By typing ‘insurance companies’ into Google image search, we can see that the umbrella is one of the most frequently used objects to represent the role of an insurance company: shelter from potential damage.
This is a role which, according to Andrea Veltri—Chief Marketing Officer and Head of Strategy at BNP Paribas Cardif—is not often fulfilled by insurance companies, which are more inclined to act as a ‘towel’ for their customers, refunding them for damage that does occur. The customer, however, would certainly prefer to prevent that damage in the first place.
So, Veltri says, helping customers to prevent damage is the key role for insurance companies of the future, which must become ‘preventive insurers’. 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.
For this reason, the edition of Open-F@b Call4Ideas 2017 has proposed the topic of ‘preventive insurers’ and ‘preventive insurance’, and is seeking innovative projects that can help BNP Paribas Cardif to implement this theme, with the aim of finding potential partners. As recently reported in this article and reaffirmed by Andrea Veltri in this video, the path of open innovation proposed by BNP Paribas Cardif and supported by Open-F@b Call4Ideas can offer startups a great advantage, as it allows them to collaborate with a great, structured partner, which can help them to enter the market, refine their product and create a sustainable business model over time. Remember that Open-F@b Call4Ideas 2017 is still open to applications until 23 October; why not get involved!