Gras Savoye – Insurance Markets 2018

marchés de l'assurance 2018

The broker Gras Savoye, belonging to the Willis Towers Watson Group, published in september 2017 an interesting economic note on the transformation of the insurance markets 2018. They come back therefore, by business line, on current trends.

Overview

Overall, the French insurance market is rather stable:

  • The world market is down slightly
  • France remains an important market (5th world player), with just over 200 billion euros of premiums
  • Personal insurance accounts for 75% of this figure, and sees a rise in pension premiums
  • Property insurance is subject to strong competition, and is experiencing a significant increase in claims, which affects the underwriting results. This is due in particular to climatic events.

In the details of the 2018 insurance markets

In brief

Given the richness of the report, it is complicated to synthesize it, and I prefer to suggest that you refer to it if necessary. I prefer to present the plan!

insurance markets 2018 insurance markets 2018

Each theme is treated according to 5 axes:

  • Capacity / Appetite
  • Price
  • Deductibles
  • Warranties
  • Flexibility

Some key things to remember

  • 3 alternatives to risk transfer are presented:
    • Structured Insurance: covering the multi-year consequences of new or complex risks. (terrorism, pandemics, strikes, etc.)
    • parametric insurance : or index-based insurance, which i have already talked a lot here
    • Mutli-line / Multi-year approach: which reduces volatility
  • D&O (Executive) policies continue to evolve and adapt to changing risks. The tailor-made is put on this profitable and dynamic market (new regulations, cyber risks, etc. which increase the risks for managers).
  • There is growing interest in combined fraud / cyber collateral, although these mounts do not always yield the best proposals. Note: It is understandable that customers are always looking to hedge against an unknown risk, but perceived as critical .
  • Kidnap & Ransom products are in full swing, because of an international geopolitical context that is sometimes hazardous.

Conclusion: My opinion

This report is a mine of information, very technical, but essential to a good understanding of the complexity of heavy risks. A disadvantage on the bedside table, but imperatively under the elbow!

In hollow, one sees there appear, as often, the insurance products which could be generalized tomorrow. The trends observed, especially on cyber, fraud or regulatory aspects are in this sense good indicators of the future.

Press review January 15th, 2018

revue de presse du 15 janvier 2018

Here is a little overview of articles that caught my attention and deserve to appear in the “press review January 15th, 2018”!

O’Reilly offers books on data and artificial intelligence

The famous publisher of computer science books has a library of 80 of its publications on big data, artificial intelligence and data science, published between 2012 and 2016. Essential detail: the download is free, in pdf, epub or mobi.

Remember: when it’s free, you’re the product! O’reilly asks for your name, first name and email to download, but nothing forces you to enter the real …

press review January 15th, 2018

Not so accidental road accidents

Mathieu Grossetête is a researcher at the university research center on public action and politics. We propose in the Diplomatic World a reading interestingly, accidentology by car.

It appears that the prevention policies of Road Safety may now reach their limits because they are poorly targeted! Or when the art of data analysis becomes essential to better control a phenomenon, and treat it correctly!

Exciting article to read, which makes us rethink the notion of risk analysis, the perception of events. Finally, it simply invites us to change our way of thinking.

press review January 15th, 2018

Typologies of wearables

Evan Kirstel, one of the leading thought leaders in connected health, offers us a panorama of typologies of connected objects for health, aka wearables. This one goes a little further than the usual dichotomy watch and bracelet vs balance!

press review January 15th, 2018

Deloitte: human collaboration – machines

A visual of a Deloitte study, found on Twitter, gives an interesting reading of the symbiotic relationship that can develop between humans and machines. All thanks to the service rendered!

press review January 15th, 2018

Axa and telemedicine

Jacques de Peretti, CeO of Axa in France announced this week the launch of telemedicine in companies and openness from service to experts.

The second service is the extension of the current service (which I had the opportunity to test personally and which is very good). On the other hand, the first one supposes major investments and questions around the model chosen by Axa.

The question of danger, posed by Olivier Harmant, is in my opinion not relevant.

press review January 15th, 2018

However, what is the return on investment of this model for a complementary insurer? Indeed, a teleconsultation at the expense of the complementary supposes a cost support higher than the usual part. In order to be financially attractive, such a service needs to be either cheaper than normal consultation or to reduce risks. For now, teleconsultation is a vector of brand image and carries a demarcation line with respect to the competition. However, when everyone will do it, it will be necessary to consider the business model that goes with it!

