[CONTENU PARTENAIRE] Regulatory restrictions and new developments in the sector are putting pressure on organisations insurance companies to transform. The consulting firms Strada Conseil and Neuros are there to support them in these projects. François Reibell, chairman of the Strada group and Pascal Woitier, general manager of Neuros, talk to us about these issues.
What services do Strada Conseil and Neuros offer to insurance companies?
Francois Reibell: Strada Conseil is a consulting firm exclusively providing intellectual services to major insurance or mutual insurance accounts, mainly in reinsurance and property and casualty. We intervene to ensure transformations, first during the definition of the project, then during the implementation. Around these services we create change management, support and training.
Pascal Woitier: The Strada group recently acquired Neuros. We have the same consultancy for transformation projects, but we apply it to the personal insurance part.
FR: The workforce at Strada and Neuros consists of professionals from insurance organizations or consulting firms who are able to speak the complex language of our clients, but with strong expertise in driving transformation, both within ‘IT, the profession and in the organization.
What are the new constraints facing the insurance industry?
FR: A lot of constraints 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 lead to problems with financial reporting and to wondering which risks and assets to insure.
Today there is operation in the loss percentage, in certain branches. The effect of climate change is causing ever-increasing demands, as we see with natural disasters and fires. And it affects the profitability of insurance companies with real questions about premiums.
PS: The limitations in relation to complementary organizations are mainly regulatory, in particular the GDPR, which is particularly sensitive with the treatment of health costs, 100% health and intra-annual termination, which now allows termination without waiting for the anniversary date.
Which transformation projects are implemented?
PS: Organizations seek to achieve cost savings by joining forces and merging to achieve economies of scale and pool costs. In 15 years, there has been a 70% reduction in the number of organizations that administer health insurance.
FR: Regulatory constraints lead to 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 digitization and retention of the relationship with the insured and requires a comprehensive revision of organizational processes or information systems.
This content was produced with SCRIBEO. The BFMBUSINESS editorial team did not participate in the production of this content.