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Hugh	
  Terry,	
  The	
  Digital	
  Insurer	
  
Fintelekt	
  7th	
  Annual	
  Insurance	
  Technology	
  Summit,	
  Mumbai	
  	
  
20th	
  January	
  2016	
  
DIGITAL	
  INSURANCE	
  –	
  OPPORTUNITIES	
  IN	
  INDIA?	
  
Discussion	
  agenda	
  
1	
   Why	
  is	
  digital	
  so	
  transformaEve?	
  
2	
   TransformaEon	
  of	
  face-­‐to-­‐face	
  insurance	
  
2	
  
	
  Digital	
  OpportuniEes	
  for	
  India?	
  
3	
  
Why	
  is	
  digital	
  so	
  transformaGve?	
  
3	
  
1	
  
The	
  Digital	
  RevoluGon:	
  “It	
  will	
  not	
  be	
  televised”	
  
DIGITAL	
  
CONVENIENCE	
  
DIGITAL	
  
CONNECTIVITY	
  
DIGITAL	
  
EXPECTATIONS	
  
  Always	
  on	
  
  Always	
  there	
  
  Universal	
  
  Almost	
  free	
  
  Access	
  to	
  informaEon	
  
(Google)	
  
  Access	
  to	
  each	
  other	
  
(Facebook)	
  
  Access	
  through	
  
devices	
  (Apple)	
  
  LocaEon-­‐agnosEc	
  	
  
(cloud	
  services)	
  
  Data	
  “on	
  demand”	
  
  Desire	
  for	
  clarity	
  	
  
&	
  simplicity	
  
  Dialogue	
  not	
  
monologue	
  
  Easy	
  to	
  promote	
  a	
  
product	
  ..	
  And	
  
complain	
  
4	
  
Change,	
  Change,	
  Change….	
  
55	
  
Our	
  digital	
  world:	
  very	
  new,	
  addicGve	
  and	
  diverse	
  
Source:	
  The	
  Economist,	
  Qmee.com	
  
New	
  &	
  Big 	
   	
  AddicGve	
   	
   	
   	
  Diverse	
  
Three	
  digital	
  “Mega”	
  trends:	
  forces	
  beyond	
  our	
  control	
  
Changing	
  consumer	
  behaviour	
  –	
  
they	
  are	
  more	
  demanding	
  and	
  
looking	
  for	
  a	
  different	
  experience	
  
3
Technology	
  is	
  cheaper	
  and	
  easier	
  to	
  
implement	
  than	
  ever	
  –	
  it	
  is	
  the	
  lever	
  	
  
to	
  meet	
  consumer	
  needs,	
  reduce	
  
operaEng	
  costs	
  and	
  to	
  change	
  your	
  
culture	
  
1
6	
  
Data	
  maXers–	
  we	
  are	
  collecEng	
  
more	
  and	
  more	
  data	
  that	
  can	
  be	
  
used	
  to	
  create	
  winning	
  business	
  
models	
  	
  
2
7	
  
Welcome	
  to	
  digital	
  customers:	
  “they	
  are	
  mulG-­‐touch”	
  
7	
  
Myth	
  #1:	
  Digital	
  is	
  a	
  new	
  distribuEon	
  channel	
  
Reality	
  :	
  Digital	
  enables	
  customer	
  (&	
  distributor)	
  engagement	
  
Online	
  
Face	
  To	
  Face	
  
Phone	
  
The	
  mulG-­‐channel	
  customer	
  is…	
  
  Becer	
  informed	
  
  More	
  demanding	
  
  Uses	
  mulEple	
  customer	
  touch	
  
points	
  for	
  both	
  sales	
  &	
  services	
  
  Increasingly	
  starts	
  on-­‐line	
  
  Will	
  jump	
  channels	
  at	
  any	
  point	
  –	
  
catch	
  them	
  if	
  you	
  can!	
  
3	
  core	
  strategies	
  
Transform	
  exisEng	
  face-­‐to-­‐	
  
face	
  models	
  
2
Create	
  or	
  parEcipate	
  in	
  	
  
new	
  models	
  
3
Manage	
  exisEng	
  models	
  for	
  	
  
profit	
  
1
8	
  
The	
  Digital	
  Advisor	
  Business	
  Model	
  
9	
  
2	
  
AGENCY	
  MODEL	
  HAS	
  	
  WEAKNESSES	
  
Life	
  Insurance	
  in	
  India	
  
§  New	
  Business	
  for	
  industry	
  falls	
  25%	
  in	
  5	
  years	
  to	
  
2015	
  
§  Agency	
  accounts	
  for	
  78%	
  of	
  total	
  sales	
  (2013-­‐4)	
  
v	
  90%	
  (2006-­‐7)	
  
§  LapsaEon	
  rates	
  remain	
  high	
  >	
  40%	
  @13months	
  
§  Agency	
  	
  salesforce	
  falls	
  30%	
  in	
  5	
  years	
  to	
  2015	
  
10	
  
2.	
  REGULATIONS	
  TIGHTEN	
  
§  Inefficient	
  –	
  for	
  many	
  reasons	
  
§  Difficult	
  to	
  control	
  –	
  mis-­‐selling	
  too	
  common	
  
§  Historically	
  biased	
  towards	
  investment	
  
component	
  
RECENT	
  PERFORMANCE	
  POOR	
  
…	
  BUT	
  HOW	
  WILL	
  DIGITAL	
  TRENDS	
  
IMPACT	
  THE	
  AGENCY	
  MODEL	
  
GOING	
  FORWARD?	
  
