Can private finance – be it banks, venture capital, “angel investors”, private equity and so on – get more involved in supporting innovation? Are the entrepreneurs who would like to receive such support prepared to submit to the accompanying discipline? We are talking about a much broader set of issues than just “competitiveness” as conventionally defined and discussed.
They must be prepared for new customer expectations on communication, reachability and responsiveness. Nonetheless, insurance companies can benefit from digitalisation by taking advantage of opportunities to raise flexibility and productivity and simplify processes. Big data analysis, for example, can improve the assessment of risks and fraud detection.