gfk - innovation landscape in insurance
TRANSCRIPT
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1© GfK 2016 | Innovatielab – Lessons from abroad
Innovation Landscape in InsuranceAngelo Pierro | Global Industry Lead Financial Services GfK
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2© GfK 2016 | Innovatielab – Lessons from abroad
Agenda
1
2
3
4
Global drivers
Role of technology
Winners & examples
Confrontation Consumer Life trends
5 Point of View
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3© GfK 2016 | Innovatielab – Lessons from abroad
As our lives
will be reshaped by
new generations
coming of age
It’s a time
OF CHANGE
Simplicity Speed Trust Openess
3
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4© GfK 2016 | Innovatielab – Lessons from abroad© GfK 2016 | Innovatielab – Lessons from abroad
Global drivers
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5© GfK 2016 | Innovatielab – Lessons from abroad
The impact of Technology
on insurance
• Simple
• Fast
• Transparent
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6© GfK 2016 | Innovatielab – Lessons from abroad© GfK 2016 | Innovatielab – Lessons from abroad
New way of looking at
risk assessment
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7© GfK 2016 | Innovatielab – Lessons from abroad
Source: ANP
© GfK 2016 | Innovatielab – Lessons from abroad
Cyber risk
Self driving cars
Drones
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8© GfK 2016 | Innovatielab – Lessons from abroad© GfK 2016 | Innovatielab – Lessons from abroad
Technological impact goes even further
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9© GfK 2016 | Innovatielab – Lessons from abroad
2020
44.000.000.000. 000.000.000.000data each day
6 blnsmartphones and 50 bln smart connected devices
1/3 of all
data pass the cloud
Today
2.500.000.000.000.000.000data each day
90% Last 2 years
30 million messages and
view 3 mln videos every
minute
300 hours video
uploaded every minute
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10© GfK 2016 | Innovatielab – Lessons from abroad
At the moment less than
0,5% of all data is ever analyzed
and used
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11© GfK 2016 | Innovatielab – Lessons from abroad
AnalystsBank of America
“There's a 20% / 50%
chance we are living in a
simulated virtual world.”
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12© GfK 2016 | Innovatielab – Lessons from abroad
Who is driving innovation
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13© GfK 2016 | Innovatielab – Lessons from abroad
Where we find insurance innovators
Risk-driven
Banks
Brokers
Asset
management
Insurers
Financials
Technology-
driven
Internet
Data
Telecom
Technology firms
Relationship-
driven
Energy
Automotive
Health
Other corporates
- Driven
Many
FinTech start ups
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14© GfK 2016 | Innovatielab – Lessons from abroad
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15© GfK 2016 | Innovatielab – Lessons from abroad
Where we find insurance innovators
Risk-driven
Banks
Brokers
Asset
management
Insurers
Financials
Technology-
driven
Internet
Data
Telecom
Technology firms
Relationship-
driven
Energy
Automotive
Health
Other corporates
- Driven
Many
FinTech start ups
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16© GfK 2016 | Innovatielab – Lessons from abroad© GfK 2016 | Innovatielab – Lessons from abroad
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17© GfK 2016 | Innovatielab – Lessons from abroad
Where we find insurance innovators
Risk-driven
Banks
Brokers
Asset
management
Insurers
Financials
Technology-
driven
Internet
Data
Telecom
Technology firms
Relationship-
driven
Energy
Automotive
Health
Other corporates
- Driven
Many
FinTech start ups
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18© GfK 2016 | Innovatielab – Lessons from abroad
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19© GfK 2016 | Innovatielab – Lessons from abroad
Where we find insurance innovators
Risk-driven
Banks
Brokers
Asset
management
Insurers
Financials
Technology-
driven
Internet
Data
Telecom
Technology firms
Relationship-
driven
Energy
Automotive
Health
Other corporates
- Driven
- Tech-Startup
revenue model
- Focussed largely
on retail
FinTech start ups
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20© GfK 2016 | Innovatielab – Lessons from abroad
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21© GfK 2016 | Innovatielab – Lessons from abroad
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22© GfK 2016 | Innovatielab – Lessons from abroad
Candidates of driving innovation
Financials Technology firms Other corporates FinTech start ups
Winners of tomorrow?
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23© GfK 2016 | Innovatielab – Lessons from abroad
Consumer Trends. A lens to innovate.
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24© GfK 2016 | Innovatielab – Lessons from abroad
Safe and Secure Eco-citizenship Experience House to Home
Considered
Consumption
We’re All
Influencers Now Instant Everywhere Sense of Wellbeing
Redefining Value Streamlined Satisfaction Identity
Safe and Secure
Safe & Secure“A willingness to exchange money and time
for peace of mind.”
© GfK 2016 | Innovatielab – Lessons from abroad
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25© GfK 2016 | Innovatielab – Lessons from abroad
House to Home“In an ever-changing world, we all value
somewhere or something we can call home.”
© GfK 2016 | Innovatielab – Lessons from abroad
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26© GfK 2016 | Innovatielab – Lessons from abroad
Considered Consumption“I choose brands and services that
are in keeping with my beliefs,
values, ethics and ideals.”
© GfK 2016 | Innovatielab – Lessons from abroad
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27© GfK 2016 | Innovatielab – Lessons from abroad
Instant Everywhere“What do I want? Everything.
When do I want it? Now!”
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28© GfK 2016 | Innovatielab – Lessons from abroad
Sense of Wellbeing“The continual struggle to balance the need to look
and feel good with the demands of a busy life.”
© GfK 2016 | Innovatielab – Lessons from abroad
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29© GfK 2016 | Innovatielab – Lessons from abroad
Redefining Value“Consumers know it’s about best
value (and not just best price).”
© GfK 2016 | Innovatielab – Lessons from abroad
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30© GfK 2016 | Innovatielab – Lessons from abroad
Satisfaction“I expect only the best from companies
and demand to be treated like royalty.”
© GfK 2016 | Innovatielab – Lessons from abroad
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31© GfK 2016 | Innovatielab – Lessons from abroad
Financials Technology
firms
Other Corporates FinTech startups
Safe and Secure
House to Home
Considered Consumption
Instant Everywhere
Sense of Wellbeing
Redefining Value
Satisfaction
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32© GfK 2016 | Innovatielab – Lessons from abroad
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33© GfK 2016 | Innovatielab – Lessons from abroad
Customer-centricity: Innovate with your customers along the way.
Key success factors
New partnerships: Clients are Competitors are Partners in new economy.
Invest in external data sources to compliment your customer understanding.
Fail fast and move on. If this requires an incubator approach than do it.
Have a clear watch list and customers can be your strongest competitive intelligence.
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34© GfK 2016 | Innovatielab – Lessons from abroad
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35© GfK 2016 | Innovatielab – Lessons from abroad
Thank you.