Insurtech in Austria
This article is only available in German.
InsurTech start-ups are already gaining ground in the US market. In Europe, investment remains more tentative. However, the industry, particularly in Austria, needs to rethink its approach to new technologies and the opportunities they offer for actuarial science. Newer providers in particular stand out through their customisable offerings, unlike their competitors, which focus on standardisation.
The pandemic led to a marked increase in people's willingness to take out insurance. The World InsurTech Report 2021 by Capgemini and Efma showed that four factors in particular have a significant influence on this decision. Together, these form the CARE principle. Policyholders are increasingly looking for insurers that support them with Convenience, Advice, Reach and Effectiveness. The report also found that customers do not hesitate to switch if competitors offer these elements.
What innovative solutions are available to meet these needs? Process and product optimisation are currently seen as particularly promising areas. Technologies such as natural language processing (NLP) can help here. NLP makes it possible to quote for risks more quickly. Cloud solutions can also provide better support for business growth. Data is another key consideration in this context. Collecting and interpreting customer data must not be neglected if untapped potential is to be identified early and used efficiently.
The opportunities are considerable – it is now up to the industry to invest the time and money needed to offer its customers the best possible experience over the long term. Those who turn a blind eye to progress miss the opportunity to distinguish themselves from their competitors in the market for the long term.
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Hannah Steinberger
