Short presentation given at the 2015 SOA Annual Meeting.

1. 3
simple
lessons
we
can
learn
from
other
industries
KEVIN
PLEDGE
FIA,
FSA
13
Oct
2015
SOA
Annual
Meeting
2015
Session
131

2. Willie
Sutton
– Bank
Robber
2
“Because that’s where the
money is.”
“Why do you rob banks.”

3. Where
do
you
go
to
buy
insurance?
3
“First
place
I
would
go
to
is
Google.”
“I
would
go
on
the
internet
and
research
companies
through
forums.”
2.6m
relevant
Google
searches
every
month
in
the
North
America

4. 4
How
much
personal
protection
life
insurance
(by
policy
count)
will
be
sold
online
5
years
from
now?
0
5
10
15
20
25
0%& 9% 10%& 19% 20%& 29% 30%& 39% 40%& 49% 50%& 59% 60%& 69% 70%& 79% 80%& 89% 90%& 100%
Response(%)
Amount of protection sold online by policy count 5 years from now

5. $20T
Uninsured
Synergy
with other
business
$2.7bn
Term
Market
$14.5bn
Protection
Market

6. Lesson
1
– go
where
the
money
is
6

7. Why
not?
1. We have agents - it has worked forever
and we don’t want to disrupt this
2. We have tried it before with simplified
issue – not great success
7

8. Tablet PC invented
by Microsoft
8

9. If
Amazon
learnt
from
insurance…
9

10. 10
If
Amazon
learnt
from
insurance…

11. That simply doesn’t work?
11
OK – maybe it can

12. We
have
something
that
works
12

13. Lesson
2
– Disruption
happens
13

14. 14
Travel
agents
believed
travel
needed
the
personal
touch.
Online
travel
agents
changed
the
message
to
“you
are
in
control”

15. Lesson
3
– Question
your
paradigms
15

16. 16
Prison

17. Prison
17

18. Prison
18

19. Management
Consultant
19
Willie
Sutton

20. Thank
You
20
Kevin
Pledge,
Acceptiv &
Claim
Analytics
Lesson
1
– Go
where
the
money
is
Lesson
2
– Disruption
happens
Lesson
3
– Question
your
paradigms