Dr Patrick Dixon Chairman Global Change Ltd
Insurance Trends
Take hold of your Future
Fellow, Centre for Management Develo...
Monday, 9 September 13
do things you really believe in
Life	
  is	
  Short	
  	
  
Monday, 9 September 13
Why	
  I	
  believe	
  
in	
  insurance	
  	
  
Monday, 9 September 13
 	
  	
  Insurance:	
  Confusing	
  Messages
Monday, 9 September 13
 	
  	
  Insurance:	
  Confusing	
  Messages
—Marke&ng:	
  We	
  are	
  here	
  to	
  protect	
  you	
  and	
  
family,	
...
 	
  	
  Insurance:	
  Confusing	
  Messages
—Marke&ng:	
  We	
  are	
  here	
  to	
  protect	
  you	
  and	
  
family,	
...
6	
  words	
  spell	
  	
  	
  F	
  U	
  T	
  U	
  R	
  E	
  
F ast
U rban
T ribal
U niversal
R adical
E thical
Monday, 9 ...
Monday, 9 September 13
ALL	
  	
  	
  BIG	
  	
  	
  RISKS	
  	
  	
  ARE	
  	
  	
  RELATED	
  
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
• Click	
  to	
  edit	
  Master	
  text	
  styles
Monday, 9 September 13
Monday, 9 September 13
AGILE
Insurers need
more than
one strategy
Monday, 9 September 13
WGP	
  1980-­‐2013	
  (%,constant	
  prices)
Diversity	
  to	
  seize
global	
  markets
Monday, 9 September 13
EU	
  GDP	
  1980-­‐2013	
  
(%,constant	
  prices)	
  
Monday, 9 September 13
Vietnam	
  GDP	
  1985-­‐2011	
  
Monday, 9 September 13
>40% WDP by 2015
— IMF - adjusted for Purchasing Power Parity
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
• Click	
  to	
  edit	
  Master	
  text	
  styles
Monday, 9 September 13
• Click	
  to	
  edit	
  Master	
  text	
  styles
Monday, 9 September 13
Monday, 9 September 13
•
Monday, 9 September 13
•
£ 375 bn
$2.3 trillion US + $85bn per monthMonday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
The future is about
EMOTION
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
80%	
  lost	
  in	
  seconds	
  
Monday, 9 September 13
Monday, 9 September 13
Screens
Social
	
  
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
300 million move to cities in China and
475 million to cities in Africa by 2025
Monday, 9 September 13
Personal	
  Financial	
  Services	
  in	
  Asia
$300bn	
  growth	
  expected:	
  2011-­‐	
  2020	
  
Monday, 9 September 13
China / Brazil
32% retail
insurance
growth pa
Monday, 9 September 13
Europe Dying
4 couples to
produce single
great-grand
child
Stop Ageing
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
75%	
  of	
  all	
  US	
  and	
  UK	
  wealth	
  owned	
  by	
  
those	
  over	
  65	
  -­‐	
  but	
  many	
  need	
  to	
...
75%	
  of	
  all	
  US	
  and	
  UK	
  wealth	
  owned	
  by	
  
those	
  over	
  65	
  -­‐	
  but	
  many	
  need	
  to	
...
Can we stop ageing ?
Monday, 9 September 13
Monkeys on diet live longer
• After 20 years - 80% alive v 50% on normal calories
• Less cancer, diabetes, heart disease, ...
Slow	
  or	
  no	
  ageing	
  is	
  a	
  reality	
  in	
  animals
Japan	
  women	
  gain	
  1	
  year	
  in	
  4	
  of	
  ...
Monday, 9 September 13
lPeople	
  like	
  to	
  belong
lSense	
  of	
  idenAty
lCommunity	
  
lFamily
lInsurance	
  oFen	
  tribal	
  
produ...
700,000	
  agents:	
  rela]onship
Monday, 9 September 13
Reasons
people
choose
non-life
insurers
Monday, 9 September 13
—Click to edit Master text styles
—Click to edit Master text styles
Room to improve customer experience
Monday, 9 Septem...
1	
  trillion
pages	
  a	
  
month
Monday, 9 September 13
Monday, 9 September 13
"Perfection!, Wonderful hotel. Good value,
beautiful views.“
Madrid May 20, 2013
This was the most beautiful hotel. Clean,...
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Italy:	
  58%	
  increase	
  in	
  
aggregator	
  sales	
  of	
  
policies	
  in	
  first	
  6	
  
months	
  of	
  2013	
  ...
Monday, 9 September 13
56%	
  all	
  private	
  motor	
  insurance	
  sales
Growth	
  1-­‐2%	
  pa	
  -­‐	
  reaching	
  satura]on
30%	
  of	
  c...
Weakness of all
Aggregators
Monday, 9 September 13
33%	
  in	
  UK	
  don’t	
  watch	
  live	
  TV
Monday, 9 September 13
70%	
  UK	
  bandwidth	
  =	
  YouTube	
  +	
  BBC	
  
