The insurance industry has always been regarded as a chameleon. It balances the needs of its customers with legal and technical changes. A tense relationship that often raises questions. As is currently the case with commercial insurance.
Commercial insurance is complex. Accordingly, standard products are usually not to be found here. The private
The sector can cope with simple features such as living space and marital status. But companies cannot be recorded with a few rating characteristics. What counts are individual solutions. On the other hand, corporate business places particularly high demands on advice and support. And this is where the splits open.
Digitisation vs. human beings
IT and EDP are buzzwords of our time. In the insurance sector, they make possible things that were once unthinkable. This makes it possible to process tariffs and applications completely electronically. It is quite feasible to send the insurance policy on the same day. If this is done electronically, the customer has the policy in his hands within hours.
The classification of new risks is also made much easier. Whether terrorist attacks, cyber attacks or a growing market for D&O insurance: The old-fashioned actuarial mathematician must pale with envy at what his electronic colleague calculates in the shortest possible time. Certainly the computer also needs information in order to be able to work. Ultimately, data is just a new version of filled sheets of paper from the past.
The industry is rejoicing at these opportunities. In particular, sectors that are subject to permanent change always keep their finger on the pulse of time. An example: Liability insurance. A look into the glass ball makes little sense here. Complex electronic calculations, on the other hand, are.
No blessing without curse
But the benefits go even further. But this is exactly where the problems begin: The input via data masks facilitates many things. Ugly words like "error rate" experience your downfall. If a field is not ticked, the machine refuses further calculation. The customer also confirms with a mouse click that he has understood the obligations and that he has been informed of (pre-contractual) notification obligations and much more. Processes are facilitated and accelerated.
The problem is that these solutions require some standardization. The computer can only ask for what its program tells it to do. In contrast to humans, they are not able to react flexibly. He can't listen and find answers. He only knows his program and executes it. The mentioned questions about living space and marital status are easy to handle. But the technology is doomed to failure if it has to do with such an elaborate and complex object as a company. Room for maneuver? This is hardly to be found today any more.
The solution can only be to merge the advantages of both worlds. This requires time, work and money. In the end, man remains irreplaceable. But he'll have to do the necessary work.