Slides to Ross Dawson's keynote at the Financial Services Council Life Insurance Conference

1. Technology and the
Opportunities for the
Future of Life Insurance
▪ Futurist
▪ Strategy advisor
▪ Author
@rossdawson

3. Institutional trust is sliding
Source: 2018 Edelman Trust Barometer

4. Acceleration
Platforms
Distributed systems
Experience
Leadership
Data
Automation

5. Acceleration

6. Consistent exponential growth

7. Everyone and everything connected

8. Sensors and data explosion

9. Increased processing power

10. The next interface beyond smartphones

11. Ever-rising expectations

12. Data

13. Data about people

14. Explosion of health data

15. Linking vitality to insurance

16. Unbundling offers

17. Who will own personal data?

18. Automation

19. Hyped or productive?
Source: Gartner

20. Machines that learn

21. AI for customer service

23. Platforms

24. Brain Internet
Applications
Organisations Industries
Proteins Actors
Society
PoliticsContagion
Networks everywhere

25. enable
value-creating interactions
between
external
producers and consumers,
based on an
open infrastructure
and
governance structures
Adapted from: Platform Revolution, Parker, van Alstyne and Choudhary
Platforms

26. Share Apply
Deliver Use
Sell Buy
Pay Receive
Write Read
Lend Borrow
Create Use
Create Consume
Create Use
Make Use
Product
Service
Content
Money
Apps
Capital
Reviews
Information
Designs
Intellectual property
Connecting consumers and producers

27. Peer-to-peer insurance

28. API-based finance platforms
Source: Dwolla

29. Insurance as ecosystem

30. Platform Strategy
Enable value-creating
interactions
Positive feedback
loops
Encourage external
innovation
Enhance existing
value propositions
Strongly broaden
scope of participation
Principles
Marketplaces,
facilitation,
aggregation
Single owner/
multiple owners
Open vs bounded –
participant selection
criteria
Boundaries of
ecosystem
collaboration and
competition
Positioning
Value for
participants
Governance
structures
Transparency and
information
boundaries
Address potential
negative feedback
loops
Personalized value
creation
Design
Orchestration and
facilitation
Community
management
User experience
Reputation
measures
Data gathering and
applied analytics
Capabilities
Single-sided/ two-
sided growth
incentives
Promote participants
Promote and support
interactions
Create value from
participation
Platform extension
Growth

31. Distributed systems

32. Source: Coin Market Cap
Crypto-currencies draw attention

33. Source: World Economic Forum
Impact of distributed ledgers on financial services

34. Types of distributed ledger
Public
Blockchain
Open to any user
Open consensus
Federated
Blockchain
Permissioned access
Defined group consensus
Private
Blockchain
Permissioned access
Single user control

35. Contracts become smart

36. Who will manage our digital identities?
Source: David Birch/ Consult Hyperion

37. Source: Oliver Wyman
Modular industry structure

38. Experience

39. Experience as differentiation

40. Expectations of transparency

41. Engaged, ongoing relationships
Source: Life360

42. Scaling and migrating relationships

43. Leadership

44. The only way
you can control your destiny
is to be more flexible
than your environment
- The Law of Requisite Variety

45. Source: The Lean Startup, Eric Ries
Innovation by iteration

46. Vision What world do we want to create? What might be
possible?
Foundations What institutions, business models, platforms and
systems will enable this vision? What is missing now?
Roadblocks What is blocking the potential? How can we take
away or bypass these blocks?
Paths What possible paths forward could allow us to reach our
vision? What is most feasible? What are milestones?
Collaboration What collaboration is needed between who? How
can we foster and enable that collaboration?
Action What action today can be taken by the industry? What
action can you take to enable the industry’s potential?
A framework for industry leadership

47. Acceleration
Data
Automation
Platforms
Distributed systems
Experience
Leadership