Neflix	
  video	
  streams	
  =	
  25%	
  US	
  bandwidth	
  (27m	
 ...
e-­‐commerce	
  hit	
  
$1	
  trillion	
  in	
  2012	
  e-­‐marketer	
  
Monday, 9 September 13
>	
  200	
  million	
  mobile	
  payments	
  	
  
>	
  $160bn	
  
Monday, 9 September 13
Kenya	
  -­‐	
  17m	
  customers
$9bn	
  pa	
  -­‐	
  >33%	
  GDP
Tanzania	
  9m	
  people
35	
  na]on	
  links	
  via	
  ...
1.7bn	
  phone	
  
users	
  are	
  
unbanked
Monday, 9 September 13
Paypal	
  Mobile	
  
$141m	
  -­‐	
  $4bn	
  	
  2009-­‐11	
  
Monday, 9 September 13
2m	
  businesses	
  use	
  
SQUARE	
  
in	
  US
30	
  companies	
  like	
  Square	
  in	
  China
Monday, 9 September 13
MobileReduce customer support costs
Boost cross-sell / up-sell (works well)
Easier policy changes and renewals
Policy aler...
Mobile
More than a
Channel
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
1500% growth car insurance black boxes
Monday, 9 September 13
Monday, 9 September 13
Monday, 9 September 13
• 90%	
  Microsom	
  R&D
CLOUD
Monday, 9 September 13
• Zettabyte = 1024 Exabytes
Exabyte = 1024 Petabytes
Petabyte = 1024 Terabytes
Terabytes = 1024 Gigabytes
Big
Data
Monday,...
Big	
  Data
impact	
  on	
  selling,	
  
underwri]ng	
  
and	
  fraud	
  
Monday, 9 September 13
Aramco - 30,000 computers hit - files lost
Monday, 9 September 13
5.5	
  billion	
  aoacks
42%	
  increase	
  /	
  year
>160Gbps	
  in	
  denial	
  of	
  service
1000	
  major	
  aoacks	
 ...
Big Data means
shift from
Marketing to
Advice
Monday, 9 September 13
• Home
• Work
• Online
• Offline
• Sales
• Entertain
• Phone
• Mobile
• Chat
• Social web
Monday, 9 September 13
• Home
• Work
• Online
• Offline
• Sales
• Entertain
• Phone
• Mobile
• Chat
• Social web
ONE
CUSTOMER
Monday, 9 September ...
Monday, 9 September 13
$40 Trillion Green Tech Boom
driven by oil price, cost cuts, green activism
Monday, 9 September 13
Shale gas 33%
US supplies
200 years global supply
Up from 60 years in 5 years
Monday, 9 September 13
120,000 terawatts of sunlight /day
7,000 times total global power use
Power Moscow from Libyan Desert
“40% EU power = wind...
120,000 terawatts of sunlight /day
7,000 times total power use
QUEBEC from ARIZONA
Monday, 9 September 13
Solar cell generation parity
Monday, 9 September 13
•Only 5% EU power crosses borders
Monday, 9 September 13
Enough salt caverns to power germany for a wee
100
Monday, 9 September 13
Monday, 9 September 13
Only sell what you believe in
and would sell to your family
and friends
The	
  only	
  corporate	
  value	
  worth	
  havi...
Truth	
  about	
  Retail	
  Funds
—Next miss-selling scandal? Expect regulation++
—65-75% of actively managed funds fail...
“Trust	
  and	
  Transparency...We	
  aim	
  to	
  delight	
  
our	
  customers	
  with	
  our	
  service	
  to	
  them	
 ...
• Individuals
• Families
• Teams
• Shareholders
• Communi&es
• Wide	
  World
Crea]ng	
  a	
  Beoer	
  World
Beoer	
  value...
Dr Patrick Dixon Chairman Global Change Ltd
globalchange.com
4 MILLION VIDEO VIEWS
Monday, 9 September 13
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Future of Insurance Industry - trends keynote for global insurance conference

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Future of insurance, demographics, emerging markets, ageing, consumer lifestyles, aggregators and online, mobile, ecommerce, motor insurance, home insurance, health insurance. Future of insurance in developed markets. Future of underwriting and telematics in auto insurance.