.	
  MORE	
  POSITIVE	
  OUTLOOK	
  
§  Increased	
  focus	
  on	
  ProtecEon	
  
§  Growth	
  returns	
  to	
  industry	
  in	
  
2015	
  
§  Foreign	
  capital	
  changes	
  
encourage	
  investment	
  
Trust	
  is	
  at	
  the	
  
heart	
  of	
  
insurance	
  
  Rely	
  on	
  agent	
  relaEonships	
  
  Insurance	
  brand	
  is	
  a	
  hygiene	
  
factor	
  in	
  the	
  sales	
  process	
  
  As	
  customer	
  research	
  on-­‐line	
  trust	
  will	
  
need	
  to	
  be	
  developed	
  and	
  leveraged	
  
on-­‐line	
  
  Trust	
  must	
  be	
  earned	
  &	
  reinforced	
  at	
  
every	
  interacEon/touch	
  point	
  
	
  Great	
  insurance	
  
advisors	
  -­‐	
  always	
  
in	
  demand	
  
  Lack	
  of	
  standardizaEon	
  in	
  training,	
  
performance	
  management	
  &	
  coaching	
  
  Result	
  :	
  variable	
  quality	
  of	
  advice	
  and	
  
low	
  producEvity	
  resulEng	
  in	
  high	
  agent	
  
turnover,	
  low	
  policy	
  persistency	
  
  When	
  customers	
  research	
  online	
  they	
  
will	
  research	
  their	
  advisors	
  as	
  well….	
  
  Less	
  Eme	
  face-­‐to-­‐face	
  –	
  but	
  no	
  less	
  
important	
  (probably	
  more	
  so)	
  
  Insurance	
  advisors	
  need	
  to	
  be	
  more	
  
mobile	
  (digitally	
  &	
  physically)	
  
  Digital	
  will	
  transform	
  &	
  standardize	
  key	
  
management	
  processes	
  
Customer	
  
service	
  maXers	
  
  Nearly	
  100%	
  reliant	
  on	
  the	
  
advisor	
  
  Back	
  office	
  is	
  …	
  back	
  office	
  
  Mobile	
  technology	
  provides	
  
opportuniEes	
  for	
  cost	
  effecEve	
  
customer	
  service	
  differenEaEon	
  
  Push	
  based	
  communicaEons	
  can	
  be	
  
used	
  to	
  reconnect	
  with	
  customers	
  
Myth	
  #2:	
  Digital	
  changes	
  the	
  way	
  insurance	
  is	
  sold	
  
Reality:	
  Digital	
  strategies	
  must	
  incorporate	
  the	
  fundamentals	
  
Current	
  Agency	
  Paradigm	
   Digital	
  impacts	
  
Back	
  to	
  basics:	
  Digital	
  Advisor	
  strategies	
  need	
  to	
  leverage	
  
insurance	
  fundamentals	
  
11	
  
Customer	
  Portal	
  /	
  App	
  
Policy	
  Systems	
  
Advisor	
  
Portal	
  Lead/Prospect	
  Management	
  
Sales	
  
OpportuniGes	
  
Tablet	
  
POS	
  
12	
  
Digital	
  Advisor	
  business	
  model	
  
Digital	
  OpportuniEes	
  
1.	
  More	
  Leads	
  
2.	
  Becer	
  service	
  
3.	
  Becer	
  selling	
  
	
  “connecGng	
  to	
  the	
  digital	
  eco	
  system”	
  
1.  Enable	
  lead	
  management	
  &	
  analyEcs	
  /	
  PredicEve	
  
analysis	
  
2.  Improved	
  compliance	
  to	
  sales	
  best	
  pracEce	
  (&	
  
regulatory	
  requirements)	
  
3.  Back	
  office	
  producEvity	
  from	
  digital	
  proposals	
  
7	
  OTHER	
  BENEFITS	
  AFTER	
  SUCCESS	
  
POS	
  tablet	
  sales	
  toolkit:	
  easy	
  business	
  case	
  
PRIMARY	
  BENEFIT	
  
Improved	
  Sales	
  effecEveness	
  
through	
  a	
  becer	
  customer	
  
experience	
  
MEASURED	
  BY:	
  
High	
  tablet	
  usage	
  from	
  Advisors	
  
Increased	
  sales	
  producEvity	
  
per	
  month	
  
•  More	
  efficient	
  
•  Faster	
  &	
  more	
  accurate	
  (clean	
  policies	
  in	
  a	
  day)	
  
