Digital business models for insurance sector

insurance big data

Zühlke is introducing what it claims are fundamentally new business models to the insurance sector. 

The German company – which is probably better known as Zühlke Engineering, and for its work in the manufacturing and logistics sectors – says it has joined various insurance industry associations and networks to bring its new ideas to the market.

Zühlke says the current trend towards digitalisation, or digitisation, is “changing fundamental conditions for the business model of insurance”, and it wants to be an important partner in that process of transformation.

In particular, the company says it can help to bridge the gap between science and industry, for the benefit of the more than 200 companies in the insurance sector with which it currently networks.

Dr Christoph Bröcker, of Zühlke Engineering, says: “The insurance industry has to deal with issues such as the optimization of the existing business and innovation, and faces the challenge of digital change And lay the foundation for future market relationships. Zühlke wants to contribute to this through the partnership with the insurance companies.”

The insurance sector has already seen tumultuous changes in the past few years in the way it does business, but it’s not over yet, with much more upheaval to come.

And even the changes that have already taken place require time to analyse and perfect, and there are many who are offering advice and consultancy.

Among the many issues of importance in the sector, according to Insurance Nexus, are:

  • innovations in insurance claims;
  • customer-centric approaches;
  • automation of claims;
  • faster claims resolution; and
  • using technology to gain competitive advantages.

Insurance Nexus says there are “ever-increasing analytics capabilities” available to companies, and it’s essential for insurance companies to establish strategies to fully utilise these tools.

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