Over 200 leading experts from the insurance industry, technology, and politics gathered at the Design Offices in Munich for the Insurance Innovation Night 2024, hosted by InsurTech Hub Munich. The event focused on a pivotal theme: the transformative role of Artificial Intelligence (AI) in the insurance industry. Featuring prominent speakers, innovative contributions from startups, and intense discussions, the event underscored the key message: scaling AI brings both challenges and enormous opportunities. However, realizing this potential requires considerable effort, knowledge-sharing, and a spirit of innovation.
Dr. Markus Juppe – BavariaDirekt & VKB / Dr. Josef Adersberger – QAware / Carolin Rudelbach – Allianz / Martin Gräfer – die Bayerische Moderation: Claudia Fell – Roland Berger
AI and Insurance – A Perfect Symbiosis
The Insurance Innovation Night marked the final point in the annual theme, “Scaling AI in the Insurance Industry” (Scale AI). As Miriam Hook highlighted in her opening remarks, the next few years are critical: “The transition from the pilot phase to successful scaling is crucial to harnessing AI’s immense potential for the insurance industry.” Bavarian Minister of Economic Affairs, Regional Development, and Energy, Hubert Aiwanger, who also served as the event’s patron, delivered a clear message: “We must overcome outdated mindsets and become less ideological to drive innovation.” Bavarian Minister of Science and Arts, Markus Blume, emphasized the pivotal role of AI in maintaining economic competitiveness: “Artificial intelligence is a foundational technology for all industries.”
und stellvertretender Bayerischer Ministerpräsident.
In his keynote, Prof. Dr. Christian Stummayer from the Technical University of Ingolstadt extended these sentiments. His talk, “A Cross-Industry View on AI-Enabled Customers and How to Serve Them”, emphasized AI’s ability to address customers personally and efficiently. He predicted: “The dream team of the future consists of employees and AI collaborating in hybrid forms!” Prof. Dr. Stummayer also noted that AI learns differently because it is unconstrained by human conventions and urged the industry to establish an ethical framework to responsibly shape AI.
Exploring Synergy: The Interplay Between Artificial and Human Intelligence
The panel discussion, “How AI is Redefining the Rules in Sales”, moderated by Claudia Fell (Roland Berger), explored how AI is transforming sales in the insurance industry from various perspectives. Key topics included AI acceptance, the interplay between human and artificial intelligence, and best practices for deploying new technologies. The discussion revealed that innovation requires not just technological advancements but also a human-centered approach and transparent communication to unlock AI’s full potential. Key takeaways from the panelists included:
- Martin Gräfer (die Bayerische): It’s vital to address fears surrounding AI while fostering enthusiasm for innovation.
- Carolin Rudelbach (Allianz): The success of AI depends on a “human-in-the-middle” approach, ensuring a harmonious balance between humans and machines.
- Dr. Markus Juppe (BavariaDirekt & VKB): Transparency with customers is essential to build acceptance.
- Dr. Josef Adersberger (QWare): The more complex the tasks, the more humans are needed. At the same time, AI enables time-efficient and personalized customer interactions.
Best Practices: Scaling and Implementing AI
Following the discussions, startups from this year’s SCALE AI Program and partner companies showcased practical applications of AI solutions:
- Google & NTT Data: Highlighted their expertise in generative AI to develop and implement tangible value-added solutions for insurers.
- MuffinTech & PMA: Demonstrated how conversational AI improves agent efficiency and boosts sales conversions by up to 30%.
- Cognigy & ARAG: Presented the use of voice bots to enhance the customer journey and streamline processes.
The Future of AI in Europe: Decisions That Define Competitiveness
Are Germany and Europe competitive in the global AI landscape? Dr. Björn Bringmann from Deloitte addressed this question in a compelling talk. Drawing from a recent study on global and German AI developments, he showed that while Europe invests heavily in AI innovation, it faces challenges to maintain long-term competitiveness internationally. His key message: “The decisions we make today are critical to securing Europe’s future competitiveness in the global AI landscape.” A subsequent panel discussion featuring Prof. Dr. Diane Robers (EBS), Dr. Björn Bringmann (Deloitte), and Dr. Klaus Driever (ITHM) explored the prerequisites for Europe’s competitiveness and the insurance sector’s role as an innovation driver.
Networking, Awards, and a Successful Conclusion
“The Insurance Innovation Night 2024 has underscored how essential it is to bring cutting-edge InsurTech solutions to Europe and Germany, especially during times of rapid innovation and intensifying technological competition. The InsurTech Hub Munich community—bringing together experts from business, academia, politics, and startups—demonstrates how to effectively drive and shape this transformation. Artificial intelligence offers enormous opportunities for the insurance industry,” summarized Dr. Klaus Driever, Chairman of the InsurTech Hub Munich.
The event provided ample opportunities for networking in a relaxed atmosphere. A particular highlight was the festive award ceremony, where several companies were honored for their contributions to insurance innovation:
- Transformative Impact Award: die Bayerische
- Collaborative Excellence Award: VAARHAFT
- Most Engaged Partner Award: Hiscox Germany
- Scale AI Award: HUK-COBURG
Insurance Innovation Night 2024: blending expertise, vision, and community. Risk Assessment and Fraud Detection