1. General theme of Doom and gloom. We are being bombarded!
a. Everyone seems to be attacking insurance
b. New technologies are everywhere (e.g. Wearables, Hour to hour insurance, Single item insurance, Connected Home, Gamification, etc.)
c. Our core products are changing fast (e.g. rideshare, autonomous vehicles, etc.)
d. The Royal Commission on top of this
e. Plenty of negative press about our future
POTENTIAL SLIDE: Clips of news headlines showing such issues
CONCEPT: Headlines to be supplied (or researched), then composited together
2. Are we Hilton or Blockbuster?
a. These examples are much overused; but what is the real learning?
b. My question is what would you have done if you were CEO and knew this was coming?
c. If you were Blockbuster, you could only survive by a complete change of your business model (e.g. bricks and mortar to full digital). Key point is that your core business was soon to become totally obsolete!
d. Could they have done it? Maybe?
e. But what about Hilton... would you need such a radical change?
f. Would you make the bold move of selling all your properties and moving to a full digital model like air AirB&B?
g. Well you could, but why? Key point is that their core business model is still fundamentally sound! People still need a bed to sleep in
h. Holton has lots of other options if they know this disruption is coming
... probably the biggest is to differentiate its offer with VALUE and SERVICE!
i. They can also use technology to expand on and improve their business model (e.g. use AirB&B to help fill excess capacity when available)
j. But they will also need to focus on expenses, as it will be tough to compete unless they do so (flesh this out some more)
k. Let's face it... AirB&B is not without its problems ("just Google ”AirB&B complaints"), and they will never have as consistent a customer experience as a well-run hotel chain
POTENTIAL SLIDE: Simple graphics? Logos for each? Open to creative ideas! Would like to get some of the content re obsolescence versus viable business model
CONCEPT: Composite image: both premises and logos with diagonal divider
9. Fully-automated real-time claims settlement (e.g. Rightindem.com)
a. This is about pushing claims self-service to the maximum
b. For Auto claims eg it involves a customer essentially doing their own assessment (with photos, online questions, etc) and algorithms determine a claims payout
c. Sounds great!
d. But what about real world experience...
e. This is fine for small, random losses, but what about "real" claims
f. Have we actually fixed the customers problem?
g. When it comes to motor and home claims for example we have plenty of research to shows the biggest frustration for customers is the hassle associated with getting the asset fixed... dealing with motor repairers, builders, etc. is not always smooth an easy
h. So does quick cash really solve this... sounds to me like in some instances we are merely pushing work we should be doing to our customers
POTENTIAL SLIDE: Show unhappy customer with wad of cash but smashed car
CONCEPT: Composite image: deep-etched sad faced customer, wads of cash and smashed car
9. Fully-automated real-time claims settlement (e.g. Rightindem.com)
a. This is about pushing claims self-service to the maximum
b. For Auto claims eg it involves a customer essentially doing their own assessment (with photos, online questions, etc) and algorithms determine a claims payout
c. Sounds great!
d. But what about real world experience...
e. This is fine for small, random losses, but what about "real" claims
f. Have we actually fixed the customers problem?
g. When it comes to motor and home claims for example we have plenty of research to shows the biggest frustration for customers is the hassle associated with getting the asset fixed... dealing with motor repairers, builders, etc. is not always smooth an easy
h. So does quick cash really solve this... sounds to me like in some instances we are merely pushing work we should be doing to our customers
POTENTIAL SLIDE: Show unhappy customer with wad of cash but smashed car
CONCEPT: Composite image: deep-etched sad faced customer, wads of cash and smashed car
4. What do our customers really want?
a. Do they want tech solutions or more?
b. How do we differentiate as an industry?
c. How do we create sustainable value?
d. I'd say our customers what they have always wanted-service and value
e. And we need to be able to provide this in a cost effective way
POTENTIAL SLIDE: Perhaps a number of simple questions followed by simple words such a Service, Value and Costs
CONCEPT: Composite image: deep-etched customer with fly-out text graphics from behind them
4. What do our customers really want?
a. Do they want tech solutions or more?
b. How do we differentiate as an industry?
c. How do we create sustainable value?
d. I'd say our customers what they have always wanted-service and value
e. And we need to be able to provide this in a cost effective way
POTENTIAL SLIDE: Perhaps a number of simple questions followed by simple words such a Service, Value and Costs
CONCEPT: Composite image: deep-etched customer with fly-out text graphics from behind them
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
4. What do our customers really want?
a. Do they want tech solutions or more?
b. How do we differentiate as an industry?
c. How do we create sustainable value?