Finally, should not this be the role of an intermediary platform? The latter would make this service available and look for the insurer who answers it. On the contrary here, it is carried directly by a complementary insurance? What does this say about our public health insurance? A lot of questions, few answers for now!

Insurance, innovation and behaviorial evolution

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A conjunction of elements led me to reflect lately on the link between insurance, innovation and behavioral evolution! It is an opportunity to give you my point of view on the issue.

Insurance is often considered reactive. Indeed, it reacts to events called claims to compensate for the residual loss.

Campaigns, sometimes famous (I think about road safety), are intended to transform behavior upstream to reduce downstream losses. For the insurer, it is an initial investment that finds its ROI in reducing the indemnification. We are here in a model in which the insurer is a preventer and no longer just a compensator.

However, a lot of debate has taken place in recent years to give the insurer a more proactive societal role upstream to reduce risks and thus change behavior. The embedded telematics (with Pay-How-You-Drive offers for example) has often been seen as an incentive for good practice: if you drive better, I make you pay less. Ditto for connected bracelets of health: if you play sports, you will have a reduction.

However, we note that these approaches do not always work or that they are not effective. However, do not we say “chase the natural will come back at a gallop”? The challenge is therefore twofold:

  • Find new ways to influence behavior.
  • Adjust offers to better stick to individual behaviors rather than standardizing responses.

Nudges at the service of behavioral change

Context

It will probably not have escaped you that the last Nobel Prize in economics (2017 ) was awarded to research on the so-called behavioral economy. To learn more, read here . This is also called benevolent manipulation.

insurance innovation and behavioral evolution
Cover page of the book Guide to Behavioral Economics, free download here . Thanks to Yuri for giving me the paper book.

I will not attempt here to detail fully the possibilities offered for insurance, because it deserves to think seriously about it. Anyway, I invite you to read the very good article from one of my competitors on the issue. Here is the example cited:

For some American motor insurances, the declaration of the mileage achieved in the year (n) conditions the premium for the following year (n + 1). The average rate of under declaration is estimated at 15% compared to the Km actually made. A Nudge has been tested to try to improve the statements. Instead of signing the declaration on honor at the end of the document, the researchers put it on the heading of the document, before the declaration. This simple change results in a 10% increase in the number of Km declared, a gain for the insurer of $ 48 per insured. The simple reorganization of the structure of the document, the architecture of choice, makes it possible to modify the behavior of the insured and thus to increase the income.

Some examples of nudges for insurance

Here are some examples of nudges that are or could be relevant to insurance depending on the objectives:

  • Reducing risks: The incentive to drive better.
    • The solution implemented by Liberty Mutual and relayed here consists of a mixture of gamification and information to drivers. Thanks to embedded telematics, the solution allows everyone to consult their driving information and to consider how to drive better and therefore how to reduce their premium, the discount rate being updated live every day for 3 months before being fixed.
    • By extending the exercise outside the pure scope of intervention of the insurer, we can note that tracing, on the road, shorter white stripes gives the impression of going faster and encourages you to slow down without even realizing it.
  • The incentive to subscribe:
    • A study relayed in the book above (London Economics and YouGov in 2013 for the FCA) showed the impact of the presentation of the insurance offer in parallel with another product. This is the case for example when buying the insurance when buying a mobile or cancellation insurance.

 assurance innovation and behavioral evolution

Beyond the questionable ethical aspect, this shows the influence of the distribution strategy on the choices of insured.

  • The choice of priorities: Last-mile problems (read for it this article and that one)
    • Segmenting the populations can be done according to a probability of underwriting. By identifying 3 segments (low, medium and high effort) using artificial intelligence, we can then determine who has the strongest probability of traveling the last mile to the subscription. These populations, for which the effort is small, will be treated differently and maybe receive, when the time comes, a little nudge! This can be a text message, a small message on the screen or a welcome email when giving the little extra that will be enough to convince them.

I will come back to these questions later with other detailed use cases to imagine more precisely how to use these methods.

Adjust offers

Most of the current offers are very standardized. They take into account a need considered identical for all insureds. At the time of individualization, why could not we consider adapting the coverage more finely according to the real risks of the insured. I can already hear the reactions: “This is the essence of our job”, “We already do it”, the contracts offer options and choices of levels to ensure according to his needs. “Very good, but in truth, can one think otherwise?

