The insurance of the future: AXA breaks down the silos

In a recent blog article, we reported on how UBS remains a relevant player. This time, Lorenz Hänggi (Head of ICT Innovation Engineering at AXA) and Dr. Florian Hamel (Head of IT Strategy at AXA) provide insights into the insurance of tomorrow. In an inspiring speech on November 29, 2017, they presented initiatives on the issue of intelligent insurance during a NEO Network keynote at the University of St. Gallen.

According to AXA, digital natives are the customers of tomorrow. Their altered information and purchasing behavior, along with the increasing pressure by innovative startups, put pressure on traditional insurance companies. Companies like lemonade insurance, a peer-2-peer insurance firm, can review claims in as little as a few minutes and directly pay out the damage sum. Traditional insurance companies often need weeks for this process. Traditional insurance firms attempt to become more agile and innovative in order to keep up. To that end, the AXA is changing to a new organizational structure that is based on an agile team organization. This will put an end to the silo mentality, bring business and IT closer together and give them the ability to collaborate better.

In addition, AXA is using innovative solutions, which will boost both internal and external projects. Customers are increasingly less willing to install additional applications. As a result, the company will increasingly depend on bots in the future, with which they intend to achieve high relevance and proximity to customers.

A company in a typical connected business project uses new technology: Together with partners, AXA is developing a digital vehicle dossier based on blockchain technology. This is intended to ensure greater peace of mind with the vehicle history when purchasing a used car.

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