Cap Gemini – World insurance Report 2018

world insurance report 2018

Cap Gemini and Efma published their annual report World Insurance Report 2018 last week. This report is usually the occasion for an interesting overview of what is happening on the market. I wrote an article on the 2017 version of this report . What should we remember from this edition?

Highlights of Cap Gemini’s World Insurance Report 2018

Because of the length, the article is separated into 3 pages, for each of the chapters.

If the results of the study provide welcome figures, the content of the World insurance report 2018 is unfortunately very clutter and does not really give proper reading to explain the situation.

Accelerate digital transformation

A necessary catch-up?

world insurance report 2018 Insurance ranks third in the customer experience score ranking ( Note: no explanation is provided on the measurement of this indicator ). This figure looks very good. On the other hand, as soon as one looks at the positive customer experience score, the result deteriorates. This is particularly the case when comparing the results with the banking sector.

world insurance report

It therefore seems clear that insurance needs to catch up on these issues. For example, the report cites the best ability of banks to leverage technology to benefit from customer touch points. ( Note: Certainly, but it is undeniable and well known that insurance has a natural deficit of points of contact with the bank, the stakes are not the same: for the bank to exploit, for insurance generate them … ).

By pushing the analysis on the satisfaction around the essential services, a significant difference appears on the simplicity of use: 36% of satisfied compared to 47% in the bank! The gap is also important in terms of speed of service.

world insurance report 2018

Regional variations

Regional variations exist, especially if we compare the levels of satisfaction between Europe and North America. If the French are eternally dissatisfied, this is not the case for all Europeans. The gap is also important enough to attract attention!

world insurance report 2018

Digital is a lever to break the traditional boundaries of customer interactions

Communication via digital channels is now well integrated, and it is now the mobile that is gaining importance! 40% of respondents believe that a mobile application is an important channel.

world insurance report 2018

Among the arguments invoked, that, classic ease (because common to many other uses of everyday life) and the other newer on personalization and individualized services.
The adoption of digital is an essential factor and opens new horizons for insurance. First, it generates an increase in the number of touch points. This creates new business opportunities. The new services that are associated with these uses are also an opportunity to improve the acquisition and retention of customers.


There is room for improvement on the proactivity of insurance offers! Where there is often question of whether the insurance is too much or not enough for its customers, the answer is clear!

world insurance report 2018

Going even further, the proactivity of the insurer has a positive impact on the satisfaction of policyholders [/ inlinetweet].

world insurance report 2018

New challenges as technology advances

There are many examples of GAFA or other large multinational incursion tech in the perimeter of the financial sector. Insurance is one of the recurring targets of Amazon, Apple, Alibaba or Alphabet (Google). This type of competition requires traditional players to change gear to transform themselves by accelerating the pace. Indeed, more and more insureds say they are ready to take out a contract with giant tech. They are 1/5 to position themselves as such in Europe and 1/3 in North America and up to 40% in Asia and 50% in Latin America!

world insurance report 2018

Finally, if security issues are still in everyone’s mind, policyholders are increasingly willing to share their data in exchange for personalized services and additional values.

world insurance report 2018 world insurance report 2018

To conclude, the propensity to switch from a traditional insurer to a tech company can be analyzed from a demographic point of view. Indeed, some groups are more favorable than others (technophiles and generation Y), due to a customer experience deemed insufficient. ( Note: This is the beginning of adoption by early-adopters ) world insurance report 2018

Landscape insurtechs – May 21st, 2018

landscape insurtechs

The update of my landscape insurtechs goes on with 14 additions on May 21st, 2018. You’ll find the update here. There are now 164 startups documented, from 22 countries.

Besides, I have the pleasure to inform you that there will soon be another version of this site, in order to support an important project for innovation in insurance. Stay tuned for next updates, it won’t be long!

Additions to the landscape insurtechs on May 21st, 2018

Newcomers today:

    • Coverwallet: * Small Business Insurance Distribution.
    • Backbase: * Multichannel Hub, which interfaces with your existing systems to deliver an enriched customer experience.
    • Sentimer: * Chatbot service coupled with spoken or written natural language analysis to improve the quality of the answers provided * Automatic customization of the behavior of the chatbot according to the client by the artificial intelligence. * Adaptation of the contents.
    • Laka: * Collaborative insurance for bicycles * The community takes care of claims when they present a maximum amount of money * Beyond an insurer takes over.
    • Granify: * Optimizes the structuring of websites to improve the transformation.
    • Celect: * Initially dedicated to retail, this artificial intelligence solution, combined with machine learning, makes it possible to offer predictions of offers.
    • ExtraDrive: * Calculates an auto score based on driving data * Use either for prevention or for portfolio segmentation.
    • Thinkseg: * Insurance products Marketplace.
    • Earnix: * Analysis of web data to identify and propose in real time actions to be carried out * Real-time rate adjustment.
    • Scoredata: * Online data analysis platform for use on business (retention, cross / up-selling) * Predictive analytics.
    • Utwin: * Loan insurance brokerage and management.
    • Motion S: * Increased mobility data * Exploitation of telematic data to increase contact points, work retention models, plan maintenance phases.
    • Oocar: * Data and services platform for the after-sales and insurance industries * Data collection of the vehicle and the conduct of driving profile collision.
    • Easyprice: * Product provisioning marketplace for a network of around 10,000 brokers on French territory. * Co-creation and product testing.

Contact me if you still don’t appear in the landscape insurtechs!

25 insurtechs Oxbow 2018

25 insurtechs Oxbow 2018

Oxbow Partners is a UK-based consulting firm dedicated to the world of insurance. More specifically, they are specialized in topics that are changing the world of insurance, through 3 entry points: strategy, digital, and M&A. They just released a report called “ The 25 insurtechs Oxbow 2018 ” .


