Future of Insurance Industry - life insurance, future of pensions, savings and fund management - insurance keynote by Futurist speaker Patrick Dixon

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Keynote for Prudential / London Business School on future of insurance industry, financial services, future of life insurance, future of pension, fund management, compliance, regulation and related …

Keynote for Prudential / London Business School on future of insurance industry, financial services, future of life insurance, future of pension, fund management, compliance, regulation and related insurance industry trends. Future of insurance customers, mobile multichannel marketing, future of direct selling by insurance agents in Asia, future of insurance in emerging markets such as China, India, Cambodia, Indonesia, Malaysia, Singapore and Thailand. Futurist speaker Patrick Dixon.

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  • 1. Dr Patrick Dixon Chairman Global Change Ltd Insurance Trends Future World, Future Opportunities Fellow, Centre for Management Development, London Business School Text
  • 2. do things you really believe in doing the right thing Life  is  Short    
  • 3. Why  I  believe   in  insurance    
  • 4. Poor  image  with  customers  and  graduates —Marke&ng:  We  are  here  to  protect  you  and   family,  to  pay  out  generously  and  quickly  if   something  happens  to  you,  giving  you  peace   of  mind  at  a  fair  price.     —Investors:      We  make  shareholders  as  much   wealth  as  we  can  without  breaking  laws.  We   raise  premiums  as  o@en  as  we  can,  and  pay   out  as  liAle  as  possible  to  finance  dividends.
  • 5. 6  words  spell      F  U  T  U  R  E   F ast U rban T ribal U niversal R adical E thical
  • 6. ALL      BIG      RISKS      ARE      RELATED ReputaGon  -­‐  Events  -­‐  Focus  -­‐  Service
  • 7. • Click  to  edit  Master  text  styles
  • 8. AGILE leaders have more than one strategy and learn rapidly from each other
  • 9. WGP  1980-­‐2013  (%,constant  prices) Diversity  to  seize global  markets
  • 10. EU  GDP  1980-­‐2013   (%,constant  prices)  
  • 11. Vietnam  GDP  1985-­‐2011  
  • 12. >40% WDP by 2015 — IMF - adjusted for Purchasing Power Parity
  • 13. • Click  to  edit  Master  text  styles
  • 14. • Click  to  edit  Master  text  styles
  • 15. RISK benchmarking over same investment cliff as everyone else
  • 16. • £  375bn $2.3  trillion  US  +  $85bn  per  month
  • 17. $3.4  trillion   Reserves  
  • 18. The future is about EMOTION
  • 19. 80%  lost  in  seconds  
  • 20. aggregators  win with  only  one  form
  • 21. Most  call-­‐centres slow,  blind  and   deaf (single  screen  -­‐  no  social  media)  
  • 22. 300 million move to cities in China and 475 million to cities in Africa by 2030
  • 23. Personal  Financial  Services  in  Asia $300bn  growth  expected:  2011-­‐  2020  
  • 24. China / Brazil 32% retail insurance growth pa
  • 25. Europe Dying 4 couples to produce single great-grand child Hyper-competive + regulation
  • 26. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  mostly  women
  • 27. Falling  Family  Size  link  means   Insurance • Average  family  size  in  developing  naCons  fell   from  6  to  3  children  from  1950  to  2000       • Bangladesh  family  size  halved  in  20  years   • In  Iran  fell  from  7  in  1984  to  1.9  by  2006   • In  S  Korea  fell  from  6  to  <3  in  25  years • PopulaCon  falls  to  replacement  levels  at  $4000  -­‐   $10,000  a  year
  • 28. Can we stop ageing ?
  • 29. • Adenovirus • Infected mouse hair cells • Permanent colour change Permanent Hair Colour
  • 30. Treatment which restores and maintains the youthful elasticity of hardened arteries – and helps wrinkled skin. Global sales? Low blood pressure and total body lift Alteon
  • 31. • Pigs teeth grown inside rats • Mice grow new teeth from nerve cells / gum tissue Grow New Teeth
  • 32. Repair of heart or brain damage following coronary / stroke using adult stem cells Repair Heart / Brain
  • 33. • Harvard Bioscience • Bioreactor • Bone marrow stem cells • Polymer scaffold
  • 34. Print New Skin (Lexmar)
  • 35. Build Nanotech Robots
  • 36. • Adenovirus contains Math1 gene • Turns young ear cells into hair cells • Inject virus particles into inner ear • New hair cells grow near Organ of Corti • Research in Guinea Pigs Cure for Deafness ? b
