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Hugh	
  Terry,	
  The	
  Digital	
  Insurer	
  
Muang	
  Thai,	
  Bangkok,	
  4th	
  September	
  2016	
  
DIGITAL	
  INSURANCE	
  IN	
  ASIA	
  –	
  THE	
  “NOW”	
  AGENDA	
  
22	
  
About	
  The	
  Digital	
  Insurer	
  
Library	
  
In	
  AcCon	
  
Newswire	
  
Knowledge – Community – Global Outlook
Join more than 10,000 others @ the-digital-insurer.com
Discussion	
  agenda	
  
1	
   Some	
  Strategic	
  PerspecBves	
  
2	
   What	
  is	
  happening	
  in	
  Asia?	
  
z	
  4	
   GeIng	
  it	
  done	
  
3	
  
..And	
  around	
  the	
  world?	
  
3	
  
Strategic	
  PerspecCves	
  
4	
  
1	
  
5
5
InsurTech:	
  An	
  expanding	
  universe	
  
5	
  Sources:	
  venturescanner.com	
  .	
  hPps://www.cbinsights.com/blog/insurance-­‐tech-­‐periodic-­‐table/,	
  	
  hPps://www.linkedin.com/pulse/my-­‐insurtech-­‐mental-­‐framework-­‐maPeo-­‐carbone	
  
	
  
	
  	
  
6	
  
Insurance	
  X.0:	
  defining	
  the	
  “X”	
  
What’s	
  coming	
  up	
  “Now”	
  Blue	
  Sky	
   V’s	
  
Three	
  digital	
  “Mega”	
  trends:	
  forces	
  beyond	
  our	
  control	
  
2
Technology	
  is	
  cheaper	
  and	
  easier	
  to	
  
implement	
  than	
  ever	
  –	
  it	
  is	
  the	
  fulcrum	
  	
  
to	
  meet	
  consumer	
  needs,	
  reduce	
  
operaBng	
  costs	
  and	
  to	
  change	
  your	
  
culture	
  
1
7	
  
Data	
  maVers–	
  we	
  are	
  collecBng	
  
more	
  and	
  more	
  data	
  that	
  can	
  be	
  
used	
  to	
  create	
  winning	
  business	
  
models	
  	
  
3 Changing	
  consumer	
  behaviour	
  –	
  
they	
  are	
  more	
  demanding	
  and	
  
looking	
  for	
  a	
  different	
  experience	
  
88	
  
Our	
  digital	
  world:	
  very	
  new,	
  addicCve	
  and	
  diverse	
  
Source:	
  The	
  Economist,	
  Qmee.com	
  
New	
  &	
  Big 	
   	
  AddicCve	
   	
   	
  Diverse	
  
99	
  
Behavioural	
  change	
  remains	
  the	
  key	
  driver	
  and	
  opportunity	
  
Source:	
  	
  Mary	
  Meeker,	
  KPCB	
  :	
  hPp://www.kpcb.com/blog/2016-­‐internet-­‐trends-­‐report	
  
3	
  core	
  strategies	
  
Transform	
  exisBng	
  face-­‐to-­‐	
  
face	
  models	
  
2
Create	
  or	
  parBcipate	
  in	
  	
  
new	
  models	
  
3
Manage	
  exisBng	
  models	
  for	
  	
  
profit	
  
1
10	
  
DisrupBon	
  
The	
  InnovaCon	
  Agenda	
  in	
  Asia:	
  
	
  “Now”	
  OpportuniCes	
  driven	
  from	
  the	
  current	
  paradigm	
  
11	
  
Product	
  
	
  
  Narrowly	
  defined	
  view	
  
of	
  product	
  
DistribuCon	
  
  Too	
  much	
  face-­‐to-­‐
face	
  
	
  
Customer	
  
Experience	
  
  Not	
  good	
  enough	
  
Digital	
  will	
  redefine	
  our	
  
industry	
  .	
  It	
  is	
  	
  early	
  days..	
  
Digital	
  enables	
  DistribuCon,	
  Product	
  and	
  Customer	
  Experience	
  innovaCon	
  	
  
12
12
DistribuCon	
  Analogy	
  :	
  How	
  far	
  could	
  bank	
  disrupCon	
  go?	
  
12	
  
FT HEADLINE: “MCKINSEY WARNS BANKS FACE WIPEOUT
IN SOME FINANCIAL SERVICES”
	
  
Source:	
  Financial	
  Times,	
  30th	
  September	
  2015	
  -­‐	
  quo=ng	
  from	
  McKinsey	
  annual	
  global	
  banking	
  review	
  
OriginaCon	
  &	
  sales	
  acCviCes	
  
US$1.7	
  trillion	
  revenue	
  
22%	
  ROE	
  
Balance	
  sheet	
  provision	
  
US$2.1	
  trillion	
  revenue	
  
6%	
  ROE	
  
“A	
  high	
  stakes	
  struggle…	
  Either	
  banks	
  fight	
  for	
  the	
  customer	
  relaBonship,	
  or	
  they	
  learn	
  to	
  
live	
  without	
  it	
  and	
  become	
  a	
  lean	
  provider	
  of	
  white-­‐labelled	
  balance	
  sheet	
  capacity.”	
  
V’s	
  
No	
  surprises:	
  under	
  aPack	
  from	
  
digital	
  disruptors	
  
e.g.	
  predicBng	
  profits	
  from	
  car	
  loans	
  and	
  
credit	
  card	
  loans	
  to	
  fall	
  by	
  60%	
  
D	
  
9	
  Digital	
  distribuCon	
  models:	
  breaking	
  down	
  the	
  value	
  chain	
  
13	
  
Acquire	
  New	
  Customers	
   Selling	
  to	
  Customers	
   Servicing	
  Customers	
   Taking	
  Product	
  Risk	
  
2.	
  Bancassurance	
  Insurer	
  Bank	
  
1.	
  TradiConal	
  Agency	
  Insurer	
  	
  
3.	
  Digital	
  /	
  Direct	
  Insurer	
  
5.	
  Digital	
  Managing	
  Agents	
   Single	
  Insurer	
  
4.	
  Price	
  Comparison	
  Sites	
   MulBple	
  Insurers	
  
6.	
  Digital	
  Broker	
   MulBple	
  Insurers	
  
7.	
  Digital	
  Affinity	
   Insurer(s)	
  Affinity	
  Partner	
  
8.	
  Product	
  eco-­‐systems	
   	
  Insurer(s)	
  
13	
  
the	
  insurer	
  	
  
Maybe	
  	
  the	
  insurer	
  
NOT	
  	
  the	
  insurer	
  
Owned	
  by	
  
9.	
  Social	
  Insurance	
  (P2P)	
  
14
14
Digital	
  DistribuCon	
  Trends	
  
14	
  
  Rise	
  of	
  new	
  brands	
  
  Opportunity	
  to	
  design	
  more	
  efficient	
  distribuBon	
  
channels	
  –	
  coupled	
  with	
  more	
  engaging	
  
proposiBons	
  
  Affinity	
  players	
  are	
  coming	
  through	
  strongly	
  
  The	
  power	
  of	
  “free”	
  in	
  a	
  digital	
  world	
  
  Insurance	
  as	
  a	
  “secondary”	
  purchase	
  i.e.	
  
complimentary	
  product	
  
15
15
Transforming	
  insurance:	
  Acknowledging	
  innovaCon	
  
Source:	
  Transforming	
  Insurance,	
  KPMG	
  InternaBonal,	
  2014	
  &	
  The	
  Insurance	
  	
  InnovaBon	
  ImperaBve,	
  KPMG	
  InternaBonal	
  2015	
   15	
  
Acknowledge	
  the	
  challenges	
   Seize	
  the	
  opportunity	
  
65%	
  
Regulations high costs &
margin erosion
45%	
  	
  48%	
  	
   83%	
  	
  
future success =
ability to
innovate
business models
disrupted
16
16
Our	
  industry	
  is	
  on	
  the	
  move	
  
Source:	
  Survey	
  of	
  280	
  global	
  C	
  Suite	
  execuBves	
  for	
  	
  «	
  A	
  New	
  World	
  of	
  Opportunity:	
  The	
  Insurance	
  InnovaBon	
  ImperaBve,	
  KPMG	
  2015	
   16	
  
  How	
  fast	
  can	
  we	
  move?	
  
  At	
  our	
  fastest	
  is	
  it	
  sBll	
  too	
  
slow?	
  
17	
  
Digital	
  TransformaCon:	
  The	
  industry	
  is	
  not	
  standing	
  sCll	
  
AXA 571 63
Allianz 315 31
Aviva 230 28
Prudential 166 31
Zurich 162 32
Metlife 102 15
Manulife 93 10
AIA 67 4
HSBC Insur. 59 11
FWD 32 5
Many leading companies are already experimenting with
innovation labs, incubators & accelerators across Asia …
…and have sizable, and growing, Digital workforces 
Company
# of LinkedIn Profiles related to
“Digital” as of Apr 2016 worldwide
CXOTotalInitiatives
Launch Year
& LocationCompany
China Life ü 2014
Ping An
ü 2012
ü 2012 – SH
ü Fintech 2014
PICC ü 2014
Taikang Life
ü 2015
ü 2000 – SH
AXA
ü 2015 – HK
ü 2015 - SH/SG
Aviva
ü (2015 UK)
ü 2015 – SG
Metlife ü 2014- SG
AIA
ü 2015 - SG
ü
Health Tech
2 in 2015 - HK
1 in 2016 – SG
Venture
funds
Labs /
Incubator Accelerator
Source: KPMG Analysis, Allianz, 2014; Company annual reports, 2014; Digital Insurer, 2014; Solera, 2015; Linkedln, 2016
18
18
..	
  There	
  is	
  compeCCon	
  :	
  InsurTech	
  DisrupCon	
  is	
  geing	
  financed	
  
18	
  Source:	
  CB	
  Insights	
  
19	
  
DisrupCon	
  in	
  the	
  insurance	
  industry:	
  “	
  Trading	
  Places”	
  
Insurers	
  buy	
  
aggregators	
  
Insurers	
  buy	
  
third	
  party	
  
administrators	
  
(TPA’s)	
  
Retailers	
  
invests	
  in	
  
aggregators	
  
Tech	
  
companies	
  
start-­‐up	
  
digital	
  
insurers	
  
Reinsurers	
  
invest	
  in	
  
insurers	
  
Airlines	
  &	
  
Telco	
  setup	
  
insurers	
  
Ø  Propositions are evolving in our digital world
Digital Innovation Curve
Innovation
CustomerSatisfaction
v1.x Digital Basic v2.x Digital First v3.x Digital DNA
Informational
websiteWeb
Forms
User
Account
Dashboards
Personalised
recommendations
Call center
servicing
Digital sales
and
servicing
Pay-as-
you go
Proactive
concierge
Active
sensors
(IoT)
	
  Start	
  here?	
  
