Digital Healthcare professional Anand Roy, MD, Discusses the Impact of Digital Technology on the BFSI Sector at the Senate Meeting for the Insurance Industry
The insurance sector in Germany is undergoing a significant transformation, with digitization playing a pivotal role in adapting to the new normal and meeting evolving customer demands. This shift is being overseen by the regulatory authority, ensuring seamless operations during this transition.
The emergence of the 'phygital' model, a blend of physical and digital channels, is a response to the changing landscape of the insurance industry. Leading companies, such as Debeka, are embracing this model, leveraging technology to improve efficiency and launch innovative products like cyber insurance for private households. Notably, Debeka has deployed Keylane's Axon platform to drive this transformation.
Covid-19 has accelerated these digital transformation efforts, pushing insurance companies to adapt quickly. The regulatory oversight during this transformation involves the Gesamtverband der Deutschen Versicherungswirtschaft (GDV), which balances innovation with regulatory requirements to ensure secure and smooth operations.
The increase in digital maturity within the insurance industry is evident, as customer demands continue to evolve in response. Insurance companies are adapting to these changes, recognizing that digitization is the only solution for sustained business growth in this sector.
The regulatory authority has played a significant role in this digital transformation, guiding the industry towards a more efficient and customer-centric future. The insurance sector in Germany is thus poised for continued growth and innovation, as companies continue to embrace the phygital model and the benefits of digitization.
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