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30 second strategies (no.5) - Why Amazon Doesn't Care About Property Insurance
- 1. 30 Second Strategies #5 Commercial insurers must understand the opportunities that the ‘new generation’ of companies represent Understanding new customers’ business models & risks Property as a % of market cap New data can help create completely new products Data Centre IP Traffic, Zettabytes New insurance servicing models might need to be developed Cash or equivalents held (2016) 53% Market Cap: $221bn Property: $117bn 7% Source: Forbes, The World’s Biggest Public Companies (2016); Companies’ Annual Reports (2016) Market Cap: $427bn Property: $29bn How much does Property insurance matter to Amazon’s business? How to create offerings for customers who have access to unprecedented amounts of data? Walmart +122% $19bn Amazon $9bn What services can insurers provide for cash-rich companies? Source: Companies’ Annual Reports (2016) 0 15.3 12.9 10.8 8.6 6.5 4.7 2020 +27% 2015 2016 20182017 2019 Source: Cisco Global Cloud Index, 2015-2020
- 2. 30 Second Strategies #5 Potential propositions can cover new risks, utilise live data streams and provide services beyond claim pay-outs Insurer Live data stream Instantly- adjusted coverage Live insurance for every parcel Live insurance for every parcel, enabled by live data streams Build an index-based brand- protection insurance, based on variety of data streams Live Brand Index Press Social Media Financial Assessments Insurer Live data streams Index-driven premiums & claims Cyber-recovery service that goes beyond claim pay-outs Insurer Cyber partner Proactive prevention Recovery assistance Reputation management Claim pay- outs Additional servicing 1