Future of Insurance industry - global trends, demographics, emerging markets, technology, customer service - keynote speaker

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Future insurance trends - how insurance customers are changing. Impact of mobile, online comparison sites, call-centre experience, customer relationship management, use of Big Data in underwriting and calculating risk premiums. Growth of insurance in emerging markets. Conference keynote speaker and Futurist Patrick Dixon.

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Future of Insurance industry - global trends, demographics, emerging markets, technology, customer service - keynote speaker

  1. 1. Dr Patrick Dixon Chairman Global Change Ltd Insurance Trends Take hold of your Future Tuesday, 3 September 13
  2. 2. do things you really believe in Life  is  Short     Tuesday, 3 September 13
  3. 3. Why  I  believe   in  insurance     Tuesday, 3 September 13
  4. 4.      Insurance:  Confusing  Messages Tuesday, 3 September 13
  5. 5.      Insurance:  Confusing  Messages —Marke&ng:  We  are  here  to  protect  your  family,  to   pay  out  generously  and  quickly  if  something   happens  to  you,  giving  you  peace  of  mind  at  a  fair   price.    We  believe  in  the  value  of  what  we  do  for   you. Tuesday, 3 September 13
  6. 6.      Insurance:  Confusing  Messages —Marke&ng:  We  are  here  to  protect  your  family,  to   pay  out  generously  and  quickly  if  something   happens  to  you,  giving  you  peace  of  mind  at  a  fair   price.    We  believe  in  the  value  of  what  we  do  for   you. —Investor  Rela&ons:  Our  mission  is  to  make   shareholders  as  much  wealth  as  we  can  without   breaking  the  law  and  landing  up  in  prison.  We  raise   life  insurance  premiums  as  high  as  we  can  get   away  with,  and  pay  out  as  liBle  as  possible.   Tuesday, 3 September 13
  7. 7. Tuesday, 3 September 13
  8. 8. ALL      BIG      RISKS      ARE      RELATED   Tuesday, 3 September 13
  9. 9. Tuesday, 3 September 13
  10. 10. Tuesday, 3 September 13
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  12. 12. Tuesday, 3 September 13
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  16. 16. Tuesday, 3 September 13
  17. 17. Tuesday, 3 September 13
  18. 18. Tuesday, 3 September 13
  19. 19. AGILITY means more than one strategy Tuesday, 3 September 13
  20. 20. Tuesday, 3 September 13
  21. 21. WGP  1980-­‐2013  (%,constant  prices) Diversity  to  seize global  markets Tuesday, 3 September 13
  22. 22. EU  GDP  1980-­‐2013   (%,constant  prices)   Tuesday, 3 September 13
  23. 23. Vietnam  GDP  1985-­‐2011   Tuesday, 3 September 13
  24. 24. >40% WDP by 2015 — IMF - adjusted for Purchasing Power Parity Tuesday, 3 September 13
  25. 25. 23 Tuesday, 3 September 13
  26. 26. Tuesday, 3 September 13
  27. 27. 25 Tuesday, 3 September 13
  28. 28. Tuesday, 3 September 13
  29. 29. Tuesday, 3 September 13
  30. 30. • Click  to  edit  Master  text  styles Tuesday, 3 September 13
  31. 31. • Click  to  edit  Master  text  styles Tuesday, 3 September 13
  32. 32. Tuesday, 3 September 13
  33. 33. • Tuesday, 3 September 13
  34. 34. • £ 375 bn $2.3 trillion US + $85bn per monthTuesday, 3 September 13
  35. 35. China  33%  growth  insurance   premiums  in  2010-­‐11   Tuesday, 3 September 13
  36. 36. 33 Tuesday, 3 September 13
  37. 37. The future is about EMOTION Tuesday, 3 September 13
  38. 38. Tuesday, 3 September 13
  39. 39. Tuesday, 3 September 13
  40. 40. CONVERGENCE OR DIVERGENCE All innovation is about doing things differently to serve customers better Tuesday, 3 September 13
  41. 41. Tuesday, 3 September 13
  42. 42. 39 Tuesday, 3 September 13
  43. 43. 80%  lost  in  seconds   Tuesday, 3 September 13
  44. 44. Screens Social   Tuesday, 3 September 13
  45. 45. Tuesday, 3 September 13
  46. 46. Tuesday, 3 September 13
  47. 47. Tuesday, 3 September 13