Source:	
  KPMG	
  &	
  The	
  Digital	
  Insurer	
  
P	
  
21
21
21	
  
Product	
  design:	
  trending	
  to	
  “Eco-­‐system	
  ProposiCon”	
  
3. Convenient &
Supportive
Simple to use and supportive
throughout the customer’s life
2. Value Added Services
(with partners)
Personalized and catered to the
customer’s habits and lifestyles.
Integrated with other value added
services. Leveraging the power of
“free”
1. Reducing customers
Risks
Solutions that make our customers
safer / healthier – and also reduce
their costs of insurance
What	
  	
  will	
  this	
  look	
  like	
  for	
  	
  different	
  lines	
  of	
  business?	
  
Ø  Looking	
  through	
  the	
  jargon	
  there	
  is	
  a	
  fundamental	
  change	
  in	
  product	
  design	
  in	
  the	
  insurance	
  
industry	
  
22	
  
Welcome	
  to	
  digital	
  customers:	
  “they	
  are	
  mulC-­‐touch”	
  
22	
  
Myth	
  #1:	
  Digital	
  is	
  a	
  new	
  distribuBon	
  channel	
  
Reality	
  :	
  Digital	
  enables	
  customer	
  (&	
  distributor)	
  engagement	
  
Online	
  
Face	
  To	
  Face	
  
Phone	
  /	
  
Virtual	
  	
  
The	
  mulC-­‐channel	
  customer	
  is…	
  
  BePer	
  informed	
  
  More	
  demanding	
  
  Uses	
  mulBple	
  customer	
  touch	
  
points	
  for	
  both	
  sales	
  &	
  services	
  
  Increasingly	
  starts	
  on-­‐line	
  
  Will	
  jump	
  channels	
  at	
  any	
  point	
  –	
  
catch	
  them	
  if	
  you	
  can!	
  
C	
  
email	
  response	
  Cmes	
  –	
  slower	
  than	
  postal	
  mail?	
  
23	
  Source:	
  EpBca,	
  Survey	
  of	
  10	
  health	
  insurers,	
  APAC	
  
Life	
  insurance:	
  There	
  are	
  untapped	
  opportuniCes	
  around	
  the	
  world	
  
Sources	
  of	
  financial	
  advice	
  
Chart	
  Source	
  :	
  Noble	
  Oak	
  Life	
  	
  “Pure	
  Life	
  “Survey	
  March	
  2016	
  -­‐	
  Australia.	
  *Swiss	
  Re	
  Asia	
  Pacific	
  Mortality	
  ProtecBon	
  gap	
  	
  2015	
   24	
  
78%	
  
12%	
  
10%	
  
US$55	
  
trillion	
  
ProtecBon	
  
gap	
  in	
  Asia*	
  
Life	
  insurance:	
  There	
  are	
  untapped	
  opportuniCes	
  around	
  the	
  world	
  
digital	
  strategies	
  can	
  change	
  the	
  paradigm	
  that	
  “life	
  
insurance	
  is	
  sold	
  not	
  bought”	
  
25	
  
12%	
  
Have	
  you	
  ever	
  used	
  technology	
  to	
  purchase	
  the	
  following	
  
product?	
  
Chart	
  Source	
  :	
  Noble	
  Oak	
  Life	
  	
  “Pure	
  Life	
  “Survey	
  March	
  2016	
  -­‐	
  Australia.	
  	
  
68%	
  Would	
  purchase	
  Life	
  
insurance	
  online	
  with	
  the	
  
right	
  resources	
  
	
  
But	
  less	
  than	
  
	
  
12%	
  have	
  so	
  far	
  
Digital	
  Insurance	
  In	
  Asia	
  
26	
  
2	
  
Started	
  in	
  November	
  2013…	
  
First	
  online	
  insurance	
  seller	
  in	
  China	
   USD	
  128	
  million	
  premium	
  income	
  
630	
  million	
  insurance	
  policies	
  
150	
  million	
  customers	
  
…and	
  raised	
  US$1bn	
  of	
  funding	
  in	
  2015	
  
Advanced	
  cloud	
  
compuBng	
  system	
  
Selling	
  its	
  #1	
  product	
  through	
  
C2C	
  Taobao	
  
B2B	
   	
   	
  B2C	
  
Cross-­‐industry	
  cooperaAon	
  
Major	
  shareholders	
  are	
  
Alibaba,	
  Tencent	
  
and	
  Ping	
  An	
  
…	
  by	
  the	
  end	
  of	
  2014	
  
Direct	
  Insurance	
  /	
  Digital	
  Affinity:	
  	
  
Zhong	
  An	
  
Q.	
  Could	
  a	
  mulB-­‐naBonal	
  have	
  played	
  the	
  role	
  of	
  Zhong	
  An?	
  
27	
  
D	
  
	
  
P	
  
	
  
C	
  
28
Preserve	
  what’s	
  important	
  in	
  a	
  secure	
  digital	
  hub	
  
Revisit	
  moments	
  of	
  life	
  again	
  Record	
  family	
  legacy	
  for	
  future	
  generaCon	
  
Build	
  your	
  memories	
  &	
  stories	
  into	
  Cmeless	
  collecCons	
  
Infinity	
  -­‐	
  Digital	
  Cme	
  capsule	
  &	
  legacy	
  creator	
  
D	
  
	
  
P	
  
	
  
C	
  
28	
  
	
  
Q.	
  TRUST	
  =	
  GeIng	
  to	
  the	
  heart	
  of	
  	
  life	
  insurance?	
  
Product	
  ecosystem	
  model:	
  Good	
  Doctor	
  (Ping	
  An)	
  
29
Region:	
  Asia	
  (China)	
  
Q.	
  How	
  do	
  insurers	
  a)	
  create	
  eco	
  systems	
  and	
  b)	
  secure	
  their	
  place	
  in	
  those	
  eco-­‐systems?	
  
  >70	
  million	
  registered	
  users	
  
  >1,000	
  full	
  Bme	
  doctors	
  
  Access	
  to	
  50,000	
  contracted	
  doctors	
  
and	
  5,000	
  specialists	
  	
  
  7/24/365	
  access	
  including	
  video	
  
consultant	
  
Find	
  a	
  Doctor	
  
Updates	
  (May	
  2016)	
  
•  US$500	
  million	
  
series	
  A	
  funding	
  
(approx.	
  value	
  of	
  
US$3	
  billion)	
  
•  Goal	
  of	
  	
  creaBng	
  
largest	
  “closed”	
  
healthcare	
  eco-­‐
system	
  	
  =	
  “	
  
Internet	
  
healthcare	
  2.0”	
  
	
  
	
  
D	
  
	
  
P	
  
	
  
C	
  
30
30
30	
  Source:	
  Ping	
  An	
  Health,	
  hPp://www.pingan.com/app_upload/images/info/upload/5789191e-­‐3019-­‐4370-­‐b8e1-­‐a3a81561d4e3.pdf	
  
Ping	
  An	
  Good	
  Doctor:	
  	
  
Establishing	
  an	
  Online	
  to	
  Offline	
  healthcare	
  model	
  	
  
Q.	
  Does	
  a	
  similar	
  opportunity	
  exist	
  in	
  Thailand?	
  
Volume
per
category
Insurance
Categories
Mainstream ‘head’
Served by price-comparison
websites and insurers direct
‘Long Tail’ of Insurance Demand
Traditionally served by
small face-to-face brokers
Target for Bought by Many
“Car Insurance”
“Home Insurance”
“Pet Insurance for French Bulldog”
“Travel Insurance with Diabetes Type 2”
“Young Driver car insurance”
Volume per category of insurance demand
~40% of insurance premiums (Swiss Re) are in the
“long-tail” but niche consumer needs are neglected
by price-comparison websites
BBM–	
  accessing	
  the	
  “long	
  tail”	
  
31	
  
31
31	
  Source:	
  Bought	
  By	
  Many	
  
D	
  
	
  
P	
  
	
  
C	
  
We recruit groups through social media and
Search Engine channels
Fulfilment is via the partner’s website
In-depth analysis
of >100m lines of
Google search
data
Micro-targeted
advertising,
tailored for use on
social platforms
Community
engagement and
viral marketing,
acting as
‘consumer
advocate’
32	
  
32
32	
  Source:	
  Bought	
  By	
  Many	
  
BBM–	
  using	
  social	
  &	
  search	
  
Q.	
  Is	
  	
  this	
  a	
  glimpse	
  at	
  the	
  future	
  of	
  online	
  distribuBon?	
  
D	
  
	
  
P	
  
	
  
C	
  
Business	
  Model	
  
Ø  	
   Metasearch	
   engine	
   which	
  
provides	
   a	
   complete	
   overview	
  
of	
  insurance	
  products	
  in	
  jargon-­‐
free	
   language	
   supported	
   by	
  
filter-­‐and-­‐sort	
  tools	
  	
  
Ø User-­‐driven	
  plazorm,	
  leading	
  
the	
   way	
   in	
   democraBsing	
  
financial	
  shopping	
  experience	
  
Ø  	
   GoBear’s	
   unique	
   Coverage	
  
Score	
  algorithm	
  provides	
  a	
  clear	
  
indicaBon	
   of	
   a	
   financial	
  
product’s	
  benefit	
  quality	
  
Ø 	
  Stacked	
  against	
  the	
  product’s	
  
premium,	
   users	
   are	
   able	
   to	
  
make	
   personalised,	
   informed	
  
and	
  cost-­‐effecBve	
  choice	
  
Data	
  Driven	
  Consumer	
  Behavior	
  
No	
  Fuss	
  –	
  Simple	
  and	
  Easy	
  Insurance	
  
GoBear	
  –	
  Financial	
  Metasearch	
  Engine	
  
D	
  
	
  
P	
  
	
  
C	
  
GoBear	
  -­‐	
  Shaking	
  up	
  Insurance	
  Comparison	
  
Benefits	
   What’s	
  Different	
  
	
  
Ø Neither	
   an	
   aggregator	
   nor	
   a	
  
seller	
  
Ø Disrupts	
   the	
   “tradiBonally	
  
opaque	
   and	
   convoluted”	
  
industry	
  
	
  
Ø MoPo	
  is	
  to	
  enable	
  customers	
  
make	
  well-­‐informed	
  decisions	
  
	
  
Ø 	
  Low-­‐cost,	
  quick	
  ,	
  transparent	
  
and	
  user	
  friendly	
  
Ø “Click	
   Model”	
   operaBon	
   and	
  
not	
  commission-­‐based	
  
	
  
