For all those involved in insurtech, this is an event not to be missed: on 29 November in Milan, at the innovative Spazio Gessi, Open-F@b Call4Winner 2017 will be held, an ‘innovation battle’ between the finalists of the Call4Ideas, which will result in the three winners of the international contest being selected by a jury composed of the top management of BNP Paribas Cardif, as well as experts, journalists and also the public, who will be able to express their judgement digitally.
A great number of applications were received for Open-F@b Call4Ideas 2017, the open innovation initiative that was first launched in 2014 by BNP Paribas Cardif in partnership with InsuranceUp, which also saw the collaboration of new partners in this fourth edition: OpenUp, a matching platform by BNP Paribas, and Medici, a global fintech platform.
This year’s theme, preventive insurance, was well-received by startups and innovators across the country and beyond. This year there were a whole host of attendees from abroad taking part in Call4Ideas: in fact, international participants made up half of the total number of attendees.
The finalists will have the opportunity to present their project at the event, during which the three winners will be selected. They will go on to work with the R&D team at BNP Paribas Cardif who will assist in the development and implementation of their project, taking into account the needs of the market and the company.
The event is open to all and free of charge, and it is already possible to register by filling out the form on this page.
The meeting agenda
In addition to the time dedicated to the contest’s pitch projects, the afternoon will be spent hosting two important keynotes: one by Amit Goel, Founder and CIO of MEDICI, on ‘the power of insurtech’; and the other by Aziza Idrissi Janati, Startup Program Lead Manager of OpenUp, and Chedy Riahi, Partnerships Manager of OpenUp, who will talk about how BNP Paribas is addressing digital transformation and innovation.
Here is the event agenda:
15.00 – Participants’ registration
15.30 – Opening session
Isabella Fumagalli, CEO and Managing Director, BNP Paribas Cardif
Andrea Rangone, CEO, Digital360
15.45 – Innovation battle | First phase
led by Luca Viscardi
16.45 – The Power of Insurtech
Amit Goel, Founder and CIO, MEDICI – Innovation Marketplace in Fintech and Insurtech
17.00 – Innovation in BNP Paribas
Aziza Idrissi Janati, Startup Program Lead Manager, OpenUp
Chedy Riahi, Partnerships Manager, OpenUp
17.15 – Innovation battle | The final
led by Luca Viscardi
17.45- Award ceremony
Andrea Veltri, Chief Marketing Officer&Strategy, BNP Paribas Cardif
18.00 – End of session and cocktails
The insurance industry has become insurtech
Digital transformation is changing the face of financial services, transforming products, services, and business models. In the insurance world this transformation has become known as ‘insurtech’, an amalgamation of the words ‘insurance’ and ‘technology’, and the term shows that underlying the transformation are particular technologies that are able to determine a new way of implementing ‘insurance’.
As the latest World Insurance Report 2017 from Capgemini and Efma highlighted, traditional companies are at a turning point, because while technology is revolutionising every aspect of the insurance industry, at the same time the needs and expectations of consumers, with relation to insurance products, are also evolving. Conquering insurtech is mandatory for traditional companies, and working with startups, through open innovation projects, is one of the most effective ways of speeding up the transformation of each company into an Insurtech.
The numbers speak for themselves: in 2016 (2017 data is not yet complete), the total investments in insurtech (or rather in insurtech startups) amounted to 1.7 billion dollars. (source: CB Insights)
In this context of technology-driven transformation, the concept of a ‘preventive insurer’, a new type of insurance that is closer to its customers, becomes fundamental. According to Andrea Veltri, Chief Marketing Officer and Head of Strategy at BNP Paribas Cardif (a company that has embraced this concept), insurance companies today must become ‘preventive insurers’; i.e. they must help clients to prevent damages rather than merely compensating them. Technology facilitates moving in this direction, so companies will have to implement a strategic and cultural change of pace, through collaboration with startups, who with their innovative ideas, their agility, their ‘lean’ method for developing and testing ideas, can accelerate the processes of change within complex insurance companies, by influencing them and helping them to identify new business models to meet the new demands of customers.
Take an active role in the insurtech revolution by participating in the Open-F@b Call4Winner 2017 event: