Turning challenges into opportunity: What’s next for the French insurance and claims management industry?

March 24, 2023

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Collectively, we are facing a cocktail of events — from a pandemic to the war in Europe and most recently, inflation. These circumstances have created a unique crisis in France that has not been experienced in nearly two decades. While many people are optimistic, the phenomena has had an impact on the insurance and business risk market that cannot be ignored. It has encouraged us not to shy away from new approaches, to develop new solutions and manage risks differently. 

Think dynamically and creatively 

Interestingly enough, when a crisis occurs, many people begin to question themselves and rethink their approach to business. This opens the door for new ways of thinking. While crisis brings challenges, it also introduces different approaches and positive developments as new solutions are proposed to overcome past problems. 

We’ve started to witness how recent trends are making waves in the industry, particularly in the realm of claims management. When faced with crisis, all involved parties begin to reflect on their core business and processes, whether it has to do with underwriting or claims management. As part of their reflections, organizations will try to find the best person, provider, technology or product to manage challenges — repositioning their approach as necessary.

Delegated claims management

Employers need claims management tools that allow them to quickly customize information based on their needs. For years, Sedgwick has been developing delegated claims management solutions for large companies and international organizations. The delegation of claims trend is progressing in France partially due to the continued rapprochement with brokers. We are able to offer a customized approach that provides the best possible solution — making the management of claims more efficient and flexible. With our viaOne dashboards, clients have multiple ways to view and filter claims data using a simple, modern interface. If a new document or metrics are added, they have visibility. If they’re running on limited capacity, they can save time by using the tool instead of picking up the phone for updates. 

Corporate captives

Is France at the beginning of a new era? Countries like Luxemburg have reaped the benefits of captives — and France might be on their way to implement the same. For some businesses, traditional insurance isn’t the best fit or may not be an option. Captive solutions give you ownership, control, and strategic claims and risk services to help drive profits. They are the ultimate governance tool for a large group — offering the ability to manage risks differently in real time. As 2023 goes on, France may on track to implement captives in mid-sized companies. For this initiative, competent people and advanced tools will simplify the process. The ability to obtain reliable, detailed data will highlight sources and areas of risk, and above all else, allow them to be shared to implement prevention actions. This is an exciting challenge we are ready to take on alongside our corporate clients in France.

Tags: claim, Claims, claims industry, Claims management, claims trends, Employee, employers, France, international, Loss adjusting, Property, Property loss, Technology