Our team met with the CIO of CALI Europe to discuss whether insurance companies should create their own innovative solutions or rather collaborate with InsurTech startups.
"From my perspective the traditional actors of the insurance industry should focus on building ecosystems of expertise. As a matter of fact, this type of collaboration with startups and even traditional partners, is, according to me, the best way to accelerate and encourage innovation within the company/Group.
Nowadays, many companies have the ability to generate innovation and to stir up the lines. In a creative environment, we are more easily able to capture new uses. There is a strong market trend showing that Groups tend to prefer creating their own ecosystems, allowing them to bring new competencies and expertise around the same table: these external players are therefore seen as business enablers and accelerators. Yet, on the long run, some companies might envisage creating their own spin-off…
With «Village by CA», the Crédit Agricole Group created an incubator gathering FinTechs, InsurTechs, traditional Partners and other startups at a single place to foster innovation. Its objective? Be ready for new and upcoming uses and products, but also integrate creativity, agility and flexibility in its everyday business. Moreover, CALI Europe recently created an Innovation Committee: an ambitious, but realistic and pragmatic initiative aiming at creating innovation from within the company as well!"