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Future of Insurance Industry - trends keynote for global insurance conference

  1. 1. Dr Patrick Dixon Chairman Global Change Ltd Insurance Trends Take hold of your Future Fellow, Centre for Management Development, London Business School Monday, 9 September 13
  2. 2. Monday, 9 September 13
  3. 3. do things you really believe in Life  is  Short     Monday, 9 September 13
  4. 4. Why  I  believe   in  insurance     Monday, 9 September 13
  5. 5.      Insurance:  Confusing  Messages Monday, 9 September 13
  6. 6.      Insurance:  Confusing  Messages —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.     Monday, 9 September 13
  7. 7.      Insurance:  Confusing  Messages —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.   Monday, 9 September 13
  8. 8. 6  words  spell      F  U  T  U  R  E   F ast U rban T ribal U niversal R adical E thical Monday, 9 September 13
  9. 9. Monday, 9 September 13
  10. 10. ALL      BIG      RISKS      ARE      RELATED   Monday, 9 September 13
  11. 11. Monday, 9 September 13
  12. 12. Monday, 9 September 13
  13. 13. Monday, 9 September 13
  14. 14. Monday, 9 September 13
  15. 15. Monday, 9 September 13
  16. 16. Monday, 9 September 13
  17. 17. Monday, 9 September 13
  18. 18. Monday, 9 September 13
  19. 19. • Click  to  edit  Master  text  styles Monday, 9 September 13
  20. 20. Monday, 9 September 13
  21. 21. AGILE Insurers need more than one strategy Monday, 9 September 13
  22. 22. WGP  1980-­‐2013  (%,constant  prices) Diversity  to  seize global  markets Monday, 9 September 13
  23. 23. EU  GDP  1980-­‐2013   (%,constant  prices)   Monday, 9 September 13
  24. 24. Vietnam  GDP  1985-­‐2011   Monday, 9 September 13
  25. 25. >40% WDP by 2015 — IMF - adjusted for Purchasing Power Parity Monday, 9 September 13
  26. 26. Monday, 9 September 13
  27. 27. Monday, 9 September 13
  28. 28. Monday, 9 September 13
  29. 29. Monday, 9 September 13
  30. 30. Monday, 9 September 13
  31. 31. • Click  to  edit  Master  text  styles Monday, 9 September 13
  32. 32. • Click  to  edit  Master  text  styles Monday, 9 September 13
  33. 33. Monday, 9 September 13
  34. 34. • Monday, 9 September 13
  35. 35. • £ 375 bn $2.3 trillion US + $85bn per monthMonday, 9 September 13
  36. 36. Monday, 9 September 13
  37. 37. Monday, 9 September 13
  38. 38. The future is about EMOTION Monday, 9 September 13
  39. 39. Monday, 9 September 13
  40. 40. Monday, 9 September 13
  41. 41. Monday, 9 September 13
  42. 42. 80%  lost  in  seconds   Monday, 9 September 13
  43. 43. Monday, 9 September 13
  44. 44. Screens Social   Monday, 9 September 13
  45. 45. Monday, 9 September 13
  46. 46. Monday, 9 September 13
  47. 47. 300 million move to cities in China and 475 million to cities in Africa by 2025 Monday, 9 September 13
  48. 48. Personal  Financial  Services  in  Asia $300bn  growth  expected:  2011-­‐  2020   Monday, 9 September 13
  49. 49. China / Brazil 32% retail insurance growth pa Monday, 9 September 13
  50. 50. Europe Dying 4 couples to produce single great-grand child Stop Ageing Monday, 9 September 13
  51. 51. Monday, 9 September 13
  52. 52. Monday, 9 September 13
  53. 53. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  but  many  need  to  work Monday, 9 September 13
  54. 54. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  but  many  need  to  work Monday, 9 September 13
  55. 55. Can we stop ageing ? Monday, 9 September 13
  56. 56. Monkeys on diet live longer • After 20 years - 80% alive v 50% on normal calories • Less cancer, diabetes, heart disease, strokes, brain decay Monday, 9 September 13
  57. 57. Slow  or  no  ageing  is  a  reality  in  animals Japan  women  gain  1  year  in  4  of  life  expectancy • Rockfish, Turtles, some Whales • No signs of getting old Monday, 9 September 13
  58. 58. Monday, 9 September 13
  59. 59. lPeople  like  to  belong lSense  of  idenAty lCommunity   lFamily lInsurance  oFen  tribal   product   Happy to Belong Monday, 9 September 13
  60. 60. 700,000  agents:  rela]onship Monday, 9 September 13
  61. 61. Reasons people choose non-life insurers Monday, 9 September 13
  62. 62. —Click to edit Master text styles —Click to edit Master text styles Room to improve customer experience Monday, 9 September 13
  63. 63. 1  trillion pages  a   month Monday, 9 September 13
  64. 64. Monday, 9 September 13
