Tomasz Raczyński, Head of the Insurance Department at mBank, will once again serve as one of the judges for the Qorus Innovation in Insurance Awards. He shares insights into current trends in the insurance industry and discusses the innovative projects he anticipates seeing.
Tell us more about yourself and your role at mBank.
I have been working at mBank for over 20 years, developing distribution of insurance products. As Head of the Insurance Department, I am concentrating on increasing the number of mBank clients holding at least one standalone insurance policy at the bank.
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What do you see as the key trends in insurance this year?
From my perspective, there are at least two interesting elements. One is increasing value for customers, which is driven by legal requirements but also will be helpful in satisfying clients’ needs. This is an important factor, as clients are getting more and more aware of insurance products, of how claims’ processes can look, and their demands are increasing. The second is the simplification of both sales and aftersales processes, just to be as easy as possible on mobile, while still being compliant and price attractive.
What kind of innovative projects would you like to see submitted this year?
It has been a pleasure and an honor to be a judge for several years. I think it is worth underlining that the differentiation of the products and markets is quite large and it is not always easy to compare two initiatives. That’s why I cannot wait to see all coming innovative projects. In particular, I am looking for those initiatives which make our clients’ lives simpler and have a positive impact on sales of standalone products or clients’ satisfaction.
In your capacity as a judge, you have read many innovation submissions. What do you look for in a winning entry? And what qualities have stood out for you in previous innovation entries?
First of all, I have always tried to look at the projects from a client’s perspective – which client’s problem can be solved. Secondly, if the project is successful or has a story I can believe in, no matter what kind of market it is.
What is the one tip you have for those preparing innovation entries this year?
It is not easy to go really deeply into all materials submitted by teams. What I am personally looking for is a brief description which attracts me to go further. I am looking for a story from the problem to implementation or even to business results.
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