Innovations and new business models are no longer options for additional business, but necessary "hygiene factors". In the German insurance market, the chances of growth are limited - especially in the composite division. At the same time, non-industry companies are pushing into the market and question the tried and tested business models of insurers. The advancing digitisation makes it easier for the market to enter the market and makes industry borders blurred. Even if major regulatory projects such as Solvency II, LVRG, IDD, etc. are currently being claimed by companies, they must now react to the changed market structures with new business models.
It is not enough to optimize individual set screws. Much larger wheels have to be turned and the business models themselves have to be questioned in order not to lose sight of their own business. Digitisation is not only a threat to insurers, but is also a unique opportunity to launch new product, sales and service approaches, thereby actively shaping and moderating the future of the industry.