For more than 20 years, Eurogroup Consulting has supported the biggest actors of the industry with their transformation challenges (organization, mutual insurance companies, social welfare groups, bankinsurers, brokers …).
For each of them, we are able to provide them with relevant advice and feed-back upon experience of our teams, thanks to our numerous assignments led in France or other countries we cover.
Never has the insurance sector been so affected by transformation drivers. Internet of course has been one of the main disruptors in the mid-1990s.
The client – whether an individual or an organization – is better informed, equipped and therefore is more demanding on the advice, the services, the management of his requests, the quality of the relation, purchase conditions and contract management, … and on the overall delivered added value!
To respond to this new level of requirement, and anticipate demands and reactions, the multi-channel model (omni channel experiences) must be optimized to integrate the current channels and the new digital ones. Today, no actor has total governance over the numerous channels.
To succeed, taking advantage from the opportunities given by new technologies is key for collecting and processing data (Big Data, artificial intelligence, Machine and Deep Learning). Another challenge ahead of us…
The transformation of the relationship model and client requirements brings about organizational operational model modernization and transformation, so that performance can be achieved through innovative market solutions (development of self-care, dematerialization and digitization of managements actions through Robotic Process Automation and other techniques).
These transformations directly affect business lines, work environments and practices, and the tools used by all fellow peers of the sector. Consequently, they trigger an evolution in terms of behaviors, postures, and work ethics. Managers must be able to accompany these changes and support fellow peers in these evolutions.
In an increasingly constrained and costly regulatory environment, some actors are looking for alliances, partnerships, or even mergers for survival. This is particularly the case for life and health insurance companies, for which the market is still very fragmented.
Finally, underlying business models in the insurance sector (risk objects) are experiencing a revolution with the autonomous vehicle, smart buildings, NBIC in Health… These changes can disrupt the insurance sector business model, forcing its actors to anticipate new risks or client-related positioning changes, in terms of services and preventive actions rather than merely risk coverage and compensation.
The insurance sector is doomed to innovate, which may explain why insurances companies have invested so much effort and capital in building relationships with digital start-ups.
