The Insurance department at Coburg University of Applied Sciences has been cooperating with the InsurTech Hub Munich since the 2018/19 winter semester. The aim of the strategic partnership is to raise students' awareness of the opportunities and challenges in the field of InsurTech through joint training courses and projects. As part of the cooperation, insurance students took part in a digitalization challenge. Read the experience report by student Pauline Deuber here.
On 30 November 2018, we - the insurance industry students - went on an excursion to the digitalization hotspot of the insurance industry, the office of the InsurTech Hub Munich at Werk1. The day began with an entertaining presentation by board member Johannes Wagner. He explained how the association was founded and how the thirteen insurers and partners such as Roche work together. The pitch training by Manuel Holzhauer, Managing Director, which prepared us for the digitalization challenge, was particularly exciting for us. Here we asked ourselves the question "Which problem in the insurance sector can we solve through digitalization measures?". In a very short space of time, each group managed to come up with a solution that would revolutionize the insurance industry with the help of a platform/app. Seven teams were looking for a digital option that would contribute to customer satisfaction and an easier understanding of products and conditions in the insurance industry.
What do the results look like?
Under the motto "be as you are - pay as you are", the first group presented its app called "Paya", which calculates the insurance premium of a policyholder individually based on the risks listed.
With the "mylife" app, the next team specialized in old-age provision by presenting these complex products in a condensed form.
Team 3 presented a start-up idea that graphically depicts the processes of insurance companies and thus gives policyholders the opportunity to retrieve information on contract processing at any time.
Terms and conditions are often difficult for policyholders to understand. For this reason, two groups decided to come up with a possible solution.
The last two teams had also chosen a similar topic: Advice apps. These are designed to provide customers with an overview of their current status and any gaps in their coverage and also offer them digital advice.
We are delighted that we were able to get to know new working methods at the InsurTech Hub Munich and show that we can design innovative insurance products. Thank you for your time and the invitation to the Demo Day of the upcoming W1 Forward InsurTech Batch!
The ITHM team would also like to thank Coburg University of Applied Sciences and the students for their creative ideas and great work! We look forward to further exciting formats with Coburg University of Applied Sciences!
