Faced with the major challenges they are facing, the Finance and Risk functions of insurance companies must transform, and technological levers constitute real opportunities to improve their operations, to generate more value, and more generally to acquire new resources. a new capacity for development in a rapidly changing environment.

To do this, several technologies are available and it is up to the Finance and Risk Departments to combine them, taking into account their priorities and the level of maturity of these different innovation clusters to define a short and medium-term transformation trajectory.

For example, we foresee that in the coming year's Blockchain technology is one of the emerging technologies that could revolutionize the way in which a certain number of tasks are carried out which consume a lot of time and effort of the Finance and Risk Departments with other stakeholders.

 which can be internal or external: the tasks of controls and reconciliations, the management of General Ledger, the management of the Referential, the response to the new obligations of documentation of conformity, 

However, it is important not to focus on the technological dimension only, but to adopt a goal-driven approach in response to specific needs and use cases, for which different organizational and technological responses can be considered and therefore choices made on the basis of rational criteria.

Another aspect to be taken into account in the analysis of the different transformation scenarios and with a view to defining implementation trajectories that can lead to new operating patterns that are both operable and evolving…. The Finance and Risk Functions must also endeavor to diversify the skills profiles present within them.

In an environment centered on data and where analytical and modeling capacities will occupy an increasingly important place in financial and prudential information, quantitative, technological, accounting, and regulatory skills and also business skills must be present.

 Attracting and retaining new talent profiles is therefore an important point of attention.

A certain number of technological innovations are already available: Robotics, Big Data, Cloud ..., others are less mature today for immediate applications to financial and risk management activities: Machine Learning, Artificial Intelligence, Blockchain… not to mention the innovations being incubated in the multiple “FinTechs” and “RegTechs”…. In the end, it is essential to integrate the technological dimension in the processes of transformation of the Finance and Risk functions and to articulate the various skills to animate these reflections.

ALAN STORMING FORESIGHT

The start-up sees the big picture: less than a year after the launch of its first offer, it has chosen to diversify. After complementary health for SMEs, VSEs, and TNS, Alan tackles provident insurance.

A simple offer consistent with its positioning ...

Having only approved supplementary health insurance, Alan approached his shareholder CNP Assurances to launch his provident insurance product. With this new offer, Alan retains his core target: SMEs and start-ups. This diversification also responds to a demand from policyholders who wish to centralize their health and provident policies. The pension product is mainly aimed at four professional sectors:

• technical design offices
• advertising companies
• distance selling companies
• non-food retail businesses

With guarantees superior to the entry-level and competitive prices, the positioning is the same as for health. Pricing is set according to salary, for example with a contribution of € 13 for a monthly salary of € 1,500. The offer is completely dematerialized: the subscription is done in a few clicks on the Internet.  

Which is part of the dynamism of the provident fund market

This new offer from Alan is correlated with the renewed interest of market players in provident insurance. There are various ideas for this interest:

• the end of designation clauses, which increases competition in the market
• the possibility of multi-equipping customers with complementary health contracts
• profitability, with margins of up to 60% of the premium
• growth margins in the SME / VSE and self-employed segment.

This last point is particularly interesting for Alan. Indeed, with an equipment rate of less than 50%, the SME / VSE and the self-employed segment are very attractive. Alan has already won him over with complementary health insurance, there is no doubt that his new offer should quickly find its audience.