. InsurTech is the key to success,” says Z.Stefan.
Stimulation of innovative motivation of Slovaks
“It is obvious that there are new products worldwide that make it possible to insure virtually anything for any period. Some apps track the client’s behavior on Facebook, evaluate his personality and features, and much more,” said Davy Čajko, director of company Future Proof, organizing the Fin.Techsummit conference.
“And one of the reasons why we open this topic is to create an environment for such innovations here as well. New applications that are faster, smarter, cheaper come from abroad. It is also where the profit goes and there is nothing left in and for our economy,” he stated as well.
According to D. Čajko, Slovak innovators should be inspired by “great examples from around the world, which we again succeeded to get to Fin.Techsummit.”
Partners, context and hackathon
Exclusive partner of this year’s Fin.Techsummit is Tatra banka, a.s. Main partners are DXC Technology and the Ministry of Finance of the Slovak Republic; the partner is the Embassy of the United Kingdom of Great Britain and Northern Ireland in the Slovak Republic.
“Combination of creativity, theoretical knowledge and real product development – that is our traditional event of Hackathon, taking place parallel with the main conference program, also this year,” informs Davy Čajko. The contest has been awarded by the main prize of 5000 EUR, sponsored by Tatra banka.