Insurance
Quote of the month
“Multi-Distribution has high potential as a growth lever. Insurers can reduce resistance and increase enthusiasm to multi-distribution. Multi-Distribution Maturity Assessment Framework scores industry progress. Global insurers have already learned valuable multi-distribution lessons. Moving to a multi-distribution model is a process of transformation. These are the key lessons from our last World Insurance Report."
Bertrand Lavayssière, Managing Director, Global Financial Services, Capgemini
Overall issues
- Multi-channel distribution
Most insurance companies sell their products (both life and non-life) through many different distribution channels. It is important to identify the key factors and challenges involved in developing a successful multi-channel strategy; and how traditional distribution networks can be integrated into a multi-network model. - Using the Internet
Insurers need to explore the best ways of using the Internet to sell more complex products and therefore increase their revenues. They also need to look at the potential of this channel for managing the customer experience and developing closer relationships with customers. - New business models
It is important to see if there are any new growth opportunities, and whether the end of the traditional life and pension model is in sight. Insurers need to look at what new strategies they can develop to adapt to fluctuating markets and economic conditions and how they can meet changing customer needs. Existing business models may also need to change.
Efma study
"World Insurance Report", by Capgemini (January 2009).
Lessons from the most recent conference
"Insurance and multichannel distribution", Paris on 12 and 13 February 2009 (www.efma.com/insurance2009)
Best speaker:
Niek Ligtelijn, Chief Executive Officer of Ineas, Netherlands
Best presentations
- “The rise of internet aggregators: an opportunity for insurers?”
Tanguy Thévenet, Directeur Général, Hyperassur, France
- “Alternative distribution and when competitive conditions get uneconomical: building bubbles or market share?”
Luis Bonell, Managing Director Europe, Liberty International, United Kingdom
- “Evolving into a multichannel business model”
Mike Rogers, Group Chief Executive, LV=, United Kingdom
Upcoming events
Efma Conference on "Bancassurance Europe & Asia" in Ho Chi Minh on Friday 7 May 2010 (www.efma.com/vietnam)
Efma Conference on "Insurance, back to basics" in Paris on Thursday 23 to Friday 24 September 2010 (www.efma.com/insurance)
