Make Insurance Great Again
Uniqa / Sommersemester 2017
As one of the leading insurance groups with its core markets in Austria and CEE, UNIQA Group operates in 18 countries with more than 9.6 million customers. In the long-term strategy programme UNIQA 2.0, UNIQA will invest over several years a total of about €500 million for the redesign of the business model and modernization of IT systems.
The insurance industry is currently experiencing fundamental changes. New technologies have changed the customer experience in almost every industry, which led to higher customer expectations with regards to insurance solutions and interaction channels. However, most insurance companies have failed so far to cope with these changes and to create compelling digital experiences for customers. This led to market entries of innovative start-ups that responded to these trends with new insurance business models and state of the art technologies. These insurtechs might shake up the established insurance industry. Due to these recent developments, UNIQA concluded that business models of traditional insurance carriers will change in the upcoming years.
The goal of this project is to scout and analyse the insurtech market as well as identify and describe relevant and potentially disruptive business models and technologies. Furthermore, the aim is to give recommendations for new combinations and configurations of business models for UNIQA for 2030.
Analysis of insurtech market
In order to understand the insurance business and the whole value creation process of UNIQA, the consulting team decided to use the tools “Value Chain Analysis” and “Business Model Canvas”. In a next step the insurtech market was observed, where its high potential was recognised.
A list of more than 100 interesting insurtechs was compiled and subdivided into six segments (Contract management, Brokerage, Spot insurance, Peer to Peer insurance, Usage driven insurance, Claims management). In a next step, in coordination with Uniqa, a short list of the five most interesting insurtechs with the highest potential value and usage for UNIQA was created.
The in-depth analysis of the five chosen insurtechs focuses on their key features. Those are either new/innovative business models or new/innovative technologies. This analysis followed a three-step process: Describing the feature, comparing the feature to features offered by UNIQA, and describing how UNIQA could implement them.
Based on this analysis, it is recommended to complement the value chain of UNIQA with the features of the insurtechs, focusing on the segments customer service and acquisition, claims management and product/underwriting. These implementations should bring higher customer satisfaction and increase the quality and frequency of customer interaction.
UNIQA Insurance Group AG
Untere Donaustraße 21
Filippova Evgeniia, M.Sc.
Mag. Treytl Vinzenz