Horizon Day 2024 by HZ Insurance: A day to celebrate cooperation, with each other, and, with technology  

Opened by Karin Bosshard, Editor-in-Chief of HZ Insurance, the HZ Insurance Horizon Day 2024, held on September 5th in Zurich, brought together leaders from the insurance industry and innovative startups to discuss the transformative impact of AI in the sector. It was a perfect occasion to celebrate cooperation within the industry, but also cooperation with technology itself.  

To start the day, Prof. Dr. Florian Schreiber, IFZ Insurance Lead at the Lucerne University of Applied Sciences and Arts gave an overview of the Swiss insurance market. Despite a slowdown in the InsurTech growth, he still noted a 26% increase in InsurTech companies and pointed out that technological innovations such as AI, big data and automation are reshaping the entire value chain. Marco Billeter, Head of Financial Services at Microsoft Switzerland, then brought enthusiasm for technology’s role in the insurance industry. He demonstrated how AI and cloud technologies are revolutionising operational efficiency and customer experience, and, highlighted the capabilities of Microsoft’s advanced computing resources such as its supercomputer designed to support AI applications like OpenAI’s GPT-4. 

InsurTtech World

The event also featured key lessons from the InsurTech world. Dr. Patrick Eugster, CEO of Simpego,and Oliver Werneyer, Ex-Founder and CEO of IMburse AG, later acquired by Duck Creek Technologies, shared insights on growth strategies and the challenges of exiting in a competitive market. Gina Studerus, Expert Business Analyst at Zühlke also explored the intersection of technology and business analysis, highlighting the need for adaptive strategies in the insurance industry. A series of presentations on real-world applications of AI showcased its transformative potential. Richard Frey, CEO of INAIT SA and Frederic Olbert, Co-Founder and CFO of CarbonPool, presented innovative solutions in accident damage assessment and carbon credit insurance. Then discussions on art authentication with Dr. Carina Popovici, CEO of Art Recognition AG, commercial insurance with Oliver Delvos, Head of International at Corvus Insurance, and, fraud detection with Andra-Maria Maute, Co-Director and Head of Distributed Ledger Technologies at the Swiss Fintech Innovations Association (SFTI), revealed how technology can enhance efficiency while addressing challenges related to data integrity and privacy. 

Collaborations between insurers and InsurTechs

Collaborative synergies between traditional insurers and InsurTechs were then explored in panel discussions led by Matthias Niklowitz, journalist and analyst. Key figures from both sectors such as Sergio Beer, Head of Innovation at Zurich Insurance, Daniel Feurstein, Chief Revenue Officer at omni:us, Marc Hauser, CEO of Trust Square, and, Dominique Kasper, Head of Property & Casualty Insurance and Member of the Executive Board at AXA Switzerland, discussed the need for a balanced approach to innovation and risk, and, highlighted how successful partnerships can drive the industry forward.  

Investment Trends

As the day progressed, investment trends were also analyzed to understand how recent market changes are affecting investment strategies and the success of start-ups. Noting the unprecedented speed at which AI is transforming industries, Dr. Teddy Amberg, Founding Partner of Spicehaus Partners AG, opened the discussion on the exponential growth of AI-driven investments in a panel featuring Dr. Thomas Dübendorfer, President of Smart Money for Swiss Startups SICTIC and Angel Investor, and, Kathrin Wolff Schmandt, Board Member, Angel Investor and Growth Advisor, and, moderated by Christian Lundsgaard Hansen, Managing Director of Sparkr. 

Regulatory Considerations

Regulatory considerations were also addressed. Daniel Feurstein, Chief Revenue Officer at omni:us discussed the practical implications of the AI Act, providing insights into the regulatory landscape that insurers will now need to navigate. Sandra Kurmann, Head of Framework Conditions and Member of the Management Board of the Swiss Insurance Association (SVV), and Michael Dritsas, Member of the Board of the Swiss Digital Insurance Association (VDVS) and CEO of vlot, then engaged in a panel discussion reinforcing the necessity for realistic expectations in this context of rapid technological change.  

Insurance Monitor 2024

Later in the day, Dr. David Finken, Senior Researcher at ETH Zurich, presented the results of the Insurance Monitor 2024, a study on the balance between human expertise and AI, illustrating the critical need for integration in the insurance sector. Prof. Dr. Angela Zeier Röschmann, Co-Head of the Institut für Risk & Insurance at the ZHAW School of Management and Law then highlighted the transformation of the insurance industry through technology resulting in the creation of new job opportunities that emphasize human skills alongside AI. With the rapid advancements in AI, it is essential to equip professionals with the competencies required for future success such as new data competencies and digital skills. 

Technological Advancements

The event concluded with Dr. Evangelos Avramakis, Lead Corporate Foresight, Intelligence & Development at Swiss Re Corporate Solutions and his forward-looking perspective on the technological advancements awaiting the industry, highlighting the interconnectedness of industries and the importance of adaptation, connectivity, and, customer-centric experiences. 

In our ever-evolving landscape, the need for proactive collaboration and adaptation is key, and, as such, the HZ Insurance Horizon Day 2024 was a remarkable gathering that laid the foundation for future innovations in insurance and provided an opportunity to forge connections, and, explore collaborations. Don’t miss the opportunity to be part of this transformative journey next year. 

Laura Servadio 

Read also: HZ Insurance Horizon Day 2024: Connecting Insurance Innovators in the Age of AI