new paradigms in insurance - oliver wyman · 2020-02-28 · cloud computing urbanization changing...

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#ITC2016 PRESENTED BY 0 NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION

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#ITC2016 PRESENTED BY

0

NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION

1 #ITC2016

Insurance plays a vital role in society

Controls losses

Pools risk across groups

Provides credit intermediation

Signals inherent risk

Enables risk-taking

2 #ITC2016

Technology changes Socio-economic changes

Genomics/Medical advantage

Cloud Computing

UrbanizationChanging

Demographics

Big Data Analytics

Automation

Health Literacy

+

Break in CV

Changing Job Profiles

Increasing Spread in Wealth

Internet of Things

+

Quantified self

Share economyIncreasing Mobility

Constant Connectivity

CustomerSelf-Service

“Natural Best Friend”

COLLISION OF TRENDS

The world is changing

3 #ITC2016

New paradigms For delivering peace of mind in a tailored and efficient way

4 #ITC2016

From: Opaque risk/cash transfer To: A more holistic value chain of risk • Better understanding • True recovery aid

5 #ITC2016

From: Laggard To: Front-runner in technology and socio-economic change • An information business • A people business

6 #ITC2016

From: Owning To: Orchestrating the value chain • Strategic control

points • True profit pools

7 #ITC2016

From: Numbers To: Customer empathy • From push to pull • Not just about money

8 #ITC2016

In order to get there, we need to reimagine the value chain

Deconstruct

+

Reconstruct

Traditional labels “insurer”, “broker”,

“wholesaler", "reinsurer” no longer apply

9 #ITC2016

Insurance-in-an-app

How do I relate to 21st century

customers?

10 #ITC2016

P2P insurance – the new mutual

How do I make customers want to participate in

insurance?

11 #ITC2016

Virtual insurer – full service but no balance sheet

Is my value proposition

really my balance sheet?

12 #ITC2016

Plugging into the online ecosystem – China InsureTech

Am I thinking radically

enough? Am I moving fast

enough?

Wee

kend

W

eekd

ay

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

13 #ITC2016

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”

14 #ITC2016

Need for collaboration and partnerships

3

Incumbents

Investors

Entrepreneurs

15 #ITC2016

Getting started on innovation: One approach

STUDIO MODEL

16 #ITC2016

Entrepreneurs: Race to materiality Investors: Outsized returns Incumbents: Onboard future capabilities in a flexible way

Why we are at InsureTech Connect?

ENJOY INSURETECH CONNECT 2016