4.  Reduced	
  	
  overheads:	
  premises	
  &	
  technology	
  costs	
  
5.  Business	
  intelligence	
  
6.  Recruitment	
  	
  training	
  (and	
  hiring)	
  tool	
  
7.  Plasorm	
  for	
  more	
  automated	
  underwriEng	
  	
  
•  Benchmarking	
  data	
  
•  Usage	
  data	
  
•  “Bigger”	
  data	
  	
  
13	
  
1.  Full-­‐Eme,	
  salaried	
  &	
  No	
  mulE-­‐
level	
  hierarchy	
  
2.  Digitally	
  enabled	
  advisors	
  for	
  
remote	
  sales	
  &	
  servicing	
  –	
  a	
  
genuine	
  mobile	
  office	
  
3.  On-­‐line	
  lead	
  generaEon	
  driven	
  	
  
by	
  the	
  insurer	
  using	
  corporate	
  &	
  
sales	
  person	
  digital	
  connecEvity	
  
4.  Digitally	
  assisted	
  recruitment,	
  
training	
  and	
  coaching	
  
	
  
HOW	
  COULD	
  YOU	
  RADICALLY	
  	
  
REDEFINE	
  FACE	
  TO	
  FACE	
  SALES?	
  
Agency	
  of	
  the	
  future:	
  Who	
  will	
  move	
  first?	
  
14	
  
<	
  200,000	
  Full-­‐Eme	
  advisor	
  
	
  
>	
  15	
  policies	
  per	
  month	
  per	
  advisor	
  
	
  
>50%	
  of	
  lead	
  generated	
  on-­‐line	
  
	
  
>50%	
  of	
  sales	
  executed	
  virtually	
  
WHAT	
  WOULD	
  A	
  DESIRABLE	
  END	
  
STATE	
  BE	
  FOR	
  AGENCY…?	
  
How	
  can	
  we	
  radically	
  
transform	
  face-­‐to-­‐	
  
face	
  models?	
  
Q.	
  Will	
  an	
  exisEng	
  insurer	
  adopt	
  radical	
  transformaEon	
  –	
  or	
  new	
  entrants?	
  
Digital	
  Business	
  Models	
  –	
  Case	
  Studies	
  &	
  OpportuniGes	
  
15	
  
3	
  
There	
  are	
  untapped	
  opportuniGes	
  around	
  the	
  world	
  
Seriously	
  shopped	
  but	
  didn’t	
  buy	
  life	
  
insurance	
  (10%)	
  
Didn't	
  shop	
  for	
  life	
  insurance	
  (78%)	
  
Seriously	
  shopped	
  and	
  bought	
  life	
  insurance	
  
(12%)	
  
Buyers	
  and	
  non-­‐buyers	
  of	
  life	
  insurance,	
  US	
  households(%),	
  2011	
  
Can	
  digital	
  strategies	
  change	
  the	
  paradigm	
  that	
  “life	
  
insurance	
  is	
  sold	
  not	
  bought”?	
  
Chart	
  Source	
  :	
  To	
  Buy	
  not	
  to	
  buy	
  life	
  insurance,	
  LIMRA	
  2011.	
  Extracted	
  from	
  Swiss	
  Re	
  Sigma	
  06/13	
  .	
  *Swiss	
  Re	
  Asia	
  Pacific	
  Mortality	
  ProtecEon	
  gap	
  	
  2015	
   16	
  
78%	
  
12%	
  
10%	
  
US$55	
  trillion	
  
ProtecEon	
  gap	
  
in	
  Asia.	
  	
  
India	
  :	
  US$8.5	
  
trillion*	
  
Digital	
  OpportuniGes	
  for	
  India	
  
CreaEng	
  a	
  profitable	
  motor	
  
porsolio	
  
2
Digital	
  life	
  “ecosystem”	
  
proposiEon	
  
3
Redefining	
  Employee	
  
Benefits	
  
1
17	
  
Employee	
  Benefits	
  
18	
  
OPPPORTUNITIES?	
  
	
  
1.  Affinity	
  –	
  the	
  employee	
  
2.  Group	
  like	
  pricing	
  for	
  the	
  
individual	
  
3.  SME’s	
  not	
  well	
  served	
  
4.  Employee	
  benefits	
  is	
  archaic	
  –	
  
easy	
  to	
  improve	
  
Commentary	
  &	
  insights	
  
  Excellent	
  example	
  of	
  	
  “service	
  for	
  Free”	
  model	
  disrupEng	
  two	
  
industries	
  (HR	
  soyware	
  and	
  employee	
  benefits)	
  	
  
  Window	
  of	
  opportunity	
  was	
  Affordable	
  Care	
  Act	
  that	
  simplified	
  
raEng	
  for	
  health	
  insurance	
  for	
  small	
  companies	
  
  Not	
  so	
  “Zen”	
  –	
  very	
  public	
  argument	
  regarding	
  use	
  of	
  ADP	
  payroll	
  
accounts	
  
Suite	
  of	
  HR	
  services	
  
Background	
  
  Fastest	
  growing	
  SaaS	
  business	
  ever	
  
  Offering	
  free	
  HR	
  soyware	
  plasorm	
  and	
  integraEon	
  to	
  third	
  party	
  
