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#Insurance: "Don't put a Speedboat on a Tanker" Carsten Maschmeyer on #insurtech & #innovation - YouTube
Channel: Digitalscouting
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once Warren intrapreneur obviously and I
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went back to what I loved most coaching
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young people is inner spirit helping
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them to increase to develop their skills
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and my edit value' is my experience my
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knowledge and my network so I listen to
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this I'm scouting digital and tech
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trends around the world in order to
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bring it to you and I have helped
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numerous companies to set up ecosystems
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of digital products and services and to
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increase their reach with attention
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hacking hey guys we are here with custom
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mush Maya we are really really happy
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about you here on board but also might
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not learn know him the two or three is
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known for his role in the German shark
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tank what a lot of people don't know it
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was a tremendous successful entrepreneur
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and launch exits my the question firstly
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why are you still building such a great
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cooperation you know you have already
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finances in 1988 I founded a double D
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the first and later also the biggest
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independent financial advisory in Europe
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we expended in 11 countries we have
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10,000 of wises more than 2 million
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customers with 10 million contacts with
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venison FTM ducks it was the German
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Stock Exchange and my exit was in 2008
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we achieved in 2007 more than 18 billion
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top-line revenues
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Swiss life is of immense biggest ensure
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about my state and after that once
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warrant obviously and I went back to
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what I loved most
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coaching young people is in it no spirit
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helping them to increase
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their skills and my edit value' is my
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experience my knowledge and my network
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but also a lot of people don't know is
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that you are really deep used in the
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insurance industry get worked several
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decades in the transistor so that people
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can also draw on that yeah I know
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of course the pain and the emotional
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affected customers the needs were sales
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people and the importance of the
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efficiency of the back office so I seen
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that I have the dream insurance company
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in my mind and we will not see a
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revolution a lot of evolutions and I
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added together when we started 10 years
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ago we just invested in later stage
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communities because we said the ticket
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size was to no but the ticket size in
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the beginning as a highest leverage
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effect so we have proceeded seat with
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our mushroom adventures in South Park
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San Francisco we invest up to $500,000
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in American TV station companies and in
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Europe we have bought some capital later
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stage investments average ticket size
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7.5 million so we can go through all the
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phases of the growth of the founders and
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of his fundraising lifecycle my next
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question is
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kind of startups and outside insurance
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are doing the respondents ways to
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impress in the last few months the last
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year - I was totally impressed of - yes
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startups absurdly AI artificial
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intelligence for four centers and
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tomorrow excellent company in Europe we
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are investing experience darken
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documentation and the machine learns and
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read whether the customer or the letter
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changes his address bank account so it's
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more efficiency because every startup
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must have an a big advantage something
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must pop faster cheaper easier for
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customer or sales agents you often
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emphasize how important is the team of
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the founders and why is that and how do
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you help these teams indeed I'm totally
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convinced that the team is everything I
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hate team sweet people same professor
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same University I prefer complementary
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teams one is very good in tech another
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one must be good in planning and also
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minimum one person of the founding team
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must be a brilliant salesperson selling
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to customers selling to cooperation
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partner selling to the press selling to
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investors selling to applicants because
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we are in the middle of the vocal
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talents and the team is everything we
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help them into increasing communication
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skills and sales performance because
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that is so important they love or
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sensible and then the cost nationally I
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know that few things about sales yes
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it's my biography I had nothing so I
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learnt
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sales and sales is everything because I
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prefer
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revenues than the capital increase
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capital increase can't be a substitute
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for less sales performance during the
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last three decades you have to gather
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details that inside
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and um my question is what do you
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recommend see some insurances today that
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still hesitate to go all in some digital
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transformation sometimes it's like a
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catastrophe the banks were seeing they
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were very late hopefully all the
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insurance company will await now I think
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they have to become better in pricing
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underwriting Excellence
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Administration optimization and they
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have to get more better understanding
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for data analytics for social analytics
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and customer behavior and those
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innovations will come from outside there
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are two mistakes some insurance
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companies make the mighty head
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responsible for innovation over the CFO
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and he is just scared not to make a
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mistake that's totally wrong the impact
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will come from outside out of the box
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because the young people they are
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looking from the other end patient large
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solution-oriented and that can be
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helpful but if they recognize that start
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up for them and they invest or they buy
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it they can do one for the big mistake
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to put these people on the tanker then
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you have not any more people than you
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ever saw thank you again one question
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the only problem is going to
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no you or like google you and looking up
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what you are doing and how do you manage
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building and managing all
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entrepreneurial activities and your
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family to be honest the way I'm living
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now wouldn't be possible thirty years
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ago of course I use the latest
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technology today it's not important
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where you are and where you work so
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that's enormously helpful on the other
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hand I make great teams in Europe and I
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see on a US team the mushroom adventures
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and Salzburg and San Francisco also
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capital in Munich see in Sweden booming
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so you need the best teams so you can
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delegate and so I have the right life
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work balance and to thirty years ago
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I didn't order to serve diligent I
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wanted to succeed
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and I'm happy to use a time it's a great
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suite kids from my wife and my friends
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and my patient I did not know that God
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and cool oh yes
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God makes me happy there are so much
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researches plans hey guys it would help
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us a lot if you could hit the subscribe
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button down there and to make us also
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grow here on YouTube thank you very much
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