Dutch Insurance Outlook 2019: Inside-out & Outside-in

A two way look at the Dutch insurance industry

In this year’s Dutch Insurance Outlook, we present our Outlook on the insurance market in the upcoming years, the Inside-out view. Additionally, we have taken an Outside-in view in which we asked outsiders from tech firms, start-ups and other industries how they experience and perceive developments in their own sectors. Our focus has been on technological advancements, customer relations and working in partnerships through platforms or in ecosystems. At the end, the outside-in views are linked to the insurance market developments to put our main learnings forward.

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Dutch Insurance Outlook 2019

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The Inside-out view

For our Inside-out view, we explore the insurance market and the future of insurance along the lines of the following five main themes we defined.

1 | Disruption in the insurance market

All in all, the Insurance value chain is less prone to disruption. But has the predicted disruption blown over? Or may it not arrive with a bang and is it slowly eating away at the insurance sector? Technology drives a change and will continue to have a weighty impact on the insurance sector in the coming years. What are the disruptive technologies?

2 | The use of data and data science

Data is becoming more and more important. In this section, we explore the possibilities of effective use of data. But also consequences of data science like hyper-individualisation and (un)insurability.

3 | The relationship with the customer

Insurers have a strong focus on customers. However, (new) competition on the front end is expected and the insurers face the risk of becoming the risk-bearer at the back end, losing most of the contact with the customers. What opportunities are there for insurers, how can they engage customers and what can they do to create a customer-focused mindset?

4 | Working together – services and platforms

Insurers are used to work with other parties, normally in a controlling role around the insurance product itself. One trend we see is the trend of offering concepts through platforms and ecosystems. In such an environment, customers are offered “mobility”, “security” or “a good life”. Insurance will be part of this, but the question is whether the Insurers are the orchestrators. Insurers which can work together in this new landscape can gain a lot of future market potential. 

5 | New skills in a new world

Working with new technologies and creating an innovative mindset require a change. What can insurers do to make this change?

The Outside-in view

For this outlook, we have interviewed people from other industries to see what we can learn from them. The fields of interest were split to fintech/insurtech (StartupDelta and StartupBootcamp), small tech (Hi There, Friss and Swapfiets), big tech (Uber), energy (former director Eneco), retail, mobility and telco.

We explore these markets along three axes: 

1 | Technological developments

Which new possibilities do they see originate as a consequence of technological developments? What are their experiences with “disruption”, and did they observe changes in business models following from these developments?Cloud, AI and voice have been and are perceived as most relevant developments with weighty impact. 

2 | Customer management

What do other industries and start-ups do differently to manage their customers? And how do they use the technological developments as described above to improve their relation? Knowing your customer and offering the right product and services at the right time is key. It is not just about the product and it is needed to partner with other expertise.

3 | Working together in partnerships and ecosystems

Which business models could Dutch insurers develop to be prepared for the future? Who do they need to achieve their goals? And what can be their their role in an ecosystem?

Bringing Inside-out and Outside-in together

Bringing the Inside-out and Outside-in together we come to four main learnings:

  • Bring technology at the heart of the insurer
  • Conquer the customers’ heart
  • Work together and let innovation flow through the veins of the company
  • Levy your own knowledge

More information?

For more information about the Dutch Insurance Outlook 2019: A two way look at the Dutch insurance industry, please contact Marco Vet or Yoeri Arnoldus via their contact details below.

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