The Future of Insurance – Lars Boeing, VP, Capgemini Invent

Lars Boeing is a Vice President in Capgemini Invent's Insurance Practice and leads Capgemini's global Future of Claims offering. He has been working for 20+ years in consulting and corporate strategy roles, primarily on strategic projects, process optimization/ intelligent automation projects and business model redesign programs. Prior to joining Capgemini in January 2014, Lars was engaged with an FS firm in Germany where he was part of the corporate strategy department as well as the in-house consulting unit supporting the company's different business lines. His engagements at Capgemini Invent include the design of various Future of Claims strategies and roadmaps for P&C personal lines and commercial lines insurers, leading large-scale Transformation programs, the process optimization using process mining, RPA and AI solutions for P&C and Life Insurers in Claims and other areas, design of digital strategies, assessing and maturing DevOps and SAFe organizations, implementing new regulations, the redesign of ways of working and Organizational Change Management for insurers, banks and captive finance firms. Lars holds an MBA from HHL Handelshochschule Leipzig, a Master's degree in Banking from the Frankfurt School of Finance as well as a Master in Economics from University of Goettingen.

Highlights from the Show

• Lars is a Vice President at Capgemini, and was part of the work in their annual World Insurance Report, which focused on the future of mobility insurance in the 2023 edition
• The question is around what the shifting patterns of mobility mean to insurance, and how insurers can start to take actions today to prepare for a movement from insurance the asset of mobility today, a car, to the experience of mobility tomorrow across different modalities and moments, even if people don't own cars
• They also look at how we break from the interactive pattern of product development to truly creating coverage that insureds need as their situations evolve
• Innovation has struggled in the industry often because the people responsible for it are separate from the main business, so they struggle to get new ideas into the core of the business
• For example, if we look at embedding insurance into mobility, it's looking at mobility itself as a service, and then thinking about how an insurer can be helpful across the experience and not just in offering coverage; are there ways the insurer can help coordinate mobility or provide safety guidance and support throughout a journey across different modalities, etc?
• The nature of what is being insured is changing, and CG talks about ACES - Autonomous, Connected, Electric and Shared - when they talk about vehicles in the future
  • They see 8x growth for this space, while traditional Auto/Motor insurance will still be there, but will retract
• The nature of risk is changing, too, where it's not just about Auto Liability, but also software and cyber security risks as cars are connected and software-defined
• They think carriers should think about 4 things
  1. What is the value proposition carriers should think about offering in the future, and is it based on actual customer behavior and not what we say their behavior is?
  2. How do we use that value proposition to change our business model?
  3. What culture and capabilities do we need to have to support this model?
  4. What is the risk management we need around these new products?
• The report was built with very broad perspectives from across insurance, tech, auto manufacturers and more
• You can get the report at future-of-insurance.com/capgemini

This episode is brought to you by The Future of Insurance Volume III. The Collaborators, part of the Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

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