Insure & Innovate ’18

 In AI, API, Blockchain, Chatbot, Event, Fintech, UI/UX

Koop hub hosted the first insurtech summit in Turkey with the support of AcerPro, Sigorta Cini and Fintech Park.

The extremely high participation ratio for the first insurtech summit in Turkey shows that the Turkish insurance market, which grew by 15% last year with TRY 46.5 billion, is keenly interested to embrace innovation in order to provide better services to consumers.

Incumbent insurers, reinsurers, brokers, entrepreneurs, tech providers and insurtech thought leaders came together to dwell on some of the latest innovations in the insurance industry across the globe.

“Insurance is being evolved and distrupted from every angle and being targeted by tech startups and global players such Amazon, BMW and home security companies. AI will transform the way that insurance is priced, underwritten, distributed and ‘fulfilled’ – this is the most exciting time to be in the industry because every aspect of the industry is going to be very different in the future. It’s important for the industry players to engage and be a part of the transformation so that they remain relevant in the future.”

Manjit Rana – Chief Executive Officer of Ingenin

The ever changing insurance world in the digital era requires technological adaptation as consumers are involving business processes by using simple online services to make their life easier. Insurance companies mentioned the launch of their innovation programmes and investments in order to collaborate with tech evangelists to make their customers engagement easier.

“Transforming underwriting process is not innovation unless it is done for every process of the value chain.”

Erik Vynckier – Chief Investment Officer of Eli Global

“We as B3i are creating an infrastructure to insurers, reinsurers and brokers for their transaction processes without a demand of a central system by using distributed ledger technology.”

Ken Marke – Chief Marketing Officer of B3i

“Digital players like Google, Facebook, Amazon, Apple are creating a new competitive threat for traditional insurers.”

Jean-Stephane Gourevitch – Strategist, start-ups and entrepreneurs’ Mentor, Advisor and CEO, Mobile Convergence Ecosystems Consulting Ltd.

Turkey; a growing global start-up hub with Europe’s 4th largest number of online users (approximately 56 million and 20 million of them are online shoppers) has huge potential to be one of the most important insurtech playgrounds in Europe.

“If no one wants to buy your product or the market is not ready, it does not matter how perfect your system is.”

Erik Vynckier – Chief Investment Officer of Eli Global

The Insurtech hub programme is the insurance ecosystem enabler, with high-value added services for start-ups, scale-ups, insurers, reinsurers, brokers, tech providers and others was launched by programme lead Okan Utkueri at the Insure & Innovate ’18 event. Ecosystem pioneers from distribution channels, financial markets, capital markets and primarily from regulatory bodies will be involved in engaging and working together for the improvement of the conjuncture as the growth of ecosystem depends on it. For instance Borsa Istanbul organized a gong ceremony to welcome fintech players.

The rapidly growing environment will show us the wonderful opportunities of the present and future or highlight the excuses as in the past.

 

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