Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠⁠⁠⁠KASKO⁠⁠⁠⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about AI for decision makers:

• One use case for AI is to make decision makers / knowledge workers more efficient.
• AI can help throughout the decision-making process including communication and implementation.
• It can cut the time for decision making including communication by up to 60%.
• AI takes voice-to-text to a whole new level as you don’t have to speak like you would write.
• Best advice: simply start with what already exists.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!
#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #AI #KI

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠⁠⁠⁠KASKO⁠⁠⁠⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about the attack on cross subsidies:

• In many lines, there’s a trend towards more price differentiation using additional data we have on customers. Some business models focus purely on capturing profitable customer segments.
• There are 4 ways for incumbents to react to this trend which can be combined:
1. Ignore and keep the way of cross-subsidy / solidarity that you’re used to.
2. Discredit the loss in solidarity and act by not allowing customers who go for their maximum profit to profit from the community’s solidarity when they are in a weak position.
3. Jump on the bandwagon and generate an additional line of tariffs / brand that captures the possibilities of stronger price differentiation while keeping the solidary part of the business alive.
4. Go all in and change you pricing structure to include the new normal of stronger differentiation.
• Depending on the specific situation, your profitability targets and moral position you must chose between and potentially combine your options.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!
#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #subsidies

Get Your Insurance Fix on “The Insurance Couch” Podcast!

Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠⁠⁠KASKO⁠⁠⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they finalise their discussion about Aggregators (3/3):

• You can (further) increase profitability of the PCW channel by increasing prices (relative to other tariffs) over time and by incentivizing PCW customers to refer you to their friends.
  

• A convincing communication and discount strategy for your agents and brokers is essential as some customers go to PCW and then to agent/broker.
  
• You must generate data from PCWs and use it for product design and dynamic pricing.
  
• Avoid building a separate IT & operating infrastructure just for the PCW channel.
  
• Build a strategy around the (unprofitable) core product including capturing spillover, cross- and upselling and profitability increase over time.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #aggregators #pricecomparison

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠⁠KASKO⁠⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about Aggregators:

• When working with PCWs you can (and must) retrieve a unique wealth of data. It’s important that you make the effort of constantly retrieving and interpreting the data and implement real-time actions.
• In rare cases you can hit the jackpot and find profitable niches on PCWs. This is when you can write lots of profitable business.
• It’s important to work on non-price-comparison efforts with PCWs. They have lots of traffic and business opportunities beyond price comparison if you work together constructively.
• Life savings products, small top-up coverages, or switch tariffs are some examples of how you can utilize PCW’s traffic without engaging in a price war.
• As the core business with PCWs won’t be profitable, upselling and cross-selling, spillover effect and renewalmanagement becomes  major factors on the road to profitability.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #aggregators #pricecomparison

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠KASKO⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about Aggregators:

• Price Comparison Websites (PCW) are an important distribution channel in many countries and for several lines of business (especially motor).
• Their business model is to connect price sensitive customers with insurers that need to shop topline growth.
• The combination of low premiums, high commissions, and short customer lifetime makes it very difficult for insurers to make a profit with business from PCWs.
• HUK24 is an example of how to successfully position an insurer as price leader without using PCWs – but it’s hard to replicate.
• If PCWs are an important distribution channel for you, you better set-up specific products, processes, and potentially a separate brand for it.
• Your best friend when working with PCWs is the spillover-effect: customers that compare prices on a PCW and then come to your website for free in order to buy directly from you.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #aggregators #pricecomparison

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠⁠KASKO⁠⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about Embedded Insurance when it comes to Airlines:

• Travel insurance through airlines is one of the oldest and most successful embedded insurance segments.
• It can raise ticket profitability for the airline by as much as 30%.
• The best airline/insurer partnerships reach up to 15% attachment rates on all airline customers.
• If you can bring your airline partner towards 15% attachment rate through products, touchpoints, delivery, and brand, you can become a trusted partner – not just a commodity.
• It requires a lot of expertise and the ability to quickly test and fail in order to get to that 15% attachment rate.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #growth #opportunity #airline #embeddedinsurance

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠⁠KASKO⁠⁠ as they bring you unique insights from their experiences in the insurance world.

This episode they talk about the Risk Appetite of Insurers:

• Every insurance Board of Directors must issue a Risk Appetite Statement.
• However, there aren’t many proper and specific Risk Appetite Statements for insurers. Yet, defining the Risk Appetite isn’t that hard.
• For a Financial Risk Appetite Statement you must define clear financial dangers and assign maximum acceptable frequencies to them. This is easier than it sounds.
• There are only 3 kinds of financial dangers: regulatory intervention, loss of rating, and drop in profit. 
• Regulatory intervention is a relevant danger for every insurer, loss of rating is only relevant for commercial insurers and reinsurers, drop I profit is only relevant for publicly listed insurers.
• A Board of Directors Risk Appetite Statement must consequently broken down into operable limits, thresholds, guidelines, and controls.

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #growth #opportunity #risk #riskmanagement

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler ⁠KASKO⁠ as they bring you unique insights from their experiences in the insurance world.

This episode is all about what they call "Insurtech Leftovers". These are some of the key insights shared in the episode:

• Insurtech is dead – R.I.P.
• Online direct isn’t an attractive channel in insurance: limited size, no growth, high CAC, low LTV
• Apps and portals have been a mistake – new technology can help repairing it
• Technology can enable insurers to capture more opportunities by trying fast and cheap
• Online leads can be valuable – but only if you use outbound calls to increase conversion
• We’ve developed the technology for the wrong target group – use it for distribution partners, not customers

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!

#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #growth #opportunity

Get Your Insurance Fix on “The Insurance Couch” Podcast!Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler KASKO as they bring you unique insights from their experiences in the insurance world.

This episode is all about AI Implementation Challenges (2/2) and these are some of the key insights of the episode:

• 70% of a successful AI implementation is change management
• Reasons for resisting AI implementation include cognitive overload, fear of failure, lack of leadership buy-in, change fatigue, or misaligned incentives
• These reasons of resistance must be addressed to ensure success
• AI projects can be started by giving teams small budgets without requiring a specific return
• The smaller the change for employees, the higher the success

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #growth #opportunity

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, supervisory board member and advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech enabler KASKO as they bring you unique insights from their experiences in the insurance world.

This episode is all about AI Implementation Challenges (1/2):

• The progress in AI is impressive and calls every manager to action
• Given the vast amounts of funding, AI is likely to continue its success story
• As with every tech implementation, change management is the most important component
• Using AI to get data from customers and distribution partners in a digital way without asking them to change their behaviour might be the best use case for AI today as it actually gets rid of required changes
• Rather than focussing on the highest tech potential, go for the ones with the highest likelihood of adoption and that is where users don't have to change 

Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry!#insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #growth #opportunity