On Thursday September 12, Netheos organized the first edition of the Digital Subscription Forum, dedicated to the new challenges of digital subscription in the banking and insurance sector. Throughout the morning, professionals, representatives of control bodies and trusted third parties exchanged views on the digital transformation of the sector.
During the first round table, dedicated to new regulations and moderated by Bertrand Pitavy (Partner, Optimind Winter),A.C.P.R. through Nathalie Beaudemoulin (Coordinator of the FinTech Innovation division, A.C.P.R.), has reaffirmed its commitment to regulating the sector while taking into account technological developments (blockchain, artificial intelligence, etc.) as well as the new uses favored by customers, banks and insurance companies (electronic signature, chatbots, omnichannel pathways, etc.). Operators recalled the impact of dematerialization on their businesses and the difficulty of meeting both their regulatory obligations and competition from fintechs. The investors’ point of view, represented by Ludovic Denis (Partner, Seventure), was also heard. The latter highlighting the increased risks due to market deregulation caused by fintechs and by the legal uncertainties weighing on new technologies such as Blockchain, for example.
With regard to new technologies, a question concerning A.C.P.R.’s ability to audit systems based on artificial intelligence with unpredictable behaviors, enabled Nathalie Beaudemoulin to reaffirm the pragmatism of A.C.P.R.’s approach to these subjects, and to reaffirm its willingness to use an approach based on risk assessment.
Christian Carrega (General Manager, Préfon) has highlighted a new challenge linked to the specific nature of insurance contracts and changes in customer relations: finding the right compromise between the immediacy demanded by customers and the length of the relationship imposed by the need for advice and the reflection required before a commitment over several decades, specific to retirement or even life insurance contracts.
Despite differences of opinion on certain points, all speakers reaffirmed the combined benefits of regulatory constraints and new technologies for all market players, namely improved traceability of customer relations, legal protection of contracts and, ultimately, mutual trust between players. Because without trust, there’s no market.
The second round table provided an opportunity to take stock of one of the key issues in digital transformation: the electronic signature. Frank Van Caenegem (CISO, CNP Assurances) shared the CNP Assurances group’s pragmatic vision for successfully implementing electronic signature projects. CNP Assurances’ approach, based on the definition of evidence associated with the customer journey, enables us to integrate legal issues as early as possible, thereby removing obstacles and focusing on the customer experience later on. He also pointed out the benefits of dematerializing the underwriting process in the insurance sector, particularly with regard to the future Insurance Distribution Directive (IDD), in terms of making pre-contractual information available, tracing the sales act and obtaining customer consent.
Jérôme Bordier (C.E.O, Sealweb) shared his knowledge of European regulations, reviewing the key points of the new eIDAS regulation. In particular, he pointed out that it is virtually impossible to set up a “qualified signature” level in the case of remote subscriptions, due to the constraints associated with the face-to-face identification required by the regulation. For these use cases, the “advanced signature” level should be preferred (depending on the associated risk).
Mickaël Lakhal (Senior Product Marketing Manager, Docusign France) reminded the audience of the role of the trusted third party, and the importance of the evidence file attached to any electronic signature. Regardless of the level of signature used, this is the element on which the legal value of the electronic signature is based, and the decision of the judge in the event of a dispute.
During the final round table, Marc Lanvin (CEO, Banque Casino) shared Banque Casino’s experience of digitizing its various underwriting processes (payment cards and credit). He didn’t hesitate to share the lessons learned from the first projects, even if they turned out to be failures in terms of conversion rates.
Feedback from these initial projects has led to improvements in areas such as user experience, contract layout and awarding processes. Banque Casino has now digitized all its processes, increasing their transformation rate, reducing the time to contract (from 2 weeks to 48 hours on average) and automating part of the file controls.
Following these round tables, Olivier Détour (C.E.O., Netheos) closed the morning by announcing that Netheos had become the first French Registration Authority to comply with the European eIDAS regulation.
A convivial lunch on the banks of the Seine then enabled all participants to continue exchanging and sharing experiences.
Thanks again to all participants for helping to make this first edition of the Digital Subscription Forum a success. We look forward to seeing you next year for the second edition!
To find out more :
The eIDAS regulation, explanation of the text by A.N.S.S.I. :
- Find out more about R.G.P.D. : https://www.cnil.fr/fr/reglement-europeen-sur-la-protection-des-donnees-ce-qui-change-pour-les-professionnels
- The Insurance Distribution Directive explained by A.C.P.R. : https://acpr.banque-france.fr/publications/revue-de-lacpr/revue-de-lacpr-n27-sommaire/protection-de-la-clientele/la-directive-distribution-en-assurance-un-nouveau-cadre-et-de-nouvelles-modalites.html
- Better understand the notion of reversal of the burden of proof and the impact of the qualified signature: https://www.netheos.com/blog/signature-qualifiee-mieux-comprendre-la-notion-dinversion-de-la-charge-la-preuve