Technological Disruption of the Insurance industry
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The insurance and allied industries including healthcare are often sitting on large amounts of data, a huge volume of both structured and unstructured data. The data is often on disconnected and distributed databases, often not digitised to be able to act on, rarely available at the right place at the right time on the device of choice. This is resulting in product innovation at Large Insurance companies that is often incremental, non-transparent, unfair, unprofitable and worst of all not customer centric. Hundreds of small companies that are being VC funded as part of the InsurTech ecosystem are challenging and disrupting the model and what they often lack is distribution or financial muscle. it is a great opportunity for the incumbent companies to partner or acquire the new innovators and dramatically change the customer experience and delight end users like never before.
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Technological Disruption of the Insurance industry
- 1. Jayant Murty Innovation Consultant . Former Director Marketing Intel Corporation. Asia Pacific Japan EMBRACING DISRUPTION
- 5. $ 600 B $ 600 B $ 700 B $ 3000 B $ 4000 B No industry will be spared. Only a matter of time
- 6. f FEAR OF MEGA TECH COMPANIES OFFERING A HIGHLY PERSONALIZED SERVICE OLD BUSINESS MODEL, PERSONAL SALES, PAPER LADEN, LEGACY SYSTEMS BELIEF THAT INSURANCE IS “ SOLD NOT BOUGHT” DISINTERMEDIATION A BIG THREAT BUT STILL FEAR TRADITIONAL COMPETITORS FALSE SENSE OF SECUITY THANKS TO CAPEX AND BARRIERS TO ENTRY The Insurance industry today
- 7. f DIGITAL TO PHYSICAL CONVESION CHALLENGE FORCED GOOGLE EXIT START-UPS LOOKING TO PARTNER – M&A ACTIVITY WILL INTENSIFY DATA ANALYTICS DRIVING EXPERIENCE- EDGE, DIGITAL GARAGE, LOFT, LUMEN HARD TO LAYER A NEW EXPERIENCE ON AN OLD SYSTEM FOCUS IS STILL OPERATIONAL AND NOT MARKET FACING DISRUPTION The Insurance industry today
- 8. Foundation. Future Scenarios. Accelerators
- 9. The cloud is transformational for business
- 11. 1.56 million 1800 gallons 60 Million/ 85% 25% Poorly regulated market
- 12. Data is the Voice of the Customer, Data Science is the Interpretation of that Voice
- 13. The tesla value exchange is data
- 14. The data you would look at to run your business GROWTH AND PROFITABILITY OF DIFFERENT INSURANCE LOBs PREMIUMS AND MARGINS VARY SIGNIFICANTLY ACROSS COUNTRIES GLOBAL INCOME VARIATION AND DISEASE BURDEN
- 15. Data you must look at to predict your opportunity Obesity,Food choice,Gym,Searches,Fitness trackers OBESITY IS COMMON AND WIDESPREAD CONSUMERS SEEKING HEALTHY FOOD GYM MEMBERSHIPS UP SEARCHES ON FITNESS TOPICS vs. BOOKS GLOBAL SALES OF ACTIVITY TRACKERS
- 16. VS . UNANSWERED CALLS MULTIPLE APPLICATIONS FROM SAME WI-FI HOT SPOT SAME APPLICANT FROM TWO DIFFERENT PHONES BORROW IN ONE CITY AND SPEND IN ANOTHER Machines are getting smarter about loan disbursal
- 17. 17 50% 90% Accuracy – ML beats the best doctors90% Accuracy : Machine learnings beats the best docs
- 18. BIOLOGICAL DATA INSIGHTS + OUTCOMES
- 19. Insurance is going to be no different “Software is eating the world in all sectors. In the future every company will become a software company” Mark Andreessen in the Wall Street Journal in 2011
- 20. The softwareization of the Insurance industry AWARENESS CHOICE PURCHASE USE
- 22. Simplify. Eliminate. Speed up. Lower costs
- 23. Rely on behavior instead of deconstructing the collective
- 24. Be proactive on claim management with sensors & Internet of Things
- 25. Charge fair premiums based on machine learning
- 26. Use AI’s human-like capabilities to dramatically reduce distribution and operational costs
- 27. The future is real-time, fair, transparent, location aware, P2P & responsive
- 28. MILLENIALS WORLD WIDE OF WORK FORCE BY 2025 ANNUAL EARNINGS BY 2018 WOUD RATHER SEE A DENTIST NO RETIREMENT ACCOUNT FAVOR FIN TECH ALTERNATIVES BELIEVE THEY WON’T NEED A BANK IN THE FUTURE ESTIMATED NUMBER OF FIN TECH COMPANIES IN 2016 MILLENIALS USING ATLEAST 2 FIN TECH PRODUCTS IN THE LAST 6 MONTHS ESTIMATED REVENUE LOSSES FROM BANKS TO FINTECH Millennials are your future. Plan for it
- 29. ML & AI WILL REVOLUTIONIZE THE INSURANCE BUSINESS TESTING, LEARNING, ACTING WILL BE REAL TIME, ALL THE TIME MOBILIZE AND MAKE BUYING UBIQUITOUS, SEAMLESS, FRICTIONLESS SURIVIVAL HINGES ON MAKET FACING DISRUPTION FOCUS ON TRANSPARENCY & PERSONALIZATION FOR PROFIT MAXIMIZATION Technology will disproportionately transform business SIMPLIFY EXPERIENCES. BUILD NEW TRUST. REDEFINE INTERMEDIARIES. INCR. ACCESS PLAN FOR MILLENIALS NOW. AND STAY ALWAYS ON