"If the non-life insurance industry wants to stay in the game, we must learn to think in terms of value,” was the message given by CEO Hans Coffeng of the CED Group today during a large associates event in Maarssen. During the event, CED presented its new direction, the focus of which is integrated claims management and prevention. “We are there to protect and preserve the things that are valuable to people."
According to Coffeng, more importantly still is that CED has started to view the market from a different perspective. “As a sector, we have always thought in terms of loss, but that is a dead end. We should redefine our work as value management. End users don’t think in terms of loss, they have something that is valuable to them and they want to safeguard that value and if something happens, they want this to be resolved as quickly and empathetically as possible.”
According to Coffeng, this different way of thinking is top priority, because of the fundamental shift in the market. “Losses continue to shrink; the market is contending with new competitors. The major challenge, both for us and our customers, is how we see our own role in that changing interplay of forces. If nothing is done I believe our entire sector will marginalise, that other players will take over the control and the added value.”
With its new direction, CED is building on its strategy of the past three years; the focus of this strategy was to build a comprehensive portfolio – from claims notification to repair. Coffeng: “In recent years, we have also invested significantly in the ‘golden duo’ of smart technology and human expertise, and together with commitment, this enables us to work quickly, efficiently and empathetically. It is evident from the double-digit growth we have achieved for years that we are moving in the right direction with this philosophy, not forgetting that we are in a shrinking market.”
The next step is to play a more active role in preventing problems and losses. According to CED, in the years ahead, technological innovations, those of note being the Internet of Things, domotics and robotics, will bring about a profound shift in the services that are offered. “Using sensors, this type of technology enables us to monitor location, movement, temperature or moisture and then take immediate action. This isn’t real-time, when something is going wrong, but pre-time, even before an incident occurs. In this respect, we believe that CED will have an important role as ‘value manager’. After all, loss prevention will preserve the value of possessions, mobility and vitality.”