  65. 65. "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 Monday, 9 September 13
  66. 66. Monday, 9 September 13
  67. 67. Monday, 9 September 13
  68. 68. Monday, 9 September 13
  69. 69. Italy:  58%  increase  in   aggregator  sales  of   policies  in  first  6   months  of  2013  v  2012 Monday, 9 September 13
  70. 70. Monday, 9 September 13
  71. 71. 56%  all  private  motor  insurance  sales Growth  1-­‐2%  pa  -­‐  reaching  satura]on 30%  of  consumers  select  cheapest  policy   Further  58%  select  policy  in  top  five  cheapest   Objec]ve  measure  of  brand  value UK  Aggregators   Monday, 9 September 13
  72. 72. Weakness of all Aggregators Monday, 9 September 13
  73. 73. 33%  in  UK  don’t  watch  live  TV Monday, 9 September 13
  74. 74. 70%  UK  bandwidth  =  YouTube  +  BBC   Neflix  video  streams  =  25%  US  bandwidth  (27m  users) Monday, 9 September 13
  75. 75. e-­‐commerce  hit   $1  trillion  in  2012  e-­‐marketer   Monday, 9 September 13
  76. 76. >  200  million  mobile  payments     >  $160bn   Monday, 9 September 13
  77. 77. Kenya  -­‐  17m  customers $9bn  pa  -­‐  >33%  GDP Tanzania  9m  people 35  na]on  links  via  HomeSend  Hub Monday, 9 September 13
  78. 78. 1.7bn  phone   users  are   unbanked Monday, 9 September 13
  79. 79. Paypal  Mobile   $141m  -­‐  $4bn    2009-­‐11   Monday, 9 September 13
  80. 80. 2m  businesses  use   SQUARE   in  US 30  companies  like  Square  in  China Monday, 9 September 13
  81. 81. MobileReduce 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 Monday, 9 September 13
  82. 82. Mobile More than a Channel Monday, 9 September 13
  83. 83. Monday, 9 September 13
  84. 84. Monday, 9 September 13
  85. 85. Monday, 9 September 13
  86. 86. Monday, 9 September 13
  87. 87. 1500% growth car insurance black boxes Monday, 9 September 13
  88. 88. Monday, 9 September 13
  89. 89. Monday, 9 September 13
  90. 90. • 90%  Microsom  R&D CLOUD Monday, 9 September 13
  91. 91. • Zettabyte = 1024 Exabytes Exabyte = 1024 Petabytes Petabyte = 1024 Terabytes Terabytes = 1024 Gigabytes Big Data Monday, 9 September 13
  92. 92. Big  Data impact  on  selling,   underwri]ng   and  fraud   Monday, 9 September 13
  93. 93. Aramco - 30,000 computers hit - files lost Monday, 9 September 13
  94. 94. 5.5  billion  aoacks 42%  increase  /  year >160Gbps  in  denial  of  service 1000  major  aoacks  /  hr  in  UK Worries  about  US  Prism  /  security  services   Huge  poten]al  impact  on  cloud  compu]ng Monday, 9 September 13
  95. 95. Big Data means shift from Marketing to Advice Monday, 9 September 13
  96. 96. • Home • Work • Online • Offline • Sales • Entertain • Phone • Mobile • Chat • Social web Monday, 9 September 13
  97. 97. • Home • Work • Online • Offline • Sales • Entertain • Phone • Mobile • Chat • Social web ONE CUSTOMER Monday, 9 September 13
  98. 98. Monday, 9 September 13
  99. 99. $40 Trillion Green Tech Boom driven by oil price, cost cuts, green activism Monday, 9 September 13
  100. 100. Shale gas 33% US supplies 200 years global supply Up from 60 years in 5 years Monday, 9 September 13
  101. 101. 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 ? Monday, 9 September 13
  102. 102. 120,000 terawatts of sunlight /day 7,000 times total power use QUEBEC from ARIZONA Monday, 9 September 13
  103. 103. Solar cell generation parity Monday, 9 September 13
  104. 104. •Only 5% EU power crosses borders Monday, 9 September 13
  105. 105. Enough salt caverns to power germany for a wee 100 Monday, 9 September 13
  106. 106. Monday, 9 September 13
  107. 107. Only sell what you believe in and would sell to your family and friends The  only  corporate  value  worth  having   Monday, 9 September 13
  108. 108. 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 Monday, 9 September 13
  109. 109. “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.”  Expect  regula]on++ Big hidden penalties for loyal customers will be seen as unethical Monday, 9 September 13
  110. 110. • Individuals • Families • Teams • Shareholders • Communi&es • Wide  World Crea]ng  a  Beoer  World Beoer  value,  customer  service,  underwri]ng,   risk  management,  cost  control  and  profitability Monday, 9 September 13
  111. 111. Dr Patrick Dixon Chairman Global Change Ltd globalchange.com 4 MILLION VIDEO VIEWS Monday, 9 September 13
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