3. Source: IAG Strategy Team; Trends Factbase FY19
PREDICTIVE TRENDS:
Forces that will almost certainly be present in the
next five years
DISRUPTIVE TRENDS:
Forces that are likely to emerge, however velocity
and impact are uncertain
• World Awash With Capital
• Changing Workforce Dynamics
• Demographic Diversity
• Shifting Role of Assets
• Digital Integration
• Trust Erosion
• Advances in Computing
• Vehicle Automation Technology
• Socio Political Turbulence
• Regulatory Scrutiny / Intervent’n
• Climate Change & Resilience
• Value Chain & Modularisation
• Sector Convergence
• Emerging Business Models
• Data Acquisition
• Advanced Analytics
Editor's Notes
IAG has market leading shares in personal and commercial lines of general insurance in Australia and NZ and operates through the above brands.
IAG is an $11.5bn GWP business across Aus and NZ and also has interests in Malaysia and India.
Coles Insurance is owned by Wesfarmers Insurance but distributed with a distributor agreement through the Coles brand
SGIO – Western Aus
SGIC – South Aus
Malaysia – is a joint venture with AM Bank and is 49% owned by IAG and distributes GI products through the AM Assurance and Kurnia brands
India – is a joint venture with SBI (State Bank India) and is 26% owned by IAG
Question 3 – Customer Labs.
This model was referred to in a recent article I read whereby Simon Kaesler, a partner from McKinsey was talking about the emerging digital models and the road ahead for insurTechs. In this particular picture he was suggesting a new industry model will be shaped by the collaboration between traditional insurers and insurTechs. In working together, both bring their strength to the table. The Key to success will be to utilise the core strengths of both sides.
When thinking about Customer Labs, there is a bit of a parallel. Whilst I’m not suggesting our division of 1000 people is an insurTech, our division does bring in insurTechs and other disruptors through the venturing arm and also Firemark Labs which focusses on entrepreneurs in residence. In addition Customer Labs is the home for digital, agile, data, analytics and innovation (everything on the right hand side). Customer Labs is unique in that it also has marketing and customer insight which are shown on the left side. However at the more macro level you could argue the trusted brands, customer loyalty, insurance excellence is being operated through the Aus and NZ distribution businesses.
The true power comes together when customer labs works with people in the business and the combination of all the skill sets unite to create something new.
Question 6 – Challenges
Predictive and disruptive trends for our business and in insurance more broadly.
