THE ASSURTECH MEETINGS: WHEN WAVESTONE ORGANIZES THE MEETING BETWEEN HISTORICAL PLAYERS IN THE INSURANCE MARKET AND STARTUPS

On December 5, Wavestone organized the Assurtech Meetings, an innovative event bringing together historical insurance players and promising startups. A unique opportunity for quality meetings, allowing us to compare visions and share our vision of the latest trends in the sector. In this article, we take a look back at this event, its challenges, and its repercussions within the insurance ecosystem.

An innovative and booming ecosystem

Connected vehicles - soon to be autonomous vehicles, connected homes, connected health, AI, big data, blockchain, robotization, digitization of journeys ... a wave of unprecedented innovations is affecting insurance, notably under the impetus of the Insurance companies. The figures speak for themselves: with $ 134M invested in the first half of 2017, i.e. almost 4 times more than in the first half of 2016, we are witnessing a large-scale phenomenon that is in the process of profoundly and lastingly transforming the sector. These upheavals occur at each stage of the value chain and impact the insurable material (risks) as well as the positioning of insurers vis-à-vis the customer. It is also the profession of the insurer and the way of exercising it which are affected, in terms of the offer, segmentation, or pricing. It, therefore, emerges an issue of competitiveness, with an advantage for players who have been able to organize themselves to capture the value potential of the data, capitalize on innovations to reduce their cost structure, reinvent the customer experience and develop the "Way of working". Wavestone's conviction is that the creation of value comes from the meeting of innovative companies and insurance companies present on the market.

To support this conviction, Wavestone has set up its support system for startups: Shake'Up. This program's mission is to stimulate synergies by building an ecosystem that creates value for our clients, startups, and the firm. Bearers of this commitment, Shake'Up, and the Wavestone business consulting teams have undertaken the Assurtech Meetings initiative: this event is a contribution to a movement already well underway by insurance players ( 45% of insurance companies). 'insurance companies are already in partnership with startups), by organizing a meeting between players in the insurance market and startups that seem interesting and relevant.

An unprecedented event to support the insurance of tomorrow

During this event, which took place on December 5, we had the pleasure of welcoming 19 decision-makers from historical players in the insurance market. On the startup side, 17 Assurtech representatives of the ecosystem, by their size (from the nugget to the SME already well established in its market), their offers, and their innovative technologies, were selected for the event.

Wavestone has also relied on an innovative format by offering an individualized journey lasting 1.5 hours, during which each client, accompanied by a firm employee, was able to meet 3 to 4 startups in line with their needs. The event also opened with a presentation by Laurent Deganis, Insurance Partner, who reviewed the current issues and trends in the insurance sector and ended with an open cocktail gathering all the participants.

Positive spinoffs for participants and Wavestone

At the time of taking stock, the observation is very positive: all the participants particularly welcomed the innovative format of the event, the relevance of the courses, and the duration of the discussions, such as Benjamin Courtière, Sales Executive at Apigee, who called the format “interesting and pragmatic”. It should be noted that personalization and support have been identified as key success factors.

In terms of spinoffs, it should be noted that the event enabled concrete steps to be taken in the dynamic of collaboration between startups, customers, and Wavestone. Several startups have also shown interest in Shake'Up's Support pole, which allows them to benefit from individualized coaching, to be accommodated free of charge in the Wavestone premises, and to be put in touch with clients. Pascal Féliot, Director of Thélem Assurances, thus encourages the firm to “continue to provide this type of added value which strengthens ties and credibility”.