Discover the cutting-edge insights from our Insurance Innovators Nordics sponsor, Earnix, as they share their perspective on our March 2024 show in Copenhagen.

March’s Insurance Innovators Nordics event brought together industry leaders and disruptors, sparking dynamic discussions and providing valuable insights into the future of insurance. As an attendee, it was a valuable networking opportunity packed with vibrant and thought-provoking presentations and discussions. Five key takeaways emerged for me, highlighting the industry’s commitment to innovation, resilience, and customer-centricity.

1. Captivating Digital Customer Experiences: One of the recurring themes of the event was the importance of leveraging technology to meet evolving customer needs. From enhancing digital interactions to creating memorable experiences, there is strong demand from insurers to continue to raise the bar when it comes to the imperative of prioritizing customer-centric strategies in today’s digital landscape.
2. Building Resilience: Discussions on mitigating risks such as climate change and economic uncertainty underscored the industry’s focus on resilience. Insurers are using scenario planning for natural disasters such as volcanic eruptions or earthquakes to enhance their resilience. Also key to managing risk is to leverage modeling and AI as a more proactive approach to navigating and predicting outcomes.
3. Harnessing the Power of Data: Data remains the central driver of innovation, with new examples showcased of its transformative potential. Companies like ICA Försäkring advanced analytics and machine learning applications for pricing optimization, highlighting the pivotal role of data in shaping the future of insurance. with tech partners like Guidewire and AWS to address the underutilization of analytics.

4. Ensuring Fair and Transparent Pricing with Explainable AI: The role of explainable AI in ensuring fair and transparent pricing took center stage in engaging discussions. Insights from Gjensidige shed light on the challenges and strategies associated with maintaining authenticity and compliance in an evolving regulatory landscape.

5. Keys to Success for Embedded Insurance: Presentations from industry leaders like AXA Partners emphasized the importance of making insurance more affordable, relevant, and personalized. Success factors including co-creation, customer journey design, technical capabilities, and regulatory compliance were highlighted as essential elements for embedded insurance initiatives.

Additional topics such as ESG, Cyber Insurance, and OEM/embedded insurance for autonomous vehicles underscored the breadth and depth of discussions at the event, reflecting the industry’s ongoing evolution and adaptation to emerging trends.

A highlight of the event was the engaging fireside chat with Erlend Willand-Evensen from Gjensidige, which provided valuable insights into the challenges and opportunities associated with leveraging AI for pricing optimization. Erlend’s discussion on the importance of transparency, automation, and compliance resonated with attendees, highlighting the complexities of navigating regulatory requirements in an increasingly data-driven landscape.

Sincere thanks to the organizers of Insurance Innovators Nordics for orchestrating a truly inspiring event. The diverse discussions, insightful presentations, and engaging networking opportunities have undoubtedly left a lasting impression on attendees, fueling our collective commitment to driving innovation and excellence in the insurance industry.