Ø Conversion	
  rate	
  is	
  20-­‐30%	
  for	
  
travel	
  insurance	
  via	
  GoBear	
  
Q.	
  How	
  to	
  respond	
  to	
  aggregators	
  –	
  co-­‐operate/	
  collaborate	
  /	
  copy?	
  Or	
  all	
  3?	
  
35
35
MediTech:	
  HearCsans	
  
35	
  
•  Monitors and analyses the user’s heart health data 24/7
•  Predicts the occurrence of a sudden cardiac arrest
10 minutes in advance, giving users a chance
to get immediate help
•  Immediately notifies the emergency
services and users’ relatives
•  Give real-time advices to reduce probability of sudden
cardiac arrest
Advanced cardiology wearable with predictive
hearth care models
Source:	
  KPMG	
  Analysis	
  ;	
  HearBsans	
  
Q.	
  How	
  quickly	
  we	
  will	
  see	
  more	
  examples	
  of	
  Technology	
  reducing	
  underlying	
  risks?	
  
D	
  
	
  
P	
  
	
  
C	
  
CXA	
  –	
  DisrupCng	
  employee	
  benefits	
  
	
  
Employee	
  health	
  and	
  wellness	
  marketplace	
   How	
  it	
  Works	
  	
  
Ø User-­‐directed	
  and	
  Internet	
  
based	
  plazorm	
  powered	
  by	
  
AnalyBcs	
  
	
  
Ø 	
  Aggregates	
  Employers,	
  
Employees,	
  Providers	
  and	
  
Distributors	
  
Ø Unlocks	
  workplace	
  
wellness	
  
Ø Customised	
  and	
  flexible	
  
Ø Process	
  automaBon	
  makes	
  
HR	
  life	
  simpler	
  
Ø Similar	
  Programs	
  -­‐	
  
Discovery	
  Vitality	
  (South	
  
Africa),	
  Oscar,	
  Zenefits	
  (USA)	
  
For	
  Employers	
  
For	
  Employees	
  
Q.	
  	
  Will	
  insurers	
  be	
  able	
  to	
  fully	
  exploit	
  this	
  employer	
  /	
  employee	
  affinity?	
  
D	
  
	
  
P	
  
	
  
C	
  
DirectAsia	
  –	
  MulCchannel	
  D2C	
  Model	
  
DirectAsia’s	
  business	
  model	
  reduces	
  
price,	
  enhancesthe	
  	
  claims	
  experience	
  
and	
  empowers	
  customers	
  to	
  tailor	
  their	
  
policies	
  in	
  real-­‐Bme.	
  This	
  is	
  achieved	
  by	
  
deploying	
  the	
  direct-­‐to-­‐consumer	
  model	
  
over	
  mulBple	
  channels	
  (online,	
  call	
  
centre	
  and	
  physical	
  office	
  and	
  making	
  
customer	
  service	
  a	
  priority.	
   	
  	
  
Changing	
  the	
  Way	
  Insurance	
  Is	
  Sold	
   Key	
  Features	
  
The	
  Results	
  
Q.	
  	
  Why	
  has	
  this	
  model	
  not	
  taken	
  off	
  in	
  Asia?	
  
D	
  
	
  
P	
  
	
  
C	
  
Customer	
  Portal	
  /	
  App	
  
Policy	
  Systems	
  
Advisor	
  
Portal	
  Lead/Prospect	
  Management	
  
Sales	
  
OpportuniCes	
  
The	
  Digital	
  Advisor	
  
Business	
  Model	
  
Tablet	
  
38	
  
Digital	
  TransformaCon	
  of	
  face-­‐to	
  face	
  
	
  
Digital	
  OpportuniBes	
  
1.	
  More	
  Leads	
  
2.	
  BePer	
  service	
  
3.	
  BePer	
  selling	
  
1.  Enable	
  lead	
  management	
  &	
  analyBcs	
  /	
  PredicBve	
  
analysis	
  
2.  Improved	
  compliance	
  to	
  sales	
  best	
  pracBce	
  (&	
  
regulatory	
  requirements)	
  
3.  Back	
  office	
  producBvity	
  from	
  digital	
  proposals	
  
7	
  OTHER	
  BENEFITS	
  AFTER	
  SUCCESS	
  
POS	
  tablet	
  sales	
  toolkit:	
  easy	
  business	
  case	
  
PRIMARY	
  BENEFIT	
  
Improved	
  Sales	
  effecBveness	
  
through	
  a	
  bePer	
  customer	
  
experience	
  
MEASURED	
  BY:	
  
High	
  tablet	
  usage	
  from	
  Advisors	
  
Increased	
  sales	
  producBvity	
  
per	
  month	
  
•  More	
  efficient	
  
•  Faster	
  &	
  more	
  accurate	
  (clean	
  policies	
  in	
  a	
  day)	
  
4.  Reduced	
  	
  overheads:	
  premises	
  &	
  technology	
  costs	
  
5.  Business	
  intelligence	
  
6.  Recruitment	
  	
  training	
  (and	
  hiring)	
  tool	
  
7.  Plazorm	
  for	
  more	
  automated	
  underwriBng	
  	
  
•  Benchmarking	
  data	
  
•  Usage	
  data	
  
•  “Bigger”	
  data	
  	
  
39	
  
Affinity	
  model:	
  Tune	
  Insurance	
  
Digital	
  affinity	
  –	
  capturing	
  value	
  in	
  Travel	
  insurance	
  
Background	
  
  Tune	
  Insurance	
  (now	
  Air	
  Asia	
  Insure)	
  provides	
  insurance	
  soluBons	
  
to	
  AirAsia	
  –	
  the	
  regions	
  largest	
  low	
  cost	
  carrier	
  
  More	
  than	
  5	
  million	
  travel	
  insurance	
  policies	
  are	
  sold	
  each	
  year	
  
  Incremental	
  capturing	
  of	
  value	
  as	
  moved	
  from	
  Agent	
  to	
  reinsurer	
  
to	
  insurance	
  carrier	
  resulBng	
  in	
  successful	
  IPO	
  with	
  Market	
  
capitalisaBon	
  of	
  Approx	
  US$400	
  million	
  	
  
Commentary	
  &	
  Insights	
  
  On	
  line	
  flight	
  purchase	
  experience	
  
  Opt	
  out	
  approach	
  drives	
  take	
  up	
  rate	
  in	
  excess	
  of	
  20%	
  
  Nearly	
  100%	
  digital	
  model	
  ensures	
  profitability	
  and	
  scalability	
  to	
  
meet	
  demands	
  of	
  enterprise	
  level	
  
  Investment	
  in	
  middleware	
  allowed	
  Tune	
  to	
  deliver	
  a	
  	
  cost	
  effecBve	
  
and	
  customer	
  friendly	
  soluBon	
  
Region:	
  Asia	
  
40
Q.	
  Can	
  insurers	
  collaborate	
  &	
  move	
  into	
  broader	
  provision	
  of	
  services	
  
D	
  
	
  
P	
  
	
  
C	
  
Affinity	
  Model:	
  BIMA	
  
41
Region:	
  Africa,	
  Asia	
  and	
  LaBn	
  America	
  
Q.	
  Many	
  Insurers	
  don’t	
  have	
  D2C	
  mobile	
  plazorms	
  with	
  payment	
  connecBvity.	
  Opportunity?	
  
  Accessing	
  airBme	
  as	
  the	
  method	
  of	
  
payment	
  
  Low	
  cost	
  fulfillment	
  and	
  ease	
  of	
  access	
  
  PenetraBng	
  new	
  markets	
  
Mobile	
  Microinsurance	
  
D	
  
	
  
P	
  
	
  
C	
  
Agency	
  Model:	
  Move	
  (from	
  Manulife)	
  
4242	
  
Background	
  
  Free	
  tracker	
  for	
  qualifying	
  products	
  
  Up	
  to	
  10%	
  discount	
  on	
  premiums	
  
TelemaBcs	
  for	
  agency	
  sales	
  
Q.	
  Will	
  this	
  become	
  mainstream?	
  
D	
  
	
  
P	
  
	
  
C	
  
Digital	
  Insurance	
  …	
  Around	
  the	
  World	
  
43	
  
3	
  
Commentary	
  &	
  insights	
  
  Excellent	
  example	
  of	
  	
  “service	
  for	
  Free”	
  model	
  disrupBng	
  two	
  
industries	
  (HR	
  so}ware	
  and	
  employee	
  benefits)	
  	
  
  Window	
  of	
  opportunity	
  was	
  Affordable	
  Care	
  Act	
  that	
  simplified	
  
raBng	
  for	
  health	
  insurance	
  for	
  small	
  companies	
  
  Not	
  so	
  “Zen”	
  –	
  very	
  public	
  argument	
  regarding	
  use	
  of	
  ADP	
  payroll	
  
accounts	
  
Suite	
  of	
  HR	
  services	
  
Background	
  
  Fastest	
  growing	
  SaaS	
  business	
  ever	
  
  Offering	
  free	
  HR	
  so}ware	
  plazorm	
  and	
  integraBon	
  to	
  third	
  party	
  
services	
  in	
  return	
  for	
  insurance	
  on	
  employee	
  benefits	
  
  Focused	
  on	
  SME’s	
  
  Just	
  raised	
  US$500	
  million	
  on	
  US$4.5	
  billion	
  valuaBon	
  
  Revenue	
  target	
  of	
  US$100	
  million	
  by	
  Jan	
  2016	
  
Region:	
  North	
  America	
  	
  
Broker	
  Model:	
  Zenefits	
  
44
Q.	
  Could	
  an	
  insurer	
  enable	
  this	
  business	
  model?	
  
D	
  
	
  
P	
  
	
  
C	
  
Managing	
  Agent	
  model:	
  PetSure	
  
Region	
  :	
  Australia	
  
Background	
  
  Founded	
  in	
  the	
  1990’s	
  
  Pet	
  insurance	
  is	
  one	
  of	
  the	
  fastest	
  growing	
  forms	
  of	
  healthcare	
  around	
  the	
  
world	
  
  >A$2	
  billion	
  spent	
  in	
  Australia	
  each	
  year	
  on	
  Vet	
  services	
  
  Hollard	
  insurance	
  is	
  a	
  significant	
  shareholder	
  
  Evolved	
  into	
  a	
  Brand	
  of	
  	
  brands	
  approach	
  with	
  key	
  strength	
  being	
  underwriBng	
  
and	
  fulfilment	
  of	
  pet	
  insurance	
  
  Handling	
  40,000	
  claims	
  per	
  month	
  
Commentary	
  &	
  insights	
  
  Focus	
  on	
  brand	
  partnership,	
  product	
  design	
  and	
  administraBon	
  services	
  to	
  
support	
  
  PetSure,	
  with	
  Hollard,	
  have	
  developed	
  a	
  model	
  that	
  allows	
  them	
  to	
  dominate	
  
the	
  pet	
  insurance	
  market	
  in	
  Australia	
  –	
  they	
  have	
  created	
  a	
  pet	
  insurance	
  
“eco	
  system”	
  
A	
  brand	
  of	
  brands	
  approach	
  
45
Q.	
  Why	
  is	
  brand	
  innovaBon	
  so	
  slow	
  in	
  Asia?	
  
D	
  
	
  
P	
  
	
  
C	
  
Cuvva	
  
  Cuvva	
  offers	
  a	
  totally	
  new	
  type	
  of	
  UK	
  car	
  insurance	
  that	
  gets	
  you	
  covered	
  on	
  a	
  
car	
  for	
  only	
  as	
  long	
  as	
  you	
  need	
  it	
  -­‐	
  from	
  a	
  single	
  hour	
  to	
  a	
  whole	
  day.	
  
