Insurance, mutual and provident funds

Despite the various successive financial crises, the market is currently profitable
Brice, Business Unit Director AUSY
Digitisation is one of the keys to resilience in the face of this extraordinary health crisis.

The pandemic has completely changed the game on a global scale by damaging the economy and plunging its players into uncertainty. For insurers, it came at a time when the market was already heavily impacted by an upsurge in natural disasters. At the end of 2020, the cost of the health crisis for the global insurance and reinsurance market (credit insurance, assistance, travel insurance, event cancellation guarantees, health insurance, provident insurance, etc.) rose to 85 billion euros; this was accompanied by a drop in profitability and a decline in operational performance (1.4% in 2020). Insurers have contributed 2.7 billion euros to support and compensate the individuals and businesses most affected, and have donated 2.1 billion euros to help France’s economic recovery. Aware of the essential role the industry has to play in the economic recovery plan, the Federation of French Insurers has submitted (to the government) proposals aimed at building a system of protection against “exceptional disasters” in a public-private partnership with the state.

Rethinking models, envisaging new types of cover and innovating would also make it possible to counter the InsurTechs (online brokers, on-demand insurance, technological service providers, etc.), which are disrupting the traditional insurance market and which are constantly multiplying (+10% in the first year of the pandemic).

The aim is to create a new ecosystem of flexible dematerialised services (in line with the distancing that emerged in this period), making it possible to renew links with customers by offering them tailor-made, flexible services and personalised support. This requires an in-depth business transformation, a more agile structural reorganisation and total transparency with regard to the products sold. Because despite the societal involvement of insurers, the lack of understanding about policies and claim procedures in the face of the enormous operating losses for certain companies has led to strong reactions both from the general public and from institutions, as well as a real loss of trust.

Discover (through our project references) AUSY’s contribution to the digital transformation of certain major market players during this period to help them meet the expectations of their employees, customers, partners and service providers.

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