services	
  in	
  return	
  for	
  insurance	
  on	
  employee	
  benefits	
  
  Focused	
  on	
  SME’s	
  
  Just	
  raised	
  US$500	
  million	
  on	
  US$4.5	
  billion	
  valuaEon	
  
  Revenue	
  target	
  of	
  US$100	
  million	
  by	
  Jan	
  2016	
  
Region:	
  North	
  America	
  	
  
Broker	
  Model:	
  Zenefits	
  
1919	
  
Crystal	
  clear	
  and	
  compelling	
  proposiGon	
   TesGmonials	
  
Online	
  employee	
  filing	
  cabinet	
  
100%	
  paperless	
  benefits	
  enrolment	
  
Automated	
  onboarding	
  
Zenefits:	
  customer	
  focus	
  reaps	
  rewards	
  
2020	
  
Q.	
  Is	
  there	
  an	
  opportunity	
  for	
  a	
  Zenefits	
  in	
  India?	
  
Motor	
  Insurance	
  
21	
  
OPPPORTUNITIES?	
  
	
  
1.  Profitable	
  niches	
  using	
  telemaEcs	
  
2.  Rewards	
  based	
  structures	
  to	
  
reduce	
  pricing	
  sensiEvity	
  
3.  New	
  customer	
  acquisiEon	
  
strategies	
  
Vitalitydrive	
  –	
  holisGc	
  rewards	
  programme	
  
  Immediate	
  Fuel	
  
Rewards	
  &	
  safety	
  
features	
  
  Drive	
  well	
  to	
  earn	
  
points	
  
  Maintain	
  and	
  improve	
  
Vitalitydrive	
  status	
  
  Enjoy	
  the	
  rewards	
  
App	
  giving	
  driving	
  performance	
  
and	
  reward	
  	
  profit	
  
Q.	
  Could	
  a	
  motor	
  rewards	
  scheme	
  work	
  in	
  India?	
  	
  
Vitality	
  driving	
  challenge	
  –	
  App	
  only	
  
Discovery	
  Insure	
  driving	
  challenge	
  app	
  combines	
  mobility	
  and	
  behavioural	
  
science	
  to	
  improve	
  road	
  safety	
  independent	
  of	
  the	
  telemaEcs	
  device.	
  
Excellent	
  for	
  customer	
  acquisiEon.	
  
Digital	
  Life	
  Insurance	
  
24	
  
OPPPORTUNITIES?	
  
	
  
1.  Valued	
  added	
  term	
  insurance	
  
2.  Lead	
  generaEon	
  mechanisms	
  for	
  
face-­‐to-­‐face?	
  
Region:	
  United	
  Kingdom	
  
Managing	
  Agent	
  Model:	
  Beagle	
  Street	
  
2525	
  
Background	
  
  8%	
  of	
  new	
  business	
  in	
  UK	
  from	
  this	
  
company	
  
  Online	
  recommendaEons	
  for	
  customers	
  
  Relevant	
  value	
  added	
  services	
  
Term	
  Life	
  with	
  great	
  experience	
  
Q.	
  Do	
  we	
  have	
  enough	
  focus	
  in	
  India	
  on	
  customer	
  experience?	
  
“The	
  larger	
  part	
  of	
  our	
  success,	
  however,	
  comes	
  down	
  to	
  our	
  single-­‐
minded	
  focus	
  on	
  innovaEon.	
  We	
  recognized	
  early	
  on	
  that	
  major	
  
change	
  was	
  coming	
  in	
  the	
  way	
  life	
  insurance	
  was	
  being	
  distributed	
  
and	
  so	
  we	
  focused	
  our	
  acenEon	
  onto	
  innovaEng	
  at	
  the	
  distribuEon	
  
level	
  and	
  invesEng	
  heavily	
  into	
  improving	
  the	
  way	
  that	
  life	
  insurance	
  
is	
  sold.”	
  
-­‐	
  MaXhew	
  Gledhill,	
  CEO	
  of	
  Beagle	
  Street	
  
Region:	
  Asia	
  (Singapore)	
  
Agent	
  Model:	
  AIA	
  Vitality	
  
2626	
  
Background	
  
  Points	
  for	
  Wellness	
  acEviEes	
  including	
  
tracking	
  
  Comprehensive	
  rewards	
  
  Science	
  based	
  programme	
  
  5	
  million	
  members	
  around	
  the	
  world	
  
Wellness	
  Rewards	
  	
  
Q.	
  How	
  quickly	
  will	
  this	
  programme	
  expand	
  to	
  other	
  countries?	
  
Region:	
  Asia	
  (Hong	
  Kong)	
  
Agency	
  Model	
  :	
  Move	
  (from	
  Manulife)	
  
2727	
  
Background	
  
  Free	
  tracker	
  for	
  qualifying	
  products	
  
  Up	
  to	
  10%	
  discount	
  on	
  premiums	
  
TelemaEcs	
  for	
  agency	
  sales	
  
Q.	
  Will	
  this	
  become	
  mainstream?	
  
Region:	
  North	
  America	
  (US)	
  	
  
Managing	
  Agent	
  Model:	
  Sureify	
  
2828	
  
Background	
  
  Lifestyle	
  opEon	
  
  Discounts	
  for	
  healthy	
  lifestyle	
  
Term	
  Life	
  +	
  telemaEcs	
  
Q.	
  How	
  long	
  before	
  we	
  use	
  telemaEcs	
  with	
  term	
  life	
  insurance	
  in	
  Asia?	
  
Digital	
  innovaGon	
  in	
  insurance:	
  what	
  ingredients	
  are	
  needed?	
  
