Insurance in France 2013: The CIO Perspective

by Nicolas Michellod, February 26, 2013
Industry Trends
EMEA

Abstract

Since the financial crisis, the evolution of the French insurance market has been erratic, and, although the general insurance sector growth has been relatively constant, the life insurance sector has experienced ups and downs.

In the report Insurance in France 2013: The CIO Perspective, Celent looks at IT investment plans and priorities for French insurers. Selected topics such as the recent evolution of the French insurance market, business focus, IT initiatives, IT budgets, and spending estimates are also covered in the report.

“French insurers are embracing mobile technologies in order to gain process efficiency, and their initiatives around mobility aim mainly at improving new business submissions,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report, “However, they are still reluctant to leverage open source data from social networks and other Internet sources to support core business activities,” he adds.

Trends discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, deep interviews with a dozen CIOs at the end of 2012 and the beginning of 2013. The interviews covered business and IT priorities for 2013 as well as details around changes to budgets, IT initiatives, and attitudes towards key business preoccupations and responses given in terms of information technology investments.

This 28-page report contains 10 figures and three tables.

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 subsidiary 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

Introduction

2

 

Inputs to this Report

2

The State of the French Insurance Market

3

 

Tariff Increases Explain Growth in General Insurance

3

 

Tough Time for Life Insurance

5

Business Themes for 2012

8

 

Business Model and Portfolio Acquisition

8

 

Solvency II Preparation

9

 

Efficiency Improvement and Cost Reduction

10

IT Initiatives

11

 

Transformation, Modernization, or Replacement of Core and Support Systems

12

 

Enhance Process Efficiency

12

 

Progressing on Solvency II

13

 

Customer Communication

13

 

Infrastructure

14

IT Budgets and Spending

15

 

IT Budget

15

 

IT Spending Estimation

15

New Technology Adoption

18

 

Mobile Technologies

18

 

Leveraging Social Networks in Marketing or Internally

18

 

Low Interest in SaaS for Core Systems

19

Reality-Checking Our Past Predictions

20

 

2013 Predictions

21

Leveraging Celent’s Expertise

22

 

Support for Financial Institutions

22

 

Support for Vendors

22

Related Celent Research

23

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