  48. 48. Tuesday, 3 September 13
  49. 49. 300 million move to cities in China and 475 million to cities in Africa by 2025 Tuesday, 3 September 13
  50. 50. 47 40% WDP Asia Pacific by 2015 Tuesday, 3 September 13
  51. 51. Europe Dying 4 couples to produce single great-grand child Stop Ageing Tuesday, 3 September 13
  52. 52. Tuesday, 3 September 13
  53. 53. Tuesday, 3 September 13
  54. 54. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  but  many  need  to  work Tuesday, 3 September 13
  55. 55. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  but  many  need  to  work Tuesday, 3 September 13
  56. 56. Older                                    Money 65% health budget on those over 65 Tuesday, 3 September 13
  57. 57. Older                                    Money 65% health budget on those over 65 Tuesday, 3 September 13
  58. 58. 66% of over 50s in Asia by 2050 —81 million now over 60 in India Tuesday, 3 September 13
  59. 59. Can we stop ageing ? Tuesday, 3 September 13
  60. 60. Genes à tests à insurance impact… ….A different kind of world Tuesday, 3 September 13
  61. 61. Eat more – weigh less •30% of US newborns will become diabetic •$100bn cost per year Tuesday, 3 September 13
  62. 62. Treatment which restores and maintains the youthful elasticity of hardened arteries, improves heart failure – and helps wrinkled skin. Tuesday, 3 September 13
  63. 63. Grow New Teeth • Pigs teeth grown in rats • Mice grow new teeth from nerve cells / gum tissue Tuesday, 3 September 13
  64. 64. Successful Heart repair •Inject bone marrow stem cells after bypass •Improves heart function Tuesday, 3 September 13
  65. 65. Monkeys on diet live longer • After 20 years - 80% alive v 50% on normal calories • Less cancer, diabetes, heart disease, strokes, brain decay 60 Tuesday, 3 September 13
  66. 66. Slow  or  no  ageing  is  a  reality  in  animals Impact  on  average  EU  reZrement  age  of  60 • Rockfish, Turtles, some Whales • No signs of getting old Tuesday, 3 September 13
  67. 67. Tuesday, 3 September 13
  68. 68. lPeople like to belong lSense of identity lCommunity lFamily lLife insurance is always bought for tribe Happy to Belong Tuesday, 3 September 13
  69. 69. Every strong brand creates a tribe Tuesday, 3 September 13
  70. 70. 1  trillion pages  a   month Tuesday, 3 September 13
  71. 71. Tuesday, 3 September 13
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  73. 73. Would they recommend to a friend ? Tuesday, 3 September 13
  74. 74. Would YOU recommend to a friend eg penalties for loyalty ? Tuesday, 3 September 13
  75. 75. 70 700,000  agents  -­‐  relaZonship  markeZng Tuesday, 3 September 13
  76. 76. 71 Household, personal liability and legal expenses Tuesday, 3 September 13
  77. 77. "Perfection!,"  TripAdvisor Member, Mar17, 2013 This was the most beautiful hotel. Delightful, all perfect.We will stay again v soon. "Terrible! TripAdvisor Member, Feb 10, 2013 Terrible place, rats, dirty, noisy - sick with food poisoning for 2 weeks. Nearly died. Tuesday, 3 September 13
  78. 78. Tuesday, 3 September 13
  79. 79. Personal Financial Services in Asia $300bn growth expected: 2011- 2020 Tuesday, 3 September 13
  80. 80. Tuesday, 3 September 13
  81. 81. Distribution – FUTURE DIRECT —From agents to banks —But trend is to go direct —Direct also reaches younger people Tuesday, 3 September 13
  82. 82. Tuesday, 3 September 13
  83. 83. Tuesday, 3 September 13
  84. 84. Brand values opportunity Tuesday, 3 September 13
  85. 85. We are only in first hour of first day of eCommerce Tuesday, 3 September 13
  86. 86. e-­‐commerce  hit   $1  trillion  in  2012  e-­‐marketer   Tuesday, 3 September 13
  87. 87. >  200  million  mobile  payments     >  $160bn   Tuesday, 3 September 13
  88. 88. Kenya  -­‐  17m  customers $9bn  pa  -­‐  >33%  GDP Tanzania  9m  people 35  naZon  links  via  HomeSend  Hub Tuesday, 3 September 13
