digital ecosystems emerging digital ecosystems and their impact...
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XVI SemPRe - Seminário Português de Resseguro, Lisbon, 24 September 2019Dr. Evangelos Avramakis, Head Digital Ecosystems R&D, Swiss Re Institute, Zurich
Emerging digital ecosystems and their impact for insurers
Digital Ecosystems
Access publication:Digital ecosystems: extending the boundaries of value creation in insurance
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Japan Tsunami 2011
3
what was the
jobto be done?
(no telecom network available)
Source: Jones David (18.03.2011) 'We have been betrayed': Mayor of town near stricken Japanese nuclear plant claims his people have been 'abandoned’, Dailymail.co.ukImage Source: AFP Getty Imageshttp://www.dailymail.co.uk/news/article-1367208/Japan-tsunami-earthquake-Mayor-claims-people-abandoned.html
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The potential solution was already here…
….but did not fit to the customer’s infrastructure (no windows messenger app)
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Line's messaging service was launched in 2011 by the Japanese unit of South Korean Internet service provider NaverCorp. after the quake-tsunami tragedy damaged telecoms infrastructure nationwide, forcing millions of people in Japan to resort to online resources to communicate.
Source: Agence France-Presse (04.08.2014) From Tsunami Lifeline to Listing, Chat App Line Sends Message to Rivals, gadgets.ndtv.comhttps://gadgets.ndtv.com/apps/features/from-tsunami-lifeline-to-listing-chat-app-line-sends-message-to-rivals-570291
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Viber (12/2010)
viber.com
WeChat (01/2011)
blog.wealthfront.com
Line (03/2010)
line.me
SnapChat (09/2011)
snapchat.com
Bought by Rakuten
for
0.9bn
USD
worth
>500bn
USD
IPO 2016worth
9 bn
USD
IPO 2017worth
33bn
USD
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Source: Typology Eyewear (Company Website) accessed 05.02.2019
www.topologyeyewear.com
https://itunes.apple.com/US/app/id1110119242
AR supported personalized eyewearStyle and preview your custom-tailored glasses
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Source: Genevieve Scarano (02.03.2019) You Can Virtually Try On Sneakers With This Cool App – Geek.com
https://www.geek.com/tech/you-can-virtually-try-on-sneakers-with-this-cool-app-1772785/
https://wanna.by/
https://itunes.apple.com/us/app/wanna-kicks/id1444049305?mt=8
on demandexperiences
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11Source: Andreea Conway (22.07.2012) Audi with its new digital car showroom. auto-types.com
https://www.auto-types.com/autonews/audi-with-its-new-digital-car-showroom-8986.html
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Insurance crash experience (Australia)
Source: Lui Gough (24.03.2014) Visited: NRMA Crashed Car Showroom. Goughlui.comhttps://goughlui.com/2014/03/24/visited-nrma-crashed-car-showroom/
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…so it’s not all about TECHNOLOGY?
Source: Videvo
reducing customer
effortreducing customer
timereducing customer
costs
Source: Teixeira, T. S., & Piechota, G. (2019). Unlocking the Customer Value Chain: How Decoupling Drives Consumer Disruption. Broadway Business
Video source: Pexels.
…it’s all about the customer experience !
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What needs to get fixed in the insu-rance industry
1Customer journey & experience as key driver in digital sales
2From digital products, to platforms, to ecosystems
3
Agenda
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45
0
40
35
30
25
20
15
10
5
Source: Hakim A et al. (1998) - Effects of walking on mortality among nonsmoking retired men. New England Journal of Medicine, 338(2), 94-99.
