60 seconds with...Marat Nevretdino, Managing Director, HDI Embedded

We sat down with Marat Nevretdino from HDI Embedded ahead of the event in February, to talk about driving innovation in the insurance industry and lessons from the digital world and new economy.

What topics are you looking forward to hearing about and discussing at The Digital Insurance Summit?

Attending Digital Insurance Summit alongside leading players in the industry will be a great chance to network with my peers and understand their priorities for the coming year. Last year, the industry witnessed a significant uptick in customer-centric initiatives propelled by technological advancements in the insurance sector, but despite this, there was a noticeable decline in M&A activity due to prevailing macroeconomic conditions. I’m intrigued to see how this has impacted plans for 2024 and what emerging trends will shape the industry’s trajectory of growth, beyond AI and embedded insurance.

When it comes to innovation within the insurance industry what do you think is the biggest barrier?

The biggest barrier to innovation is company culture and this needs to be the first thing tackled if firms want to foster great evolution. This is pivotal, as the pace to adopt advanced technologies, redesigning roles in the value chain, addressing emerging local and global risks, and developing new distribution channels, hinges on embracing new approaches swiftly. Cultural adaptation and having the right mindset serves as the linchpin for innovation, which is likely to shape any insurance company’s growth for years to come.

And what do you think is or could be the biggest enabler of innovation?

To drive innovation in the insurance industry, enhancing customer centricity is a vital factor. And the primary enabler for this will be collaborating with diverse business partners who can offer invaluable insights and resources to propel insurers towards greater customer focus and service excellence. Ideal partners will be those that have access to the end customer and have a deep understanding of their needs and expectations. They’ll have developed cutting-edge technology for seamless customer acquisition and claims management, and boast a strong market presence across critical business verticals and geographies. In essence, partnering with diverse entities will serve as a catalyst for innovation, propelling insurers toward the creation of competitive, customer-driven solutions.

Which industry do you think insurance could learn the most from, and why?

It would be great if the insurance industry could take lessons from the digital world and new economy sectors. Drawing from experiences shared by my teenage children, they expect insurance services to mirror the user-friendly experiences of platforms like Spotify, Amazon, Uber Eats and SkyScanner, highlighting the evolving expectations of consumers. While insurance operates at a different level of complexity, achieving excellence involves marrying regulatory compliance and data protection with compelling sales propositions, product flexibility, and innovative customer engagement strategies. Learning from the agility and customer-centric approaches of digital and new economy sectors could significantly enhance the insurance industry's competitiveness and relevance.

Hear from Marat at Digital Insurance Summit on February 7th, 2024 as he joins the Panel Discussion Interactive 'What are the best ways for you to grow digital partnerships and build embedded products that unlock new revenue streams?'. Download the full agenda here.