Intelligent Document Processing podcast – Episode #16, Alexander Sanders, CTO at TONI Digital
Welcome to the sixteenth episode of the IDP Podcast.
Today’s topic is about digital transformation in the insurance industry.
If there is a sector in which there is still a lot to do in digital transition, it is the insurance sector. Indeed, due to its numerous and varied offers, it is often difficult for its actors to know where and how to start. So, new solutions are emerging to ensure an optimal and successful digital transition for companies in the sector.
In this new discussion, we asked TONI Digital’s CTO, Alexander Sanders, to share his experiences and feedback as he helps companies implement and deliver insurance solutions daily to their customers.
To get to the heart of the matter, we have divided the exchange into some parts. Feel free to click on each to get directly to the information you are interested in.
Who is Alexander Sanders, CTO of TONI Digital?
What is the story behind TONI digital?
As both men point out, the insurance industry is lagging in digitalization. It’s a high-potential sector as the digital transition becomes a necessity in terms of returns, efficiency, and customer experience. Yet, it seems so complex that industries struggle to make the steps and changes themselves. They need help. That’s where TONI Digital comes in. Indeed, Alexander Sanders likes to describe TONI as “an insurance as a service provider.” This innovative solution allows each corporation to enter the insurance market quickly.
How has this solution been received by customers?
Alexander Sanders explains that the solution was very successful in Switzerland, especially in car insurance. Indeed, there was a real opportunity to seize in this country, which lacked concrete and practical solutions at this level.
By putting themselves in their customers’ shoes, Alexander Sanders and his team realized that when a customer buys a service/product, he wants to be insured in most cases. Purchasing the product/service in one place and being assured in that same place is a convenient and time- saving option that works very well.
By offering this option, insurance companies and other businesses ensure an improved customer experience through an all-in-one service.
Unlike Switzerland, this practice is common in our European neighbors, such as France, where, for many companies, 30% of their revenue share comes from insurance services.
Using data to optimize and personalize insurance solutions
Offering the best solutions through understanding customer data is an approach that is increasingly being thought of and exploited by visionary companies that want to deliver a flawless customer experience. This is the case for Tesla in America, which has set up this personalized insurance system based on the data collected from each driver.
This idea could revolutionize the insurance world in Europe: Creating a model that, based on the customer’s data, adapts to his needs, calculates the potential future risks, and thus adjusts the prices. The “Personal risk profile scoring system” may be accessible and feasible in the future. Still, Alexander Sanders explains, this is not for now: “European customers are not yet ready to consume these ultra-innovative and ultra-personalized services that we can already find in Asia.”
It’s a whole ecosystem to improve, and innovations always take some time to establish themselves in people’s daily life and behavior.
You will have understood that the insurance world is a flourishing system where ideas and innovations in digitalization are still to be implemented!
To understand in more detail each theme discussed in this podcast, I invite you to watch the entire video (with the video is always better, but listening to a podcast while driving is not bad as well 😊)
Thanks to Alexander Sanders and Alain Veuve for sharing their experiences and ideas on the subject.
Find all our audio podcasts now on Spotify, Apple Podcast, and Deezer and our video podcasts here.
Stay up to date with Parashift news
Stay up to date with TONI Digital news