The Wilov speech is very interesting on this point. Most auto insured drivers drive less than 50 days a year. Yet they are covered full time. By inventing the “Pay-When-You-Drive”, their starting premise is to charge drivers only when they drive! The price is not necessarily much lower, however, the feeling of the insured is much better (provided that the user experience is the appointment of course!).

The approach of Inspeer goes in a similar direction. Starting from the premise that changing the behavior is complicated, Emmanuelle Mury and her team are working on the notion of affinity groups that go around the use. Clearly, they identify similar behaviors, and create the corresponding supply. I will come back to this in a dedicated article!

In short, the notion of supply is still too much seen today as unique, identical for all. Indeed, IT systems did not allow to easily and quickly deploy variants and customization, or the illusion of personalization was at the marketing level. It’s time to move to a higher level!

 

And you what do you think? When do we start to revamp your offers?

NEWS – What you may have missed in 2017

revue de presse du 15 janvier 2018

What you may have missed, like me in 2017!

If like me, you follow between 50 and 70 sources of information (rss feed) on a daily basis, not counting the linkedin and Twitter publications, it sometimes happens to lose your mind and miss some interesting information.

More specifically, it often happens to see an article that we think would be interesting and keep it for later. But this later comes only rarely and we end up with a small stack of articles to read!

For me, this blog has solved the question about the publication of reports, which remained on my desk waiting for something. For the articles, it is not quite that still, and I find myself at the end of 2017, with a good fifty articles under the elbow. Here are some of them, which you may have missed too!

The Tribune – Assurtech: a disrupted industry, for the benefit of the customer?

link: https://www.latribune.fr/opinions/tribunes/assurtech-une-industrie-disruptee-au-benefice-du-client-717687.html

Daniel Haguet, professor of finance at EDHEC, who was few (hum) years ago my teacher, gives his opinion on the phenomenon:

  • 75% of insurers consider that their industry could be disrupted
  • Big data, by aggregating data, even out of the insurance, allows a customization of offers
  • Distribution is growing online thanks to the rise of the internet
  • For many players, the challenge is to take a stake in these structures, to take advantage of both technological advances and the “captive” portfolios of clients.

Note: For a selection of insurers’ strategies with insurtechs, it is here !

Structuring technologies and forces

Seen on Twitter, but unfortunately without noting the source, I share it, because although incomplete without a caption, it seems to me wider in its acceptance of technologies than many current reports and panoramas, including mine !

what you may have missed

Here’s another one, which gives a little overview of the issues ahead.

what you may have missed

Medium – Insurance as a smart contract

link: https://medium.com/aigang-network/insurance-policy-as-a-smart-contract-fully-automated-process-too-good-to-be-true-39c613c18d8d

Aigang Network summarizes what insurance contracts will be tomorrow, thanks to smart contracts. Better yet, rather than a long speech, they made a demo, wrote the code around an Ethereum blockchain ( accessible on github ) and an app to test it, as well as a video, here:

Note: For a selection of articles on the blockchain, this is here

Risk management – Investing in the insurtech toolbox

link: http://www.rmmagazine.com/2017/06/01/investing-in-the-insurtech-toolbox/

A small inventory of insurtech solutions that address the issues of risk management:

  • Understory weather
  • Safety culture
  • Security Scorecard
  • Risk IQ
  • CapeAnalytics
  • Cyence
  • Human Condition Safety
  • DAQRI Smart Helmet

Note: To find my overview of insurtechs, it’s here !

Intercom Blog – Machine learning is easier than it looks

link: https://blog.intercom.com/machine-learning-way-easier-than-it-looks/?utm_content=buffer25695&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Once is not customary, a somewhat technical article, but that gives a specific example of what can be done with machine learning in 40 lines of code. Frankly, it’s a gift!

Note: For a selection of articles on artificial intelligences, it’s here !

The digital journal – connected objects of health, french social security does not perceive the added value

link: http://www.larevuedudigital.com/objets-connectes-de-sante-la-securite-sociale-nen-percoit-pas-la-valeur-ajoutee/

The title is deliberately provocative and surely a little removed from reality, when we know the current reflections! However, Laure Beyala, a biomedical engineer in Bichat, who has published a book on connected health objects, offers an interesting vision of the issue. She returns in particular on key concepts: Role of the social security, the insurers, DMP, brakes with the development, etc.

Note: For a selection of articles on connected objects, it’s here !

