The insurance industry is seeing a major transformation as the mobility landscape evolves, according to SCOR head of P&C product and innovation, Mr Henri Douche.
In an interview with Asia Insurance Review, Mr Douche addressed the question, “What is happening in mobility?”
“There is a big change, meaning that the type of products we will need are different, the market will be different and the way we interact with customers will be different,” he said.
In response to these developments, the French reinsurance giant has been proactively adapting. Mr Douche highlighted several initiatives, including developing partnerships to create new solutions in areas like drowsiness detection, new telematics, and fleet management.
How motor insurance has changed
“The heart of mobility is motor insurance, which is very old, more than 100 years old with a first-ever auto insurance policy issued in 1890,” said Mr Douche.
SCOR has a strong portfolio in traditional motor insurance, the company has also expanded into new market segments “with products like motor extended warranty or battery performance”.
He then moved on to discuss telematics, which he called a “nice example” of a tool created more than 20 years ago with black boxes in cars, but which is now based on new phone-based technology.
Mr Douche said, “This—Connected Insurance 3.0—offers plenty of new opportunities for services like pay-how-you-drive, risk prevention and coaching young drivers, among others.” M