xpr imm - international insurance forum · insurtech embracing digital life insurance online...
TRANSCRIPT
• X P R I M M
• G o i n g f o r w a r d , t o g e t h e r .
2
What does it mean to be digital?
3
Digital in numbers
Business is
social
▪ 86% do not do business if the
company does not have social
networks
▪ 94% would pay more for a
better experience ▪ 26% share negative comments
New client ▪ Connected everywhere ▪ Meets their expectations ▪ Understand and Reward Him
Data , cloud &
Mobile
▪ 90% of the data has been
created in the last 2 years
▪ By 2025: +50 billions of
Internet-connected devices▪ 50.3% of traffic e-commerce comes
from mobile devices
4
Digital matrix
2 Key Pillars of Digitization - Styles and Profitability
Fashionistas
(-11%)
Digital Masters
(+26%)
Beginners
(-24%)
Conservatives
(+9%)
Dig
ital
Cap
abili
ty
Leadership Capability
5
What is digital transformation for?
Utopia is on the horizon. I walk two steps, it moves away, two more and the horizon moves away ten steps further. So, what is utopia for? For that, it is good for walking.
Eduardo Galeano
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Digital is the best bet
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Changes in strategic assumptions: from the analogue to the digital age
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Before Now
Clients
• Seeing customers as a mass market• Communications are transmitted to customers• The company is the main influence• Marketing to persuade purchase
• Customers as a dynamic network• Communications are bi-directional• Customers are the main influence• Marketing to inspire purchase, loyalty and support
Competition
• Competition in defined sectors• Clear distinctions between partners and rivals• Competition is a zero-sum game• Key assets are held within the company.
• Blurred distinctions between partners and rivals• Competitors cooperate in key areas• Key assets reside in external networks
Data • The challenge of data is its storage and management • The challenge of data is to turn it into useful information
Innovation• Decisions made based on intuition and antiquity• Testing ideas is expensive, slow and difficult• The focus is on the "final" product
• Decisions taken on the basis of tests and validation• Trying out ideas is cheap, fast and easy• Focus on minimum viable products and post-launch iteration
Value• Industry-defined value proposition• Optimize the business model as much as possible.
• Value proposition defined by changes in customer needs• Evolve before being forced to stay at the forefront
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Three trends as threats
• Competitive advantages to the "data company": owns & analyzes
From protection to risk prevention
• "Data company can attract customers with the lowest risk profiles
The power of data and analytics
• Customers search on the internet before they act
The “online trust”
20% of cars will have a high safety system by 2020
Google now processes over 40,000 search queries every second on average
Around 69 percent of people use at least one Google service or product daily.
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A complex journey
Digital CustomerEngagement
Distribution(Front – Office)
Digital Customer Services
▪ SocialMedia▪ Corporate Website▪ Digital Communication▪ Content Strategies▪ Customer Portals
▪ Tablet Sales Toolkits▪ Distributor Portals▪ Distribution Models▪ Lead Management Solutions
▪ Digital CustomerExperience ▪ Digital Operations▪ Mobile Technologies
Technology Organization Back Office
▪ Strategic Reports ▪ IT Infrastructure ▪ General Reports▪ Lead Analytics & Big Data▪ Technology Usage
▪ Vision▪ Strategy & Implementation▪ Innovation as a collective genius▪ Team Structure
▪ Claims Transformation▪ Digital Underwriting▪ Worker enablement▪ Performance management
Leve
lof
Imp
lem
en
tati
on
Social & CustomerInteraction
Mobile & Applications
Internet Transaction
Omnichannel
Real time
+
+Data Collection
• U N D E R S TA N D I N G T H E F U T U R E O F I N S U R A N C E
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Ecosystem affecting Insurance
IA IOT Robot Cybersecuriy Blockchain
LegalTech Medtech Data Proptech
ColaborativeEconomy
Social Media
Autonomous Car
FintechAPI
infraestructures
In 2018, we'll have 51 million cars with pre-installed telematics.
In 2020, the wearables industry will be worth 11.61 billion
This year, 31.4 million connected households in the United States
In 2019, the robotics market in B2C and B2B will represent a value of 1.2 billion.