Onlineretailers
Local retailstores
National retailstores
Streaming TV /video/
music service
Mobile phone
providers
Credit card rewards/
frequent flyer programs
Banks Cable TV providers
InsuranceAuto or Home/Renter
InsuranceLife or
Annuity
Insurance as an industry might just be too complex for consumers!The Challenge: Complexity
Percentage of consumers who say these businesses’ products are easy to understand
~400~120~110~70~50~15~4~3~2 ~400~120~110~70~50~15~4~3~2
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The engagement gap in the Financial Services industry
Average interactions per year
>7'500
2'300-2'5002'100-2'300
1'400-1'600
800-1'000
LifeInsurance
Technology companies
Social media
Non-lifeInsurance
MotorInsurance
HealthInsurance
Retail Telco Banking
1 Adapted from: Berger-de Leon M. et all. (2016) McKinsey - Transforming life insurance with design thinking
30-50270-300
70-9060-70
The Challenge: The engagement
Estimated average number of customer contacts over 20 years1
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New competition arriving – this time from outside!…and a significant number considering introducing AI services
Aggregators Start-Ups“Challengers”
Intermediaries
Banks / Insurers
TechPlayers
Established market players New entrants
customers
The Challenge: New competition arriving
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Insurance already insideBusiness Insider (02.09.2016) - Tesla is planning to offer custom insurance planshttp://uk.businessinsider.com/tesla-is-planning-to-offer-custom-insurance-plans-2016-9
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B2CTRŌV DIRECT TRŌV EMBEDDEDTrōv’s flagship on-demand insurance application
B2B2CTRŌV PRIVATE LABEL Private labeled apps and web front ends for insurers (B2B2C)
B2BTRŌV PRODUCT LINEAPI accessed services offered from the platform, embedding Trōv capabilities
Source: Dowds M, Chief Strategy Officer Trov, Instech London, BT Center 20 June 2017http://www.instech.club/
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Airbnb's Host GuaranteeFree property damage protection of up to $1 million USD for every
listing
Experience Protection InsuranceFree liability insurance of up to
$1 million USD for most experiences
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APIs als the new golden standard:i.e. Lemonade API
Commerce Real Estate Marketplaces
Financial Service
Smart Home Security
Insurance As as Service (IaaS)
Everything Else
Adapted from: Lemonade.com (28.05.2018) https://www.lemonade.com/api
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NPS
70Renewal rate
97%Source: Lemonade Blog (20.06.2018) We suck, sometimesttps://stories.lemonade.com/lemonade-transparency-review-blog-eced69282ac8
the original the copy
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Healthcare and Health Insurance shakeup - big tech is preparing
Company
Strengths • Google Cloud Platform
• Al - Cloud infrastructure
• Oscar Health investment
• Verily Life Sciences
• AWS• Alexa• Supply delivery
• iPhone consumer base
• Apple Watch • App Store
frameworks
• Azure• Healthcare NExT• Microsoft
Genomics
Opportu-nities
• Personalized, low cost health insurance2
• Population health• Precision medicine• Clinical decision
support
• Personalized, low cost digital health insurance1
• Medical supply services
• Personalized health benefits
• Personalized health insurance
• Remote patient monitoring
• mHealth
• Population health• Precision medicine• Clinical decision
support
Source: Laurie Beaver (19.07.2018) BIG TECH IN HEALTHCARE: How Alphabet, Amazon, Apple, and Microsoft are shaking up healthcare — and what it means for the future of the industry. Business Insider
https://www.businessinsider.com/alphabet-amazon-apple-and-microsofts-influence-in-healthcare-2018-7?r=US&IR=T
1 Susan Morse (08.02.2018) What the Amazon, Berkshire Hathaway, JPMorgan deal means for payers. Healthcare Finance News
2 Lydia Ramsey & Zachary Tracer (26.03.2019) $3.2 billion startup Oscar Health is plotting its expansion into new states as it moves into a competitive insurance plan market. Business Insider
Source: Mike Peterson (04.05.2018) 7 Times an Apple Watch Helped Save Someone’s Life. Idropnewshttps://www.idropnews.com/news/apple-watch-news/7-times-apple-watch-helped-save-someones-life/70824/10/ 25
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Apple’s Watch can detect an abnormal
− heart rhythm with 97%1
− sleep apnea with 90%1
− diabetes with 85%1
− hypertension with 82%2
− AFib with 98%3
accuracy!