  It	
  means	
  you	
  can	
  borrow	
  a	
  friend	
  or	
  family	
  member’s	
  car	
  and	
  get	
  fully	
  insured	
  for	
  
as	
  long	
  as	
  you	
  need	
  it	
  without	
  the	
  tradiBonal	
  headache	
  associated	
  with	
  short-­‐
term	
  insurance.	
  
  Cuvva	
  is	
  designed	
  to	
  be	
  mobile	
  first	
  and	
  is	
  available	
  for	
  iPhones	
  operaBng	
  iOS	
  8.1	
  
and	
  above.	
  It	
  only	
  takes	
  three	
  clicks	
  to	
  get	
  covered	
  through	
  Cuvva	
  app.	
  	
  
  Cuvva	
  is	
  a	
  mobile	
  first	
  insurance	
  start-­‐up	
  company	
  co-­‐founded	
  by	
  Freddy	
  
McNamara	
  and	
  Leo	
  Kellgren-­‐Parker	
  and	
  is	
  based	
  in	
  Scotland.	
  
  Launched	
  in	
  October	
  2015,	
  Cuvva	
  provides	
  the	
  UK’s	
  first	
  short-­‐term	
  car	
  
insurance	
  app,	
  which	
  allows	
  users	
  to	
  get	
  fully	
  covered	
  in	
  less	
  than	
  60	
  sec	
  on	
  any	
  
car	
  in	
  the	
  UK	
  for	
  as	
  liPle	
  as	
  an	
  hour.	
  
  Along	
  with	
  offering	
  a	
  seamless	
  customer	
  experience,	
  Cuvva	
  aims	
  to	
  reduce	
  the	
  
Bme-­‐consuming	
  nature	
  of	
  securing	
  temporary	
  insurance	
  by	
  disBlling	
  it	
  down	
  to	
  a	
  
simple	
  three	
  step	
  process.	
  
IntroducBon	
  
Commentary	
  and	
  Insights	
  
Q.	
  Just	
  in	
  Bme	
  –	
  inline	
  with	
  the	
  Bmes?	
  
D	
  
	
  
P	
  
	
  
C	
  
TelemaCcs	
  for	
  the	
  car:	
  Discovery	
  Vitality	
  Drive	
  
Background	
  
  Discovery	
  ,	
  founded	
  in	
  1992,	
  is	
  a	
  South	
  Africa	
  based	
  insurer	
  	
  
  Serves	
  over	
  seven	
  million	
  clients	
  in	
  South	
  Africa,	
  UK,	
  US,	
  China	
  and	
  Singapore	
  
  Runs	
  Vitality,	
  the	
  world’s	
  largest	
  scienBfic,	
  incenBve-­‐based	
  wellness	
  
programme	
  
  Discovery	
  Insure	
  Vitalitydrive	
  programme	
  was	
  launched	
  in	
  2011	
  in	
  South	
  Africa	
  
leveraging	
  the	
  behavioural	
  experBse	
  of	
  Vitality	
  and	
  the	
  latest	
  telemaBcs	
  
technology	
  
Commentary	
  &	
  insights	
  Vitalitydrive	
  –	
  safer	
  driving	
  
Ø 	
  Discovery	
  Insure	
  clients	
  experience	
  1/3	
  of	
  
South	
  Africa’s	
  vehicle	
  accident	
  mortality	
  rate	
  
	
  
Ø 	
  Over	
  120	
  clients	
  per	
  month	
  helped	
  through	
  
ImpactAlert	
  
	
  
Ø 	
  Behaviour	
  Change	
  is	
  immediate	
  and	
  real	
  
Bme	
  feedback	
  keeps	
  drivers	
  at	
  their	
  best	
  
  HolisBc	
  Rewards	
  based	
  appoach	
  to	
  incenBvising	
  changes	
  in	
  driving	
  
behaviour	
  
  Rewards	
  programmes	
  creates	
  a	
  sustainable	
  and	
  differenBated	
  eco	
  system	
  
managed	
  by	
  the	
  insurer	
  
  Driving	
  app	
  provides	
  an	
  aPracBve	
  plazorm	
  for	
  markeBng	
  
  Perhaps	
  a	
  narrower	
  target	
  market	
  than	
  others	
  e.g	
  as	
  no	
  direct	
  discounts	
  on	
  
insurance	
  offered	
  for	
  good	
  driving	
  behaviour?	
  
	
  Q.	
  Is	
  this	
  a	
  soluBon	
  to	
  price	
  compeBBon	
  in	
  motor	
  insurance?	
  
D	
  
	
  
P	
  
	
  
C	
  
The	
  Dental	
  Eco-­‐system	
  
Smart brushes to track the
brushing habits of you…
and your family
Connecting life and family
Competitive pricing that doesn’t skim on
quality
“We’ve got you covered”
•  Dental insurance plans are 10% - 25%
cheaper than other insurance providers
•  Sophisticated brush design
•  Accurate mechanism
•  Secured data storage
•  Launched late August 2015
•  Plans covering individuals, families and companies
•  $5 million investment from Drive Capital in 2014
•  >200,000 access points; 50 states in
USA
•  100,000 dentists
Insurance plan covers
•  X-Ray
•  Cleaning
•  Cavities
•  Orthodontia
•  Preventive Measures
including toothbrush; toothpaste and floss
Source:	
  KPMG	
  Analysis;	
  	
  Beam;	
  SiliconAngle;	
  Forbes,	
  2015	
  
	
  
	
  
D	
  
	
  
P	
  
	
  
C	
  
Strong	
  focus	
  on	
  creaCon	
  of	
  customer	
  	
  
centric	
  culture	
  
Puts	
  customer	
  needs	
  ahead	
  of	
  profits	
  
Strong	
  focus	
  on	
  employee	
  training	
  	
  
Ø Comprehensive	
  integraBon	
  
process	
  for	
  new	
  joiners	
  to	
  
familiarise	
  them	
  with	
  the	
  USAA	
  
values	
  and	
  culture.	
  
Ø Ethos	
  Training	
  AllocaBon:	
  3%	
  
of	
  yearly	
  budget	
  vs.	
  insurance	
  
industry	
  average	
  of	
  1.5% 	
  	
  
	
  	
  
Ø Intense	
  communicaBon	
  to	
  
members,	
  around	
  shared	
  
values	
  and	
  daily	
  concerns	
  of	
  
military	
  staff.	
  
	
  	
  
Ø USAA	
  consolidated	
  all	
  of	
  its	
  
customer	
  interacBon	
  groups	
  
into	
  a	
  single	
  organizaBon,	
  
Member	
  Experience	
  
Ø By	
  bringing	
  together	
  all	
  
customer-­‐facing	
  groups,	
  USAA	
  
hopes	
  to	
  deliver	
  more	
  cohesive	
  
experiences	
  to	
  members 	
  	
  
Re-­‐configuring	
  organisaConally	
  	
  
Ø Agile	
  Labs:	
  This	
  iniBaBve	
  puts	
  
product	
  experts	
  and	
  IT	
  pros	
  
together	
  in	
  a	
  workspace	
  to	
  
develop	
  prototypes	
  without	
  the	
  
need	
  of	
  phased	
  approval.	
  It	
  
delivers	
  45%	
  faster	
  than	
  its	
  
tradiBonal	
  waterfall	
  
development	
  approach.	
   	
  	
  
Embedded	
  within	
  company	
  culture	
  
D	
  
	
  
P	
  
	
  
C	
  
Beagle	
  Street	
  –	
  Value	
  ProposiCon	
  
Business	
  Model	
  
	
  
Ø Applying	
  P&C	
  business	
  model	
  
learning	
  to	
  life	
  insurance	
  
	
  
Ø Cheaper,	
  faster	
  and	
  infinitely	
  
scalable	
  business	
  model	
  
Ø Direct-­‐to-­‐consumer	
  only	
  –	
  no	
  
tradiBonal	
  distribuBon	
  
	
  
Ø 	
  A	
  digital	
  approach	
  to	
  
acquiring	
  customers	
  
	
  
Ø Complete	
  online	
  fulfilment	
  -­‐	
  
Engaging	
  online	
  applicaBon	
  
	
  
Ø Truly	
  omni-­‐channel	
  delivery	
  
Ø 	
  InnovaBve	
  business	
  model	
  
that	
  capitalises	
  on	
  transparency	
  
of	
  pricing	
  and	
  low	
  cost	
  of	
  sales,	
  
service	
  and	
  distribuBon	
  
Ø 	
  Google	
  and	
  others	
  are	
  now	
  
pushing	
  this	
  model	
  in	
  the	
  US	
  
Ø Beagle	
  street	
  products	
  can	
  be	
  
bought	
  online	
  within	
  10	
  
minutes	
  via	
  any	
  device,	
  usually	
  
at	
  prices	
  30	
  percent	
  lower	
  than	
  
tradiBonal	
  players,	
  and	
  with	
  a	
  
basket	
  of	
  value-­‐added	
  services	
  
included	
  free-­‐of-­‐charge	
  
DistribuCon	
  and	
  Experience	
  
What’s	
  different?	
  
