Insurance sector can become ‘living, breathing companion’ – Allianz’s Sirma Boshnakova

The technologically-integrated insurance sector of the future has the opportunity to become “not just a contract stuck in a drawer, but a living, breathing companion” to customers.

That was according to Sirma Boshnakova, Allianz management board member and former chief executive at Allianz Partners, who spoke during the afternoon keynote session at the Insurtech Insights conference yesterday (19 March 2025).

In her speech, entitled Towards a frictionless world – how insurance will put peace of mind just a click away, Boshnakova laid out how the integration of sensors and technology into customers’ lives could vastly improve quality of life in the face of risks.

She explained: “Imagine a world where life flows effortlessly, a world where your home, car and digital life work together, anticipating your needs and protecting you before any problems arise.

“This would be an invisible safety net that actually insures everything – and this future is much closer than we think.”

Boshnakova demonstrated a concept video that Allianz had produced which showed how, for example, insurance functionality could be integrated into vehicles to immediately contact customers and organise a response in case of a collision or accident.

She added that Allianz had already begun work on this concept and noted that “thousands” of customers across the globe were already covered by automatic incident detection, where call centre agents make outbound calls to customers when they are involved in crashes that are detected by telematics systems.

Frictionless world

Boshnakova said that the primary ambition for the insurance sector should be to reduce friction in the lives of customers by increasing technological integration and protection concurrently, while also reducing frustration.

She explained: “Customers today face endless forms, complicated policies and frustratingly long claims processes.

“We’ve come a long way in our journey, but there is still a long way to go. The insurance industry must play a central role in eliminating friction from everyday life to create a world where insurance doesn’t just react, but proactively supports you.”

In achieving this goal, however, it was noted that the insurance sector had to work alongside various other stakeholders and industries to increase customer satisfaction via technology.

Boshnakova finished: “Achieving this future requires something bigger than technology – it requires intelligent collaboration between incumbents, startups and regulators.

“We must work together to create connected platforms where friction is not tolerated and the customer experience is paramount.”