Reinsurance is designed to help society absorb and recover from shocks – to help communities, businesses and people get back on their feet. This means that we cannot merely keep pace with change – we must anticipate it.
In September 2019, SCOR launched “Quantum Leap,” its seventh strategic plan, which builds on past success to clearly position the Group as the reinsurer of the future. “Quantum Leap” outlines a path of deep and integrated transformation, grounded in digital technology and founded on resilience.
“Quantum Leap” aims to increase the Group’s efficiency and unlock value while transitioning SCOR towards IFRS 17. To this end, SCOR is transforming profoundly, accelerating its use of new technologies – such as artificial intelligence, robots, blockchain, big data, multi-cloud and satellite imagery – to innovate, expand its product and services offering and increase its efficiency, for the benefit of its clients throughout the world.
All areas of the company are involved, from underwriting to asset management and from risk analysis to claims settlement. All of SCOR’s employees are committed to this ambitious and transformative plan.
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BodyIn this increasingly stochastic and complex environment, the future of the reinsurance industry depends upon embracing new technologies and the ability to manage and analyze data. With the “Quantum Leap” plan, SCOR is committing to a profound transformation to create the reinsurance company of the future, fully adapted to this new ecosystem.
Ambitious, equally weighted profitability and solvency targets:
SCOR accelerates its transformation to integrate technological developments
New technologies are an integral part of the expanding risk universe. At the same time, they hold the key to our ability to respond to new risks. Digital technologies are changing the face of insurance, from the way it is designed to the way it is delivered. SCOR is actively innovating in areas such as artificial intelligence, blockchain, robotics, e-business, big data, e-processing and advanced analytics. By grasping the immense opportunities offered by technology, we are optimizing efficiency and unlocking value to respond to evolving needs. We are developing the capacity not only to adapt to changes and shocks, but to foresee, prepare for, and even forestall them.
The reinsurance industry has proved its resilience to extreme events time and time again. The relevance of SCOR’s guiding principles – controlled risk appetite, high diversification, robust capital shield and strong franchise – has also been clearly demonstrated over the years. As we move forward, these principles will continue to underpin our shock-absorbing capacity and superior long-term value creation. They will enable us to take the “Quantum Leap” that will make us the reinsurer of the future... and our future is your future.
Concrete examples