D	
  
	
  
P	
  
	
  
C	
  
Vitality	
  Life	
  –	
  Value	
  ProposiCon	
  
Changing	
  the	
  Face	
  of	
  Insurance	
  
Ø Vitality	
  gathers	
  user	
  data	
  through	
  
health	
  assessments	
  and	
  wearable	
  
tech	
  and	
  uses	
  analyBcs	
  to	
  improve	
  
underwriBng	
  and	
  change	
  customer	
  
behaviour	
  
Ø Healthy	
  customers	
  are	
  less	
  likely	
  to	
  
make	
  a	
  claim,	
  which	
  means	
  higher	
  
cost	
  saving	
  for	
  VitalityLife	
  
AnalyCcs	
  driven	
  UnderwriCng	
  
Vitality	
  OpCmiser	
  
Vitality	
  OpBmiser	
  allows	
  clients	
  to	
  receive	
  an	
  upfront	
  discount	
  on	
  their	
  
protecBon	
  premiums,	
  meaning	
  they	
  don’t	
  have	
  to	
  wait	
  for	
  something	
  bad	
  
to	
  happen	
  in	
  order	
  to	
  benefit	
  from	
  their	
  insurance.	
  The	
  discount	
  is	
  based	
  
on	
  the	
  term	
  of	
  the	
  cover,	
  and	
  can	
  be	
  as	
  large	
  as	
  25%	
  
1.  Pay	
  lower	
  protecBon	
  premiums	
  in	
  the	
  first	
  year	
  
2.  Keep	
  your	
  protecBon	
  premiums	
  low	
  in	
  future	
  years	
  if	
  you	
  look	
  a}er	
  
your	
  health	
  
3.  Get	
  exclusive	
  rewards	
  to	
  keep	
  you	
  moBvated	
  
4.  The	
  opportunity	
  to	
  earn	
  cash	
  back	
  by	
  looking	
  	
  a}er	
  your	
  health	
  
	
  
D	
  
	
  
P	
  
	
  
C	
  
Vitality	
  Program	
  –	
  	
  Global	
  Reach	
  
52
Quick	
  IntegraCon	
  and	
  Highly	
  Scalable	
  Model	
   Discovery	
  Vitality	
  Program,	
  South	
  Africa	
  
AIA	
  Vitality	
  Program,	
  Singapore	
   John	
  Hancock	
  Vitality	
  Program	
  ,	
  USA	
  
Ø 	
  The	
  flexibility	
  of	
  Vitality’s	
  structure	
  allows	
  it	
  to	
  enter	
  markets	
  
where	
  the	
  barriers	
  to	
  entry	
  are	
  just	
  too	
  high	
  for	
  new	
  insurer	
  
entrants.	
  
Ø 	
  Discovery	
  	
  enters	
  into	
  partnership	
  with	
  established	
  insurers	
  in	
  
those	
  markets	
  by	
  scaling	
  	
  their	
  Vitality	
  model	
  as	
  needed	
  
Ø 	
  Discovery	
  has	
  partnered	
  with	
  AIA,	
  John	
  Hancock,	
  Ping	
  An,	
  and	
  
Generali	
  to	
  implement	
  vitality	
  program	
  in	
  Singapore,	
  USA,	
  China	
  
and	
  Europe	
  
Panasonic	
  Allianz:	
  The	
  connected	
  home	
  
  Devices	
  to	
  keep	
  you	
  safe	
  
  Assistance	
  services	
  to	
  keep	
  you	
  safe	
  
  Insurance	
  to	
  recover	
  from	
  loss	
  
KEEP	
  ME	
  SAFE	
  	
  +	
  INSURE	
  ME	
  
	
  
D	
  
	
  
P	
  
	
  
C	
  
Trōv	
  
Commentary	
  &	
  Insights	
  
  Trōv	
  is	
  the	
  world’s	
  first	
  on-­‐demand	
  insurance	
  for	
  personal	
  items.	
  
  Trōv	
  collects,	
  secures,	
  and	
  acBvely	
  manages	
  informaBon	
  about	
  tangible	
  assets	
  
and	
  is	
  currently	
  available	
  on	
  iPhone	
  and	
  Android	
  in	
  the	
  US	
  and	
  Australia.	
  
  With	
  a	
  planned	
  expansion	
  in	
  2016,	
  Trōv,	
  customers	
  will	
  also	
  be	
  able	
  to	
  insure	
  just	
  
the	
  things	
  they	
  want	
  -­‐	
  exactly	
  when	
  they	
  want	
  -­‐	
  enBrely	
  from	
  their	
  phone.	
  	
  
  Whether	
  you’re	
  at	
  home	
  or	
  on	
  the	
  go,	
  your	
  things	
  will	
  be	
  protected	
  against	
  
accidental	
  damage,	
  loss	
  or	
  the}.	
  Trōv	
  also	
  processes	
  claim	
  with	
  a	
  few	
  taps	
  on	
  
your	
  phone.	
  
Background	
  
  San	
  Francisco	
  based	
  Trōv	
  	
  is	
  dedicated	
  to	
  reinvenBng	
  insurance	
  by	
  making	
  it	
  
simple,	
  flexible	
  and	
  transparent.	
  Trōv	
  	
  offers	
  consumers	
  an	
  app-­‐based	
  plazorm	
  
that	
  allows	
  them	
  to	
  organize,	
  value	
  and	
  protect	
  their	
  belongings.	
  
  Founded	
  in	
  2010,	
  the	
  core	
  of	
  the	
  Trōv	
  plazorm	
  is	
  a	
  private,	
  cloud	
  based	
  digital	
  
locker	
  where	
  informaBon	
  about	
  property	
  and	
  possessions	
  is	
  securely	
  managed	
  
and	
  valued.	
  
Trōv	
  	
  has	
  raised	
  total	
  funding	
  of	
  $13.3	
  million	
  which	
  it	
  will	
  use	
  to	
  accelerate	
  the	
  
development	
  of	
  technology	
  that	
  supports	
  a	
  whole	
  new	
  way	
  to	
  insure.	
  
Q.	
  Just	
  in	
  Bme	
  	
  -­‐	
  but	
  needing	
  2	
  steps.	
  1	
  too	
  many?	
  
D	
  
	
  
P	
  
	
  
C	
  
Geing	
  it	
  done	
  
55	
  
4	
  
Digital	
  innovaCon	
  in	
  insurance:	
  what	
  ingredients	
  are	
  needed?	
  
56	
  
•  Customer	
  at	
  the	
  
heart	
  of	
  the	
  
process	
  
•  “Outside-­‐in”	
  
approach	
  to	
  
iniBaBves	
  
•  Respect	
  customer	
  
choice	
  
•  DistribuBon	
  
partners	
  
•  Tech	
  partners	
  
•  MarkeBng	
  
partners	
  
•  Eco-­‐system	
  models	
  
1.	
  Customer	
  Centric	
   2.	
  CollaboraCve	
  ü 	
  	
   ü 	
  	
  
5.	
  Data	
  centric	
  &	
  scalable	
  operaBng	
  models	
  leveraging	
  technology	
  plazorms	
  
4.	
  New	
  challenger	
  brands	
  –	
  disrupt	
  own	
  business	
  if	
  necessary	
  
3.	
  Agile	
  frameworks	
  and	
  mindsets	
  
6.	
  Strong	
  internal	
  support	
  for	
  a	
  clear	
  plan	
  with	
  risk	
  miBgaBon	
  via	
  piloBng	
  	
  
Enablers	
  
OrganisaConal	
  structures	
  for	
  insurance	
  innovaCon	
  
57	
  
Labs	
  
•  For	
  bets	
  on	
  	
  ideas	
  
not	
  yet	
  fully	
  formed	
  
New	
  Business	
  Unit	
  
•  Centralise	
  digital	
  to	
  
create	
  impact	
  
•  Digital	
  Centre	
  of	
  
excellence	
  
•  Co-­‐opt	
  exisBng	
  	
  +	
  
bring	
  in	
  new	
  staff	
  
Partnerships	
  
•  Look	
  for	
  partners	
  
with	
  connecBvity	
  
and	
  selling	
  products	
  
needing	
  insurance	
  
•  Venture	
  capital	
  and	
  
private	
  equity	
  
•  Third	
  party	
  
innovaBon	
  centres	
  
Innovator	
  Brand	
  
•  New	
  Digital	
  
insurance	
  co	
  
•  Start	
  afresh	
  
58
Key	
  success	
  factors	
  for	
  digital	
  proposiCons	
  
	
  
Awareness &
demand
•  Compelling
proposition
•  Client connectivity
•  Content marketing
•  Distribution
partnerships
Sales Fulfillment
•  Mobile and digital
first
•  Configurable so
easy to change
•  .. But PLENTY of
room for face-to-
face advice /
support
Collaborative
Partnerships
•  Distribution
•  Rewards
•  Marketing
agencies
•  Wearables/IoT
•  Technology
Organisational
•  Agile as a reality
not an aspiration
•  Low cost as a
hygiene factor
•  TOM operational
architecture
•  Talent
management
•  Budgets and buy in
Ø  Not	
  a	
  simple	
  process	
  	
  
59
Future	
  state:	
  	
  the	
  new	
  best	
  pracCce	
  in	
  a	
  digital	
  world?	
  
59
PMO	
  
THE	
  
CUSTOMER	
  
Are	
  the	
  tradiConal	
  power	
  
centres	
  willing	
  to	
  give	
  up	
  
some	
  power	
  for	
  the	
  
collecCve	
  good?	
  
	
  
Is	
  this	
  enough	
  –	
  or	
  do	
  we	
  
loose	
  the	
  entrepreneurial	
  
thrust	
  needed	
  for	
  
innovaCon?	
  	
  
	
  Change	
  
engines	
  
60	
  
Digital	
  Co:	
  Do	
  we	
  need	
  a	
  new	
  business	
  unit?	
  