P & C360 – Telematics in auto claims is inevitable

link: http://www.propertycasualty360.com/2016/08/18/telematics-in-auto-claims-is-inevitable?slreturn=1515504588

This article is totally in sync with my opinion on embedded telematics (see my predictions for 2018 or even my note of conjuncture on this subject ). It goes back to what can be done with it, and why the use of this technology for disasters is inevitable!

Note: For a selection of telematics articles, it’s here

Insurance Thought Leadership – Why is Customer Experience Key?

link: http://insurancethoughtleadership.com/why-customer-experience-is-key/

This article is about a concept that I consider essential! Data, processes, technologies must be oriented around the customer and his needs. This is all the more true as connected objects and their billions of data become more and more accessible in the years to come.

Note: For a selection of articles on the user experience, it is here !

Design thinking

A visual that I like about design thinking and ideation strategy that I integrate more and more in my thoughts because totally related to the notion of innovation. The content could not be done without the form …

what you may have missed

VA²CS – Detection and prediction of falls

Detection and prediction of falls

Creative Specific Software has developed an innovative solution for the detection and prediction of falls for the elderly. This solution is called VA²CS.

Halfway between connected object and artificial intelligence, it allows to offer a real service of prevention of a significant risk! <! – more ->

The need

For the record, there are in France 1250 falls per day, for 30 deaths. The need to detect the fall is therefore not new, and several solutions already exist. However, most existing solutions rely on bracelets, pendants or watches, and this, without major innovation for 25 years. The latest solutions are based on ground-based sensors and teleassistance boxes ( see the Harmonie Mutuelle solution – Orange ), but the cost remains generally important.

There are several major limitations to these solutions:

  • The first reaction of a falling person is not to press a button, whatever it is, but to try to get up
  • Once standing, the 2nd reaction is not to try to call for help because they do not want to disturb. The person is not going to be taken under examination immediately, with all the consequences on health aggravations in particular.
  • In the event of a fall with loss of consciousness, not all solutions can automatically send help
  • Most calls via teleassistance boxes are calls of convenience (against loneliness, need to talk to someone, need for psychological assistance, etc.). The average duration of these calls is almost 3 minutes.

Moreover, in the event of a trigger or an appeal, the tele-assistants have the legal obligation today to warn the helpers (under risk of not helping a person in danger). When the family is not available, this generates firefighters’ intervention costs (180 €). When we add the potential damage to the home, when it is not always relevant, because there is not always a fall, the consequences are heavy.

The solution

Fall Detection

With this in mind, and after working with Dr. Jean-Marie Vetel, one of the designers of the french GIR grid , Ramzi Larbi and his team have developed a new solution.

This involves equipping the living area with sensors (cameras), and then, thanks to the analysis of images captured in real time to detect falls.

When it is detected, a photo is sent automatically to the remote assistance center. It takes on average about ten seconds to give a certain answer to the action to take:

  • the fall is real and you have to send help,
  • either there is no fall, it is a false alarm, and the alert can be closed.

The desire is to obtain a solution at a reasonable price, the offer is based on conventional cameras and a connected box that contains intelligence and algorithms.

VA²CS already has 1500 EHPAD rooms in France, within the largest networks (Korian / Orpéa), as well as 600 private individuals. A partnership also exists abroad with Tunstall, the world leader in teleassistance for the elderly. The algorithms are patented in France and North America.

Prediction of falling

In order to complete its offer, the company has worked in partnership with Orpea to identify key factors in prediction of a fall. Then, she developed the corresponding algorithms. It is now able to predict a fall with a precision of about 60%!

Implemented in testing at Orpea, this solution has reduced falls by 50%!

Extensions

The solution was then supplemented more conventionally by intrusion detection coverage or facial recognition of visits to notify malicious visitors to relatives.

My opinion on detection and prediction of falls

This solution was not developed at first with a desire to meet the needs of insurers. However, it is totally in line with the current concerns of the sector.

The potential consequences of this type of solution for public health and for insurers are in my opinion significant.

Indeed, being able to predict a fall makes it possible to send notifications to qualified personnel or a relative to intervene. This is obviously valid in specialized institutions (EHPAD) to support staff reduced at night, but use cases can go further.

Thank you Ramzi Larbi for this exchange and good luck!

Note: I do not have a commercial relationship with the company providing this service.

BAIN – Increase insurance customers loyalty thanks to ecosystems

increase insurance customers loyalty thanks to ecosystems

Version française ici.


The strategy consulting firm Bain published in September its Customer behavior and loyalty in insurance, Global annual Report (Auto, Home, Health and Life). The study focuses on the international analysis (20 countries) of 172000 customers, their practice, their behavior and is particularly interested in link between customer’s loyalty and ecosystems.

