RESEARCHPAINTING DESIGN

What are disruptive forces?

“A disruption displaces an existing market, industry, or technology and produces something new and more efficient and worthwhile. It is at once destructive and creative”

Clayton Christensen

https://hbr.org/2015/12/what-is-disruptive-innovation

1769 1885 1908

Innovation is not Disruption

https://www.rankred.com/evolution-of-cars/

ARTIFICIAL

INTELLIGENCE

TECHNOLOGYREGULATION

OPEN

BANKING

BEHAVIORAL

ECONOMICS

PSYCHOLOGY

What is Open Banking?

A collaborative model in which banking data is shared through APIs between two or more unaffiliated parties.

http://www.wired.co.uk/article/open-banking-cma-psd2-explained

PSD2

ENCOURAGE USER

CONTROLLED EXPERIENCES

STANDARDIZE

AUTHENTICATION

ALLOW OPEN ACCESS

TO DATA

http://www.wired.co.uk/article/open-banking-cma-psd2-explained

API A software intermediary that allows two applications to talk to each other.

APIhttps://www.mulesoft.com/resources/api/what-is-an-api

OPEN BANKING N26 is bringing banking of the future to the US

https://next.n26.com/en-eu/

OPEN BANKING N26 is bringing banking of the future to the US

https://www.finextra.com/pressarticle/69790/n26-embeds-insurance-robo-advisor-clark

OPEN BANKING US Banks are responding with new product offerings

https://thenewstack.io/capital-one-using-apis-streamline-auto-financing/

OPEN BANKING US Banks are responding with new product offerings

https://www.bankrate.com/banking/jpmorgan-wells-fargo-banking-apps-finn-greenhouse/

OPEN BANKING US Banks are responding with new product offerings

https://www.americanbanker.com/news/wells-finicity-deal-furthers-data-detente

https://www.americanbanker.com/news/jpmorgan-chase-and-finicity-ink-data-sharing-agreement

+OPEN BANKING

REGULATIONTECHNOLOGY

What is behavioral economics?

The study of psychology as it relates to the economic decision-making processes of individuals and institutions.

https://www.behavioraleconomics.com/introduction-behavioral-economics/

HH LIFE INSURANCE OWNERSHIP

72%

44%

1960 2016https://www.accenture.com/us-en/insight-life-insurer-secret-weapon-behavioral-economics

$12B COVERAGE GAP

THE MIDDLE MARKET

$21,000 $106,000ANNUAL HH INCOME

52M HHhttps://www.accenture.com/us-en/insight-life-insurer-secret-weapon-behavioral-economics

PROBABILITYEVALUATION INCENTIVE

https://www.accenture.com/us-en/insight-life-insurer-secret-weapon-behavioral-economics

EVALUATION Influencing how consumers evaluate products

https://meetfabric.com/

EVALUATION Influencing how consumers evaluate products

https://meetfabric.com/

PROBABILITY Emphasizing the probability of positive or negative outcomes

https://havenlife.com/

INCENTIVE Delivering rewards at the time of commitment to purchase

https://termlife.johnhancockinsur

ance.com/lp2/vitality-life-

quote?cid=US_JH_IN_ID_TM_V

T_NA_NA_IR_JHI_AD_RS_NA_

NA_AQ_OvrVIT__

DIGITAL CHANNELS

BEHAVIORAL ECONOMICS+

A chatbot is a computer program that

simulates human conversation

through voice commands, text chats,

or both.

What is a chatbot?

https://www.techopedia.com/definition/16366/chatterbot

CHATBOTS In-App Virtual Assistants

https://www.americaninno.com/chicago/ai-insurance-app-lemonade-launches-in-illinois/

CHATBOTS In-App Virtual Assistants

https://www.lemonade.com/blog/lemonade-sets-new-world-record/

CHATBOTS In-App Virtual Assistants

https://www.lemonade.com/blog/rise-autonomous-organization/

1.3B

CHATBOTS Facebook Messenger

ACTIVE USERS

20MBUSINESSES

https://www.pymnts.com/facebook/2017/facebook-announces-1-3b-messenger-app-users/

CHATBOTS Facebook Messenger- Customer Chatbot Plug-In

http://www.adweek.com/digital/dana-gibber-headliner-labs-guest-post-why-facebook-messenger-will-dominate-2018/

https://techcrunch.com/2017/11/07/facebook-introduces-a-messenger-plugin-for-business-websites/

CHATBOTS Facebook Messenger- Meet Mia

https://www.digitaltrends.com/cars/insurify-car-insurance-through-facebook-messenger/

CHATBOTS Natural Language Processing: Amazon Alexa & iOS Siri

2012 ANNOUNCED DEAL WITH NUANCE

2013 RELEASED IN-APP ASSITANT NINA

2017 CREATED FIRST ALEXA SKILLS

2018 LAUNCHED FB MESSENGER BOT

2018 INTEGRATED APP WITH SIRI

2018 ALEXA VOICE CHALLENGE WINNER

https://www.americanbanker.com/news/usaa-teaches-its-virtual-assistant-to-learn-from-customershttps://communities.usaa.com/t5/Press-Releases/USAA-Launches-Pilot-of-New-Skill-for-Amazon-Alexa-USAALabs-com/ba-p/132810http://corporateinsight.com/usaa-introduces-siri-based-account-search/https://www.pymnts.com/winners-for-the-2016-pymnts-alexa-challenge/

25%WILL RETIRE

BY 2018

400KAVAILABLE

INSURANCE JOBS

https://jacobsononline.com/uploadfiles/leader296.pdf

60% OF ALL 21ST

CENTURY JOBS

REQUIRE SKILLS HELD BY

25% OF THE

WORKFORCEhttps://jacobsononline.com/uploadfiles/leader296.pdf

ARTIFICIAL

INTELLIGENCE

TECHNOLOGYREGULATION

OPEN

BANKING

BEHAVIORAL

ECONOMICS

PSYCHOLOGY