In the first video from our new series ‘Insurance & Beyond’, we speak to Henri Douche, Head of Product & Innovation for SCOR’s Property & Casualty and Life & Health divisions. He speaks about the value of the insurance sector, ESG an area of interest and the growing integration of tech.
Henri, what makes the insurance industry unique?
"I don't know any other industry where we have that much alignment of interest between the provider and the customer. I think the value is in the people, right? We need capital, for sure. For example, think about woodworking. I would say the capital is our wood, which is good, we need it. But if you don't have the carpenter to transform this wood into something useful, then you are a bit lost. That’s the unique space we occupy."
How do you see insurance changing?
"I think the relationship between the customer and the provider is changing a lot. The new generation of customers is asking much more of their provider than just paying out when there is a claim. In response, we need to move towards a more holistic relationship which helps the customer avoid the problem in advance, while still being there to pay out a claim when needed.
Another very important dimension is ESG [Environmental Social and Governance]. ESG will be a big change in the future. This will mean new needs to fulfil in terms of products, a new value chain, etc. It will also be necessary to embed this kind of rationale in the products we develop. In doing this, we will be providing for and helping our clients to start their journey to and to achieve their ESG targets."
What does the industry need to consider when implementing new tech?
"Technology should be transparent. Tech will - today, and in the future much more – absolutely be the basis of distribution, product design, pricing, coaching, and risk prevention.
We've seen in ReMark’s Global Consumer Study that a lot of people are ready to share information with their insurance company, but not in a chaotic way, and not if they don’t receive more services in return. So I think it's a trade-off we need to find by using it to its full potential, in an ethical way - and always for the interests of the customer."
Finally, what excites you about your job?
"What I enjoy the most is probably the people. The people in the team, the people in the company, people with clients. I like being a translator between geography, between companies, between lines. That is what I like."
This interview is part of ReMark’s ‘Insurance & Beyond’ series, which asks experts in insurance about the latest trends and dynamics in the sector.