Conversational Insurance

LoyJoy Has Been Accepted as a Member of InsurtechHub Munich!

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NXT:Distribution: InsurTech Hub Munich Innovation Programme 2023. Successful distribution is the acid test for the future of the insurance industry.

LoyJoy Has Been Accepted as a Member of InsurtechHub Munich!

What will the future of the insurance industry look like? InsurtechHub´s goal is to find answers to that question, while providing a platform for startups, corporate partners, investors, and research institutions. The Munich based innovation center is one out of twelve digital hubs initiated by the German Ministry of economic affairs and energy. Furthermore the initiative consists of 27+ renowned insurance companies and cross-industry partners.

ADAC Versicherung, Allianz, ARAG, die Bayerische, Bayerische Versorgungskammer, Dai-Ichi Life, Firemark Ventures, Generali, Genesys, Google, Huk-Coburg, LV 1871, Markel, Microsoft, Migdal, Munich RE, münchener verein, NTT Data, Nürnberger Versicherung, Örag Rechtsschutz, Provinzial, SAP, SAP Fioneer, Siemens, Tokio Marine, Verbond van Verzekemaars, Versicherungs Kammer, wakam, WWK

The 28 partners of the InsurTech Hub Munich

We are proud to be one out of 20 Startups that were given the chance to shape the future of the insurance industry.

Avata, Petleo, BestFit, omma, and Blocs are working on topics of the "Access to GenZ" focus area.
billogram, Xila, Kern, Tawny, Spixii, Promo Republic, Born Digital, WeGroup, nanoinsure, Loro, and LoyJoy are working on topics of the "Hybrid Journeys" focus area.
Connected Insurance, Zero, bind, and ZenOwn are working on topics of the "Embedded Insurance" focus area.

The 20 chosen Startups

InsurtechHub’s Role as an Innovation Center

As ITHM Programme Director Esther Prax puts it, “Distribution is the most significant challenge facing the insurance industry today, with rapidly evolving customer expectations and an ever-changing technology landscape”. Therefore the non-profit organization acts as a platform where all current and future players of the insurance industry can share ideas and discuss how to make the industry future proof. NXT:Distribution is one of their current programs where 20 Startups will be given the opportunity to develop solutions towards three focus areas: Access to GenZ, Hybrid Customer Journey, and Embedded Insurance.

#1 "Access to GenZ" How can insurers capture awareness of and engage a new generation of customers?
#2 "Hybrid distribution" How can agents and brokers be enabled to reach and advise the customer in a hybrid world?
#3 "Embedded Insurance" Which digital customer journeys are suitable for insurers to be embedded into?

The three focus areas

So, What Is Loyjoy’s Part in All This?

Good Question! LoyJoy is among these 20 Startups that were chosen to participate in the NXT:Distribution program. We were able to prevail against 200+ great Startups from over 42 countries. As a conversational platform we will develop answers on how to enable a hybrid journey for insurance customers. In a time where digital distribution becomes more important, it is necessary for an entire industry to adapt to these circumstances and use these new technologies as an advantage.

While the insurance distribution landscape is still dominated by agents, the impact of the COVID-19 pandemic makes it inevitable that companies accelerate their digitalisation. Customer preferences evolve, therefore companies need to provide a seamless digital experience. LoyJoy’s Conversational AI Platform offers solutions to simplify customer service, sales and marketing processes via chat. LoyJoy fuses no-code BPMN process automation with the powerful AI of ChatGPT and live agents. This boosts conversion rates and strengthens customer loyalty.

— by Steffen Wichtrup

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