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#ITC TC2016
PRESENTED BY
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#ITC TC2016
Insurance plays a vital role in society
Controls losses Pools risk across groups Provides credit intermediation Signals inherent risk Enables risk-taking
NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY - - PowerPoint PPT Presentation
NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY - - PowerPoint PPT Presentation
0 NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY #ITC TC2016 Insurance plays a vital role in society Pools risk across groups Enables risk-taking Signals inherent risk Controls losses Provides credit intermediation
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#ITC TC2016
Technology changes Socio-economic changes
Genomics/Medical advantage Cloud Computing Urbanization Changing Demographics Big Data Analytics Automation Health Literacy
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Break in CV Changing Job Profiles Increasing Spread in Wealth Internet of Things
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Quantified self Share economy Increasing Mobility Constant Connectivity Customer Self-Service “Natural Best Friend”
COLLISION OF TRENDS
The world is changing
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#ITC TC2016
New paradigms
For delivering peace of mind in a tailored and efficient way
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#ITC TC2016 From: Opaque risk/cash transfer To: A more holistic value chain of risk
- Better understanding
- True recovery aid
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#ITC TC2016 From: Laggard To: Front-runner in technology and socio-economic change
- An information business
- A people business
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#ITC TC2016 From: Owning To: Orchestrating the value chain
- Strategic control
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- True profit pools
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#ITC TC2016 From: Numbers To: Customer empathy
- From push to pull
- Not just about money
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#ITC TC2016
In order to get there, we need to reimagine the value chain
Deconstruct + Reconstruct
Traditional labels “insurer”, “broker”, “wholesaler", "reinsurer” no longer apply
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#ITC TC2016
Insurance-in-an-app
How do I relate to 21st century customers?
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#ITC TC2016
P2P insurance – the new mutual
How do I make customers want to participate in insurance?
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#ITC TC2016
Virtual insurer – full service but no balance sheet
Is my value proposition really my balance sheet?
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Plugging into the online ecosystem – China InsureTech
Am I thinking radically enough? Am I moving fast enough?
Weekend Weekday 16:30 Reserve housekeeping 18:00 Do the laundry delivery 21:00 Watch online TV 8:00 Hail car service to work 9:00 Order breakfast for delivery 11:30 Order fruit for delivery 13:00 Online errands during lunch break 12:00 Browse lunch options and pick a place
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Laser-like focus on three basic principles is key for value creation
1 Creation of a hassle-free customer experience 2 Elimination of inefficient cost structures 3 Offerings that truly provide “peace of mind”
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#ITC TC2016
Need for collaboration and partnerships
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Incumbents Investors Entrepreneurs
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#ITC TC2016
Getting started on innovation: One approach
STUDIO MODEL
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#ITC TC2016
Entrepreneurs: Race to materiality Investors: Outsized returns Incumbents: Onboard future capabilities in a flexible way
Why we are at InsureTech Connect?