29	
  
•  Customer	
  at	
  the	
  
heart	
  of	
  the	
  
process	
  
•  “Outside-­‐in”	
  
approach	
  to	
  
iniEaEves	
  
•  Respect	
  customer	
  
choice	
  
•  DistribuEon	
  
partners	
  
•  Tech	
  partners	
  
•  MarkeEng	
  
partners	
  
•  Eco-­‐system	
  models	
  
1.	
  Customer	
  Centric	
   2.	
  CollaboraGve	
  ü 	
  	
   ü 	
  	
  
5.	
  Data	
  centric	
  &	
  scalable	
  operaEng	
  models	
  leveraging	
  technology	
  plasorms	
  
4.	
  New	
  challenger	
  brands	
  –	
  disrupt	
  own	
  business	
  if	
  necessary	
  
3.	
  Agile	
  frameworks	
  and	
  mindsets	
  
6.	
  Strong	
  internal	
  support	
  for	
  a	
  clear	
  plan	
  with	
  risk	
  miEgaEon	
  via	
  piloEng	
  	
  
Enablers	
  
30
30
Transforming	
  insurance:	
  Acknowledging	
  innovaGon	
  
Source:	
  Transforming	
  Insurance,	
  KPMG	
  InternaEonal,	
  2014	
  &	
  The	
  Insurance	
  	
  InnovaEon	
  ImperaEve,	
  KPMG	
  InternaEonal	
  2015	
   30	
  
Acknowledge	
  the	
  challenges	
   Seize	
  the	
  opportunity	
  
65%	
  
Regulations high costs &
margin erosion
45%	
  	
  48%	
  	
   83%	
  	
  
future success =
ability to
innovate
business models
disrupted
31
31
Our	
  industry	
  is	
  on	
  the	
  move	
  
Source:	
  Survey	
  of	
  280	
  global	
  C	
  Suite	
  execuEves	
  for	
  	
  «	
  A	
  New	
  World	
  of	
  Opportunity:	
  The	
  Insurance	
  InnovaEon	
  ImperaEve,	
  KPMG	
  2015	
   31	
  
  How	
  fast	
  can	
  we	
  innovate?	
  
  At	
  our	
  fastest	
  is	
  it	
  sEll	
  too	
  
slow?	
  
GOOD	
  LUCK	
  WITH	
  YOUR	
  OWN	
  
DIGITAL	
  ADVENTURES	
  !	
  
32
About	
  The	
  Digital	
  Insurer	
  
Contact	
  The	
  Digital	
  Insurer:	
  hugh.terry@the-­‐digital-­‐insurer.com	
   32	
  
The	
  forum	
  for	
  professionals	
  interested	
  in	
  digital	
  insurance	
  
Thought	
  Leadership	
  
•  Independent	
  research	
  on	
  digital	
  
insurance	
  around	
  the	
  world	
  
•  Sponsored	
  content	
  on	
  digital	
  
insurance	
  
•  Conference	
  speaking	
  	
  and	
  
workshop	
  facilitaEon	
  
•  ConsulEng	
  services	
  including	
  
support	
  for	
  new	
  business	
  models	
  
from	
  insurers	
  and	
  start-­‐ups	
  
businesses	
  
Digital	
  Insurance	
  Library	
  &	
  
Digital	
  Insurance	
  in	
  AcGon	
  
•  Library	
  -­‐	
  best	
  online	
  knowledge	
  
bank	
  on	
  digital	
  insurance	
  –	
  
sponsored	
  by	
  Swiss	
  Re	
  
•  In	
  AcEon	
  -­‐	
  a	
  go	
  to	
  source	
  for	
  
actual	
  digital	
  insurance	
  iniEaEves	
  
–	
  sponsored	
  by	
  KPMG	
  
•  Monthly	
  release	
  of	
  views	
  and	
  
summaries	
  
•  “Curated”	
  –with	
  analysis	
  that	
  
summarises	
  the	
  key	
  comments	
  
The	
  Tech	
  Community	
  for	
  
Insurance	
  
•  Asia	
  Pacific’s	
  first	
  dedicated	
  site	
  
to	
  connect	
  buyers	
  of	
  Insurance	
  
tech	
  with	
  vendors	
  
•  Making	
  technology	
  more	
  
accessible	
  to	
  decision	
  makers	
  
Our	
  digital	
  insurance	
  content	
  is	
  free.	
  Thanks	
  to	
  our	
  sponsors.	
  