I share the point of departure of Oxbow Partners, according to which there is no reliable criterion of comparison of insurtechs currently.

Some are interested in raised funds. However, I think financially speaking, raising money is not necessarily a positive criterion for a startup. Indeed, if it is necessary to pass caps, it can mean that it can not finance its growth alone.

I decided to classify them according to their contribution to the business value chain, but it is just as debatable because I do not take into account their economic sustainability.

In short, Oxbow Partners made its selection according to the following criteria:

25 insurtechs Oxbow 2018

In addition, they take up a concept now commonly accepted: insurtechs today are not only distributors (B2C), but are facilitators or accelerators in B2B.

Last interesting element, represented under the diagram below, they consider that after the abandonment of a phase of competition, in favor of the collaboration between big groups and insurtechs, one should see reappearing soon a competition of another kind . This could be explained, according to Oxbow Partners, in the event of insufficient commitment by insurers. 25 insurtechs Oxbow 2018

Selection of 25 insurtechs Oxbow 2018

25 insurtechs Oxbow 2018

The selected startups belong to 4 categories:

  • Distribution: These players are looking for end customers and need insurers or reinsurers to provide them with products
  • Data & analytics
  • Operations
  • Claims and fraud

These last 3 categories are actors who need insurers as clients.

Here is the selection presented differently.
25 insurtechs Oxbow 2018 25 insurtechs Oxbow 2018

The last pages of the report present a summary in 1 or 2 pages for each of the selected solutions.

Insurance Nexus – Seamless Claims

seamless claims

Version française ici

Insurance Nexus regularly offers analysis notes. Anticipating the event Connected Claims Europe, They have just published a white paper “Automated and seamless claims – A practical guide to an efficient customer-centric claim“. Here are the key points.

Combining human and the technology

Automation has become a habit in all processes, especially thanks to the arrival of the web. On the other hand, interactions with teams are not straightforward. Does technology replace or supplement human intelligence?

What determines the integration of technology are three constraints: time constraint, data constraint and cost constraint.

On each of these constraints, machines can inevitably provide an answer! They can satisfy the essential (if not all) of the missions fulfilled by man, do it better and often cheaper. This obviously represents a risk for employees.

However, the human being can evolve and be trained in new skills. Moreover, it has an emotional intelligence that still allows it to meet today’s special needs that the machines can not yet satisfy.

This means intelligently integrating teams into the definition of automation so that they can be defined and benefit from improvements in their future missions. It is the only way to ensure that they accept this change, but also that they support it and drive it.

Aim for strategic and non-tactical cost reductions

Most of the cost reductions targeted at the moment are minor alterations to the business model to improve on time. It is often a matter of reducing personnel costs through automation or relocation in cheaper areas.

On the other hand, there are levers that have not yet been fully exploited, focusing on the business model as a whole. By taking a particular focus on third-party service providers, for example, there are potentially significant actions to be taken.

Up to now, automation has mostly been considered from the point of view of cost reduction, whereas it is beginning to be considered as a key element of the customer experience. This is a paradigm shift. This automation can be used at many stages of disaster resolution, from declaration to final settlement. In the end, it is time saved and costs reduced. Everyone wins!

Automate the customer experience

The insurance industry is traditionally dedicated to face-to-face or telephone. In this context, automation can only seem to be of interest to the insurer and not to the insured.

However, what the insured wants is immediacy and efficiency. He wants to know where his disaster is. On these aspects, automation allows to anticipate the needs of the insured and reduce the number of unnecessary contact points.

On the other hand, what is important for the insurer is to propose the choice to its insured of the best channel according to the moment. It is common for the insured person to declare his claim by having a human contact and then prefers to receive the following notifications by mail for example. The aim is to propose and manage an omni-channel relationship in an efficient and fluid way. For each channel, automation solutions exist (artificial intelligence, robots, etc.).

It is above all to be helped by automation to bring a better level of response to the insured. It is out of the question to cause failure on only one stage of the process, or the perception of the insured will be bad, which would be a risk of attrition!

Focus on experience with subcontractors

In claims management, the insurer actually focuses on the customer experience. However, there are many players in the disaster management chain (assis- tant, repairers, experts, etc.). But only the insurer is interested in this aspect! He must then be the guarantor of the respect of this experience, whatever the interlocutor of the insured. It is therefore a question of correctly managing the provider chain.

Indeed, it is useless for an insurer to process the declaration of loss in record time, if the delay drags on later in administrative actions or interactions that work badly.

This can be done by making available to all players the right information in real time, via a partner portal, for example.

Key take-aways of white paper “Seamless Claims”

There are many difficulties to overcome to fully automate a claim process. That’s why it takes so long to set up for insurers. Anyway, 3 good practices emerge:

Step by step

It is not necessary to want to change everything at once. Claims management consists mainly of three steps: registration, decision, and payment. It is then possible to envisage evolution step by step, and in a decorrelated manner over time. By automating the 1st step, it is an important brick allowing to envisage and to build the suite. Be careful: too much cutting can prevent the real and profound changes of culture necessary.

. Improving the spirit and corporate culture

There are too many processes that are managed in a purely hierarchical way. Understanding the pressures and difficulties before and after the deployment of the automation phase can better respond to them and empower all stakeholders. It is a cultural issue that seeks to get more commitment from everyone.

Becoming invisible

Automation must be both transparent and intuitive for the customer. It is a matter of making sure that it answers to his need without feeling the impression of being driven along this path for simple reasons of cost reductions!