Client success story
Anticipating the future of insurance
Ageas Group challenges itself and the insurance industry to integrate long-term strategic thinking into its DNA. Trensition plays a crucial role in detecting and prioritising trends, including delivering strategic suggestions.
Case Study: Ageas Group
Number of employees: 40.000+
“We need to plan ahead in a world that is constantly changing. Long-term strategic thinking has become part of the DNA of our organisation. Trensition’s artificial intelligence is helping us more and more in our decision-making. The Trendtracker strategic analytics platform serves as a good guide to help us steer through an ever-growing maze of options and complexity.”
Hans Decuyper, CEO, Ageas Group
Listen to the
Ageas Studio 2030 podcast
Our CEO, Vincent Defour and Hans De Cuyper, CEO of Ageas, discuss the importance of long-term thinking. How can (and should) we plan ahead in a constantly changing world? How can long-term thinking become part of the DNA of your organisation? And how can AI help?
What will be the role of an insurance company in 10 to 15 years?
Where should we invest as an insurance group?
Which scenarios have the best chance of success?
Where exactly are there growth opportunities?
What challenges and risks lie ahead for us?
Thinking and acting ahead is difficult in a fast-changing and complex world in which uncertainty dominates. Ageas Insurance Group, which operates in Europe and Asia, recognises that it must anticipate change to stay relevant. It wants to continuously reinvent itself and the insurance industry by anticipating trends and acting proactively – and that’s no mean feat for a company operating in 14 countries with over 40,000 employees.
“Trensition positively challenges us. It does not replace the expertise of our people, but raises it to a higher level. What’s more, Trensition objectifies our way of thinking so that we can look to the future more confidently and better prepared, knowing where and when we need to take action.”
Think 2030, the internal think tank set up by Ageas Group, thinks about what the world will look like in 2030. By monitoring the evolution of trends linked to ten themes that impact the insurance sector, it determines the strategic direction of the organisation:
Future of work
Consumer behaviour change
Future of banking and financial services
Societal and health evolution
World politics and regulation
Technology and data
Mobility and urbanisation
Initially, the company’s entire process of tracking and analysing trends relied solely on internal human expertise and judgement. Since its partnership with Trensition, which started in 2019, that approach has been enhanced with 100% AI-driven trend insights based on our Trendtracker platform.
Within the cluster of ten trend themes and based on AI-driven technology, Trendtracker continuously monitors 148 trends that could potentially impact Ageas. At the same time, more than 1,500 employees around the world are surveyed. Based on their expertise and knowledge, an assessment is made of how impactful specific trends will be and when they will occur. This process is fully automated into a custom online platform that is used by Ageas employees worldwide working in strategy, innovation, risk, market intelligence, digital, development and so on.
Besides mapping AI-driven insights, Trensition is also responsible for putting these trends into perspective to bring in human judgement. Both of these aspects come together in a statistical model. We assign each trend to one of five categories based on the results. This output forms the basis for drawing up various scenarios that Ageas can use to arm itself for the future.
In brief: a unique man-meets-machine combo helps Ageas Group set priorities in its long-term strategic action plan.
“I don’t think AI will ever replace strategic functions: AI is an augmentative intelligence that complements human brainpower to access, process and analyse data in an unprecedented way. That’s where the value of our partnership with Trensition lies within our Group.”
Ernesto Zaccaria, Strategy Manager, Ageas Group
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