Groupama’s digital transformation manager discusses the evolution of insurance

Interview

27 February 2017

Nicolas Marescaux, digital transformation manager at Groupama, explains why digitisation is fundamental to the success of the insurance industry.

How important is digital in today’s insurance industry?

Digital revolutionises customer relationships – and this is key in order to meet the needs of today’s customers. The rise of mobile technologies, the peer-to-peer economy, social networks, on demand consumption, connected objects, etc. are changing customer behaviour. What’s more, new technologies, especially around data, are constantly developing. Think open architectures (API, cloud), big data, blockchain and artificial intelligence. Without change – and fast change at that, the insurance sector risks being disintermediated by new entrants.

What is Groupama’s digital strategy?

The major challenge for Groupama is to adapt to the world of today. Competition is strong and already very present on a digital level. With this in mind, it is necessary for us to urgently renew our offers, to rethink the experience offered to our customers, and to transform our ways of working. We need to create a simple, transparent offering with agility and team accountability. It is a real collective venture in which each Groupama employee must take part.

To accelerate its transformation, Groupama has created a group digital transformation department which not only gathers digital skills, but also works transversally with all group entities to implement the group’s digital roadmap. This roadmap is structured around eight main axes: data, IOT, simplification of the customer experience, phygital, new insurance risks, new technology and IT, culture and new skills, and how to open up to innovative ecosystems.

How do you stay ahead of the latest innovations?

By opening Groupama up to innovative ecosystems. With Partech, a leader in venture capital, we create synergies with start-ups identified by this fund. We set up hackathons on various topics: HR, retirement, smart agriculture etc. In San Francisco, in the heart of Silicon Valley, Groupama Lab is watching and anticipating technological developments to spot innovations that should not be missed.

How will the insurance industry evolve in the future?

We shall see three major trends. Firstly, insurance companies will evolve into tech companies, because technologies like AI or, in the longer-term, blockchain will completely revolutionise our processes and modes of operation. Secondly, we will observe a contraction of insurable mass in many of our markets due to the reduction of risk made possible by these new technologies. For instance, as a result of the development of the autonomous vehicle, the motor insurance market is called upon to contract and become more and more a B2B market, where we will protect highly sophisticated fleets or systems. Lastly, new risks will emerge, such as cybersecurity, even if present awareness by the European market is still low.


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Keywords : Digital/Mobile channels , Innovation , Insurance Products & Services

Geography : France