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From cash management to risk management
We contact when a claimoccurs
Tod
ayIn
pro
cess
Reduce thefinancialimpact
Reduce risk
24h Connection
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The power of platform
MAYA Insurance
Nike Audi
Facebook Ikea
CLIENT
Personalized data
Premium payment ☺
Data
Agreements
Use of Blockchain > Onboarding, Customer Engagement, Fraud detection, reduce administration cost
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The ultimate goal
GoogleBonjour, Emmanuel is raining
and you have a meeting 10 km from here.
José, your favourite Uber driver, has arrived
Your invoice has been sent to your email
Tell Me Do it for me I am the happy payer
Insurancein process
Bonjour, Emmanuel is raining and you have no accidental
insurance.
I have insured you with MAYA Insurance for the whole day
Your invoice has been sent to your email
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Make it Smart and Simple
Blockchain is more than an Utopia
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Change in Life Insurance
Traditional Future
Main Distribution Channel Bancassurance / Agents Digital
Subscription Manual Intelligent
Pricing Actuarial Tables Dynamic
Advisory Personal Bot
Contact with customer Once per year Constant
Products Launch Every 9 months Frequently
Purpose of the insurance Cover Prevention
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Three main conclusions
We are moving from an unknown risk VS to a predictable reality1
Product focus VS Customer focus (Pay as you go, micro insurance)2
Digitization aims to "reduce the probability of loss". 3
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•BUT IS THE CLIENT READY TO BE
DIGITAL ?
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Underwritech would help us to attack industry challenges (2)
Source: LIMRA
Customers would go online (1)
Digital Demanders
Most likely to buy online (27%)
Channel Switchers
Willing to consider buying online (52%)
Interactors
Want to talk before they buy
(21%)
▪ Often triggered by someone they know and seek information from both online and financial professionals
▪ They locate financial professionals via social networks
▪ Most likely segment to have purchased online and to want to buy online in the future
How do they research and
purchase?
▪ Consider financial professionals as the most valuable information source
▪ Low interest in using online sources or purchasing there
▪ Usually purchase in person, although phone and work are common
▪ Consider products by their own initiative and seek information online and from financial professionals
▪ Usually buy in person, but about 1 in 6 buy at work or online
▪ May buy online if the company website makes it easy to self-educate, they know the company and they can complete the purchase online
Type of Customer
Online purchasing propension
Highlow
Nearly 80% would use online channel to buy life insurance
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Underwritech would help us to attack industry challenges (3)
Customers are mobile addict (1)
More than
½of UK life insurance searches
Start on a mobile device
Conversiontypically less than
½those from desktops
QuickCover: Mobile-first life insurance
Frictionless
underwritingOne question per pageTactile “yes/no” tap answers
Minimised mental
burdenAvoids asking the two hardest questions in life insurance: how much cover and for how long
Pre-loaded
quotesQuote results loaded either side of the customer’s choice to allow instant prices to display
Cumbersome
policy docsPolicy documents are still in PDF form and so not truly “mobile first”
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AND THE INSURTECH?
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New actors
3 types of insurtech
“Value proposition”
Challenger Integrator Colaborator
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Insurtech embracing digital life insurance
Online players that we support
UtwinFrench insurtech selling life insurance linked to mortgage
YuLifeIt is a new and disruptive breed of insurer.
Our vision is to put the person back in the
centre of insurance. We will reward health,
inspire life and protect our customers with
fast, beautiful and simple insurance.
GetsuranceGetsurance offers digital life insurance that people
can buy online in 5 minutes.
We’re a small Berlin-based team of innovators who
are reshaping the insurance industry. We develop
our products from scratch using cutting edge
technology to create a user-centric experience.
Getsurance was founded in 2016 and has been
moving fast ever since with the support of our
partner and risk carrier, the Reinsurance Group of
America.
Fabric Fabric offering a digital insurance-buying experience that is fast, affordable and easy.
Ethos Ethos is a life insurance company that creates modern, ethical life insurance to protect the life of their clients.
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Millennials & Insurance
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Possible strategies to winmillennials customers
GIVE BACK Mobile FirstRISK
PREVENTIONPOCKET
INSURANCE
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MUM, I WANT TO BUY A LIFE INSURANCE POLICY
© 2018 RGAX LLC. All Rights Reserved.
• Emmanuel DjengueInnovation Director, Continental Europe
• www.RGAX.com