The DIA Community held a conference for insurers, reinsurers and insurtech companies in Munich this week. The conference was a showcase of technology and innovation in insurance and highlights how advanced mainland Europe is becoming in merging insurance and technology. Key topics of the conference this year were embedded insurance, use of underwriting data and AI.Here is a quick round-up of events on day 1. Amelie Breitburd spoke about Lloyd's Europe, and how the focus on innovation in the Lloyd's Market via the Lloyd's Lab is helping companies around the world deal with the changing times.Valentina Brebenaru spoke about how nexible is delivering new products across Europe at speed using low code technology provider sum.cumo Sapiens GmbH.Marius Botha explained how aYo Holdings is delivering insurance across Africa with over 8m(!) customers already using low code providers.Simon Kaesler and Christoph Weber from McKinsey & Company explained how insurtechs have fared over the last 2 years has been a tale of 2 halves - with a future that remains rosy as innovation grows in the insurance industry.Lots happening outside of the talks, including the InsurTech Hub Munich which is driving innovation with major partners including Allianz, Bayerische Versorgungskammer and ÖRAG Rechtsschutzversicherungs-AG.
The final day at The DIA Community event in Munich delivered even more insight than on day 1. Fusionbase showed the future of underwriting data, with heaps of information on small businesses that should significantly reduce underwriting time.Alex Mills at Dynamo Cover Limited did his Indiana Jones impersonation and wowed the crowd with his company's focus on improving quotes using historic data, identifying insurance needs in real time.Claim Genius demonstrated how insurers could use AI vision to reduce claim administration time by identifying the damage done to a car, and recommending the approach required to fix it.Penni.io, TONI Digital and SAP Fioneer showed how insurance could easily be embedded in a company website, generating sales at the point of purchase and increasing conversion rates.DeepOpinion is an Intelligent Automation Platform, focused on automating text- and document-heavy processes. They demonstrated how Munich Re have developed AI solutions to read emails to reduce administration time. Socotra demonstrated their insurance platform, and highlighted the need for insurance platforms to partner with other software companies to provide even more useful tools for insurers.