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The highlights of the BNP Paribas Cardif 2019 Symposium
15 January 2020
The 11th edition of the BNP Paribas Cardif Symposium took place in Amsterdam, Netherlands, on 5 and 6 December 2019. This event brought together BNP Paribas Cardif’s main international distribution partners around the theme of: Tackling hyper-digitalised environments...
More than 200 participants, from 28 countries, attended keynote talks delivered by renowned speakers. It was an opportunity to share the risks and opportunities - for the planet, the business, the city and even individuals - posed by digitalisation pushed to its limits, and also to take a lead faced with the challenges of hyper-digitalisation for the insurance industry. “Digitalisation is contributing significantly to polluting our planet, but also our minds” said Renaud Dumora, CEO of BNP Paribas Cardif, in the introduction. “The key is to find the right balance between digitalisation, which is a source of opportunities and new services, and human interactions which remain crucial.”
1. Hyper-digitalisation and business
Catherine Wood, founder and CEO of ARK Investment Management LLC (USA), emphasised the five major sources of innovation: blockchain, robotics, energy storage, artificial intelligence and genome sequencing. She said that “with hyper-digitalisation we are now observing transformations similar to those experienced with the discovery of electricity or the telephone.”.
“We’re not worried about job losses”, she noted. “Technology has a history of creating jobs.” Her conclusion is clear: “Any leader that does not take hold of Data and Artificial Intelligence to manage their business will responsible for its failure. If businesses do not adapt, they will lose their market. Be ready!”
2. Hyper-digitalisation and the economy
For Christopher Pissarides, a Professor at the London School of Economics and recipient of the Nobel Memorial Prize in Economic Sciences in 2010, “hyper-digitalisation will disrupt our way of living and working”. The challenge? Making this revolution as inclusive as possible to improve the quality of life of all and to benefit as many people as possible. In the same way that some jobs benefit from new technologies, while others become obsolete, certain skills are becoming more valuable while others can be replaced. Thus two movements are developing in parallel. On the one hand, we have the agglomeration of activities, like in Silicon Valley, where tasks must be carried out by qualified employees. Businesses prefer positioning themselves where they have varied resources and skills at their disposal in order to perform better. On the other hand, we have e-commerce which allows platforms to sell from anywhere in the world.
3. Hyper-digitalisation and urbanisation
Arjan Van Timmeren, Professor of Environmental Technology & Design at Delft University of Technology in the Netherlands, highlighted the acceleration of change in highly varied domains: energy, water, behaviour, sustainable development, etc. Digitalisation provides solutions - often more sustainable and efficient - to ensure that these changes succeed, even the most rapid ones. His advice? “To adopt new technologies with caution, taking into account people’s privacy, in particular.”
4. Hyper-digitalisation and individuals
Ayesha Khanna, co-founder and CEO of ADDO AI (Singapore), used examples to demonstrate how hyper-digitalisation is already changing our lives, notably in cities like Singapore. “The question is not about knowing if new technologies work or not, but what their consequences are and how to use them well. To make good decisions, you need to remain human-centric. We should all be aware of the basics of artificial intelligence in order to grasp the issues at stake. The main threat is not the technology itself, but how to use it. It is all therefore a question of governance.”
All the speakers agree that we are now at a crossroads. Our collective decisions and actions point us to a future that we have the ability to shape. This hyper-digitalisation implies new challenges but also great opportunities for society, businesses and people. Indeed, it lets us respond more quickly and more accurately to the expectations of citizens, employees and consumers, provided that the inherent risks are handled carefully and that the dignity of people and the future of the planet are maintained under all circumstances.
Cybersecurity: an opportunity for Insurance 3.0 firms?
02 January 2020
The Internet of Things is giving insurers an opportunity to become the go-to partners when it comes to dealing with everyday risks. Paying out on insurance claims will become the exception rather than the rule. The new norm will be about providing prevention and protection solutions.
Starting with the home, connected sensors enable smoke to be detected, and will ensure that an alarm goes off if a break-in occurs or a water-pipe bursts. US insurance company StateFarm offers its policyholders reductions on a range of Canary connected security equipment and residential security systems from US security services company ADT. Then when it comes to cars, the development of telematics solutions has enabled real-time assessment of driving behaviour so as to help avoid risks on the road. Thirdly, in the health field, hi-tech watches and other types of activity sensors now enable people to track their physical exertions, their heartbeat and the quality of their food intake. However, according to the latest report from audit specialists Deloitte, concern over the security and protection of personal data remains a considerable obstacle to the widespread adoption of these new insurance products, quite apart from any considerations of abuse and potential misuses of, for example, predictive health.
