radar assurtech france

Oliver Wyman – PolicenDirekt – Radar insurtech France 2018

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Oliver Wyman, in partnership with PolicenDirekt, has recently published a report of excellent quality on the current panorama of insurtechs in France entitled “The radar insurtech France 2018“. After having published last year a summary of their previous report “Caugh in the radar“, you will find below the elements of this analysis dedicated to France, resulting from their proprietary database (Note: my base is probably less complete, but it has the deserves to be accessible for free!).

Context of radar insurtech France 2018

The purpose of the report is to position the 131 French insurance companies identified by the authors of the report in an analysis matrix called radar. This matrix is ​​based on 3 main axes:

radar assurtech France 2018

  • Design
  • Distribution
  • Operations

It then defines 19 insurtech positioning models distributed among these 3 axes.

Design modeles

17 startups are assigned to the design part, divided into 6 models:

radar assurtech France 2018 radar assurtech France 2018

  • Low cost: we aim for the lowest prices for our target customers
  • Usage-based: we offer you a fully adjustable short term cover
  • Collaborative: we use collaborative mechanisms to reduce distribution costs or claims charges
  • From insurance to protection: Beyond compensation, we protect you
  • Tailor-made: we offer you a cover adapted to your individual situation
  • New Digital Risks: We Protect Against New Digital Risks

In short, the study shows several key points:

  • This segment brings together 12% of French startups against 20% in the world, and anticipates a catch-up, in particular by the penetration of the French market by foreign solutions
  • These different models are globally little exploited today, but are considered to have high growth potential and chances of success
  • The model including insurance and protection seems to be one of the most promising for authors. This is the model chosen by Luko or Securkeys

Distribution models

55 startups are assigned to the design part, divided into 8 models:

radar assurtech France 2018 radar assurtech France 2018

  • Direct (D2C): We substitute intermediates not new technologies
  • Price comparison: We help you save money
  • Partnership: We help our partners to distribute insurance
  • Corporate Platform: We offer insurance directly to your employees
  • B2C Digital Brokers: We optimize your personal insurance coverage
  • B2B Digital Brokers: We optimize your professional insurance coverage
  • Financial Coach: We take care of your personal finances
  • Daily Digitizer: We help you get rid of your paper files

The key points to remember here:

  • The distribution is equivalent to the rest of the world
  • The current over-representation of direct models and comparators is expected to diminish in the future as the potential is lower
  • No start-up in the corporate platform segment, and a low level of enthusiasm for the partnership model, which is a guarantee of genuine transformation

Operations models

In the radar insurtech France 2018, 60 startups are assigned to the design part, divided into 5 models. This is the biggest piece.

radar assurtech France 2018 radar assurtech France 2018

  • Sales Facilitators: We increase your sales force by digital
  • Underwriting facilitators: We optimize your subscription decisions
  • Contract Management Facilitators: We optimize your services and management processes
  • Disaster enablers: We optimize your claims processes and decisions
  • Financial Management Facilitators: We optimize your financial decisions

Several key elements:

  • France seems to stand out on life insurance and savings businesses
  • The strong representation of this segment show the logic of partnerships between major groups and startups

Conclusion of radar insurtech France 2018

Firstly, the classification matrix proposed by the authors of the report seems interesting to me and I intend to integrate it into my own database. Let us give back to Caesar what belongs to them, they will be cited obviously, in the same way as the BCG, which I use the classification matrix technologies.
In particular, it makes it possible to (partially) answer the question: what solutions can be useful for companies? I will probably have to complete my categorization again, to take into account a distinction between service, accelerator, good practice from which we can draw, distribution partner, etc.

radar assurtech France 2018

radar assurtech France 2018

To go further

If you liked this summary, you can also read the article on insurtechs shifting in Asia, or subscribe to the newsletter:

Oliver Wyman – PolicenDirekt – Radar insurtech France 2018
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