Source: 1 Tison, GH et al. (2017). Cardiovascular Risk Stratification Using Off-the-Shelf Wearables and a Multi-Task Deep Learning Algorithm, 2 Ballinger B et al. (2018) DeepHeart: Semi-Supervised Sequence Learning for Cardiovascular Risk Prediction, 3 Stanford (2018) Apple heart study
Afib = atrial fibrillation
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28Source: Lilla Laczo (05.11.2019) Top 5 HIIT Apps You Should Download For 2019. Shapescale.comhttps://shapescale.com/blog/fitness/top-3-hiit-apps-download/https://healthsolutions.fitbit.com/
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Source: https://lifesum.com/
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What needs to get fixed in the insu-rance industry
1Customer journey & experience as key driver in digital sales
2From digital products, to platforms, to ecosystems
3
Agenda
31
Source: Realotyeditor.org (2017) A Web-Based Tool for Controlling the Physical World (accessed: 12 June 2017)http://realityeditor.org/
Interactions beingdynamicallygeneratedthrough AI
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Sources: Modiface.com
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Source: Amanda Cosco (19.03.2018) L’Oreal acquires Toronto-based Modiface. Electricrunway.com
https://electricrunway.com/loreal-acquires-toronto-based-modiface/
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in % of total)
Source: AT Kearney (2017) Beauty and the E-Commerce Beasthttps://www.atkearney.com/retail/article?/a/beauty-and-the-e-commerce-beast
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Source: Kyle Wiggers (04.06.2019) Amazon and L’Oréal let you digitally try on makeup. VentureBeat.comhttps://venturebeat.com/2019/06/04/amazon-and-loreal-let-you-digitally-try-on-makeup/
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Do you know these brands?
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Mobile E-Commerce shopping apps – most active users (combined iPhone and Android, Q1 2019)
Source: App Annie (20.05.2019) What You Need to Know About Southeast Asia’s Growing M-Commerce Landscapehttps://www.appannie.com/en/insights/market-data/southeastasia-mcommerce/
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Portugal, Apple Store (Top apps, 12 September 2019)
Sources: Similarweb (12.09.2019)https://www.similarweb.com/apps/top/apple/store-rank/pt/social-networking/top-free/iphone
naturaltouchpoints
39
Source: Whysker Blog (09.01.2018) Neural Networks at wyskerImage sources: https://steemit.com/machine-learning/@wysker/neural-networks-at-wyskerhttps://medium.com/wysker/the-wysker-app-play-discover-shop-76a8c59e7768
40Source: Ramotion (2016) Car Control - App Interface: in User Interface Design on Jan 28, 2016https://dribbble.com/shots/2487806-Car-Control-App-Interface
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Source: Marina Yalanska M. et al. (2018) Case Study: Tasty Burger. UI Design for Food Ordering Apphttps://tubikstudio.com/case-study-tasty-burger-ui-design-for-food-ordering-app/(accessed 20.04.2019)
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Fluid and smart interfaces
Source: Ramotion (2016) Car Control - App Interface: in User Interface Design on Jan 28, 2016https://dribbble.com/shots/2487806-Car-Control-App-Interface
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on demandexperiences
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Global InsurerSwitzerland (09.04.2018)
[ins.]
Global InsurerUK (09.04.2018)
[insurance]
Global InsurerItaly (09.04.2018)
[ins.]
Global InsurerGermany (09.04.2018)
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Snapsuresnapsure.de
Wealthfront.comblog.wealthfront.com
Tubikhttps://dribbble.com/Tubik
Oscar Healthmedium.com/oscar-tech70% (re)insurers believe they are failing to meet customer expectations
not meetingexpectations
meetingexpectations
don’t know
70%20%
10%
Source: Audi (30.08.2017) Audi launches Virtual Reality technology in dealerships
https://www.audi-mediacenter.com/en/press-releases/audi-launches-virtual-reality-technology-in-dealerships-9270
A variety of IoT and AI start-ups are developing solutions for the generation contextual and behavioural insights
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context360.com theneura.comsentience.com
47GPS
Motion/Acceleration
Gyroscope
Sentiance delivers insights into consumer behaviorhttps://itunes.apple.com/be/app/journeys-2/id984087229?mt=8 48
Sentiance delivers insights into consumer behaviorhttps://itunes.apple.com/be/app/journeys-2/id984087229?mt=8 49
Sentiance delivers insights into consumer behaviorhttps://itunes.apple.com/be/app/journeys-2/id984087229?mt=8 50
Cuvvacuvva.com
Carrotwww.carrotinsurance.com
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Rootwww.joinroot.com
InsureAppinsureapp.com
Visit onWebsite
Fingerprint
Tweet onProduct
Social Mapper
View add onInstagram
Social Mapper
User onLinkedIn
Social Mapper
Comments on Facebook
Fingerprint + SM
Facebook could collect 25% of an average user’s browsing history by linking website cookies with the Facebook account!
