Start-up and Business collab in the Insurance Industry in Leipzig
ABOUT THE RESEARCH TOPIC
This article is about successful results that were gained from an annual questionnaire that was done in collaborations with the Exporter network called Insight and the innovative insurance lab. Both located in Leipzig. Have you ever wondered what asset and influence start-ups could have on insurance companies?
ABOUT THE RESEARCH COLLABORATION
Collaboration between start-ups and business in Leipzig insurance ecosystem. This research 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 RESEARCH 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 a 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 SUBJECT
The research in this article was to gain information about the benefits of business co-working with a start-up. Most of the respondents were operating in the insurance branches. With help from start-ups, all participants searched for innovative solutions which then could be implemented in the insurance world.
“Around 60 per cent already work together with start-ups today.”
ABOUT THE RESEARCH PARTNERS
The research was held by the Insurance Innovation Lab and the Leipzig ecosystem. Start-ups like to innovate and seek new technological possibilities, whereas insurance companies can implement these new technologies in the insurance world.
This research was published in October 2018 in Germany.
Source of the article by www.it-finanzmagazin.de.
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Photo credits by Jara Pascual.