Data-driven insurance is the key to harnessing data for autonomous business models and services that can react to external influences and changes. For example, insurance products can be built on the basis of data and with the support of AI processes. For the insured, this creates seamless integration into the digital world and thus a new user experience.

The insurance industry faces numerous challenges when it comes to aligning products and processes with customer needs: Complex IT architectures, systems that are in some cases decades old and reliable, but not as flexible as expected today. And then, of course, the realisation that there is no such thing as "THE customer" - different types, generations and expectations lead to different requirements for the customer experience.

Digitalisation presents companies with the challenge of having to provide customer-oriented services in ever shorter time intervals - and to do so with increasing quality requirements and at competitive prices. This development also affects the health sector and thus private health insurance (PHI). In addition, not only the market is changing, but also the demands of the insured on their private health insurance.

Sharing data creates customised offers and customer experiences and thus competitive advantages. In the banking sector, open interfaces have already become established with the entry into force of the EU Payment Services Directive PSD2 and have given the industry a real technology boost. In the insurance industry, there is still a lot of catching up to do compared to the banking world.

Man-made climate change is real and can already be felt today. Therefore, we must act - now more urgently than ever before. Sustainable action to protect the environment and conserve resources is essential and is increasingly becoming the focus of people, companies and politics.

The resulting changes also require far-reaching adjustments in the insurance industry.