Talking InsurTech with Dr. Moritz Finkelnburg

This March, specifically on the 13-14th, Goethe Business School (GBS) organizes the Global InsurTech Roadshow in Frankfurt together with InsurTech Asia from Singapore. The roadshow combines pitch-sessions and discussion rounds with international early-stage InsurTechs. One of the main organizers of the event is Dr. Moritz Finkelnburg – Academic Director for Insurance at GBS. Also, he manages the insurance programs as part of the China Executive Education Center. With 20 years of management and board experience in leading insurance companies he is a specialist in sales and non-life-insurance as well as profit-oriented portfolio management. We are thrilled that Dr. Finkelnburg gave us an interview where he shared his insurance industry’s experience, thoughts on innovation and why the Global InsurTech Roadshow is an event that is not to be missed.

1.  How did the InsureTech eco-system change in the last couple of years?

The InsurTech era started with tech-oriented small companies, mainly focusing on app and technical service developments. Since 2015, we noticed the market-entry of digital brokers such as Knip or Clark, offering a fresh image, high customer service and easy accessibility. Last year the first digital insurers appeared and will be completed this year. They are offering own products and services to the customers.

2.  Who is behind the Global InsurTech Roadshow (GIR)? How did the idea appear? 

The driver of this idea are George Kesselman, the founder of InsurTech Asia and me. One day last year when George was visiting me here in Frankfurt he told me about a roadshow he was organizing in 5 Asian countries. The idea to organize a similar conference in Europe was simple and caught both of us. And the rest is simple…

3.  What mainly differentiates GIR amongst all the other existing InsureTech conferences/events? 

On one side we are non-commercial, which makes a huge difference. We are able to offer much more competitive prices and decided not to charge any startup who wants to pitch during our conference. In addition, I think we are much more familiar or intimate. You don’t need a super-professional but somehow cold environment to feel good, make great contacts and have lots of fun.

4.  What your attendees will take away from the GIR event? 

They will definitely have seen the newest trends and startups in the InsurTech-ecosystem most of them have never been seen somewhere before and they will have made a lot of new contacts which are relevant for their specific kind of business.

 5.  According to you, where (in the insurance business) can technology help the most? 

In my eyes, digitization will mostly help to improve the value chain of traditional insurers becoming more efficient, quicker, more service oriented and with less errors.

6.  How important is innovation, namely software implementation for the industry? 

Today’s insurer’s software landscape is extremely complex. Innovations need years due to long implementation scenarios. Every approach to solve or reduce this complexity will help. 

7.  Where do you see the industry heading and what should businesses venture onto, in order to be in the game? 

Digital brokers and insurers are fantastic and true innovation-drivers. However, they will have extremely hard times ahead. If they survive 5 years and are able build up a significant portfolio they will thrive. Otherwise, they will be killed by their customer acquisition cost. The enablers however will have a good chance to develop if they can help traditional insurers to improve their value chain.

One of our goals at DAS Solutions is empowering and supporting the industry as a whole, and that’s why we are so excited to be part of #GIR2018. What is clear to us is that GIR is as much about industry’s insights as it is about harnessing a community of insurers who are eager for change, who understand that technology is the future and there is no time to wonder. 

If you will be attending the event as well, or just around the block, let us, specifically Daria know we would love to meet you and have a chat. 

Moving forward,
DAS Solutions Team. 

Financial IT Services Give You a Competitive Advantage

At DAS Solutions we understand that financial companies need solid IT services to stay competitive. That is why we provide you with custom financial IT services that help you get closer to your business goals and align with your budget.

We develop fintech solutions in the following areas of the financial industry:
• Banking
• Financial Services
• Capital Markets
• Investment Management
• Investment Banking

Here are some financial IT services and solutions we can potentially provide for you:

1. A platform that can give your customers the possibility to respond to your SMS-receipts. With this option you will have the possibility to listen to what your customers have to say and adjust your services accordingly.

2. Secure online payment systems that will eliminate long queues and improve the customer experience.

3. A web-based application which makes the connection between a bank and an insurance company that generates documents, calculates the sum of the insured objects, keeps track of all sales and generates reports regarding agents’ activity.

4. A solution that will let your customers take loans online based on their credit history. You can decrease the interest rate for those who use the online system to make it more appealing in the promotion phase. The procedure does not require a lot of resources and does not involve tedious bureaucracy.

5. A crowdfunding platform that will help both new and well-established companies to identify new business opportunities and diversify.

6. An application for mobile phones and tablets that will allow one to pay for services using mobile devices.

7. An application that will give wholesale and retail merchants the ability to sell their products in credit without long discussions with banks. Such an option will significantly increase sale rates.

8. A budgeting tool that will help you track expenses and income for your business.

9. An online stock trading platform and application that will allow its users to trade in an easy and enjoyable way.

10. A peer-to-peer lending platform where rates are low, the application process is simple, and lending decisions are made quickly.

These are only examples of what can we develop and implement, we can create any solution based on your needs. Contact us directly to find out how our financial IT services and solutions can help you save time, resources and most importantly, bring you additional revenue.

Moving Forward,
DAS Solutions Team. 

Did You Know about These Five Fintech Trends?

Keeping up with fintech trends may be uneasy for companies, however this can be crucial for business development and clients’ loyalty. Here are five trendy fintech trends you should know about.

  1. UX (User Experience)

Of all the fintech trends out there, User Experience has become a competitive necessity. Customers should enjoy both personalized financial offerings and attractive user interface. Therefore, financial firms tend to fulfill business needs by combining user-centered design with that meaningful experience for customers.

  1. Omnichannel experience

Customers can use services through different channels (ATM, mobile apps, desktop apps, web services, call centers, etc.) which empowers them to use the right tools in the right circumstances. This fintech trend helps understand customers’ activities on different platforms, analyze them, and improve the overall UX.

  1. Mobile payments

Mobile payment processing systems are a fintech trend that will become more popular in the coming years. Many big companies have introduced applications into the market that allow one to transfer money and even pay without reaching out for your wallet. These apps came in as a response to the need for fast transactions. The reality is, if banks cannot provide their clients a certain service, then software development companies will.

  1. Cryptocurrency

Cryptocurrencies such as bitcoin offer many benefits such as lower costs, increased privacy, and extremely fast transactions. The idea of sending money almost anywhere at a low price is compelling, however there are big and established competitors in this area that are hard to pass over. Bitcoins are facing adoption problems because people don’t tend to break their habits easily so no one pays for their dinner in cryptocurrencies – at least not yet. But the benefits provided by bitcoin should be evaluated, and fintech companies are quickly working to find ways in which these can be brought into the mainstream.

  1. Crowdfunding

Crowdfunding platforms became a popular fintech trend a long time ago. They help people bring their ideas to life. Traditionally, these platforms have been used by start-ups, but recently Sony organized a successful crowdfunding campaign, and it is currently raising funds from the public for a second time to launch a product. Of course there are other platforms that enable large transactions, offer payment processing, escrow accounts, etc. The big difference is that companies are now targeting crowd funded equity and debt issuance. The crowd funded platform allows to accelerate a company’s growth by leveraging its easy to use tools.

If financial institutions do not keep up with the newest technology, they risk becoming uncompetitive. A deep knowledge of fintech trends and the adoption of innovative technology will provide new opportunities to drive revenue and expand product portfolios, especially in the medium and long term.