Traditional players in insurance and social protection face five major challenges:
- Tax and regulatory constraints that curb innovation such as the Hamon, Sapin and Eckert laws, widespread implementation of the third-party payment system, the IDD and ANI (insurance market reforms), etc., resulting in onerous investments to remain
compliant.
- A rapidly changing market: new entrants such as bank-insurers, digital players and the development of comparison sites are disrupting conventions.
- Operating costs under pressure: with increased competition and a sluggish economic environment, margins are increasingly low on traditional products.
- A new type of risk: consumption patterns are changing. Rental rather than buying, and sharing and lending between private individuals have become a common practice. So-called "traditional" risks are shrinking, and other risks inherent to cybersecurity
are emerging.
- Capitalising on the future: today’s consumer aspires to greater transparency, customisation, responsiveness, etc. By striking the right balance between technological innovation and human values, the world of insurance can now respond to new
expectations for the future.
A vision that combines customer needs with new technologies
At Sopra Steria, we are convinced that in order to preserve their profitability, conventional players must develop new offers that capitalise on advisory features that go beyond traditional products and services. Accordingly, it is becoming vital to rethink their business models based on the customer life cycle whilst exploring new strategic partnerships (Assurtechs, NATU, etc.).
Sopra Steria, your digital transformation partner
To avoid the disappearance of insurance from services built around new uses (new mobility, smart vehicles, healthcare provision, etc.), traditional players must engage in far-reaching digitalisation.
This entails marketing their offers in a way that is allied as closely as possible with protected goods and services, by simplifying processes (execution of certain steps online where they have no added value and are costly for the insurer) or by
automating bundle creation (pricing, underwriting, payment of claims, adaptation to markets, etc.) for greater responsiveness.
Additionally, data enables insurers to truly establish themselves as "preventive players" through an in-depth knowledge of their customers that means they can anticipate risks and provide relevant, rapid and agile responses.
Building insurance and social protection of the future, together
Our team of insurance experts guides you through a Test & Learn approach to set out a strategy, validate key trends and anticipate market developments.
We use a cross-cultivation approach to create virtuous customer experiences and take advantage of the best multi-sector technologies and processes. The combination of our offers, in strategic consulting, systems integration, solution development and
infrastructure management, are core components of your transformation.
We combine our expertise with that of business and technological partners in order to offer you the best solutions.
A results-driven value proposition for insurance and social protection
By establishing a direct connection with consumers, their expectations and new uses, Sopra Steria experts help you to reinvent the value proposition and the promise of insurance and social protection.