May 17, 2020

Digital transformation vital to the survival of insurance firms

capgemini
Digital Transformation
Insurtech
Insurance
Jonathan Dyble
2 min
Digital transformation
Capgemini’s World Insurance Report 2018, conducted in partnership with Efma, has highlighted the need for traditional insurance companies to digitally...

Capgemini’s World Insurance Report 2018, conducted in partnership with Efma, has highlighted the need for traditional insurance companies to digitally transform their operations as customers are showing an increasing willingness to purchase insurance products from technology firms.

The report reveals that 40% of customers would consider a mobile insurance app as an important channel, whilst 38% of those aged 18-34 stated that they would be willing to receive personalised insurance offerings through a number of channels.

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With this in mind, the likes of Amazon, Apple and Google are in a strong position to enter the market, whilst long standing industry operators are set to lag behind if they do not invest in and implement new technologies.

“The use of data and being able to offer a truly digital customer experience are both critical for the insurer of the future, something Big Tech firms like Amazon and Google excel at,” said Anirban Bose, Global Head of Financial Services and Member of the Group Executive Board at Capgemini.

“The threat from such entrants is more real than the insurance industry might want to admit. Insurers, risk assessors by nature, must urgently turn their gaze inwards and consider the competitive risks within their own industry in order to evolve and survive.”

One method that insurance providers may pursue in the aim of satisfying the growing expectations from customers is through partnering with industry-specialist technology companies such as insurtechs.

“To gain value from their investments, insurers must think about the big picture and develop a holistic approach that is strengthened by insurtech capabilities, rather than piecemeal adoption,” said Vincent Bastid, CEO of Efma.

For more information, see the full World Insurance Report 2018 from Capgemini and Efma.

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Jul 7, 2021

ServiceNow pumps millions into EU service compliance

ServiceNow
Compliance
EU
Schrems II
2 min
ServiceNow
ServiceNow has announced a multimillion euro investment in EU services, providing customers even greater trust, choice, and control over their data

ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.

The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.

ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.

ServiceNow upgrade: free of charge

There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.

Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.

ServiceNow upgrade: ‘peace of mind’

“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”

Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.

“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”

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