Alongside global warming, VIG sees the digital transformation as the development that will have the most extensive impact on society and business. "We believe it will have a particularly significant influence in terms of connectivity, mobility and personalization. As an insurer, offering added value on top of our primary function of covering risks is becoming increasingly important. I see this as an opportunity to become part of the group of things that are seen as important in the lives of our customers in the future," explained Elisabeth STADLER, CEO of the Vienna Insurance Group.
For instance, ever-closer interconnections between people and devices will significantly increase the need for protection against losses. Computer-controlled systems in the home provide early warnings of potential harm, or take preventive steps automatically. Mobility will be shaped by the rise of driverless vehicles, leading to completely new risk parameters and insurance models. Personalization will increasingly redefine insurance requirements, resulting in short-term policies with tariffs and coverage tailored specifically to individual needs.
A glance into year 2028
This is reflected in Prague-based reinsurer VIG Re's recent strategic investment in B3i Services AG, an insurtech. B3i Services AG is an insurance industry initiative geared towards boosting efficiency and security in the insurance and reinsurance sector by means of an independent blockchain platform. The platform will enable insurers to buy reinsurance. This will help to enhance the efficiency of business processes, as well as simplifying and speeding up the exchange of information. It will also strengthen customer confidence by promoting greater transparency.
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