The French insurance market has gone through difficult times since the beginning of the financial crisis in 2008. Following the measures undertaken by French insurers in 2010, the industry has managed to weather the storm.
In a new report, Insurance in France in 2011: The CIO Perspective, Celent examines perspectives of French insurer CIOs for 2011. This report is the second version of the French CIO Perspective series, the goal of which is to evaluate how business concerns, IT budgets, investment focus, and other topics have changed during the past 12 months.
“The time when insurers were looking essentially for growth with cheap products to attract the mass market, and relying on investment profits to offset their poor combined ratio, is over,” says Nicolas Michellod, Senior Analyst with Celent's Insurance Group and coauthor of the report. “French insurers will try to find room for more collaboration with each other in the near future, aiming at finding synergies and cost saving opportunities in core operations,” he adds.
This report discusses trends that reflect Celent's experience of the market based on ongoing discussions with the industry and specifically deep interviews with 15 French CIOs at the end of 2010 and beginning of 2011. This report also provides broad IT investment plans and priorities for French insurers in 2011, details of budgets, use of outsourcing, IT investment hotspots, and information about the Solvency II preparation.
