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Navigating the digital frontier: insights from The Innovation Lab

In recent months, AI has surpassed blockchain as the primary game changer. However, which trends will truly transform the business landscape? It’s hard to say. What is certain, though, is that those who invest too early in the wrong digital applications risk losing time and money, just as those who invest too late do. To assist clients in their strategic decisions, thewave established The Innovation Lab. Bastian Franken, “We look beyond existing systems and applications and help our clients identify real opportunities.”

In today's rapidly evolving technological landscape, businesses must stay ahead of the curve to remain competitive. The Innovation Lab is a critical component in achieving this, acting as a multidisciplinary team that brings together expertise from various departments, including business, IT, risk, and compliance. This blend of disciplines ensures a holistic approach to innovation, enabling comprehensive analysis and strategic implementation.

The Innovation Lab has several key missions:

  • Innovation watch

One of our primary functions at the Innovation Lab is to conduct an innovation watch. This involves scanning the market for new technologies, not just within the insurance industry but across various sectors. The goal is to understand emerging technologies, their workings, and potential applications. By distinguishing between valuable opportunities and mere noise, the Innovation Lab identifies technologies that could benefit clients, especially in insurance. For instance, we focus on cutting-edge technologies like blockchain and AI, assessing their applicability and maturity.

  • Mapping and knowledge sharing

When a promising technology is identified, the Innovation Lab maps its current usage within Belgium and the insurance sector. This information is then discussed and shared within our team at the lab and with colleagues at thewave, ensuring the team remains at the forefront of technological trends. This year, for example, the lab has concentrated on artificial intelligence (AI), exploring its practical applications and building a solid knowledge base to advise our clients effectively. The aim is to be well-informed advisors, ready to assist our clients in integrating new technologies into their operations.

  • Participation in events and thought leadership

The lab's activities extend beyond internal discussions and research. Team members participate in industry events such as the Vivium Digital Awards and seminars by organisations like KPMG and Decavi. These events offer insights into market trends and opportunities to network with professionals, thereby enhancing the lab's understanding and influence. We plan to expand these kind of activities and take on the role of thought leadership by hosting meetings with insurtech and fintech companies, fostering knowledge sharing, and continually assessing the maturity and fit of emerging technologies like blockchain. Thewave’s goal is to provide our clients with proven, practical solutions that drive business success.

  • Learning by experimenting

We take a hands-on approach to learning. By creating prototypes, such as an AI bot, we test and learn from these technologies directly. This practical experimentation helps us to identify risks, gaps, and implementation challenges. Such insights are invaluable when advising our clients, as the lab can provide grounded, practical advice based on real-world testing. But our strategic role extends beyond merely identifying and testing new technologies. We act as trusted advisors to clients, helping them navigate the complex landscape of technological advancements. By evaluating numerous AI solution providers, for example, the lab offers clients well-rounded advice, helping them choose the best fit for their needs without pushing any specific product.

  • Risk management and compliance

Thewave’s Innovation Lab is a multidisciplinary team, where experts in risk and compliance also have an important role to play. Understanding the risks associated with new technologies is crucial, especially in the insurance sector. Our experts detect potential risks and share this knowledge internally and with clients. This comprehensive risk assessment ensures that clients can make informed decisions, balancing innovation with caution.

Tailored advice

By understanding both technology and the business needs of our clients – thanks to our close collaboration with Ensur – the Innovation Lab strengthens thewave’s client relationships. We provide tailored advice that considers technological capabilities, business goals, and strategic alignment. This approach ensures that clients receive solutions that are not only technologically advanced but also strategically sound. In that way the Innovation Lab plays a pivotal role in driving innovation within the insurance sector. By combining multidisciplinary expertise, continuous market scanning, practical experimentation, and comprehensive risk assessment, thewave ensures that clients are well-equipped to leverage new technologies effectively.

Ready to embark on your digital transformation journey? Let's connect and explore how we can tailor our expertise to your unique needs.

Contact us at bastian.franken@ensur.be and let's make your business digitally fit for success.

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