Digital	
  MarkeCng	
  New	
  Digital	
  Partnerships	
  
MulC-­‐touch	
  
Customer	
  experience	
  
Center	
  of	
  Excellence	
  
Digital	
  enabler	
  

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The Digital Insurer - Priviate presentation to Muang Thai

  • 1. Hugh  Terry,  The  Digital  Insurer   Muang  Thai,  Bangkok,  4th  September  2016   DIGITAL  INSURANCE  IN  ASIA  –  THE  “NOW”  AGENDA  
  • 2. 22   About  The  Digital  Insurer   Library   In  AcCon   Newswire   Knowledge – Community – Global Outlook Join more than 10,000 others @ the-digital-insurer.com
  • 3. Discussion  agenda   1   Some  Strategic  PerspecBves   2   What  is  happening  in  Asia?   z  4   GeIng  it  done   3   ..And  around  the  world?   3  
  • 5. 5 5 InsurTech:  An  expanding  universe   5  Sources:  venturescanner.com  .  hPps://www.cbinsights.com/blog/insurance-­‐tech-­‐periodic-­‐table/,    hPps://www.linkedin.com/pulse/my-­‐insurtech-­‐mental-­‐framework-­‐maPeo-­‐carbone        
  • 6. 6   Insurance  X.0:  defining  the  “X”   What’s  coming  up  “Now”  Blue  Sky   V’s  
  • 7. Three  digital  “Mega”  trends:  forces  beyond  our  control   2 Technology  is  cheaper  and  easier  to   implement  than  ever  –  it  is  the  fulcrum     to  meet  consumer  needs,  reduce   operaBng  costs  and  to  change  your   culture   1 7   Data  maVers–  we  are  collecBng   more  and  more  data  that  can  be   used  to  create  winning  business   models     3 Changing  consumer  behaviour  –   they  are  more  demanding  and   looking  for  a  different  experience  
  • 8. 88   Our  digital  world:  very  new,  addicCve  and  diverse   Source:  The  Economist,  Qmee.com   New  &  Big    AddicCve      Diverse  
  • 9. 99   Behavioural  change  remains  the  key  driver  and  opportunity   Source:    Mary  Meeker,  KPCB  :  hPp://www.kpcb.com/blog/2016-­‐internet-­‐trends-­‐report  
  • 10. 3  core  strategies   Transform  exisBng  face-­‐to-­‐   face  models   2 Create  or  parBcipate  in     new  models   3 Manage  exisBng  models  for     profit   1 10   DisrupBon  
  • 11. The  InnovaCon  Agenda  in  Asia:    “Now”  OpportuniCes  driven  from  the  current  paradigm   11   Product       Narrowly  defined  view   of  product   DistribuCon     Too  much  face-­‐to-­‐ face     Customer   Experience     Not  good  enough   Digital  will  redefine  our   industry  .  It  is    early  days..   Digital  enables  DistribuCon,  Product  and  Customer  Experience  innovaCon    
  • 12. 12 12 DistribuCon  Analogy  :  How  far  could  bank  disrupCon  go?   12   FT HEADLINE: “MCKINSEY WARNS BANKS FACE WIPEOUT IN SOME FINANCIAL SERVICES”   Source:  Financial  Times,  30th  September  2015  -­‐  quo=ng  from  McKinsey  annual  global  banking  review   OriginaCon  &  sales  acCviCes   US$1.7  trillion  revenue   22%  ROE   Balance  sheet  provision   US$2.1  trillion  revenue   6%  ROE   “A  high  stakes  struggle…  Either  banks  fight  for  the  customer  relaBonship,  or  they  learn  to   live  without  it  and  become  a  lean  provider  of  white-­‐labelled  balance  sheet  capacity.”   V’s   No  surprises:  under  aPack  from   digital  disruptors   e.g.  predicBng  profits  from  car  loans  and   credit  card  loans  to  fall  by  60%   D  
  • 13. 9  Digital  distribuCon  models:  breaking  down  the  value  chain   13   Acquire  New  Customers   Selling  to  Customers   Servicing  Customers   Taking  Product  Risk   2.  Bancassurance  Insurer  Bank   1.  TradiConal  Agency  Insurer     3.  Digital  /  Direct  Insurer   5.  Digital  Managing  Agents   Single  Insurer   4.  Price  Comparison  Sites   MulBple  Insurers   6.  Digital  Broker   MulBple  Insurers   7.  Digital  Affinity   Insurer(s)  Affinity  Partner   8.  Product  eco-­‐systems    Insurer(s)   13   the  insurer     Maybe    the  insurer   NOT    the  insurer   Owned  by   9.  Social  Insurance  (P2P)  
  • 14. 14 14 Digital  DistribuCon  Trends   14     Rise  of  new  brands     Opportunity  to  design  more  efficient  distribuBon   channels  –  coupled  with  more  engaging   proposiBons     Affinity  players  are  coming  through  strongly     The  power  of  “free”  in  a  digital  world     Insurance  as  a  “secondary”  purchase  i.e.   complimentary  product  
  • 15. 15 15 Transforming  insurance:  Acknowledging  innovaCon   Source:  Transforming  Insurance,  KPMG  InternaBonal,  2014  &  The  Insurance    InnovaBon  ImperaBve,  KPMG  InternaBonal  2015   15   Acknowledge  the  challenges   Seize  the  opportunity   65%   Regulations high costs & margin erosion 45%    48%     83%     future success = ability to innovate business models disrupted
  • 16. 16 16 Our  industry  is  on  the  move   Source:  Survey  of  280  global  C  Suite  execuBves  for    «  A  New  World  of  Opportunity:  The  Insurance  InnovaBon  ImperaBve,  KPMG  2015   16     How  fast  can  we  move?     At  our  fastest  is  it  sBll  too   slow?  
  • 17. 17   Digital  TransformaCon:  The  industry  is  not  standing  sCll   AXA 571 63 Allianz 315 31 Aviva 230 28 Prudential 166 31 Zurich 162 32 Metlife 102 15 Manulife 93 10 AIA 67 4 HSBC Insur. 59 11 FWD 32 5 Many leading companies are already experimenting with innovation labs, incubators & accelerators across Asia … …and have sizable, and growing, Digital workforces Company # of LinkedIn Profiles related to “Digital” as of Apr 2016 worldwide CXOTotalInitiatives Launch Year & LocationCompany China Life ü 2014 Ping An ü 2012 ü 2012 – SH ü Fintech 2014 PICC ü 2014 Taikang Life ü 2015 ü 2000 – SH AXA ü 2015 – HK ü 2015 - SH/SG Aviva ü (2015 UK) ü 2015 – SG Metlife ü 2014- SG AIA ü 2015 - SG ü Health Tech 2 in 2015 - HK 1 in 2016 – SG Venture funds Labs / Incubator Accelerator Source: KPMG Analysis, Allianz, 2014; Company annual reports, 2014; Digital Insurer, 2014; Solera, 2015; Linkedln, 2016
  • 18. 18 18 ..  There  is  compeCCon  :  InsurTech  DisrupCon  is  geing  financed   18  Source:  CB  Insights  
  • 19. 19   DisrupCon  in  the  insurance  industry:  “  Trading  Places”   Insurers  buy   aggregators   Insurers  buy   third  party   administrators   (TPA’s)   Retailers   invests  in   aggregators   Tech   companies   start-­‐up   digital   insurers   Reinsurers   invest  in   insurers   Airlines  &   Telco  setup   insurers  
  • 20. Ø  Propositions are evolving in our digital world Digital Innovation Curve Innovation CustomerSatisfaction v1.x Digital Basic v2.x Digital First v3.x Digital DNA Informational websiteWeb Forms User Account Dashboards Personalised recommendations Call center servicing Digital sales and servicing Pay-as- you go Proactive concierge Active sensors (IoT)  Start  here?   Source:  KPMG  &  The  Digital  Insurer   P  
  • 21. 21 21 21   Product  design:  trending  to  “Eco-­‐system  ProposiCon”   3. Convenient & Supportive Simple to use and supportive throughout the customer’s life 2. Value Added Services (with partners) Personalized and catered to the customer’s habits and lifestyles. Integrated with other value added services. Leveraging the power of “free” 1. Reducing customers Risks Solutions that make our customers safer / healthier – and also reduce their costs of insurance What    will  this  look  like  for    different  lines  of  business?   Ø  Looking  through  the  jargon  there  is  a  fundamental  change  in  product  design  in  the  insurance   industry  
  • 22. 22   Welcome  to  digital  customers:  “they  are  mulC-­‐touch”   22   Myth  #1:  Digital  is  a  new  distribuBon  channel   Reality  :  Digital  enables  customer  (&  distributor)  engagement   Online   Face  To  Face   Phone  /   Virtual     The  mulC-­‐channel  customer  is…     BePer  informed     More  demanding     Uses  mulBple  customer  touch   points  for  both  sales  &  services     Increasingly  starts  on-­‐line     Will  jump  channels  at  any  point  –   catch  them  if  you  can!   C  
  • 23. email  response  Cmes  –  slower  than  postal  mail?   23  Source:  EpBca,  Survey  of  10  health  insurers,  APAC  
  • 24. Life  insurance:  There  are  untapped  opportuniCes  around  the  world   Sources  of  financial  advice   Chart  Source  :  Noble  Oak  Life    “Pure  Life  “Survey  March  2016  -­‐  Australia.  *Swiss  Re  Asia  Pacific  Mortality  ProtecBon  gap    2015   24   78%   12%   10%   US$55   trillion   ProtecBon   gap  in  Asia*  
  • 25. Life  insurance:  There  are  untapped  opportuniCes  around  the  world   digital  strategies  can  change  the  paradigm  that  “life   insurance  is  sold  not  bought”   25   12%   Have  you  ever  used  technology  to  purchase  the  following   product?   Chart  Source  :  Noble  Oak  Life    “Pure  Life  “Survey  March  2016  -­‐  Australia.     68%  Would  purchase  Life   insurance  online  with  the   right  resources     But  less  than     12%  have  so  far  
  • 26. Digital  Insurance  In  Asia   26   2  
  • 27. Started  in  November  2013…   First  online  insurance  seller  in  China   USD  128  million  premium  income   630  million  insurance  policies   150  million  customers   …and  raised  US$1bn  of  funding  in  2015   Advanced  cloud   compuBng  system   Selling  its  #1  product  through   C2C  Taobao   B2B      B2C   Cross-­‐industry  cooperaAon   Major  shareholders  are   Alibaba,  Tencent   and  Ping  An   …  by  the  end  of  2014   Direct  Insurance  /  Digital  Affinity:     Zhong  An   Q.  Could  a  mulB-­‐naBonal  have  played  the  role  of  Zhong  An?   27   D     P     C  
  • 28. 28 Preserve  what’s  important  in  a  secure  digital  hub   Revisit  moments  of  life  again  Record  family  legacy  for  future  generaCon   Build  your  memories  &  stories  into  Cmeless  collecCons   Infinity  -­‐  Digital  Cme  capsule  &  legacy  creator   D     P     C   28     Q.  TRUST  =  GeIng  to  the  heart  of    life  insurance?  
  • 29. Product  ecosystem  model:  Good  Doctor  (Ping  An)   29 Region:  Asia  (China)   Q.  How  do  insurers  a)  create  eco  systems  and  b)  secure  their  place  in  those  eco-­‐systems?     >70  million  registered  users     >1,000  full  Bme  doctors     Access  to  50,000  contracted  doctors   and  5,000  specialists       7/24/365  access  including  video   consultant   Find  a  Doctor   Updates  (May  2016)   •  US$500  million   series  A  funding   (approx.  value  of   US$3  billion)   •  Goal  of    creaBng   largest  “closed”   healthcare  eco-­‐ system    =  “   Internet   healthcare  2.0”       D     P     C  