Join	
  more	
  than	
  7,500	
  others	
  @	
  the-­‐digital-­‐insurer.com	
  	
  

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Digital Insurance - Opportunities in India

  • 1. Hugh  Terry,  The  Digital  Insurer   Fintelekt  7th  Annual  Insurance  Technology  Summit,  Mumbai     20th  January  2016   DIGITAL  INSURANCE  –  OPPORTUNITIES  IN  INDIA?  
  • 2. Discussion  agenda   1   Why  is  digital  so  transformaEve?   2   TransformaEon  of  face-­‐to-­‐face  insurance   2    Digital  OpportuniEes  for  India?   3  
  • 3. Why  is  digital  so  transformaGve?   3   1  
  • 4. The  Digital  RevoluGon:  “It  will  not  be  televised”   DIGITAL   CONVENIENCE   DIGITAL   CONNECTIVITY   DIGITAL   EXPECTATIONS     Always  on     Always  there     Universal     Almost  free     Access  to  informaEon   (Google)     Access  to  each  other   (Facebook)     Access  through   devices  (Apple)     LocaEon-­‐agnosEc     (cloud  services)     Data  “on  demand”     Desire  for  clarity     &  simplicity     Dialogue  not   monologue     Easy  to  promote  a   product  ..  And   complain   4   Change,  Change,  Change….  
  • 5. 55   Our  digital  world:  very  new,  addicGve  and  diverse   Source:  The  Economist,  Qmee.com   New  &  Big    AddicGve        Diverse  
  • 6. Three  digital  “Mega”  trends:  forces  beyond  our  control   Changing  consumer  behaviour  –   they  are  more  demanding  and   looking  for  a  different  experience   3 Technology  is  cheaper  and  easier  to   implement  than  ever  –  it  is  the  lever     to  meet  consumer  needs,  reduce   operaEng  costs  and  to  change  your   culture   1 6   Data  maXers–  we  are  collecEng   more  and  more  data  that  can  be   used  to  create  winning  business   models     2
  • 7. 7   Welcome  to  digital  customers:  “they  are  mulG-­‐touch”   7   Myth  #1:  Digital  is  a  new  distribuEon  channel   Reality  :  Digital  enables  customer  (&  distributor)  engagement   Online   Face  To  Face   Phone   The  mulG-­‐channel  customer  is…     Becer  informed     More  demanding     Uses  mulEple  customer  touch   points  for  both  sales  &  services     Increasingly  starts  on-­‐line     Will  jump  channels  at  any  point  –   catch  them  if  you  can!  
  • 8. 3  core  strategies   Transform  exisEng  face-­‐to-­‐   face  models   2 Create  or  parEcipate  in     new  models   3 Manage  exisEng  models  for     profit   1 8  
  • 9. The  Digital  Advisor  Business  Model   9   2  
  • 10. AGENCY  MODEL  HAS    WEAKNESSES   Life  Insurance  in  India   §  New  Business  for  industry  falls  25%  in  5  years  to   2015   §  Agency  accounts  for  78%  of  total  sales  (2013-­‐4)   v  90%  (2006-­‐7)   §  LapsaEon  rates  remain  high  >  40%  @13months   §  Agency    salesforce  falls  30%  in  5  years  to  2015   10   2.  REGULATIONS  TIGHTEN   §  Inefficient  –  for  many  reasons   §  Difficult  to  control  –  mis-­‐selling  too  common   §  Historically  biased  towards  investment   component   RECENT  PERFORMANCE  POOR   …  BUT  HOW  WILL  DIGITAL  TRENDS   IMPACT  THE  AGENCY  MODEL   GOING  FORWARD?   .  MORE  POSITIVE  OUTLOOK   §  Increased  focus  on  ProtecEon   §  Growth  returns  to  industry  in   2015   §  Foreign  capital  changes   encourage  investment  
  • 11. Trust  is  at  the   heart  of   insurance     Rely  on  agent  relaEonships     Insurance  brand  is  a  hygiene   factor  in  the  sales  process     As  customer  research  on-­‐line  trust  will   need  to  be  developed  and  leveraged   on-­‐line     Trust  must  be  earned  &  reinforced  at   every  interacEon/touch  point    Great  insurance   advisors  -­‐  always   in  demand     Lack  of  standardizaEon  in  training,   performance  management  &  coaching     Result  :  variable  quality  of  advice  and   low  producEvity  resulEng  in  high  agent   turnover,  low  policy  persistency     When  customers  research  online  they   will  research  their  advisors  as  well….     Less  Eme  face-­‐to-­‐face  –  but  no  less   important  (probably  more  so)     Insurance  advisors  need  to  be  more   mobile  (digitally  &  physically)     Digital  will  transform  &  standardize  key   management  processes   Customer   service  maXers     Nearly  100%  reliant  on  the   advisor     Back  office  is  …  back  office     Mobile  technology  provides   opportuniEes  for  cost  effecEve   customer  service  differenEaEon     Push  based  communicaEons  can  be   used  to  reconnect  with  customers   Myth  #2:  Digital  changes  the  way  insurance  is  sold   Reality:  Digital  strategies  must  incorporate  the  fundamentals   Current  Agency  Paradigm   Digital  impacts   Back  to  basics:  Digital  Advisor  strategies  need  to  leverage   insurance  fundamentals   11  
