DFS21_Main Stage_Jonathan Goderis_Keypoint_211130
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The document discusses platforms and partnerships in the insurance industry. It provides details about Jonathan Goderis and his company Keypoint BV. It then discusses: - The need for insurers to partner with insurtechs and build digital ecosystems to remain relevant. - How insurers are using over 180 partnerships via ecosystems to offer value-added insurance solutions. - The benefits partnerships can provide insurers, including improving customer experiences and increasing revenue. - The important components insurers must consider when setting up an ecosystem, like customer engagement and commercial agreements.
DFS21_Main Stage_Jonathan Goderis_Keypoint_211130
- 2. JONATHAN GODERIS • 32 years old & from Oostduinkerke. Married and dad of 2 young daughters • Bachelor's degrees in accounting, tax, finance & insurance. MBA in Business Strategy from Cranfield Business School • Former sales director at Innovation Group Benelux • Co-founder & Managing director of Keypoint BV, active since July 2018 • Nominated as: • West Flemish young entrepreneur of the year 2019 • 2x Vivium Digital awards finalist • Trends digital pioneers finalist in 2019 • Most promising SME of the year in 2021 and winner of audience award
- 3. “Digital ecosystems are the future model of the digitalised insurance world for insurers to achieve evolution instead of obsolescence”
- 4. • Since 2017 over 180 partnerships via eco systems • Mostly related to to roll out value-added insurance solutions and enterprise products: • Risk rating technology • Claims • Data automation • Policy sales & administration • 68% of insurers say partnerships are critical, only 32% are collaborating with ecosystems • Main reasons to work with these eco systems: strict regulation, legacy systems, data mining & focus KPMG SAYS
- 5. • They want to deepen and broaden the relationship with its customers and evolve into an insurer that actively responds to new customer needs • They want to build an ecosystem of innovative partners via InsurTechs that can offer the customer- relevant solutions in a simple and transparent way • How you put this together technologically? • Smoothly engage with third parties • Experience for the customer must be 'seamless’ • For insurers with old systems that were set up product-oriented, this is a reason to look at PaaS solutions • 2 speed IT strategies in place ('keep the lights on' and a 'speedboat' approach for new initiatives) INSURERS SAY
- 6. • Provide real-time, customized outcomes - such as detailed offers that go beyond insurance products and services - at a massive scale. • Bridging the technology gap in insurance happens when insurance, as an industry, acts “as a service” and not “as a product” • InsurTechs play a fundamental role in this scenario because they hold the tech that enables incumbent insurers to offer better, personalized, and usage-based insurance • Resulting into: • Cutting back costs • Improving customer experiences • Increasing their revenue IT WILL ENABLE INSURERS TO
- 7. • Insurers need to set their strategy • Technology won't save them, but the data-driven insights will • Technology facilitates the strategy • Decide: do it themself, partner or acquire • API’s are mandatory • Focus on specific customer needs and core activities START
- 8. 1. Insurers must identify the digital destinations that support their target customers 2. The commercial terms differ significantly between theory and practice. How the use of customer data, use of branding and long term objectives are built into agreements will differ greatly. 3. The most important component is the level of engagement from consumers and how embedded they are in the ecosystem 4. Focus COMPONENTS IN SETTING UP AN ECOSYSTEM
- 9. EXISTING CASE “An ecosystem is a collection of services and channels working together to provide a seamless user experience It brings organisations together around a common goal and enables them to interact through a central platform” Throughout 2020, companies in Fixico’s ecosystem lowered repair costs by 29% and cycle times by 33% on average, while achieving a high driver satisfaction of 4.75/5.
- 10. BELGIUM • Typical brokers market • Portima Connect uniforms & controls the market • BRIO is n°1 broker management system and has no API’s (yet) • Legacy systems within insurers + a lot of M&A’s these couple of years, resulting in multiple systems within insurance companies • Insurtechs must be able to bridge the time since incumbents are moving • Beyond insurance is becoming more and more important, resulting in new opportunies • First initiatives have started, e.g. WeGroup’s multi tarification
- 11. KEYPOINT • Offering repair in kind services for 8 insurers via our own platform • White labelled offering beyond insurance • Integrated within the Brokercloud CMS for a seamless process • Linking up with FNOL platform from insurers, off to a good start
- 12. Thank you for listening