Digital Transformation - January 8 2020
Robin Kiera, Ph.D. is a renowned Insurtech expert, author and influencer, reaching millions each month on Linkedin, Twitter, YouTube, and his platform Digitalscouting.de, which supports insurance companies and banks in digital transformation. IBM named Dr. Kiera as one of the top 10 global influencers in digital transformation in 2019. We sat down with him to ask a few questions about emerging trends in insurtech innovation and insurance sales and marketing.
Dr. Kiera, you regularly speak at technology and insurance conferences around the world. What are the key challenges facing the global insurance industry today? What keeps insurance executives up at night?
The insurance industry lives in a paradoxical situation. On the one hand, customer behavior, driven by the expansion of the mobile Internet, has changed dramatically. On the other hand, this change has not yet lead to the implosion of revenue – unlike in the music, movie or retail business.
So, decision makers need to maintain existing business that drives billions in revenue and prepare for the future to set up business models and products in order to become the Netflix, not the Blockbuster, of insurance.
One approach could be to become the trusted partner in the everyday life of our customers by providing useful digital products and services, as well as helpful audio, video and written content on a massive scale for free. To achieve this, we need to change our mindset significantly.