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Facebook use webFacebook accountwidgets are embedded in various sites around the web, and will send the address of the page you are viewing along with your Facebook cookie, enabling Facebook to build a list of sites you have visited. Facebook’s widget reaches 25% of pages loaded by our users that Facebook could collect 25% of an average user’s browsing history.
Source: Cliqz.com (accessed 10.08.2018) How Facebook knows exactly what turns you onhttps://cliqz.com/magazine/techblog-woher-facebook-genau-weiss-was-dir-gefaellt-2
DigitalFingerprint
Customer Journey
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Social Mapper uses facial recognition to correlate social media profiles across different sites on a large scale.
Sources: LinkedIn, Facebook, Twitter, GooglePlus, Instagram, Vkontakte, Weibo, Douban
Output: Organisations name, searching via LinkedIn, folder full of namedimages, CSV file with names andurl’s to images online
Source: GitHub (accessed: 13.08.2018) A Social Media Enumeration & Correlation Toolby Jacob Wilkin(Greenwolf)https://github.com/SpiderLabs/social_mapper
Contact Center
Understanding customer journeys is key for key insight generation.How to get insights into non owned touchpoints?
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Online (incl. mobile)
Agent / “Broker”
Contact Center(i.e. phone, chat)
Paper / E-Mail
Awareness Consideration Purchase
Owned Touch-Points Paid Touch-PointsEarned Touch-Points
Sources: adapted from: Swiss Re (2014) Sigma – Digitaler Vertrieb von Versicherungen, Helsana Marktforschung (Projekt Formutainment, 2013)
Friends & Family
Online Reviews(i.e Expert reviews)
Paid Touchpoint(i.e. Google, Facebook, …)
Customer 1
Customer 2
55
What needs to get fixed in the insu-rance industry
1Customer journey & experience as key driver in digital sales
2From digital products, to platforms, to ecosystems
3
Agenda
….let focus on the future of mobilityear?
Source: Cooper Hewitt (2018) Photorealistic rendering based off of concepts in the NACTO Blueprint for Autonomous Urbanism. Copyright © 2017 Bloomberg Philanthropies. Source: Cooper Hewitt Explores The Future of Mobility in New Exhibitionhttps://www.si.edu/newsdesk/releases/cooper-hewitt-explores-future-mobility-new-exhibition 56
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digitalproducts / services
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digitalplatforms
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air travel
ride hailing
micromobility
public train
Managing mobility journeys
integratedmobility journey
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How manymobility apps…?
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66Source: CB Insights (2019) Tencent – Ant Financial
With 50% of WeChat users reportedly spending 90 minutes per day on the social network. Tencent earns fees from vendors’ commercial transactions as well as from users’ cash withdrawals and credit card repayments.
Alipay’s mobile payments service as the gateway to Ant’s broader suite of financial services. Ant has been aggressively investing in offline partnerships and strategic moves — such as Starbucks, its Hema, and public transportation systems.
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digitalecosystems
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Do you intend to keep your
customer interactions?
Do you assume to loose full
control but stay relevant?
…and how do you plug-in into
these mobility ecosystems?
70Impage source: Unsplash.com
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What needs to get fixed in the insu-rance industry
1Customer journey & experience as key driver in digital sales
2From digital products, to platforms, to ecosystems
3
Summary
Thank you
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Dr. Evangelos AvramakisHead Digital Ecosystems R&DSwiss Re Management LtdMythenquai 50/608022 ZURICH, SWITZERLANDDirect +41 43 285 49 73 E-mail: Evangelos_Avramakis@swissre.com
ch.linkedin.com/in/avramakis
xing.com/profile/evangelos_avramakis
flipboard.com/@eavramakis
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