swissre institute christina kehl11401cd7-f34e-4090...swissre institute christina kehl. the future is...
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REINVENTING INSURANCE13th Chief Risk Officer Assembly
SwissRe Institute
Christina Kehl
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THE FUTURE IS AT OUR DOORSTEP
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INDUSTRY COMPARISON: KODAK AND PHOTOGRAPHY
1998 2011
Kodak share price: $ 80
Kodak share price: $ 0.78
2017
Number of photos:1.3 trillion
2010
Instagram: 80 million photos are uploaded per day
Founding of Instagram
Number of photos: 0.05 trillion
window to react
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INDUSTRY COMPARISON: KUONI AND TRAVEL
Founding of Kuoni
Kuoni sells travel business
Global international tourism revenue:1.26tr USD
1997
Expedia and booking.com manage 80% of agency bookings
Founding of booking.com and Expedia
First travel bookings
window to react
20151906 2017
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INDUSTRY COMPARISON: OTTO GROUP AND RETAIL
Otto catalogue
Otto catalogue stopped
10% of global retail sale is online, with a 23% growth rate per year. Otto retail fashion
revenues 80% online
Beginnings of E-commerce, founding of Amazon
window to react
20131994 2016
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2. Rise of new digital business models (core systems with platforms)
1. Decline of traditional business models
INDUSTRY COMPARISON: 3 LEARNINGS
3. Digitization generates new business potential
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INDUSTRY COMPARISON: PLATFORMS ON THE RISE
Uber, the world’s largest taxi company, owns no vehicles.
Facebook, the world’s most popular media owner, creates no content.
Alibaba, the most valuable retailer, has no inventory. Airbnb, the world’s largest accommodation provider, owns no real estate.
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CUSTOMER DRIVEN DIGITIZATION PER SECTOR
10 20 30 40 50 60 70 80 90 100 %0
Not digitized Ongoing digital transformation Digital business
Consumer goods
Automotive and assembly
Financial services
Transport and travel
Telecom
High tech
Media
Retail
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INSURANCE INDUSTRY
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Early adopters embrace new channels /models
Mainstream customers adopt
DIGITAL TRANSFORMATION OF INSURANCE
New trends emerge
Innovative startups create disruptive business models
Advanced incumbents begin to pivot
Tipping point
New normal: Advances incumbents, established startups
1996 from 2012 2015 2016 2019 2020
We are here!
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HOW TO REINVENT
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GREENFIELD APPROACH
Old legacy systems
Keep running Build newly from scratch
New digital
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SPEED BOAT APPROACH
Old legacy systems
Digital units
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INNOVATION QUALITIES
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TECH & PEOPLE
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1. CORE SYSTEM
CULTURE
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TECH
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CORE SYSTEM - DATA MACHINE
Data storage
Underwriting
Contracting
Open API data access
Data transmission
Risk management
Data requests
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DIGITAL CORE SYSTEM - DATA AND PROCESS FLOW
Incoming data
Risk ManagementUnderwritingSmart Contract
Blockchain Data storage Open API unique access keys
Secure external data transmission Open API
Predefined parameter set
Parameter selection UI
Open platform
AI
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OPEN PLATFORM
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DIGITAL OPEN PLATFORM
Distribution SecurityClaims Compliance Reg Tech Asset Management
API API
API
API APIAPI API
DATA CORE SYSTEM
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OPEN PLATFORM PARTNER POSSIBILITIES
Growing global insurtech/fintech ecosystem Over 3000 global tech partners to choose from. You mix and match your providers, for example:
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ARCHITECTURE
Decoupled Micro Services Allows for future update without stopping the entire system.
Resilient Automated backups, no single points of failure.
Modular Ability for development of custom modules that integrate with the di.os platform.
Secure Automatically handles data encryption both at transmission and at rest.
Upgradable Every component upgradable to newer technologies without breaking the system. This way, insurance companies never end up in the same situation of legacy systems that currently exist.
Cloud and Hosted Compatibility Works both as a self-hosted system or on a cloud environment.
Scalable Automatic scaling of components.
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PEOPLE
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1. CORE SYSTEM
PEOPLE
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„The secret of change is to focus your energy not on fighting the old, but on building the new.
-Socrates
“
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THANK YOUChristina Kehl
Twitter: @extrablatt Linkedin: www.linkedin.com/in/christinakehl
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