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Successful Collaboration Start-ups and Business in the Insurance Industry in Leipzig

Successful Collaboration Start-ups and Business in the Insurance Industry in Leipzig

 

ABOUT THE TOPIC
Have you ever wondered what asset and influence start-ups could have on insurance companies?  This article is about successful results that were gained from an annual questionnaire that was done in collaborations with the Experter network called Insight and the innovative insurance lab. Both located in Leipzig. 

ABOUT THE COLLABORATION
Collaboration between start-ups and Leipzig ecosystem was mainly done to create new technologies.

Working with start-ups gave the insurances business access to new technologies and innovations. Moreover, both the strengthening of the company’s business model and the expansion played a role when choosing to work with start-ups.

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“Start-ups have a particularly high influence on areas that directly affect the interface to the customer”

 

ABOUT THE OUTCOME
The industry expressed their idea of keep working with start-ups,  in order to benefit from the positive effects of using start-ups. According to the participants, the effects of collaborating with start-ups were extremely positive. Especially in departments. Customer care, product development, and claim operating areas were and are still at the forefront.

With regards to special designed technological for the insurance world; AI (Artificial Intelligence), and data sciences had priority followed by smart contract, smart data, and smart home.  All these techniques were developed with the collaboration of start-ups and Leipzig ecosystem companies.

Approximately one third made regular use of start-ups. And was systematically searching for start-ups to help company finding new ways to innovate. Finding suitable a start-up was mainly done by the usage of a search engine. Another way business got in touch with start-ups was going to network events, this way business could also enter the start-up scene.

ABOUT THE RESEARCH
The research in this article was focused on gaining information regarding the benefits of business co-working with a start-up.  Most of the respondents were operating in the insurance branches and with the help from start-ups, all participants searched for innovative solutions which then could be implemented in the insurance world.

“Around 60 percent of respondents already cooperate with start-ups today.”


ABOUT THE PARTNERS

The partners involved with this research were start-ups, who like to innovate and seek new technological possibilities, and insurance companies, who could implement these new technologies in the insurance world. The research was conducted by the Insurance Innovation Lab and the Leipzig ecosystem.

DATES
This research was published on the 9th of October 2018, in Germany.

Source of the article by www.it-finanzmagazin.de

Photo credits by Jara Pascual.

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