Neodigital CEO Stephen Voss: The Use of AI is Not Our Problem in the Next Five Years – Interview Insights
In an exclusive interview with Cash., Neodigital CEO Stephen Voss discussed the company’s success in the insurance market since its inception in 2017. Neodigital, originally a small Insurtech company, has now made a name for itself as a White-Label producer in the property sector and recently entered the car insurance market in spring 2023. Voss shared insights on the challenges of rising claim costs, digitalization in car insurance, and the joint venture with HUK-Coburg.
Reflecting on the business year 2023, Voss expressed satisfaction with Neodigital’s performance, noting the successful launch of car insurance distribution alongside property, liability, and accident insurance. Despite facing a challenging year marked by inflation and rising claim costs, Neodigital exceeded its goal of 50,000 car insurance risks within a short period. Voss emphasized the importance of adapting to the dynamic car insurance market and learning from the experience to enhance their offerings.
Neodigital’s success in partnering with aggregators like Check24 and Verivox, as well as major broker pools, highlights their effective market positioning. Voss acknowledged initial challenges in the car registration process but emphasized the importance of real-time data processing and agile portfolio management in responding to market fluctuations promptly. Neodigital’s ability to adjust tariffs within days, compared to traditional insurers operating on a monthly basis, demonstrates their commitment to innovation and efficiency.
The joint venture with HUK-Coburg in the formation of Neodigital Autoversicherung AG was a strategic move to leverage HUK’s expertise in digitalization and efficiency. Voss highlighted the complementary nature of the partnership, with Neodigital focusing on broker distribution while HUK-Coburg caters to exclusive and direct insurance channels. The collaboration allows both companies to learn from each other’s strengths and explore potential synergies in the future.
Addressing concerns about entering the car insurance industry without prior experience, Voss emphasized the value of having a strong partner like HUK-Coburg and leveraging their combined knowledge to drive success. Neodigital’s focus on building trust with brokers and ensuring reliability in their offerings has been critical to their growth in the market.
Despite challenges faced by the industry, including analog processes, increasing claim frequencies, and demographic shifts, Voss remains optimistic about Neodigital’s future. He emphasized the need for insurers to prioritize automation and digitalization to meet evolving customer demands and streamline operations. By empowering employees with the necessary tools and skills, Voss believes that automation and the use of AI will not be a problem for Neodigital in the next five years.
As the insurance landscape continues to evolve, Neodigital’s innovative approach and strategic partnerships position them well for future growth and success in the competitive market. Voss’s insights shed light on the company’s resilience and adaptability in navigating industry challenges and embracing digital transformation to stay ahead of the curve.