Planet is an innovation base for all insurance industry operators
According to Poli Mali news, “Iman Aristotle” considered “Planet” to be the translation of the concept known as “Insurtechs” in the world and added: “Planet’s first layer is focused on the development of Insurtech innovation and the next layer is in the field of FinTech.”
He continued: Innovation networks such as Planet are necessary for the formation of ecosystems, because they can be the link between established industries such as insurance and banking with new businesses or startups.
Pointing out that during the last 10 years, centers such as the insurance innovation network (Plant) have developed in the world, Aristotle continued: One or more insurance companies, banks or financial institutions are working together to create such centers so that they can Relevant innovations in the field of their activity give direction and speed up this process with better quality and outside the usual bureaucracy of organizations.
The CEO of the insurance innovation network continued by stating that in centers like Plant, competitors active in the insurance or banking industry cooperate with each other, because innovation has heavy costs and especially requires gathering knowledge from nearby and sometimes distant ecosystems. : For example, the new payment solutions that are used today in the insurance industry to pay insurance premiums or in core insurance could not be developed without the interaction of the two adjacent ecosystems of InsurTech and FinTech, because the knowledge of this work existed before the existence of centers. Facilitators like Plant existed in separate silos in the insurance and banking industries.
According to him, the banking and insurance industries are looking to enter sectors, many of which are not innovations within the industry, and some of them are innovations that challenge the common intellectual framework of the entire industry; In fact, industries such as insurance in cooperation with innovation centers are not only looking for what innovations to direct, but also thinking about what innovations can be a threat to the entire industry.
The CEO of the Insurance Innovation Network (Planet) emphasized: For example, the approach of peer-to-peer insurance in the world challenges the framework of insurance and the business models of insurance companies, as it says that a series of risk suppliers and a series of demands There are risk providers that can be put together in an advanced platform and no insurance company is needed.
Aristotle continued: Therefore, centers like the insurance innovation network (Planet) have been formed in the world and in Iran because they can solve and accelerate the problems that innovation brings with it within the industry or with the industry.