The 5th Annual operational excellence conference is a must-attend event dedicated to enhancing digital operational excellence and overcoming the challenges surrounding digital transformation and the impact of technological development.
Interview with BNP Paribas Cardif CMO Andrea Veltri
Their take on FinTechs, growing potential of telematics and the overall transition of the future insurance process.
· FinTechs: Is it worth fighting them or better to join forces and collaborate?
It is useless to resist change, and FinTechs are changing the rules of the game. It doesn’t matter if the figures they develop today are negligible and if they will stay small for several years. We will be compared to them, and if we stand still, the gap will be perceived as larger every day. We have to collaborate with them or even turn ourselves, or at least a part of ourselves, into FinTechs. It is not only a matter of innovation and customer experience. They bring a new way of working – an agile methodology which is far from our procedure and attitude – and at least on this part, we still have to learn. We have chosen to join forces, and every year, we launch a call for ideas to find new partners #cardifcall4ideas16.
· What are the pros and cons of telematics? What about the use of telematics beyond motor insurance - for example, health insurance – do you think it can influence behaviours?
For traditional insurers, telematics is a challenge. I don’t see any incumbent massively introducing telematics in their core business and geography. It is still more a lab for small segments or areas or clusters of customers. Those who are driving the transformation on the other side understand that telematics are a great opportunity to make our business evolve – on one side, boosting the personalisation of offer, pricing and underwriting, and on the other, introducing value-added services which will be more and more important in the future. Health insurance will be the first clear example of how telematics could help to change the insurance value proposition towards prevention.
· Can you give us your personal prediction of what the insurance process will look like in a few decades, for example, 2050?
Is it likely we won’t see a specific insurance process any more, but rather the traditional steps will be totally automated and mixed into other industries’ processes. Probably we will have very small, flexible, personalised products on offer for purchase while going through other processes on instant marketing platforms. It will likely be the case for P&P and small health covers. In any case, we’ll be proactively addressing specific customers for specific needs with specific underwriting processes with adaptive offers that will follow the entire lifecycle. At least this is the market that, as a customer, I’d like to find in 2050.
Interested in this topic?
Retail Banking Forum
As the region's favorite conference, the Retail Banking Forum is the industry's meeting place, where seasoned banking professionals combine C-level insights on successful retail banking strategies and hands-on case studies, transforming the current financial ecosystem.
12th Middle East Retail Banking Confex
The 2 day confex will cover the entire Banking industry to help your business provide exceptional customer service, grow revenues, join the digital revolution and expand your reach.
Certified Information Systems Security Professional
This course offers the most comprehensive review of information security concepts and industry best practices. You will gain knowledge in information security that will increase your ability to successfully implement and manage security programs in any organization or government entity.
Optimizing policy administration systems – from seven to one
More is not always better. As a result of several merges, a.s.r. Life had to maintain seven policy administration systems which significantly increased administration costs. To optimize, they decided to partner with Keylane in order to deliver incisive product rationalisation and simultaneous migration of these systems into single one. Read the story of how they did it.
Generations X, Y and Z, coaching and Shared Services
Coaching is a form of leadership that is more focused on unique personality traits more than any other form – therefore, it is important for the coach to know the coachee. This can get difficult as there can be as much as three different generations in a workplace, all with different goals and ways of looking at things. What makes it different to work with people from various generations? We asked our speaker Imre Zsoldos, the Finance and Accounting Director at Roche, Hungary.
Success Story: AXA chooses msg life for IT modernisation drive
In connection with its aim of thoroughly modernising its IT landscape, AXA Deutschland decided in late 2013 to use msg.Life Factory based on IBM PureSystems technology as the strategic administrative platform for its life division.