  • 37. Confidential HSV1  causes  cold  sores.  When   engineered  as  Seprehvir   (HSV-­‐1716),  it  is  harmless  to   healthy  &ssue. • Oncolytic viruses • Infect and kill cancer tumour cells • No damage to healthy tissue • Evidence of impact in clinical trials • Able to deliver new genes into cancer cells • Micro-dose chemo, micro-dose radiotherapy Viruses to cure cancer ?
  • 38. Monkeys on diet live longer • After 20 years - 80% alive v 50% on normal calories • Less cancer, diabetes, heart disease, strokes, brain decay 55
  • 39. Worn out Mitochondria – Energy Boost R-alpha-lipoic acid Acetyl-L-carnitine
  • 40. Slow  or  no  ageing  is  a  reality  in  animals Japan  women  gain  15  minutes  of  life  expectancy  every   • Rockfish, Turtles, some Whales • No signs of getting old
  • 41. lPeople  like  to  belong lSense  of  idenCty lCommunity   lFamily lInsurance  oTen  personal     Happy to Belong
  • 42. 700,000  agents:  relaGonship
  • 43. Reasons people choose non-life insurers
  • 44. —Click to edit Master text styles —Click to edit Master text styles Huge Opportunity: customer experience
  • 45. 1  trillion pages  a   month
  • 46. "Perfection!, Wonderful hotel. Good value, beautiful views.“ Madrid May 20, 2013 This was the most beautiful hotel. Clean, friendly and good value. “Worst hotel I have ever been in. Should be closed down.“ Paris April 11, 2013 NEVER stay in this terrible place. Rats, insects, dirty. Many guests got sick. 74  million  users  a  month
  • 47. SCALE  +  FOCUS Survival  issues:    country   region  /  specialty  /   channel  /  technology  /   underwriGng  /  e-­‐sales
  • 48. e-­‐commerce  hit   $1  trillion  in  2012  e-­‐marketer  
  • 49. Italy:  58%  increase  in   aggregator  sales  of   policies  in  first  6   months  of  2013  v  2012
  • 50. 56%  all  private  motor  insurance  sales Growth  1-­‐2%  pa  -­‐  reaching  saturaGon 30%  of  consumers  select  cheapest  policy   Further  58%  select  policy  in  top  five  cheapest ObjecGve  measure  of  brand  value UK  Aggregators  Threat
  • 51. Weakness of all Aggregators
  • 52. 33%  in  UK  don’t  watch  live  TV
  • 53. >  200  million  mobile  payments     >  $160bn  
  • 54. Kenya  -­‐  17m  customers $9bn  pa  -­‐  >33%  GDP
  • 55. 1.7bn  users   unbanked
  • 56. Mobile“On-time, anyhow, anywhere” Reduce customer support costs Boost cross-sell / up-sell (works well) Easier policy changes and renewals Policy alerts / progress on claims Integrated product offers Fusion with social media
  • 57. 1500% growth car insurance black boxes Telematics Scale
  • 58. 90% all global data generated in last 2 years Big  Data Sales,  underwriGng,  fraud  
  • 59. Big Data means shift from Marketing to Advice
  • 60. • Home • Work • Online • Offline • Sales • Entertain • Phone • Mobile • Chat • Social web ONE CUSTOMER
  • 61. • 90%  Microsoh  R&D CLOUD
  • 62. 5.5  billion  cyberajacks 42%  increase  /  year >160Gbps  in  denial  of  service 1000  major  ajacks  /  hr  in  UK Worries  about  US  Prism  /  security  services  
  • 63. $40 Trillion Green Tech Boom driven by oil price, cost cuts, green activism
  • 64. Shale gas 33% US supplies 3.3m US jobs $468bn pa + more oil produced than Saudi by 2020 200 years global supply Up from 60 years in 5 years
  • 65. 120,000 terawatts of sunlight /day 7,000 times total global power use Power Moscow from Libyan Desert “40%  EU  power  =  wind  by  2050” Surplus  wind  to  hydrogen  -­‐  to  methane  ?
  • 66. 120,000 terawatts of sunlight /day 7,000 times total power use QUEBEC from ARIZONA MOSCOW from SAHARA
  • 67. Solar  cell  generaCon  for  same  price  
  • 68. Only 5% EU power crosses borders
  • 69. Enough salt caverns to power germany for a wee 96
  • 70. Only sell what you believe in and would sell to your family and friends The  only  corporate  value  worth  having  
  • 71. Truth  about  Retail  Funds —Next miss-selling scandal? Expect regulation++ —65-75% of actively managed funds fail to beat trackers - huge hidden charges —Most fund managers are reluctant to invest own money in own retail funds and do not recommend to their friends
  • 72. “Trust  and  Transparency...We  aim  to  delight   our  customers  with  our  service  to  them  and   ensure  that  they  have  every  reason  to  renew   their  policy  every  year.”  Doing  the  Right  Thing. Big hidden penalties for loyal customers will be seen as unethical
  • 73. •Individuals •Families •Teams •Shareholders •Communi&es •Wide  World CreaGng  a  Bejer  World Bejer  value,  customer  service,  underwriGng,   risk  management,  cost  control  and  profitability
  • 74. Dr Patrick Dixon Chairman Global Change Ltd globalchange.com 5 MILLION VIDEO VIEWS