Insurance is often portrayed as a cyclical industry—a term that suggests its operating environment, while divergent from year to year, is somehow etched in stone. In reality, the global insurance market is experiencing a prolonged and fundamental shift in customer behavior and market dynamics—a transformation that is creating opportunity for many insurance companies, but threatens to catch many others by surprise.

The 2007 World Insurance Report (WIR) from Capgemini and the European Financial Management & Marketing Association (EFMA) explores the new paradigm for insurers, based on a comprehensive body of research that includes surveys and in-depth interviews involving more than 10,000 insurance customers and 350 distributors, along with over 50 insurance executives. The report focuses on seven countries (France, Germany, Italy, the Netherlands, Spain, the U.K. and U.S.), which together account for more than 60% of all direct insurance premiums written globally.

Our analysis focuses on understanding the relationships between insurers, distributors and their customers, and identifying what steps insurers and distributors can take to optimize these relationships. We recognize the major differences between the life and non-life businesses, but seek within this report to focus on the common themes where they exist.

Our findings reveal a clear set of actions that insurers should consider in order to grow their policy base, and populate that base with valuable customers. In the WIR, we highlight innovative approaches insurers are using to tackle key issues of customer acquisition and retention, and examine how insurers can best leverage their distribution networks to optimize performance.

This inaugural World Insurance Report adds to Capgemini’s portfolio of annual industry leading reports (The World Retail Banking Report, The World Wealth Report, and The World Payments Report). These reports have provided financial services institutions with valuable insights into the current and future state of their respective markets for the past 10 years.

Bertrand Lavayssière
Managing Director Global Financial Services
Capgemini
Patrick Desmarès
Secretary General
European Financial Management & Marketing Association

Key Findings:

Around the globe, the market share of traditional insurers has been challenged in recent years by a variety of forces—from Internet disintermediation to aggressive marketing by new entrants, financial services deregulation, compliance pressures, competition from other investment vehicles, and, of course, customer empowerment.

Our comprehensive study of insurance companies, customers and distributors shows the changing industry dynamics present many opportunities for insurers, but capturing those opportunities requires a well-defined and proactive business response.

Most significantly, our analysis reveals some disconnects in the relationships between, and perceptions held by, insurers, distributors and their customers. These disconnects suggest insurers should re-evaluate their assumptions and approaches to customer and distributor strategy to generate optimal value for all stakeholders. Our findings include the following critical insights for insurers: ...

Download World Insurance Report 2007

PDF format, 1.6MB, 48Pages.

Table of Contents:
4 Key Findings
7 Adapting and Supporting a Customer-Centric Business Strategy to Drive Profitable Growth
23 Understanding and Enabling the Distribution Network through a Partnership Approach
33 Aligning Pricing Strategies and Product Portfolios with Customer Needs
41 Competing in Tomorrow’s Insurance Market
45 Methodology
46 About Us

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ABOUT US:

CAPGEMINI
Capgemini provides deep industry experience, enhanced service offerings and next generation global delivery to serve the financial services industry. With a network of 15,000 professionals serving over 900 clients worldwide, we move businesses forward with leading services and best practices in Banking, Insurance, Capital Markets and Investments.

Our Global Insurance Centre of Excellence consistently delivers leading services that provide strategic value for the Insurance community. Our Centers of Excellence capture industry insights, best practices and the latest trends in techniques, tools and technology to continually upgrade solutions, help service new and existing clients and provide visionary, yet practical thought leadership.

As one of the world's foremost providers of Consulting, Technology and Outsourcing services, Capgemini enables its clients to transform and perform through technologies by providing its clients with insights and capabilities that boost their freedom to achieve superior results through a unique way of working called the Collaborative Business Experience. Capgemini reported 2006 global revenues of EUR 7.7 billion and employs more than 80,000 people worldwide.

For more information, or to download our reports, visit www.capgemini.com/financialservices

THE EUROPEAN FINANCIAL MANAGEMENT & MARKETING ASSOCIATION
The European financial management and marketing association (EFMA) is the leading association of banks, insurance companies and financial institutions throughout Europe. On a non-for-profit basis, Efma promotes innovation and best practices in retail finance by fostering debate and discussion among peers supported by a robust array of information services and numerous opportunities for direct encounters.

Efma was formed in 1971 and gathers today more than 2,000 different brands in financial services worldwide, including 80% of the largest European banking groups. Visit www.efma.com

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