  • 12. Customer  Portal  /  App   Policy  Systems   Advisor   Portal  Lead/Prospect  Management   Sales   OpportuniGes   Tablet   POS   12   Digital  Advisor  business  model   Digital  OpportuniEes   1.  More  Leads   2.  Becer  service   3.  Becer  selling    “connecGng  to  the  digital  eco  system”  
  • 13. 1.  Enable  lead  management  &  analyEcs  /  PredicEve   analysis   2.  Improved  compliance  to  sales  best  pracEce  (&   regulatory  requirements)   3.  Back  office  producEvity  from  digital  proposals   7  OTHER  BENEFITS  AFTER  SUCCESS   POS  tablet  sales  toolkit:  easy  business  case   PRIMARY  BENEFIT   Improved  Sales  effecEveness   through  a  becer  customer   experience   MEASURED  BY:   High  tablet  usage  from  Advisors   Increased  sales  producEvity   per  month   •  More  efficient   •  Faster  &  more  accurate  (clean  policies  in  a  day)   4.  Reduced    overheads:  premises  &  technology  costs   5.  Business  intelligence   6.  Recruitment    training  (and  hiring)  tool   7.  Plasorm  for  more  automated  underwriEng     •  Benchmarking  data   •  Usage  data   •  “Bigger”  data     13  
  • 14. 1.  Full-­‐Eme,  salaried  &  No  mulE-­‐ level  hierarchy   2.  Digitally  enabled  advisors  for   remote  sales  &  servicing  –  a   genuine  mobile  office   3.  On-­‐line  lead  generaEon  driven     by  the  insurer  using  corporate  &   sales  person  digital  connecEvity   4.  Digitally  assisted  recruitment,   training  and  coaching     HOW  COULD  YOU  RADICALLY     REDEFINE  FACE  TO  FACE  SALES?   Agency  of  the  future:  Who  will  move  first?   14   <  200,000  Full-­‐Eme  advisor     >  15  policies  per  month  per  advisor     >50%  of  lead  generated  on-­‐line     >50%  of  sales  executed  virtually   WHAT  WOULD  A  DESIRABLE  END   STATE  BE  FOR  AGENCY…?   How  can  we  radically   transform  face-­‐to-­‐   face  models?   Q.  Will  an  exisEng  insurer  adopt  radical  transformaEon  –  or  new  entrants?  
  • 15. Digital  Business  Models  –  Case  Studies  &  OpportuniGes   15   3  
  • 16. There  are  untapped  opportuniGes  around  the  world   Seriously  shopped  but  didn’t  buy  life   insurance  (10%)   Didn't  shop  for  life  insurance  (78%)   Seriously  shopped  and  bought  life  insurance   (12%)   Buyers  and  non-­‐buyers  of  life  insurance,  US  households(%),  2011   Can  digital  strategies  change  the  paradigm  that  “life   insurance  is  sold  not  bought”?   Chart  Source  :  To  Buy  not  to  buy  life  insurance,  LIMRA  2011.  Extracted  from  Swiss  Re  Sigma  06/13  .  *Swiss  Re  Asia  Pacific  Mortality  ProtecEon  gap    2015   16   78%   12%   10%   US$55  trillion   ProtecEon  gap   in  Asia.     India  :  US$8.5   trillion*  
  • 17. Digital  OpportuniGes  for  India   CreaEng  a  profitable  motor   porsolio   2 Digital  life  “ecosystem”   proposiEon   3 Redefining  Employee   Benefits   1 17  
  • 18. Employee  Benefits   18   OPPPORTUNITIES?     1.  Affinity  –  the  employee   2.  Group  like  pricing  for  the   individual   3.  SME’s  not  well  served   4.  Employee  benefits  is  archaic  –   easy  to  improve  
  • 19. Commentary  &  insights     Excellent  example  of    “service  for  Free”  model  disrupEng  two   industries  (HR  soyware  and  employee  benefits)       Window  of  opportunity  was  Affordable  Care  Act  that  simplified   raEng  for  health  insurance  for  small  companies     Not  so  “Zen”  –  very  public  argument  regarding  use  of  ADP  payroll   accounts   Suite  of  HR  services   Background     Fastest  growing  SaaS  business  ever     Offering  free  HR  soyware  plasorm  and  integraEon  to  third  party   services  in  return  for  insurance  on  employee  benefits     Focused  on  SME’s     Just  raised  US$500  million  on  US$4.5  billion  valuaEon     Revenue  target  of  US$100  million  by  Jan  2016   Region:  North  America     Broker  Model:  Zenefits   1919  
  • 20. Crystal  clear  and  compelling  proposiGon   TesGmonials   Online  employee  filing  cabinet   100%  paperless  benefits  enrolment   Automated  onboarding   Zenefits:  customer  focus  reaps  rewards   2020   Q.  Is  there  an  opportunity  for  a  Zenefits  in  India?  
  • 21. Motor  Insurance   21   OPPPORTUNITIES?     1.  Profitable  niches  using  telemaEcs   2.  Rewards  based  structures  to   reduce  pricing  sensiEvity   3.  New  customer  acquisiEon   strategies  
  • 22. Vitalitydrive  –  holisGc  rewards  programme     Immediate  Fuel   Rewards  &  safety   features     Drive  well  to  earn   points     Maintain  and  improve   Vitalitydrive  status     Enjoy  the  rewards   App  giving  driving  performance   and  reward    profit   Q.  Could  a  motor  rewards  scheme  work  in  India?    
