What are the services offered by Strada Conseil and Neuros to insurance companies?
François Reibell: Strada Conseil is a consulting firm that exclusively provides intellectual services for major insurance or mutual accounts, primarily in reinsurance and property and casualty. We intervene to ensure transformations, first during project definition, then during implementation. Around these services, we do change management, support and training.
Pascal Woitier: The Strada group recently acquired Neuros. We have the same consulting business in transformation projects, but we apply it to the personal insurance part.
RF: Strada and Neuros’ workforce is made up of professionals from insurance organizations or consulting firms, who are able to speak the complex language of our clients, but with deep experience in driving transformation, both in ‘IT, the profession that In the organization.
What are the new constraints facing the insurance industry?
RF: Many restrictions come into play, such as Solvency 2 or IFRS 17 financial presentation standards, which require significant changes. The taxonomy for the CSR part will also give rise to problems with the presentation of accounts and questions about which risks and assets to insure.
Today, there are drifts in the accident rate, in certain branches. The impact of climate change is generating ever-increasing claims, as we see with natural disasters and fires. And this affects the profitability of insurers with real doubts about premiums.
P.W.: The limitations related to complementary organizations are mainly normative, in particular the GDPR, which is especially sensitive with the treatment of healthcare costs, 100% healthcare and intra-annual termination, which now allows termination without waiting for the anniversary date.
What transformation projects are being implemented?
P.W.: Organizations seek cost savings by joining and merging, to achieve economies of scale and common costs. In 15 years, there has been a 70% reduction in the number of organizations managing health insurance.
RF: Regulatory restrictions drive these concentrations. Other types of transformations are linked to the arrival of new players, such as GAFA or start-ups, but also to new distribution channels and new insurance products, such as cyber risk, pandemics and new mobility. This leads to digitizing and perpetuating the relationship with the insured and requires a substantial review of organizational processes or information systems.
This content was produced with SCRIBEO. The BFMBUSINESS editorial team was not involved in the production of this content.
Source: BFM TV
