September 6, 2019 "When 'fintech' transforms life insurance"
A key player in the marketplace, the life insurance industry is not recognized as the premier to be embarked on a digital transformation.
"Life insurance is an old lady," said Christophe Hucque, chief financial officer of the insurance company GB Life Luxembourg. "It has the reputation of being a traditional sector, where the use of paper is still important and where the steps have taken place." Take advantage of the opportunities offered by the players in technology, to better meet the expectations of its customers but also to improve its operation.
New technologies and innovation in the field of invention technology and professional insertion from the improvement of some processes, through the simple, more efficient and less expensive. They have been converted into players in the financial and insurance world with their business model.
A sector to dust off
GB Life Luxembourg has chosen to fully participate in this innovative ecosystem. A 100% digital life insurance solution - ePlatinum - and its preferred approach, integrated partnerships, a revolutionary company, faster, easier and cheaper underwriting and contract management transactions back to its platform eConnect form. This last is available to all, a partner dealer of insurance, wealth manager, wealth advisor, etc. - to the end customer.
We delegate activities so that we do not specialize with the best profiles.
For the process to be completed, it is essential to choose an evolving player in the field of information technology, particularly with regard to its IT platform. "We have already established, we have delegated the activities so that we are not specialized with the best IT profiles. We know what we do best, our core business: our concept of innovative life insurance products and services, "explains Christophe Hucque.
This mode of collaboration with financial technology players allows the CFO to consider developing new approaches. The time is more than come, for them, to identify and move forward. "It's not about being in tune with IT or advertising companies, but about participating in the transformation of the industry. Too many CFOs still have a little awareness of the impact they can have on the impact of the insurance and cost reduction departments they can spawn. At present, the vast majority of resources are still dedicated to the production of gross financial information, particularly at the end of regulatory reporting, while the value is displayed in the Finance department a relevant financial information, for the purpose of support the company's strategy. "
Make several shots with stones
Beyond a better service offered to users, the solutions imagined by the end improve the control and operational efficiency of the teams. "In the eyes of a CFO, these companies can therefore make two strokes: they improve internally and enhance attractiveness externally," says Christophe Hucque.
At GB Life, this partnership with fintech is taking shape through the shaping of the eConnect platform and the ePlatinium digital solution. But not only. In its financial department, the company has automated several processes through the use of robots. RPA - Automation of Robotic Processes technology - allows you to deal with repetitive, time-consuming or low-value tasks automatically.
These gains, we pass directly on the rates offered to our customers, including an all-inclusive rate that is unique in the place.
Christophe Hucque, Chief Financial Officer, GB Life Luxembourg
"We also collaborate with a fund trading platform and various solutions as part of the onboarding client. They allow us to work faster, from now on, "adds the CFO. "These gains, we pass on directly to the rates offered to our customers, including an all inclusive rate that is unique in the place. Contrary to popular belief, these tools are not employment but the process of transformation.
Source: https://paperjam.lu/article/quand-fintech-transforment-ass