More specifically, Bain’s goal is to analyze this last point in more detail. Indeed, the starting point is simple:

  • In average, customers change insurance contract every 3 to 6 years
  • More than half of the insured had no contact whatsoever with their insurer in the last 12 months.

Thus, how is it possible to leverage loyalty to attract or retain new policyholders.

It’s obviously about mastering the basics of customer relationship, which is not easy. However, the use of digital tools is not very useful when it comes to products for which the “touch points” with the insured are also not frequent. Bain shows a greater delight for the principle of ecosystems. For an insurer, this means to offer its customers products beyond the world of insurance. Those products are considered an extension to insurance products, and serve to complete the service provided. ( Note: in efficient language, Bain, we will avoid the periphrases of 3 lines and we will talk about “cross-selling”, albeit a little complex ).

Thus, the insurer must, to complement its offers, build its own ecosystem of partners to supply a global offer of additional services.

Shortly, here are the main services that can be provided.

increase insurance customers loyalty thanks to ecosystems

The digital, a necessary condition …

Consumer expectations have been steadily rising around the world. The youngest, for example, no longer imagine any other user experience than that proposed by actors like Amazon, and this for all products. The feeling of consumer satisfaction is accentuated through mobile use. This is especially true in some countries like China, Malaysia or South Korea. However, digital is not everything. It appears that customer loyalty is not only a function of the digital channel. In reality, it is a multiple function, which relies on all the channels at the same time. Therefore, incumbents need to be able to satisfy both digital natives, who swear by the digital channel, and more traditional consumers who use all channels with often a preference for more conventional finalization.

Regarding digitization, the customization remains the main goal. Indeed, by systematically collecting the data, then applying algorithms and artificial intelligence, it is possible to simulate a more adjusted offer for the insured. The most complete form appears at Progressive, with the program” Name your price” , which is to offer the most appropriate insurance offer based on the price that the insured is willing to pay.

Nevertheless, the biggest threat to traditional insurers is even more complex. Giants like Alibaba work on complete financial services platforms (insurance, banking, payment, etc.). This does not stop in the tertiary sector, for example, Volkswagen or Tesla offer insurance offers coupled to their vehicles.

… but not enough!

In this fast-changing environment, major insurers have embarked on programs of deep transformation, such as Axa, which wants to change its positioning, from a payer status to a partner status. Those who position themselves at the center of partner ecosystems can do more than assessing risks, selling policies or handling claims! This is to provide the customer with a more complete experience with innovative solutions that will cover his lifestyle.

Thus, insurers can enter a virtuous circle: by providing more services, we obtain more commitments and more purchase from the insured, which provides new behavioral data that allow to emerge new needs.
It is thus the control of the interactions with the insured consumers that is the real determinant of the role that insurers will play tomorrow.

  • Either they will be masters of the situation and will pilot one or more ecosystems
  • either they will be marginalized and will only be service providers like others.

In addition, by positioning itself as the main supplier of a service ecosystem, the insurer has the opportunity to redefine its missions. Auto insurers, for example, no longer only cover motorists in the event of a claim. Thanks to on-board telematics boxes, they can offer additional services such as prevention or driver support. A comparable type of operation can obviously be observed also in health or for home insurance.

increase insurance customers loyalty thanks to ecosystems

As this trend is just beginning and these operations take time to set up, the players who will be ahead of the game will consider taking advantage of a real leverage with their policyholders to promote loyalty.

Indeed, Bain studies show that ecosystems can improve fidelity. In addition, they can attract new policyholders and reduce price sensitivity. All insurers will not want such positioning. Indeed, this is a positioning on quality offers, and insurers seeking absolute price competitiveness will stay away.

increase insurance customers loyalty thanks to ecosystems

The rest of the report is essentially based on a few key points and the results of the study conducted by Bain.

Personal note: If necessary, it is essential to refer now to the description and the method of calculation of the NPS ( here for example ), which will allow a better understanding of the following part.