  • 23. Vitality  driving  challenge  –  App  only   Discovery  Insure  driving  challenge  app  combines  mobility  and  behavioural   science  to  improve  road  safety  independent  of  the  telemaEcs  device.   Excellent  for  customer  acquisiEon.  
  • 24. Digital  Life  Insurance   24   OPPPORTUNITIES?     1.  Valued  added  term  insurance   2.  Lead  generaEon  mechanisms  for   face-­‐to-­‐face?  
  • 25. Region:  United  Kingdom   Managing  Agent  Model:  Beagle  Street   2525   Background     8%  of  new  business  in  UK  from  this   company     Online  recommendaEons  for  customers     Relevant  value  added  services   Term  Life  with  great  experience   Q.  Do  we  have  enough  focus  in  India  on  customer  experience?   “The  larger  part  of  our  success,  however,  comes  down  to  our  single-­‐ minded  focus  on  innovaEon.  We  recognized  early  on  that  major   change  was  coming  in  the  way  life  insurance  was  being  distributed   and  so  we  focused  our  acenEon  onto  innovaEng  at  the  distribuEon   level  and  invesEng  heavily  into  improving  the  way  that  life  insurance   is  sold.”   -­‐  MaXhew  Gledhill,  CEO  of  Beagle  Street  
  • 26. Region:  Asia  (Singapore)   Agent  Model:  AIA  Vitality   2626   Background     Points  for  Wellness  acEviEes  including   tracking     Comprehensive  rewards     Science  based  programme     5  million  members  around  the  world   Wellness  Rewards     Q.  How  quickly  will  this  programme  expand  to  other  countries?  
  • 27. Region:  Asia  (Hong  Kong)   Agency  Model  :  Move  (from  Manulife)   2727   Background     Free  tracker  for  qualifying  products     Up  to  10%  discount  on  premiums   TelemaEcs  for  agency  sales   Q.  Will  this  become  mainstream?  
  • 28. Region:  North  America  (US)     Managing  Agent  Model:  Sureify   2828   Background     Lifestyle  opEon     Discounts  for  healthy  lifestyle   Term  Life  +  telemaEcs   Q.  How  long  before  we  use  telemaEcs  with  term  life  insurance  in  Asia?  
  • 29. Digital  innovaGon  in  insurance:  what  ingredients  are  needed?   29   •  Customer  at  the   heart  of  the   process   •  “Outside-­‐in”   approach  to   iniEaEves   •  Respect  customer   choice   •  DistribuEon   partners   •  Tech  partners   •  MarkeEng   partners   •  Eco-­‐system  models   1.  Customer  Centric   2.  CollaboraGve  ü      ü      5.  Data  centric  &  scalable  operaEng  models  leveraging  technology  plasorms   4.  New  challenger  brands  –  disrupt  own  business  if  necessary   3.  Agile  frameworks  and  mindsets   6.  Strong  internal  support  for  a  clear  plan  with  risk  miEgaEon  via  piloEng     Enablers  
  • 30. 30 30 Transforming  insurance:  Acknowledging  innovaGon   Source:  Transforming  Insurance,  KPMG  InternaEonal,  2014  &  The  Insurance    InnovaEon  ImperaEve,  KPMG  InternaEonal  2015   30   Acknowledge  the  challenges   Seize  the  opportunity   65%   Regulations high costs & margin erosion 45%    48%     83%     future success = ability to innovate business models disrupted
  • 31. 31 31 Our  industry  is  on  the  move   Source:  Survey  of  280  global  C  Suite  execuEves  for    «  A  New  World  of  Opportunity:  The  Insurance  InnovaEon  ImperaEve,  KPMG  2015   31     How  fast  can  we  innovate?     At  our  fastest  is  it  sEll  too   slow?   GOOD  LUCK  WITH  YOUR  OWN   DIGITAL  ADVENTURES  !  
  • 32. 32 About  The  Digital  Insurer   Contact  The  Digital  Insurer:  hugh.terry@the-­‐digital-­‐insurer.com   32   The  forum  for  professionals  interested  in  digital  insurance   Thought  Leadership   •  Independent  research  on  digital   insurance  around  the  world   •  Sponsored  content  on  digital   insurance   •  Conference  speaking    and   workshop  facilitaEon   •  ConsulEng  services  including   support  for  new  business  models   from  insurers  and  start-­‐ups   businesses   Digital  Insurance  Library  &   Digital  Insurance  in  AcGon   •  Library  -­‐  best  online  knowledge   bank  on  digital  insurance  –   sponsored  by  Swiss  Re   •  In  AcEon  -­‐  a  go  to  source  for   actual  digital  insurance  iniEaEves   –  sponsored  by  KPMG   •  Monthly  release  of  views  and   summaries   •  “Curated”  –with  analysis  that   summarises  the  key  comments   The  Tech  Community  for   Insurance   •  Asia  Pacific’s  first  dedicated  site   to  connect  buyers  of  Insurance   tech  with  vendors   •  Making  technology  more   accessible  to  decision  makers   Our  digital  insurance  content  is  free.  Thanks  to  our  sponsors.   Join  more  than  7,500  others  @  the-­‐digital-­‐insurer.com