By FintechOS · February 17, 2022
5 minute read

A Leap into the future of… insurance

Leap into the future of insurance

For the annual FintechOS Leap event, we gathered together the finest minds in the insurance industry to share their opinions on the future of insurtech. Our speakers covered the crucial health and small business insurance fields, as well as digital claims management.

With their help, we’ve compiled their findings and thoughts into an essential report on the future of insurance. The key finding: Across all areas, embedded insurance is vital for regaining customer trust and driving the industry forward into the digital age.

Download the full report to discover what the future has in store for the insurance industry.

The future of insurance

“21% of customers consider insurers trustworthy.”

The above was the devastating statistic that our CEO, Teo Blidarus, opened our report with. It’s indisputable that insurers are losing touch with modern consumers.

Thankfully, it’s the opinion of many of the experts in our panels that things aren’t as bleak as they seem. Insurance incumbents have the cash and momentum to keep going, but there needs to be a digital revolution or innovative insurtech challengers will keep winning share of market.

Teo believes the way forward is for large incumbents to partner with smaller players in the financial services market. By embedding insurance products in the user journeys of retail, banking, and travel providers, incumbents can access new markets and engage new customers, fading into the background of their daily lives as ambient financial services.

This way, insurance becomes an integral and essential part of digital and financial life, rather than an optional extra consumers need to seek out. It’s an easy sell, but there’s just one thing standing in the way: digital transformation.

According to a BCG survey, 70% of companies failed at digital transformation and received almost no return on their investment in the last year

Many of our panellists at Leap had felt the same way about their prospects and struggled with digital transformations. Many of them, however, were clients we were able to help access digital products without the need for a full transformation.

Download the full report to read more about how insurance specialists overcame their digital challenges


To explore how our clients have overcome digital transformation and won back customer trust, we looked at their successes in three areas:

1 Digital health insurance: the start of a revolution

  • Jonathan Philips, Sales Director, Life and Health, FintechOS 


  • Michelle Elmore, Head of Int Business Development, Collinson 
  • Sandor Jonas, Director EMEA, Aon Inpoint 
  • Oana Stan, Director, Vienna Insurance Group 

Healthcare is under pressure from the COVID-19 crisis and, in the longer term, a crucial lack of funding. Yet, our panel believe the key to providing effective health insurance in this climate is added value.

Younger consumers are not thinking about long-term sickness and old age. They need something else to make insurance worth the premium. 

That’s why innovative insurers are offering value beyond the basic cover. From wearable tech to instant access to healthcare treatments without paperwork, customers are being won over by benefits beyond simple claims payments. 

To enter this new market, however, insurers need a flexible, digital insurance platform that can meet the needs of a changing world. A platform that can integrate with an ecosystem of partners and third parties. 

Still, not everyone is ready to go digital just yet. Physical healthcare is still important and our new digital platform must be able to connect to and improve physical services too. 

Download the full report to learn how you can connect all your legacy and physical services with innovative digital offerings 

2 Small businesses: a huge potential for the insurance industry 


  • Chris Kay, Sales Director, General Insurance, FintechOS 


  • Ranila Ravi Burslem, former SME Solutions Director, Aviva 
  • Georgiana Popescu, Chief Underwriting Officer, VIG 
  • Robin Merttens, Co-founder and Partner, InsTech London 

Small- and medium-sized enterprizes (SMEs) account for a huge portion of the commercial market, and SME cover is a great opportunity for insurers. Yet, the penetration into this space is low and it lacks the digital disruptors that have revolutionized other industries. 

Our panel agreed this was because SMEs traditionally acquired their insurance through brokers, who see no value in digital innovation. Worse, SMEs have been cutting their costs to cope with COVID-19, meaning many are now completely uninsured. 

The golden bullet for cracking the industry has yet to be found, but it could well be embedded insurance. Providing insurance as an add-on to banking and other services could be the key to getting insurance to SMEs without having to go through brokers, and also a way to lower prices. 

Download the full report to read more about the opportunities for embedded SME insurance 

3 Digital claims: targeting efficiency and trust 


  • Manjit Rana, Head of Insurance, psKINETIC 


  • Marius Lazla, Director, Product Management, FintechOS 
  • Lidla Cirstel, Professional Services Delivery Director, FintechOS 
  • Mark McDonald, Head of Insurtech Strategy, Altus 

Claims are the proving ground of insurance; where we win or lose customers. Yet, research shows many insurance customers are no longer making claims as they falsely believe insurers will not pay out on claims or will punish them for claiming with increased premiums. 

Young people have inherited a negative view of insurance from their parents and unless they claim, we have no way to prove them wrong. As such, the key is, according to our panel, offering more value outside of the claims world. 

Technology is the key to showing the value of insurance to customers who have lost faith in it, and embedded insurance is already winning back their trust. 

Download the full report to find out more about using technology to win back customer faith and improve the claims process 


Download the report 

To learn more about what the experts think about the future of the insurance industry, and how a flexible digital platform can win back customers to insurance, download our full report. 

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