Page 21 - Turkinsurance Digital Magazine

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Being Bionic 12 months.

Innovation and getting to know customers require a dialogue be- In this context, “InsurTech”s, that is, technology-based insur-
tween man and decks in a “bionic” company. It's not that one ance companies are likely to be open to partnerships and even
side dictates something to the other, it's that people can commu- acquisitions. While these companies have innovative technolo-
nicate with artificial intelligence and robots to improve results. gies to respond to changing customer demands, entering many
niche markets is costly for them. As a result, these companies
On the other hand, being Bionic requires digital skills, which as a will continue to team up with bigger players.
company it is not easy to become attractive for these skills. Only
19% of insurance CEOs think it's easy. Besides digital skills, According to CEOs who gave opinions in the report, it is possible
creativity and emotional intelligence are also very important. to benefit from many negatives in a positive sense. For example,
86% of insurance industry CEOs think they should strengthen it is seen as essential for companies to grow in technology based
“social skills” in addition to digital skills in their company. on their internal dynamics. According to the report, very few
companies have achieved the necessary technological develop-
Buying, borrowing, or developing skills? ment. Companies that cannot compete in technological develop-
ment are in the majority.
When CEOs working in the insurance industry are asked about
the topics they worry about, the striking results come in. Ex- 85% of insurance CEOs are worried about the pace of techno-
cessive regulation is the issue that causes compliance the most logical change. This is because of the processes of adapting old
stress, while cyber threats are the second issue of concern. The systems to new developments.
pace of decadence of technology is the third major concern, while
populism and geopolitical uncertainties are among the other ma-
jor concern topics.

Few insurance companies have
all the necessary resources to
transform into state-of-the-art
companies. By contrast, almost
half (49%) of insurance sector
CEOs plan to form new strategic
partnerships or joint ventures to
increase their profitability and
growth over the next