  89. 89. 84 1.7bn  phone   users  are   unbanked Tuesday, 3 September 13
  90. 90. Paypal  Mobile   $141m  -­‐  $4bn    2009-­‐11   Tuesday, 3 September 13
  91. 91. 86 2m  businesses  use   SQUARE   in  US 30  companies  like  Square  in  China Tuesday, 3 September 13
  92. 92. • 90%  Microsob  R&D • Azure  $1bn  revenues • Office  365  1bn  revenues -­‐  loyalty -­‐  no  piraZng -­‐  instant  upgrades CLOUD Tuesday, 3 September 13
  93. 93. Tuesday, 3 September 13
  94. 94. 33%  in  UK  don’t  watch  live  TV Tuesday, 3 September 13
  95. 95. 70%  UK  bandwidth  =  YouTube  +  BBC   Neflix  video  streams  =  25%  US  bandwidth  (27m  users) Tuesday, 3 September 13
  96. 96. Mobile More than a Channel Tuesday, 3 September 13
  97. 97. Tuesday, 3 September 13
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  100. 100. Tuesday, 3 September 13
  101. 101. Free mobile devices calls / web / TV / games / pay 2010                                                  2013                                    2015                                                     Data Tuesday, 3 September 13
  102. 102. • Zettabyte = 1024 Exabytes Exabyte = 1024 Petabytes Petabyte = 1024 Terabytes Terabytes = 1024 Gigabytes Big Data Tuesday, 3 September 13
  103. 103. • Zettabyte = 1024 Exabytes Exabyte = 1024 Petabytes Petabyte = 1024 Terabytes Terabytes = 1024 Gigabytes That's a data explosion of 44x in What does Data mean for selling, underwriting and fraud ? Tuesday, 3 September 13
  104. 104. Tuesday, 3 September 13
  105. 105. Tuesday, 3 September 13
  106. 106. Big Data means shift from Marketing to Advice Tuesday, 3 September 13
  107. 107. • Home • Work • Online • Offline • Sales • Entertain • Phone • Mobile • Chat • Social web Tuesday, 3 September 13
  108. 108. • Home • Work • Online • Offline • Sales • Entertain • Phone • Mobile • Chat • Social web ONE CUSTOMER Tuesday, 3 September 13
  109. 109. Tuesday, 3 September 13
  110. 110. Beyond Compliance be ready for further rapid changes in regulations and business models Tuesday, 3 September 13
  111. 111. $40 Trillion Green Tech Boom driven by oil price, cost cuts, green activism Tuesday, 3 September 13
  112. 112. Shale gas 33% US supplies 200 years global supply Up from 60 years in 5 years Tuesday, 3 September 13
  113. 113. Data accepted widely Science of global warming might possibly turn out to be incorrect, but it is highly influential Tuesday, 3 September 13
  114. 114. 120,000 terawatts of sunlight /day 7,000 times total global power use Power Moscow from Libyan Desert “40% EU power = wind by 2050” Tuesday, 3 September 13
  115. 115. 120,000 terawatts of sunlight /day 7,000 times total power use QUEBEC from ARIZONA Tuesday, 3 September 13
  116. 116. Solar cell generation parity <5-10 yrs Tuesday, 3 September 13
  117. 117. —30 million acres lost —EU 5% gasoline and diesel from food 25% of 2010 US grain à fuel 30% US grain burnt in cars Tuesday, 3 September 13
  118. 118. Power + FoodTuesday, 3 September 13
  119. 119. Tuesday, 3 September 13
  120. 120. All sales based on a promise Purpose of business is to deliver on your promise Profit is your reward for doing so Purpose of Business Tuesday, 3 September 13
  121. 121. Truth about Retail Funds —Yield after charges often very low —Many fund managers unwilling to invest own money in retail funds —Many in the industry say their own products are not worth investing in —Yesterday – “50% of us sell funds of funds but only 5% of us invest in them” Tuesday, 3 September 13
  122. 122. Every life covered, every family safe, every home secured —For individuals – protecting wealth —For family – providing for their future —For community – or society enhancing —For the whole earth – the good of all Making Life Better Tuesday, 3 September 13
  123. 123. Dr Patrick Dixon Chairman Global Change Ltd globalchange.com 4 MILLION VIDEO VIEWS Tuesday, 3 September 13

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