  • 30. 30 30 30  Source:  Ping  An  Health,  hPp://www.pingan.com/app_upload/images/info/upload/5789191e-­‐3019-­‐4370-­‐b8e1-­‐a3a81561d4e3.pdf   Ping  An  Good  Doctor:     Establishing  an  Online  to  Offline  healthcare  model     Q.  Does  a  similar  opportunity  exist  in  Thailand?  
  • 31. Volume per category Insurance Categories Mainstream ‘head’ Served by price-comparison websites and insurers direct ‘Long Tail’ of Insurance Demand Traditionally served by small face-to-face brokers Target for Bought by Many “Car Insurance” “Home Insurance” “Pet Insurance for French Bulldog” “Travel Insurance with Diabetes Type 2” “Young Driver car insurance” Volume per category of insurance demand ~40% of insurance premiums (Swiss Re) are in the “long-tail” but niche consumer needs are neglected by price-comparison websites BBM–  accessing  the  “long  tail”   31   31 31  Source:  Bought  By  Many   D     P     C  
  • 32. We recruit groups through social media and Search Engine channels Fulfilment is via the partner’s website In-depth analysis of >100m lines of Google search data Micro-targeted advertising, tailored for use on social platforms Community engagement and viral marketing, acting as ‘consumer advocate’ 32   32 32  Source:  Bought  By  Many   BBM–  using  social  &  search   Q.  Is    this  a  glimpse  at  the  future  of  online  distribuBon?   D     P     C  
  • 33. Business  Model   Ø    Metasearch   engine   which   provides   a   complete   overview   of  insurance  products  in  jargon-­‐ free   language   supported   by   filter-­‐and-­‐sort  tools     Ø User-­‐driven  plazorm,  leading   the   way   in   democraBsing   financial  shopping  experience   Ø    GoBear’s   unique   Coverage   Score  algorithm  provides  a  clear   indicaBon   of   a   financial   product’s  benefit  quality   Ø   Stacked  against  the  product’s   premium,   users   are   able   to   make   personalised,   informed   and  cost-­‐effecBve  choice   Data  Driven  Consumer  Behavior   No  Fuss  –  Simple  and  Easy  Insurance   GoBear  –  Financial  Metasearch  Engine   D     P     C  
  • 34. GoBear  -­‐  Shaking  up  Insurance  Comparison   Benefits   What’s  Different     Ø Neither   an   aggregator   nor   a   seller   Ø Disrupts   the   “tradiBonally   opaque   and   convoluted”   industry     Ø MoPo  is  to  enable  customers   make  well-­‐informed  decisions     Ø   Low-­‐cost,  quick  ,  transparent   and  user  friendly   Ø “Click   Model”   operaBon   and   not  commission-­‐based     Ø Conversion  rate  is  20-­‐30%  for   travel  insurance  via  GoBear   Q.  How  to  respond  to  aggregators  –  co-­‐operate/  collaborate  /  copy?  Or  all  3?  
  • 35. 35 35 MediTech:  HearCsans   35   •  Monitors and analyses the user’s heart health data 24/7 •  Predicts the occurrence of a sudden cardiac arrest 10 minutes in advance, giving users a chance to get immediate help •  Immediately notifies the emergency services and users’ relatives •  Give real-time advices to reduce probability of sudden cardiac arrest Advanced cardiology wearable with predictive hearth care models Source:  KPMG  Analysis  ;  HearBsans   Q.  How  quickly  we  will  see  more  examples  of  Technology  reducing  underlying  risks?   D     P     C  
  • 36. CXA  –  DisrupCng  employee  benefits     Employee  health  and  wellness  marketplace   How  it  Works     Ø User-­‐directed  and  Internet   based  plazorm  powered  by   AnalyBcs     Ø   Aggregates  Employers,   Employees,  Providers  and   Distributors   Ø Unlocks  workplace   wellness   Ø Customised  and  flexible   Ø Process  automaBon  makes   HR  life  simpler   Ø Similar  Programs  -­‐   Discovery  Vitality  (South   Africa),  Oscar,  Zenefits  (USA)   For  Employers   For  Employees   Q.    Will  insurers  be  able  to  fully  exploit  this  employer  /  employee  affinity?   D     P     C  
  • 37. DirectAsia  –  MulCchannel  D2C  Model   DirectAsia’s  business  model  reduces   price,  enhancesthe    claims  experience   and  empowers  customers  to  tailor  their   policies  in  real-­‐Bme.  This  is  achieved  by   deploying  the  direct-­‐to-­‐consumer  model   over  mulBple  channels  (online,  call   centre  and  physical  office  and  making   customer  service  a  priority.       Changing  the  Way  Insurance  Is  Sold   Key  Features   The  Results   Q.    Why  has  this  model  not  taken  off  in  Asia?   D     P     C  
  • 38. Customer  Portal  /  App   Policy  Systems   Advisor   Portal  Lead/Prospect  Management   Sales   OpportuniCes   The  Digital  Advisor   Business  Model   Tablet   38   Digital  TransformaCon  of  face-­‐to  face     Digital  OpportuniBes   1.  More  Leads   2.  BePer  service   3.  BePer  selling  
  • 39. 1.  Enable  lead  management  &  analyBcs  /  PredicBve   analysis   2.  Improved  compliance  to  sales  best  pracBce  (&   regulatory  requirements)   3.  Back  office  producBvity  from  digital  proposals   7  OTHER  BENEFITS  AFTER  SUCCESS   POS  tablet  sales  toolkit:  easy  business  case   PRIMARY  BENEFIT   Improved  Sales  effecBveness   through  a  bePer  customer   experience   MEASURED  BY:   High  tablet  usage  from  Advisors   Increased  sales  producBvity   per  month   •  More  efficient   •  Faster  &  more  accurate  (clean  policies  in  a  day)   4.  Reduced    overheads:  premises  &  technology  costs   5.  Business  intelligence   6.  Recruitment    training  (and  hiring)  tool   7.  Plazorm  for  more  automated  underwriBng     •  Benchmarking  data   •  Usage  data   •  “Bigger”  data     39  
  • 40. Affinity  model:  Tune  Insurance   Digital  affinity  –  capturing  value  in  Travel  insurance   Background     Tune  Insurance  (now  Air  Asia  Insure)  provides  insurance  soluBons   to  AirAsia  –  the  regions  largest  low  cost  carrier     More  than  5  million  travel  insurance  policies  are  sold  each  year     Incremental  capturing  of  value  as  moved  from  Agent  to  reinsurer   to  insurance  carrier  resulBng  in  successful  IPO  with  Market   capitalisaBon  of  Approx  US$400  million     Commentary  &  Insights     On  line  flight  purchase  experience     Opt  out  approach  drives  take  up  rate  in  excess  of  20%     Nearly  100%  digital  model  ensures  profitability  and  scalability  to   meet  demands  of  enterprise  level     Investment  in  middleware  allowed  Tune  to  deliver  a    cost  effecBve   and  customer  friendly  soluBon   Region:  Asia   40 Q.  Can  insurers  collaborate  &  move  into  broader  provision  of  services   D     P     C  
  • 41. Affinity  Model:  BIMA   41 Region:  Africa,  Asia  and  LaBn  America   Q.  Many  Insurers  don’t  have  D2C  mobile  plazorms  with  payment  connecBvity.  Opportunity?     Accessing  airBme  as  the  method  of   payment     Low  cost  fulfillment  and  ease  of  access     PenetraBng  new  markets   Mobile  Microinsurance   D     P     C  
  • 42. Agency  Model:  Move  (from  Manulife)   4242   Background     Free  tracker  for  qualifying  products     Up  to  10%  discount  on  premiums   TelemaBcs  for  agency  sales   Q.  Will  this  become  mainstream?   D     P     C  
  • 43. Digital  Insurance  …  Around  the  World   43   3  
  • 44. Commentary  &  insights     Excellent  example  of    “service  for  Free”  model  disrupBng  two   industries  (HR  so}ware  and  employee  benefits)       Window  of  opportunity  was  Affordable  Care  Act  that  simplified   raBng  for  health  insurance  for  small  companies     Not  so  “Zen”  –  very  public  argument  regarding  use  of  ADP  payroll   accounts   Suite  of  HR  services   Background     Fastest  growing  SaaS  business  ever     Offering  free  HR  so}ware  plazorm  and  integraBon  to  third  party   services  in  return  for  insurance  on  employee  benefits     Focused  on  SME’s     Just  raised  US$500  million  on  US$4.5  billion  valuaBon     Revenue  target  of  US$100  million  by  Jan  2016   Region:  North  America     Broker  Model:  Zenefits   44 Q.  Could  an  insurer  enable  this  business  model?   D     P     C  
  • 45. Managing  Agent  model:  PetSure   Region  :  Australia   Background     Founded  in  the  1990’s     Pet  insurance  is  one  of  the  fastest  growing  forms  of  healthcare  around  the   world     >A$2  billion  spent  in  Australia  each  year  on  Vet  services     Hollard  insurance  is  a  significant  shareholder     Evolved  into  a  Brand  of    brands  approach  with  key  strength  being  underwriBng   and  fulfilment  of  pet  insurance     Handling  40,000  claims  per  month   Commentary  &  insights     Focus  on  brand  partnership,  product  design  and  administraBon  services  to   support     PetSure,  with  Hollard,  have  developed  a  model  that  allows  them  to  dominate   the  pet  insurance  market  in  Australia  –  they  have  created  a  pet  insurance   “eco  system”   A  brand  of  brands  approach   45 Q.  Why  is  brand  innovaBon  so  slow  in  Asia?   D     P     C  
  • 46. Cuvva     Cuvva  offers  a  totally  new  type  of  UK  car  insurance  that  gets  you  covered  on  a   car  for  only  as  long  as  you  need  it  -­‐  from  a  single  hour  to  a  whole  day.     It  means  you  can  borrow  a  friend  or  family  member’s  car  and  get  fully  insured  for   as  long  as  you  need  it  without  the  tradiBonal  headache  associated  with  short-­‐ term  insurance.     Cuvva  is  designed  to  be  mobile  first  and  is  available  for  iPhones  operaBng  iOS  8.1   and  above.  It  only  takes  three  clicks  to  get  covered  through  Cuvva  app.       Cuvva  is  a  mobile  first  insurance  start-­‐up  company  co-­‐founded  by  Freddy   McNamara  and  Leo  Kellgren-­‐Parker  and  is  based  in  Scotland.     Launched  in  October  2015,  Cuvva  provides  the  UK’s  first  short-­‐term  car   insurance  app,  which  allows  users  to  get  fully  covered  in  less  than  60  sec  on  any   car  in  the  UK  for  as  liPle  as  an  hour.     Along  with  offering  a  seamless  customer  experience,  Cuvva  aims  to  reduce  the   Bme-­‐consuming  nature  of  securing  temporary  insurance  by  disBlling  it  down  to  a   simple  three  step  process.   IntroducBon   Commentary  and  Insights   Q.  Just  in  Bme  –  inline  with  the  Bmes?   D     P     C  