d. I'd say our customers what they have always wanted-service and value
e. And we need to be able to provide this in a cost effective way
POTENTIAL SLIDE: Perhaps a number of simple questions followed by simple words such a Service, Value and Costs
CONCEPT: Composite image: deep-etched customer with fly-out text graphics from behind them
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
4. What do our customers really want?
a. Do they want tech solutions or more?
b. How do we differentiate as an industry?
c. How do we create sustainable value?
d. I'd say our customers what they have always wanted-service and value
e. And we need to be able to provide this in a cost effective way
POTENTIAL SLIDE: Perhaps a number of simple questions followed by simple words such a Service, Value and Costs
CONCEPT: Composite image: deep-etched customer with fly-out text graphics from behind them
7. Single item cover via pure digital?
a. Let's use the standard of Value, Service and Expenses
b. I'd say there is a mix of good and bad
c. We will go through some specific examples...
POTENTIAL SLIDE: Visual showing an "insure my stuff" approach with individual graphics of things like a phone, laptop, refrigerator, sofa, tv, etc... Show a dollar sign for each and a total of 3 or 4 dollar signs; On other side of page show $20K "contents" insurance with one or two $ signs
CONCEPT: Composite image: deep-etched customer with fly-out photos of items from behind them with $ each / plus general contents side
13. How to make this happen?
a. We can learn a lot from the way tech companies operate, which is often different from our standard models... three things in this regards
b. Build less: Buy more
i. Insurers have a history of doing everything ourselves and bespoke
ii. This is simply not viable in the future state of completion
iii. Figure out what you are truly great at and ideally find trusted partners who can probably do the other stuff faster, better and cheaper than you can
c. Collaborate more
i. We need to be better at collaborating as an industry; Not a great track record in this regards
ii. Fintech startups in silicon valley much more likely to share; believe they will still "win" based on better execution
d. Change our people practices
i. To win we will need to build some key capabilities in new areas which requires attracting the right type of talent
ii. And the people you need to recruit don't necessarily see the insurance industry as top of their list
iii. We need to be more flexible, less hierarchical and better at fostering creativity
iv. Often times our standard practices stifle creativity...
POTENTIAL SLIDE: Bill Gates (Steve Jobs, Mark Zuckerberg, Sergey Brin) slide (with respect to Gary ??)
CONCEPT: Elon Musk, space rocket with car attached into space
14. Big Data VS Small Data
5. And what does this mean for us?
a. We don't need to throw away are core (this is good news)
b. But we do need to use technology to change and improve many things in our current business models including our products, our service and our costs to serve our customers
c. And when it comes to Tech, there are endless choices... but which of these make sense for us versus just a shiny new thing that does not pan out?
d. While Tech alone can certainly help with costs, it does not necessarily always hit the mark on the Service and Value front
POTENTIAL SLIDE: Show simple graphics representing all the different tech buzzwords ... E.g. Big Data, Robotics, Cloud Computing, Connected Home, Internet of things, etc.
CONCEPT: Illustration: custom icons for each in circles with interconnecting lines
11. Blockchain
a. Plenty of talk on how blockchain is going to revolutionise the way we do business
b. But what are the practical uses for our industry?
c. Well quite a bit is already happening today, with the consortium b3i the best example
d. Many of us in the room here today are already members, including Allianz Australia Ltd
e. B3i has already launched
f. The first product developed by 83i is a Property Cat XOL contract
g. Rather than maintain data on separate ledgers of each contracting party, the B3i blockchain application runs a shared process, calculation, settlement and reporting on a distributed ledger
h. This increases accuracy and improves efficiency for all participants
i. But importantly this consortium also point the way of how we should think different as an industry and learn to cooperate in non-completive areas were we all benefit
j. Where can we do this locally? What about Fraud, Recoveries, etc.
k. We should also be sure to work together more closely locally on such solutions
POTENTIAL SLIDE: Perhaps simply a screen shot of b3i logo and members... see here https://b3i.tech/home.html
CONCEPT: Graphical layout of b3i logo and members
15. TBD
14. Where to from here?
a. Some key questions worth asking about your business (these will be further refined)
b. Do you have a genuine customer strategy and vision and value proposition?
c. Are you using technology to support this strategy or in place of it?
d. Are you using technology to fix your own problems or to address genuine customers frustrations?
e. Are you using digital and data to transform your business or to tweak it?
f. What is your data strategy? Do you really (deep down) even have one?
g. Do you have specific plans for attracting and retaining next gen talent?
h. Are you trying to do everything yourself or partnering where it makes sense?
POTENTIAL SLIDE: Summary questions?
CONCEPT: Futuristic data background stock image, questions text
