Insurance in France 2015: Business and IT Priorities

by Nicolas Michellod, April 1, 2015
Industry Trends
EMEA

Abstract

The French insurance market has gone through turbulent times following the financial crisis of 2008, but has experienced growth recently. French insurance companies are now investing in various initiatives in relation to digital transformation, legacy modernization, and business improvement.  

In the report Insurance in France 2015: Business and IT Priorities, Celent examines business priorities, IT initiatives and spending, and other IT topics in the French insurance industry.

“Today French insurers consider digitization of processes, and notably opportunities to automate them, to be the cornerstone in their digital transformation strategy,” says Nicolas Michellod, a senior analyst with Celent’s Insurance practice and author of the report. “These initiatives span various business domains and systems where both digitization and analytics are closely related.”

This report looks at IT investment plans and priorities for French insurers in 2015. Selected topics such as the recent evolution of the French insurance market, business focus, budgets, digital transformation initiatives, core system replacement, innovation, and spending estimates are described.

This report contains two tables and nine figures.

Version française.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Inputs to this Report

2

The State of the French Insurance Market

4

 

A Recovering Life Insurance Market

4

 

Business as Usual in General Insurance

5

 

Factors Impacting the French Insurance Market Going Forward

5

IT Budgets and Initiatives

7

 

2015 IT Budgets

7

 

IT Spending

7

 

IT Initiatives

8

Digital Transformation

10

 

Defining Digital Transformation

10

 

Level of Activity in Digital Transformation

10

 

Rational Continuity in a Work in Progress

11

System Replacement

12

 

Transforming Data into Valuable Information

12

 

Enhancing Customer Communication

12

 

Carrying On the Housekeeping Tasks

13

Innovation

14

 

The Ways Insurers Can Innovate

15

 

Improvement of Business and Diversification of Products

15

Reality-Checking Our Predictions

16

 

2015 Predictions

16

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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