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Altering the coverage paradigm: A perspective from Allianz Poland’s COO

Radoslaw (Radek) Kaminski has spent his total career in the insurance policy field. A lawyer by training, he joined Allianz Poland as a authorized adviser in 1999 and a 10 years afterwards was appointed director of its lawful office. He has served as Allianz Poland’s main operating officer and vice president of the management board because 2015.

Allianz is regularly a person of the maximum rated and most encouraged daily life-and-home insurers in Poland. In a latest discussion with McKinsey’s Oskar Sokolinski and Monica Toriello, Kaminski shared his sights on the foreseeable future of insurance promises and of the insurance coverage business additional broadly.

McKinsey: Feel ahead to 2030. How will the procedure of submitting an insurance plan claim improve by then?

Radoslaw Kaminski: It’s not just about the promises process—the total paradigm of the insurance coverage small business will modify. Right now, both of those in underwriting and in statements, we create our know-how of the client or the accident primarily based on details collected from the shopper. We expend a large amount of work in accumulating the facts and we’re reactive, not proactive. And at times we don’t have confidence in the shopper, so we examine for fraud. That deficiency of have faith in tends to make some threats uninsurable and it helps make some promises procedures hard, disagreeable, complete of investigations.

In ten a long time, the globe we live in will be wholly different. We’ll automatically collect the info about the pitfalls, in the circumstance of underwriting, or about accidents, in the situation of claims, from the public sphere, from the Internet of Things course, and from predictive models—so we won’t have to hassle the consumer to question him or her for all the details. The technological know-how currently exists for us to do this we just have to establish a procedure of onboarding the client just before he or she is in have to have.

We also ought to build wholly new ways of taking care of danger. Insurers usually say, “In circumstance of an accident or a well being trouble, we will supply a predefined sum.” But how do younger folks in Poland deal with incidents or health and fitness difficulties? They turn to social networks. When they have a medical trouble, they consider to accumulate funds from close friends on Fb or Instagram. We have journalists who are financed completely by an on the net group. It is astonishing to me—this social aspect of collecting money from the local community was not portion of my environment when I was youthful. But it is modern-day, and it is doing work, so insurers need to have an understanding of how the youthful era perceives insurance policies versus other options of controlling possibility.

Another massive improve is that our common comprehending of threat is connected with possession of assets—houses, structures, or autos that are owned for several years or for generations by households. The present planet is distinctive. Folks are simply employing vehicles and residences as an alternative of proudly owning them. A human being may well trip in a automobile, then get on general public transportation, then use micromobility—all inside of the same day—so insurers must comprehend the person’s risks as a person, not as an owner. We must redefine our coverage types. Individuals are some of the worries I imagine we’ll need to tackle in the many years forward.

McKinsey: Those people are large troubles. How can an coverage corporation get ready for the long run these days?

Radoslaw Kaminski: For absolutely sure, staying a monoline insurance policies business is not a sustainable model. An insurance policies firm can’t just go on to address hazards and pay back revenue in scenario of an accident. It need to in its place become a person’s “life companion” and be element of an ecosystem that takes treatment of people’s desires. To me, it’s clear that insurers have to have to turn out to be element of a thing bigger.
It’s tricky to say who should really be in demand of this ecosystem—it may well depend on who has the most data—but insurance companies really should be a component of it. The to start with action is for insurers to fully grasp and align with other enterprises, these kinds of as telecom businesses and world-wide-web platforms.

McKinsey: Speaking of information, how should insurers tackle customer worries about info privateness?

Radoslaw Kaminski: I think we are all worried about details and we all need to have to educate ourselves. Many legislators and politicians never nonetheless have an understanding of what is likely on with our info, who has it, why, and what they are doing with it. It is a tiny little bit like the 19th century in the Western globe, when the accumulation of money was so intense for the reason that of the lack of, for example, antitrust regulation. These days, it’s the fast accumulation of data—the “goods” of our time—and the proper political and legal frameworks have nonetheless to be designed. There should really be some controls, and insurance coverage organizations should assist this sort of initiatives.

I have observed that gifted people—even knowledge researchers and info analysts—can become intrigued in insurance coverage due to the fact it is about actual daily life and serious matters.

McKinsey: It seems like you also foresee significant changes in the skills and expertise that insurance policies businesses will need. How will the job of the claims supervisor transform above the subsequent ten years?

Radoslaw Kaminski: We will automate what…

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