I had the chance to visit the Vivatech 2018 trade show held this week Versailles (Thanks @Anne!). This show is the global meeting of startups and leaders, according to their site. The figures announced by the organization are spinning, and the posters of Thursday’s conferences in particular speak for themselves. Make your opinion:
- Emmanuel Macron
- Mark Zuckerberg (Facebook)
- Satya Nadella (Microsoft)
- Dara Khosrowshahi (Uber)
- Ginni Rometty (IBM)
In short, the best of the world’s tech was at the rendezvous, helped by a calendar facilitated by the summit Tech for Good organized at the Elysée the day before.
Beyond the numbers, what does it take for the insurance industry?
Vivatech 2018 or the bubbling of ideas
A half day to walk in the aisles allow you to get a pretty clear idea of the challenges ahead in the years to come. All sectors of activity are undergoing transformation and all technologies are on the table. Like a competition Lépine innovation, it is to whom will propose the solution the craziest, the wackiest or the most breathtaking.
Not everything is good of course, but for anyone of us, it is essential to fully measure the transformation at work and gauge the impacts. potential. What about these little robots that welcome you at the entrance, will they replace a physical reception? What about artificial intelligence, will she keep her promises?
In short, in the excitement of the show, we must find inspiration to explore our future. However, this can not be enough, because the challenge is to find the applicability in the short term to trace the path to the transformation of society and trades.
A sector of the insurance and the financial tertiary sector little present
Overall, the insurance sector is poorly represented at Vivatech 2018. Only one large company stand in the sector (Matmut) is located, well placed near the entrance. By extending the thinking more broadly to the financial sector, banks are also poorly represented (only BNP Paribas has its own space).
How to interpret this relative absence?
2 possible answers to this question:
- The financial service sector has not taken the measure of current or future changes
- Vivatech 2018 was not perceived as “the place to be” to promote the ongoing transformation: too expensive, poorly targeted public, etc.
In both cases, I wonder! Vivatech is now “The place to be” in terms of innovation, whether for the pros, but also for the general public, come in number Saturday. Insurers are not reputed to be the forerunners in innovation, it does not seem inconceivable to want to highlight its steps in this type of salon. From there to think that we are rather in the first option, I dare not think about it!
Startups that intervene around the world of insurance were present, but in relative numbers. They are often invited by incubators or schools that wear them. Beyond the interest of each of these solutions, it is difficult to reconstruct the coherence in all this.
A burst of identical solutions
In terms of innovation, because this is the subject that interests us here, several points are worth noting.
A categorization into 3 families
The majority of start-ups present for the financial service sector can be categorized in 3 families
- Those that improve data collection
- Those who work on data analysis (often with the application of a business layer)
- Startups that specialize in the action and application of solutions from the analysis
These are the axes of analysis that I use in my insurtech observatory and which are here again confirmed. So thank you to BCG for the initial reading that I have taken (and improved!).
In other sectors of activity, startups complete this vision with material technological innovations (aeronautics, robots, 3D printing), but which have few uses in the insurance world (at least in the first reading, but we’ll come back to it maybe later!).
The principle of startups is to start an activity thinking to solve a problem better than others.
The difficulty is that the first steps to climb are the same for everyone, and that the true value comes next. Thus, the startup landscape is extremely fragmented, in France, but also abroad. Many structures offer equivalent solutions, not to say the same, with exciting promises for the future. However, each one wishing to control its value, one observes a burst of structure whereas the force would come from a union to advance more quickly. For example, in these startup unions, some teams could focus on common application bricks, while others would be focused on application research. They would still be agile, but above all stronger and more able to bring the true value they promise.
In short, Vivatech 2018 is for the diversity and comprehensiveness of the solutions presented. However, I remain on my hunger on my scope of activity