On May 15, 2025, AXA Partners will sponsor the Nordic Fintech Summit taking place in Helsinki.
The Evolution of Technology in Insurance
Historically, the insurance industry relied on mainframes and call centers, which, while reliable, have become outdated in today’s fast-paced environment. Legacy systems still play a role due to their established nature. However, development such as cloud solutions for scalability, digital platforms for enhanced customer experience, and growing partnerships with insurtech companies are ushering in a new era.
The future holds promise with advanced AI and machine learning driving predictive analytics, fraud detection, and personalized customer experiences. Embedded insurance—integrated into core services—represents a significant revenue opportunity. Additionally, cybersecurity is paramount, as the industry’s reliance on trust necessitates robust protections for sensitive customer data. Lastly, sustainability and ESG factors remain crucial in shaping financial practices.
The Human Element
Despite the technological advancements, human capital remains one of the most complex assets to manage in any business, including insurance. Companies face challenges in talent acquisition, fostering diverse work environments, promoting continuous learning, and offering flexible work arrangements. As younger generations enter the workforce, the demand for technology-driven solutions and innovative practices will reshape operational processes.
However, efficiency alone is insufficient during the critical moments of truth—when customers face dire situations. Whether a family is dealing with an accident abroad, a natural disaster destroying their home, or a sudden illness, these are the moments that demand a human touch. Or would you prefer a chatbot providing a link to your “Terms & Conditions” in such times?
The Moment of Truth
In these high-stress situations, customers typically seek the comfort of speaking to a human professional who can assess their circumstances, provide reassurance, and guide them through the crisis. This is where the human element plays an indispensable role. Our goal should be to harness technology to empower these professionals to better serve the end customer.
AXA Partners in the Nordics
Returning to the pursuit of efficiency, it is crucial to allocate valuable human resources to where they are needed most—supporting customers in distress rather than inputting data into legacy systems. AXA Partners in the Nordics serves as a hub for testing, learning, and collaborating. We have implemented bots for claims handling, blockchain solutions that automate claims processing, and AI-based tools like “Doctor X” for diagnosis evaluations— all through partnerships with internal and external entities.
This approach highlights our commitment to participating in the Nordic Fintech Summit. A giant in the insurance industry can become a giant with clay feet if it doesn’t engage with the fast-moving, agile fintech ecosystem.
The Synthesis
Combining the human touch with state-of-the-art technology is no simple task. However, we choose this path not because it is easy but because it is in the best interest of our customers, employees, and shareholders. By embracing technology while recognizing the irreplaceable value of human interaction, we can create a more efficient, empathetic, and effective insurance experience for all.
In the end, the goal is clear: Digital when possible, Human when it matters.
Want to hear more? Join the Fintech Strategy Talks Webinar on April 4th with AXA Partners about Embedded Insurance in Financing.
AUTHOR
Teemu Kämäräinen is the Country Manager at AXA Partners Finland.
Leading AXA Partners Finland and Baltic business, implementing strategies and managing change. Commitment to cultivating robust internal and external sales organizations has been a cornerstone of my tenure. Expertise in CRM and marketing communications, multichannel sales strategies and customer journeys. Philosophy grounded in a hands-on attitude and a relentless pursuit of what is possible.
AXA Partners
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Want to hear more? Join us on May 15th in Helsinki to explore the next chapter in banking, insurance and finance!
