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ANZIIF New Zealand Insurance Conference: Insurtech: NZ in the global context
- 1. INSURTECH: NZ IN THE GLOBAL CONTEXT BRENTON CHARNLEY FOUNDER, INSURTECH AUSTRALIA 7 SEPTEMBER 2017
- 2. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 4. 4
- 5. 5
- 7. 7 WHAT GAME ARE WE PLAYING?
- 8. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 11. INSURTECH: A DEFINITION the application of technology innovation in the insurance industry value chain to solve known challenges, and discover unknown opportunities, in order to deliver value for customers “ ”
- 12. Business Model Operating Model New Applications Risk mitigation INSURTECH Partnerships Improvements New products Platforms Distribution MORE THAN TECHNOLOGY
- 15. INSURTECH ON THE RISE 2014 2017
- 16. NZ NOT YET ON THE MAP 1 Singapore 5 Germany 6 United Kingdom 11 Australia 20 United States 0 New Zealand *GOOGLE TREND ANALYSIS
- 17. BUT, IT’S A GLOBAL CHALLENGE Insurers are challenged by the rise of “insurtechs” and a structural transformation of their customer base, forcing them to adopt new technologies more quickly. “ ”http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
- 18. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 20. MOVING UP THE VALUE CHAIN Today more than ever, some of these intermediaries run the risk of getting disintermediated sooner rather than later because they are unable to adapt their business model, disruptors are penetrating their markets, or technology is changing the entire industry. “ ”Walter Kielholz, Chairman SwissRe 2016
- 25. INSURTECHS – USAGE ON DEMAND http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
- 26. INSURTECHS – EMERGING RISKS http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
- 27. INSURTECHS – REINVENT LIFE http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
- 28. INSURTECHS – CLOSER TO HOME Flare HR is a company delivering value in the ‘HR tech’ services sector. Similar to the business model of the multi billion dollar company Zenefits,FlareHR provides software that manages the on-boarding of new employees, other human resources functions and payroll. It generates revenue by also delivering financial services and products, such as superannuation and life insurance, to employees. New distribution channels Cover Genius is a global distributor of insurance products for online businesses. It is one of the fastest growing fintech startups to have emerged from Australia. Cover Genius’ first brand to launch was RentalCover.com which sells insurance for car rentals from its own site and also through the largest online travel agents globally. As a full stack startup they control all facets of both their partner relationships and the customer journey. Digital distribution platform
- 30. ENABLING NOT JUST DISRUPTING http://www.mckinsey.com/industries/financial-services/our-insights/insurtech-the-threat-that-inspires
- 31. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 32. 32 WILL IT HAPPEN TO US?
- 33. SPEAKING TOO SOON? I am sure as hell not worried about insurtech(s) disintermediating what I do for a living. They’d better be good at their jobs because I’m damn good at sales. “ ” Steven DeCarlo, CEO AmWINS 2017
- 34. DISRUPTION HAPPENS QUICK-ER Neither Redbox nor Netflix are even on the radar screen in terms or competition. “ ” Jim Keyes, Blockbuster CEO 2008
- 35. “ ” Olli-Pekka Kallasvuo, Nokia CEO 2008 From a competition perspective, the iPhone is nothing but a niche product DISRUPTION HAPPENS QUICK-ER
- 39. WHAT GAME ARE WE ACTUALLY PLAYING?
- 41. RUGBY = INSURANCE TEAMS = COMPETITORS RULES = REGULATIONS NEW PLAYERS = BETTER GAME NEW TECH = IMPROVE THE GAME
- 42. 42 ENTERTAINMENT
- 43. WE’RE PLAYING A DIFFERENT GAME Rugby 20th AFL 4th BBL 5th
- 44. HOW CAN YOU BE A GAME CHANGER?
- 45. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 46. 7 STEPS TO INSURTECH SUCCESS RESPOND DIVERSIFY STRATEGY EXPLORE EXPERIMENT BE READY SEARCH USE YOUR CORE GROW TALENT EXECUTE
- 47. RESPOND
- 48. IT’S AN INCUMBENT PROBLEM http://www.mckinsey.com/industries/financial-services/our-insights/the-age-of-innovation It’s hard for big carriers to innovate as they have so much to contend with already – industry headwinds, legacy issues. But they need to be in the game, right now. “ ” Caribou Honig, Cofounder of QED investors
- 49. Should we invest to protect the least profitable end of our business, so that we can retain our least loyal, most price- sensitive customers? Or should we invest to strengthen our position in the most profitable tiers of our business, with customers who reward us with premium prices for better products? INNOVATOR’S DILEMMA “ ”Clayton Christensen, Innovator’s Solution
- 51. PAYING CLAIMS CHANGING THE GAME RISK MITIGATION V
- 52. DIVERSIFY
- 56. EXPLORE
- 58. DISRUPTIVE INNOVATION Clayton Christensen, Innovator’s Solution “ ” …disruptive technologies offer other benefits— typically, they are simpler, more convenient, and less expensive products that appeal to new or less- demanding customers
- 59. EXPERIMENT
- 60. NEW PRODUCT DEV IS HARD 50-60%New product developments fail
- 62. BE READY
- 63. 5 STEPSTO BE STARTUP READY NARROW FOCUS, GET BUY IN PROCUREMENT & LEGAL INTERNAL CHAMPION MOVE FASTGET OUT THE BUILDING
- 64. WHERE DO STARTUPS COME FROM? IMPORT EXPORT V
- 65. USE YOUR CORE
- 67. GROW TALENT
- 69. OVERVIEW ACTIVITY SO WHAT? WHAT YOU CAN DO SUMMARY
- 70. SUMMARY INSURTECH IS HERE & THE TIME IS NOW RESPOND WITH A FOCUSSED STRATEGY NOT JUST TECHNOLOGY LEVERAGE CORE ASSETS & PARTNER GET STARTUP READY
- 71. www.brentoncharnley.com www.insurtechaustralia.org brenton@insurtechaustralia.org +61 419 178 552 LET’S MAKE YOUR IDEAS HAPPEN