mahendra nambiar - canadian reinsurancecrconline.ca/2016_presentations/2016 crc session 14...
TRANSCRIPT
MahendraNambiar
Vice PresidentSolutions & Innovation HeadCapgemini Global Insurance
EACH UNDERPINNED BY TECHNOLOGY,THE AVAILABILITY OF DATA AND THE APPLICATION OF INSIGHTS
Connectivityand ArtificialIntelligence
CustomerCentricity
Transparency
Three Key Innovation Themes
DATA&
DIGITAL
The 7 Major Disruption Areas Where We SeeOpportunities To Innovate In Insurance
OMNI-CHANNEL CUSTOMER EXPERIENCE
CUSTOMER ENGAGEMENT &EXPERIENCE EXPECTATIONSCONNECTED DEVICES, IOT, & USAGE
BASED INSURANCE
NEW RISKS& NEW MARKETS
THE SHARING ECONOMY
DISRUPTIVE ENTRANTS &BUSINESS MODELS
REGULATORYENVIRONMENT SHIFTS
These Innovations Are Already Disrupting OtherIndustries Fundamentally
Largest Taxi ServiceThat Owns No Taxis
Largest AccommodationProvider That Owns NoReal Estate
Largest Phone CompanyThat Owns No Telco Infra
Most Valuable RetailerThat Has No Inventory
Biggest Media OwnerCreates No Content
World’s Largest MovieHouse Owns No Cinemas
THIS LEVEL OF DISRUPTION IN INSURANCE IS POSSIBLE
IoT = Internet Of Things = Insurance Of Things …Is Just At The Beginning…
Connected Car Connected Home
Connected Self Connected Commerce
And Its AboutConsuming The Data
And Deriving Real TimeImpactful Insights
… The Pace Of Change Is Undeniable …
Source: CB Insights 2015
With Access To Data Being The Primary Motivation
… And Is Creating A Tremendous Amount Of DataFor New Insights
UBI Is Just Scratching The Surface, With PrimaryApplications In Auto Insurance
Dynamic Data Visualization Will Generate RapidInsights For Pricing and Portfolio Decisions
Customers Will Demand Deeper TransparencyAnd Personalized Insurance Services (Products)
Insurance Companies Are Investing In Start-ups…
Insurance corporates completed over 35 investments in privatetech companies in 2015. The acceleration in investments showsno sign of slowing
Source: CB Insights 2015
… And Others Are Transforming The BusinessModel Like With Peer To Peer (P2P) Insurance
For Insurance Carriers For Policy Holders
Self selected pools offerlower risk profiles
Less likely to report smallclaims
Reduces moral hazard ofinsurance
Premium Discounts if there areno claims
Ability to pool risk with cohesivegroups to minimize risk
Have a vested interested inspreading the word and gettingfriends to join
Lemonade(USA)
Geuvara(UK)
Friendsurance(Germany)
InsPeer(France)
PeerCover(New Zealand)
This Map Of Insurance Startups DemonstratesThe Possible Partnership Capability
Source: Cole Bermuda
And So, How The Market Is Responding?
Using anonymized social andsearch engine data. BBM identifiesunmet insurance needs. Buildsaffinity groups and negotiatesdeals with insurers. Sells throughsocial networks.
Bought By Many was namedFintech Innovation of the Year in2015.
Partnership with Ping An in ChinaAcquired an Insurance Broker inthe UK
Social Distribution
This is an example of bringinginsurance products to thecustomers journeys rather thancreating a new insurance journey.
Alibaba and ANT achieve this byoffering products that areintegrated into the ecommercejourney, shipping insurance forexample.
In 2013, Ant Financial set up itsown insurance company calledZhong An.
This is an online life insurancecompany underwritten by ScottishFriendly Assurance Society. BeagleStreet started in 2012 and isdesigned to allow people who haveexperienced a major life momentsuch as buying a house, gettingmarried or having a baby to getaffordable life insurance quickly.
This company has refocused therelationship with the insured tothat of an advisor, a life eventsguide. The model is tuned toreinforce trust with the endcustomer.
Integrated Insurance Events Partner
https://www.youtube.com/watch?v=3h8-GEX159M
https://www.youtube.com/watch?v=K7mNiY6ts2k
What Is Your Starting Point?
Whatever path you chose to accelerate thetransformation of your business, four things are ofparamount importance:
1. Fully Understand Your Starting Point (& Your Target!)
2. Focus More On Management Intensity ThanTechnology Intensity
3. Capability Optimization Is Not Innovation
4. Leverage Data And Insights As The FundamentalCatalyst For Innovation
www.capgemini.com
The information contained in this presentation is proprietary.© 2013 Capgemini. All rights reserved. Rightshore® is a trademark belonging to Capgemini.
About CapgeminiNow with 180,000 people in over 40 countries, Capgemini is one of theworld's foremost providers of consulting, technology and outsourcingservices. The Group reported 2015 global revenues of EUR 12 billion.Together with its clients, Capgemini creates and delivers business andtechnology solutions that fit their needs and drive the results theywant. A deeply multicultural organization, Capgemini has developed itsown way of working, the Collaborative Business ExperienceTM, anddraws on Rightshore®, its worldwide delivery model.