Deloitte experts calculate that, following the advent of self-driving cars within the next couple of years, the frequency of road accidents will plummet by around 80% by 2040, but what will happen if cyber-criminals manage to seize control of this type of vehicle? Although to date there have been no reports of cyber-piracy against autonomous vehicles, US researchers demonstrated in 2015 what might happen and a year later someone hacked into a Tesla. Meanwhile ‘white hat’ hackers have also shown the feasibility of remotely hacking a pacemaker.
Yoni Abittan, a strategic analyst at L’Atelier BNP Paribas who is an expert in applied research into cybersecurity, foresees that the insurer of tomorrow could well become a cyber tech company. He underlines “Connected objects are not ‘secure by design’ , i.e. designed from the very outset with security as a major consideration.Going forward, insurers will no longer be able to simply provide insurance services; they’ll need to position themselves upstream of the value chain, co-designing solutions in conjunction with the makers of connected objects so as to develop the layers of security needed to ensure a secure IoT before these objects start being produced on a massive scale.”
US insurer Allstate has already grasped this new challenge, and has acquired a startup called InfoArmor that specialises in employee identity protection. The figures indicate just how much is at stake here. In 2017, 600 million out of a total of 2.7 billion data sets that were compromised were instances of identity theft (Gemalto, 2016), incurring costs estimated at $16 billion in the United States alone (Javelin Strategy & Research, 2017). Moreover, studies show that the more trust customers place in a given company’s data security, the more likely they are to share their personal data with that organisation.
Yoni Abittan reckons that “the challenge of ensuring connected object cybersecurity is first and foremost an Open Innovation challenge for insurers because this is not their core business. They’ll need to work with the various players in the IoT ecosystem –makers of connected objects, suppliers of cloud computing services, software publishers and suppliers of technical platforms, telecoms operators and so on.” Yoni Abittan feels that tomorrow’s insurers will also have a duty to raise awareness of the underlying cyber-risks, by using, for example, the nudge technique. He argues: “An insurer could send alerts via the IoT giving information about the incidence of cyberattacks and directing customers to a data safe where they could keep their data secure.” Yoni Abittan points out that “some banks, such as HSBC, have already trialled behavioural motivation in order to prevent customers from going into the red. Using this method, the UK Treasury department succeeded in recovering the equivalent of an additional €289 million for the fiscal year 2012-2013.”
Deputy Chief Executive Officer, Transformation and Development
Education : Stanislas Chevalet is a graduate of the EM Lyon business school.
Career : Stanislas Chevalet joined the banking division of Paribas in 1986, subsequently holding a series of positions in financial management before integrating the international banking unit (North America). During two years at Paribas (1986/1988) he participated to creation and development of the Fondation Rhône Alpes Futur to fund innovative projects source of jobs and influence for the region.In early 1994, he enters the Paribas Affaires Industrielles private equity business as Head of the retailing and leisure industries, overseeing the restructuring of Banque Continentale du Luxembourg. In 1997, he was named Head of purchasing and in 2005, he was appointed Head of the Group Operational Efficiency unit. In September 2007, Stanislas Chevalet joined the Executive Committee of BNP Paribas Assurance (which became BNP Paribas Cardif in 2011) and was named Head of the Cardif network and relations with external partners. In 2009, he has been Head of Efficiency Technology and Operations and the Digital & Brokers Channel which included the following countries: Belgium, Luxembourg, the Netherlands and the United Kingdom.
Today: Stanislas Chevalet is Chief Operating Officer and a member of the Executive Committee of BNP Paribas Cardif. He has been Head of Development and Transformation since March 2014, responsible for the strategy and transformation of the company, the development and support of partners, marketing, distribution and digital.
BNP Paribas Cardif renews partnership with HandiTech Awards
14 November 2019
2019 HandiTech Awards will be presented on 18 November to kick off European Disability Employment Week. The awards recognize entrepreneurs who develop technologies to improve the lives of people with disabilities. BNP Paribas Cardif, a global specialist in personal insurance committed to making insurance accessible to the largest possible number of people, will present the award for the best initiative in the healthcare category. BNP Paribas Cardif is sponsoring the HandiTech Awards for the second consecutive year, underscoring the insurer’s longstanding support for innovation that drives a more inclusive world.