Fundamentals of Fidelity: Creating Connections with the Customer

Points to remember:

  • In the P & C (C & P) sector, there is a significant gap between leaders and laggards in the field of loyalty. This is valid almost everywhere in the world.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

Personal note: The methodology used for the presentation of the figures is a little obscure. They calculate the Net Promoter Score of each insurer studied, then index the worst on 0 to ensure a possible comparison between all countries. Thus, Maif, who in France is leader, does not have an NPS of the order of 40, but has an NPS index of 40pts higher than the worst of the category. If the comparison principle can be interesting, it does not indicate anything about the raw NPS. Indeed, for the same gap of 40, if the NPS are 50 vs 90 it does not have the same meaning as 20 vs 60, and the report says nothing. 2 possible conclusions: either Bain considered this information with relative reliability, or, Bain wanted to keep this confidential information to better bill this to its customers.

  • If the leaders do not change their positions, there are big changes in the middle of the table, with actors making catch-up movements.
  • The more interactions between insurers and their policyholders, the more it seems to favor loyalty. The most glaring case is that of China: in 2017, the difference of NPS between insurers who had at least one contact with their insured and those who have not had is 59 percentage points! Clearly, if you are Chinese and have had contact with your insurer (it must have been positive, see next point), you are more likely to want to stay with your insurer, rather than go see the competition as if he were creating a kind of privileged relationship. For the record, this difference is 11 in France.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • There is a huge gap depending on whether the point of contact was positive or negative. The two extremes must read as follows:

increase insurance customers loyalty thanks to ecosystems

  • In Mexico, if you had an interaction that went well, then you will be extremely supportive (NPS = 89), whereas if you have not had it you will be a bit unfavorable (NPS = -27 ). Translation, we expect this to happen moderately, so we are very pleasantly surprised when it works well,
  • In Japan, it’s the opposite. In case of favorable contact, the NPS is average (29), whereas in case of difficulty, the sentence is heavy (NPS = -94). Translation, excellence is a strong expectation, having quality is normal but not enough. On the other hand, not having it is unacceptable.

Delivering delight with digital: Making the experience unique

The points to remember are:

  • In most countries, more than half of the customers are active on digital channels (active here means doing online research and having substantial interactions with suppliers).

increase insurance customers loyalty thanks to ecosystems

  • The use of mobile channels remains very low, especially in developed countries

increase insurance customers loyalty thanks to ecosystems

  • Although the uses are reduced, mobile channels seem to bring satisfaction, especially in Asia.

increase insurance customers loyalty thanks to ecosystems

  • Traditional channels have a hard time, and most policyholders still use them extensively. Digital use therefore complements these channels and not replace them.

increase insurance customers loyalty thanks to ecosystems

  • In most markets, policyholders who use only digital have lower scores than those who are more mixed. However, this phenomenon has been decreasing since 2014, according to Bain.

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • The biggest challenge for insurers is to be able to offer digital enthusiasts truly personalized offers with relatively little data available.

increase insurance customers loyalty thanks to ecosystems

Ecosystems: Insured people expect more than insurance from their insurer

The points to remember are:

  • In all the countries studied, clients are open to their insurer offering additional services (beyond insurance). This phenomenon has been growing since 2016.

increase insurance customers loyalty thanks to ecosystems

  • The services acclaimed by business

increase insurance customers loyalty thanks to ecosystems

  • Ecosystems are just starting up and are not mature enough. Very few customers use more than 2 different ecosystems.

increase insurance customers loyalty thanks to ecosystems

Increase insurance customers loyalty thanks to ecosystems

The key points are:

  • Offering a service ecosystem promotes loyalty
    • Customers who use and love these ecosystems are the ones who give the best scores

increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems increase insurance customers loyalty thanks to ecosystems

  • When expected, the absence of this type of service justifies departure for competition. This suggests that there may be an advantage for the first arrived to attract new customers.

increase insurance customers loyalty thanks to ecosystems

  • Customers are willing to pay more for quality service

increase insurance customers loyalty thanks to ecosystems

DREES – Predictive modelling for health insurance

modeles predictifs

Version française ici.

In July 2017, the French DREES (Directorate of Research, Studies, Evaluation and Statistics) published a report “Studies and Results” entitled “The rise of predictive models in international health systems“. It is focused on those new methods of anticipating events related to the care system, combined with techniques of scoring individuals according to the probability of occurrence of particular health risks.

The quantity and the multiplication of the available data allow today to develop powerful statistical models of risk analysis. These are no longer based solely on simple data such as the age or sex of the individual, but can take into account many other parameters. This makes it possible to better anticipate health risks, to better size the health system (for care), but also to better regulate this environment. For example, preventive actions can be implemented in a targeted manner and innovative remuneration methods or incentives for actors can be defined. This has been developing over the last decade at international level

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