REPORT KleinBlue – Benchmark insurers facing insurtechs

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FrenchKlein Blue Partners has published 2 interesting reports on the market about insurtechs. The first one, France insurtech panorama was published in June 2017. The second, “Benchmark Insurers facing insurtechs and innovative players“, was published in December 2017. They confirm this young consulting firm’s (and its partner Salim Echoukry ) desire to position as a quality partner for insurers who have questions about their innovation strategy in the market. I start the year by not being late and therefore deals here with the last published!

Benchmark Methodology

15 actors were observed and compared, in particular on three axes:

  • Investment
  • Collaboration
  • Competition or internal innovation

To ensure the comparison, a scoring was then defined on 4 criteria

  • Amount of funds invested
  • Level of collaboration
  • Level of internal innovation
  • Digital Maturity

Note: If the 1st of these criteria is indeed objective and difficult to contest, the following 3 are not defined and are subjective to say the least. They must therefore be taken with caution.

Key elements


  • According to the report, between 1.5 and 2bn euros are likely to be committed by the actors observed in the innovation
  • Priority is given to internal funds
  • Investments cover a wide variety of targets (companies, brokers / distributors, services, etc.)


  • The collaboration begins in 2014
  • In 2015, orientation is given to new distributors / brokers
  • Insurance Insurtechs (B2B) are gaining more and more room for improving process efficiency
  • Insurtechs are now considered partners and no longer competitors


  • Few players have launched products in front-end competition (like Pay-how-you-drive)
  • Intrapreneurship is rather rare.

Strategy Benchmark

The following visual gives an interesting view of the strategies adopted by the insurers observed. It completes the insurtech panorama that I can propose on this blog for example because it brings a vision of what has actually been chosen by the companies.

Benchmark insurers facing insurtechs

As for the endowments, we can see that four players (Axa, Maif, CNP and Malakoff Médéric) stand out clearly in terms of the amounts invested. Indeed, they are all positioned above 100m € invested while competitors are mostly below 20m €.

For Klein Blue, the scoring thus highlights 4 categories of actors, frequently considered in the world of innovation:

  • The leaders: 5 actors, who started in 2013/2014;
  • Early followers: 2 actors
  • Followers: 6 actors
  • The late adopters: 2 actors

Benchmark insurers facing insurtechs

Note: It is unfortunate, although it can be partially deduced later, to not have completed the exercise by indicating who are the insurers in each category.

Insurance innovation profiles

The report details later in a sheet dedicated to each insurer.

Benchmark insurers facing insurtechs

They are very interesting to realize the strategies applied by each insurer, but do not deserve a detailed reading here.

Key success factors

From a consultancy perspective, Klein Blue gives its vision on the key factors of success for a successful insurtech strategy:

  • General
    • Start in a progressive way
    • Start with a niche
  •  Funds
    • Privilege internal funds
    • Set up a startup detection strategy
    • Clarify the fund’s investment policy
  • Collaboration
    • Start with simple things to make yourself known: hackathon, etc.
    • Systemize the day before
    • Work on internal APIs to speed up implementation times
  • Competition
    • Associate trades and entrepreneurs
    • Leave the field open to intrapreneurs

My opinion on the report Benchmark Insurers facing insurtechs

This report sheds new light on market movements and behavioral differences between actors facing a necessary overhaul.

However, we remain a little on our hunger, especially on the key factors of success! I think that in terms of innovation, copying what worked elsewhere may be enough for a late adopter who will actually take the best of what has been done everywhere. On the other hand, for all the others, it is now for us consulting firms to go further in our recommendations. It is imperative that we engage our clients in making informed decisions through our reading of the issues ahead, not just those of the past!

That’s what I’m going to be working on more and more in the coming months.

REPORT KleinBlue – Benchmark insurers facing insurtechs

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