Make insurance accessible to the largest possible number of people: a future-facing mission
The values and strategy of BNP Paribas Cardif are inspired by the insurer’s commitments. BNP Paribas Cardif strives to facilitate access to its products to enable everyone to make their projects become reality. Ten percent of the world’s population is affected by disabilities, representing 650 million people[i]. BNP Paribas Cardif continually enhances its insurance cover and services, reduces the number of exclusions and simplifies the insurance subscription process in order to expand access to insurance for vulnerable members of society who have a disability or suffer from a disease. Thanks to this approach the insurer contributes to greater solidarity in society.
Innovation drives inclusion
Technological advances in areas such as artificial intelligence, robotics or digital technologies allow BNP Paribas Cardif to increase the granularity of insurance policies and create new offers that are continually better matched to the needs of its clients, including the most vulnerable among them.
In France, clients enjoy terms that facilitate access to creditor insurance. BNP Paribas Cardif introduced further innovations this year with its Cardif Libertés Emprunteur offer, which now proposes insurance cover and rates adapted to four additional pathologies: Parkinson’s disease, obesity, gestational diabetes and mental health issues related to a life event. Furthermore, in line with its diversity and inclusion policy, BNP Paribas Cardif supports the “Tangata.net” intrapreneurial project. This digital platform lists a broad selection of verified partners, providing access to a large number of leisure activities accessible to people with disabilities and adapted services to facilitate the daily lives of people with disabilities and their caregivers. Tangata.net also aims to accelerate the development of entrepreneurs and partner associations with the Act for Impact social entrepreneurship brand of BNP Paribas.
With a presence in 35 countries and a unique business model based on partnerships, BNP Paribas Cardif carries out numerous initiatives related to disabilities. In Taiwan, the insurer has set up a home visit service to make it easier for policyholders with disabilities to file claims. In Germany, a temporary disability assistance service helps clients in their day-to-day activities (advice, contacts for medical service providers, educational campaigns for drugs and treatments). And in Turkey, the Engelsiz Hayat Değer life insurance policy has been designed for families that have children with disabilities. It includes assistance services (reduced costs for medication, hospitalisation, physical therapy, etc.) in order to ease their lives.
BNP Paribas Cardif has been driving an ongoing transformation in recent years, striving to be more agile, open and adopt a learning culture. The cardif lab’ helps to speed up this transformation thanks to a comprehensive approach to acceleration focused on new technologies and new uses.
Cardif lab’ opened its doors in 2014 in France, welcoming employees, distribution and technology partners, start-ups and experts to a space devoted to trials of innovations and prototyping new services, helping shape the world of tomorrow.
As a cornerstone of the company's digital transformation, the cardif lab has welcomed 15,000 visitors over five years, enabling them to discover more than 120 innovations, projects, prototypes and start-ups from all around the world. Among its most striking achievements:
A space designed to meet new challenges
To continually adapt to the needs of the company in a changing world, the cardif lab’ is now entering a second phase.
· A space where ethics are challenged to ensure greater respect thanks to a better understanding of the fundamental challenges linked to new technologies today.
· A space for joint creation, brainstorming and implementing ideas, where ideas are transformed into pilot projects aligned with business needs.
· A space focused on a rich ecosystem beyond its walls, especially thanks to a broader international presence.
· A space that encourages new experiences, where people can project themselves into the world of tomorrow.
Support the transformation of society
· Explore: To discover the future, identify examples of new uses related to insurance and conduct research and development work. This leads to cultural adaptation, conceptualization and open innovation.
· Make: To shape and construct the innovations of tomorrow. The cardif lab’ comprises experts who apply agile methodologies designed to support rapid production of a Minimum Viable Product (MVP) and thus confirm the technical and economic viability of projects.
· Grow: Sharing knowledge and spreading the culture of innovation and digital solutions across the company. A thousand employees will receive training in the professions of tomorrow by the end of 2022 through a partnership agreement with General Assembly signed in 2018.
For any questions regarding Cardif Lab', please send us an email to email@example.com.