What if your insurer gave you the weather forecast?

Digitization hits all sectors of activity. In the insurance world, it is reflected in a new client-insurer relationship, but also in the creation of ecosystems.

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Digitization in the financial sector is no longer a secret. An Accenture study classified insurance in the top 4 of the most “disrupted” activities.

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According to this study, ecosystems are one of the main causes of this wave of disruption. “Rather than being victims, insurance companies can join an existing ecosystem or design and operate their own ecosystem and become disruptors, not disrupted. “

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Ecosystème d’assurance, kesako?

But what do we mean by an ecosystem? These are partnerships formed by the company and which allow it to have a range of services outside of its core business. It is for example, your insurer who reports to you the arrival of a storm; which offers you the possibility of renting your bike or buying your bus ticket; which signals dangerous bends to bikers; who helps you find a repairer; which helps health professionals to operate teleconsultation; which offers you the highlights of the failed football match; …

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Your web showcase Ethi’Hub and soon via a marketplace, the insurer Ethias brings together a multitude of meteorological, health, prevention, housing, mobility applications …

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“The ‘beyond insurance’ strategy allows Ethias, through ecosystems, to cultivate its difference as a direct player close to its customers, by offering them solutions (…) in line with our ambitions in terms of Sustainable Development Goals (health, solidarity, aid to the underprivileged, contribution to ambitions of reducing the ecological footprint, etc.) “, explains Serge Jacobs, company spokesperson.

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This entry of the digital world into the insurance business, certainly responds to technological developments, but also and above all allows the insurer to work on the claims load through the prevention and adapt its offer to behaviors and needs client.

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Evolution or revolution?

As we know, the basis of an insurance company is cover risks in a mutualist spirit. In the face of competition, there is a “war “new covers. The concept of services then emerged to lead to prevention. Today, it is therefore technology that is invited to the program.

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“Digitization is one of the elements of a complete relationship with a partner or with a client, it is an integral part of a model.”

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Admittedly, not all the actors progress fully in the same direction. For many players, digitalization still stops at digital access to their services.

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Belfius thus switched to an approach all-in-one app. Customers thus have access to banking and insurance services through the same app.

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AG, on his side, puts forward his wish to ne not move to an app-driven world. “Digitization is one of the elements of a full relationship with a partner or with a client, it is an integral part of a model. ”

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Within Axa Belgium, the world of apps is even totally absent. “A customer uses such an application to the maximum twice a year. We prefer the combination of a good website and identification through Itsme.” That is clear.

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“The insurer remains a manufacturer of products with a very technical element (…) but we see that customers continue to need a human shoulder to cry on.”

Jan Van Hove

Senior general manager of KBC Assurances

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The challengers

The acceleration of the digitization of historical insurers is also due to the arrival on the market of “digital native” players with disruptive offers adapted to the new generations. Among these actors, the Belgians of Qover and their insurance without borders have already convinced a million people.

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The insurances of the Belgian start-up are directly integrated into the digital platforms of its clients such as Cowboy. It is a revolution for the sector, where Qover is almost the only one to offer this technology.

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Jan Van Hove is senior general manager of KBC Assurances. This trend towards digitization, he notices it like everyone else, but nevertheless notes a speed of development very much slower than in the banking sector.

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Transition phase

“The insurer remains a manufacturer of products with a very technical element which aims to estimate the risk and calculate the price, to take into account the new needs of society, but we see that customers continue to need a human shoulder to cry on. “ The Belgian client therefore does not seem ready for an exclusively digital insurer.

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He recognizes that while Belgium is lagging behind in terms of digitization, some countries which had set aside the profession of insurance intermediary are backing down, like UK and Netherlands.

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So is a 100% digital switchover being considered? Jan Van Hove considers that we live a transition phase where young people are already very demanding of digital services. They are the ones who, tomorrow, will guide the sector; a sector that says it is ready.

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