  • 47. TelemaCcs  for  the  car:  Discovery  Vitality  Drive   Background     Discovery  ,  founded  in  1992,  is  a  South  Africa  based  insurer       Serves  over  seven  million  clients  in  South  Africa,  UK,  US,  China  and  Singapore     Runs  Vitality,  the  world’s  largest  scienBfic,  incenBve-­‐based  wellness   programme     Discovery  Insure  Vitalitydrive  programme  was  launched  in  2011  in  South  Africa   leveraging  the  behavioural  experBse  of  Vitality  and  the  latest  telemaBcs   technology   Commentary  &  insights  Vitalitydrive  –  safer  driving   Ø   Discovery  Insure  clients  experience  1/3  of   South  Africa’s  vehicle  accident  mortality  rate     Ø   Over  120  clients  per  month  helped  through   ImpactAlert     Ø   Behaviour  Change  is  immediate  and  real   Bme  feedback  keeps  drivers  at  their  best     HolisBc  Rewards  based  appoach  to  incenBvising  changes  in  driving   behaviour     Rewards  programmes  creates  a  sustainable  and  differenBated  eco  system   managed  by  the  insurer     Driving  app  provides  an  aPracBve  plazorm  for  markeBng     Perhaps  a  narrower  target  market  than  others  e.g  as  no  direct  discounts  on   insurance  offered  for  good  driving  behaviour?    Q.  Is  this  a  soluBon  to  price  compeBBon  in  motor  insurance?   D     P     C  
  • 48. The  Dental  Eco-­‐system   Smart brushes to track the brushing habits of you… and your family Connecting life and family Competitive pricing that doesn’t skim on quality “We’ve got you covered” •  Dental insurance plans are 10% - 25% cheaper than other insurance providers •  Sophisticated brush design •  Accurate mechanism •  Secured data storage •  Launched late August 2015 •  Plans covering individuals, families and companies •  $5 million investment from Drive Capital in 2014 •  >200,000 access points; 50 states in USA •  100,000 dentists Insurance plan covers •  X-Ray •  Cleaning •  Cavities •  Orthodontia •  Preventive Measures including toothbrush; toothpaste and floss Source:  KPMG  Analysis;    Beam;  SiliconAngle;  Forbes,  2015       D     P     C  
  • 49. Strong  focus  on  creaCon  of  customer     centric  culture   Puts  customer  needs  ahead  of  profits   Strong  focus  on  employee  training     Ø Comprehensive  integraBon   process  for  new  joiners  to   familiarise  them  with  the  USAA   values  and  culture.   Ø Ethos  Training  AllocaBon:  3%   of  yearly  budget  vs.  insurance   industry  average  of  1.5%         Ø Intense  communicaBon  to   members,  around  shared   values  and  daily  concerns  of   military  staff.       Ø USAA  consolidated  all  of  its   customer  interacBon  groups   into  a  single  organizaBon,   Member  Experience   Ø By  bringing  together  all   customer-­‐facing  groups,  USAA   hopes  to  deliver  more  cohesive   experiences  to  members     Re-­‐configuring  organisaConally     Ø Agile  Labs:  This  iniBaBve  puts   product  experts  and  IT  pros   together  in  a  workspace  to   develop  prototypes  without  the   need  of  phased  approval.  It   delivers  45%  faster  than  its   tradiBonal  waterfall   development  approach.       Embedded  within  company  culture   D     P     C  
  • 50. Beagle  Street  –  Value  ProposiCon   Business  Model     Ø Applying  P&C  business  model   learning  to  life  insurance     Ø Cheaper,  faster  and  infinitely   scalable  business  model   Ø Direct-­‐to-­‐consumer  only  –  no   tradiBonal  distribuBon     Ø   A  digital  approach  to   acquiring  customers     Ø Complete  online  fulfilment  -­‐   Engaging  online  applicaBon     Ø Truly  omni-­‐channel  delivery   Ø   InnovaBve  business  model   that  capitalises  on  transparency   of  pricing  and  low  cost  of  sales,   service  and  distribuBon   Ø   Google  and  others  are  now   pushing  this  model  in  the  US   Ø Beagle  street  products  can  be   bought  online  within  10   minutes  via  any  device,  usually   at  prices  30  percent  lower  than   tradiBonal  players,  and  with  a   basket  of  value-­‐added  services   included  free-­‐of-­‐charge   DistribuCon  and  Experience   What’s  different?   D     P     C  
  • 51. Vitality  Life  –  Value  ProposiCon   Changing  the  Face  of  Insurance   Ø Vitality  gathers  user  data  through   health  assessments  and  wearable   tech  and  uses  analyBcs  to  improve   underwriBng  and  change  customer   behaviour   Ø Healthy  customers  are  less  likely  to   make  a  claim,  which  means  higher   cost  saving  for  VitalityLife   AnalyCcs  driven  UnderwriCng   Vitality  OpCmiser   Vitality  OpBmiser  allows  clients  to  receive  an  upfront  discount  on  their   protecBon  premiums,  meaning  they  don’t  have  to  wait  for  something  bad   to  happen  in  order  to  benefit  from  their  insurance.  The  discount  is  based   on  the  term  of  the  cover,  and  can  be  as  large  as  25%   1.  Pay  lower  protecBon  premiums  in  the  first  year   2.  Keep  your  protecBon  premiums  low  in  future  years  if  you  look  a}er   your  health   3.  Get  exclusive  rewards  to  keep  you  moBvated   4.  The  opportunity  to  earn  cash  back  by  looking    a}er  your  health     D     P     C  
  • 52. Vitality  Program  –    Global  Reach   52 Quick  IntegraCon  and  Highly  Scalable  Model   Discovery  Vitality  Program,  South  Africa   AIA  Vitality  Program,  Singapore   John  Hancock  Vitality  Program  ,  USA   Ø   The  flexibility  of  Vitality’s  structure  allows  it  to  enter  markets   where  the  barriers  to  entry  are  just  too  high  for  new  insurer   entrants.   Ø   Discovery    enters  into  partnership  with  established  insurers  in   those  markets  by  scaling    their  Vitality  model  as  needed   Ø   Discovery  has  partnered  with  AIA,  John  Hancock,  Ping  An,  and   Generali  to  implement  vitality  program  in  Singapore,  USA,  China   and  Europe  
  • 53. Panasonic  Allianz:  The  connected  home     Devices  to  keep  you  safe     Assistance  services  to  keep  you  safe     Insurance  to  recover  from  loss   KEEP  ME  SAFE    +  INSURE  ME     D     P     C  
  • 54. Trōv   Commentary  &  Insights     Trōv  is  the  world’s  first  on-­‐demand  insurance  for  personal  items.     Trōv  collects,  secures,  and  acBvely  manages  informaBon  about  tangible  assets   and  is  currently  available  on  iPhone  and  Android  in  the  US  and  Australia.     With  a  planned  expansion  in  2016,  Trōv,  customers  will  also  be  able  to  insure  just   the  things  they  want  -­‐  exactly  when  they  want  -­‐  enBrely  from  their  phone.       Whether  you’re  at  home  or  on  the  go,  your  things  will  be  protected  against   accidental  damage,  loss  or  the}.  Trōv  also  processes  claim  with  a  few  taps  on   your  phone.   Background     San  Francisco  based  Trōv    is  dedicated  to  reinvenBng  insurance  by  making  it   simple,  flexible  and  transparent.  Trōv    offers  consumers  an  app-­‐based  plazorm   that  allows  them  to  organize,  value  and  protect  their  belongings.     Founded  in  2010,  the  core  of  the  Trōv  plazorm  is  a  private,  cloud  based  digital   locker  where  informaBon  about  property  and  possessions  is  securely  managed   and  valued.   Trōv    has  raised  total  funding  of  $13.3  million  which  it  will  use  to  accelerate  the   development  of  technology  that  supports  a  whole  new  way  to  insure.   Q.  Just  in  Bme    -­‐  but  needing  2  steps.  1  too  many?   D     P     C  
  • 55. Geing  it  done   55   4  
  • 56. Digital  innovaCon  in  insurance:  what  ingredients  are  needed?   56   •  Customer  at  the   heart  of  the   process   •  “Outside-­‐in”   approach  to   iniBaBves   •  Respect  customer   choice   •  DistribuBon   partners   •  Tech  partners   •  MarkeBng   partners   •  Eco-­‐system  models   1.  Customer  Centric   2.  CollaboraCve  ü      ü      5.  Data  centric  &  scalable  operaBng  models  leveraging  technology  plazorms   4.  New  challenger  brands  –  disrupt  own  business  if  necessary   3.  Agile  frameworks  and  mindsets   6.  Strong  internal  support  for  a  clear  plan  with  risk  miBgaBon  via  piloBng     Enablers  
  • 57. OrganisaConal  structures  for  insurance  innovaCon   57   Labs   •  For  bets  on    ideas   not  yet  fully  formed   New  Business  Unit   •  Centralise  digital  to   create  impact   •  Digital  Centre  of   excellence   •  Co-­‐opt  exisBng    +   bring  in  new  staff   Partnerships   •  Look  for  partners   with  connecBvity   and  selling  products   needing  insurance   •  Venture  capital  and   private  equity   •  Third  party   innovaBon  centres   Innovator  Brand   •  New  Digital   insurance  co   •  Start  afresh  
  • 58. 58 Key  success  factors  for  digital  proposiCons     Awareness & demand •  Compelling proposition •  Client connectivity •  Content marketing •  Distribution partnerships Sales Fulfillment •  Mobile and digital first •  Configurable so easy to change •  .. But PLENTY of room for face-to- face advice / support Collaborative Partnerships •  Distribution •  Rewards •  Marketing agencies •  Wearables/IoT •  Technology Organisational •  Agile as a reality not an aspiration •  Low cost as a hygiene factor •  TOM operational architecture •  Talent management •  Budgets and buy in Ø  Not  a  simple  process    
  • 59. 59 Future  state:    the  new  best  pracCce  in  a  digital  world?   59 PMO   THE   CUSTOMER   Are  the  tradiConal  power   centres  willing  to  give  up   some  power  for  the   collecCve  good?     Is  this  enough  –  or  do  we   loose  the  entrepreneurial   thrust  needed  for   innovaCon?      Change   engines  
  • 60. 60   Digital  Co:  Do  we  need  a  new  business  unit?   Digital  MarkeCng  New  Digital  Partnerships   MulC-­‐touch   Customer  experience   Center  of  Excellence   Digital  enabler