Turning ideas into business at speed - Tim Loo

2. Turningideasinto businessesat speed
Howwe launchedanautonomousinsuranceproductin threemonths
TimLoo, Foolproof
M A R C H 2 0 1 9

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Tim Loo
Foolproof
@timothyloo

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autonomousvehicle insurance

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autonomousvehicle insurance
Whatdowemeanbythis?

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TODAY 10ish years? 20ish years? 30ish years?5ish years?
Noautomation
The driver is in complete
control of
the vehicle at all times
Driver assistance
The vehicle can assist the
driver or take control of
either the vehicle’s speed,
through cruise control, or
it’s lane position, through
lane guidance
Occasional
self-driving
The vehicle can take
control of both the
vehicle’s speed and lane
position in some
situations, for example
on limited-access
motorways
Limited
self-driving
The vehicle is in full
control in some
situations, monitors the
road and traffic, and will
inform the driver when
he or she must take
control.
Fullself-drivingunder
certainconditions
The vehicle is in full
control for the entire
trip in these conditions,
such as urban ride-
sharing.
Fullself-drivingunderall
conditions
The vehicle can operate
human driver or
occupants.
Level 0 Level 1 Level 2 Level 3 Level 4 Level 5

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autonomousvehicle insurance
Whatdowemeanbythis?

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product? service?
insurance

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Auniqueopportunity
AXA XL’sexclusivepartnershipwithone of theworld’sleadingautonomycompanies, Oxbotica, createda unique
opportunityto be a pioneerin understandinghow insurancewillevolve andthe new capabilitiesweneedto thrive in
the autonomousworld.

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There had been manytrials,tests andpilots but
theteam nowneeded to create a launchable
product.

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TODAY 10ish years 20ish years 30ish years
on the road today the messy middle fully autonomous future

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THISIS WHAT WE DID
So we designed* aproduct vision& roadmap
WARMING UP &
STRETCHING OUR
IMAGINATION
REVERSEENGINEERINGNEW
BUSINESS MODELS
UNDERSTANDING
TODAY’S ECOSYSTEM
HOWDOESMOTOR
ECOSYSTEMWORKTODAY?
ALIGNING ON ECOSYSTEMS
OF TOMORROW
CANWEENVISIONHOWTHE
ECOSYSTEMWILL EVOLVE?
WHY
WHAT’S OUR
PURPOSE?
HOWDOWE WANTTO
IMPACTTHIS NEWWORLD?
HOW
OURPRODUCT VISION &
ROADMAP
HOWDOWE COMMUNICATEOUR
STRATEGY & PLAN?
WHO & WHAT
OURCUSTOMERS & VALUE
PROPOSITIONS
WHOARE OUR FUTURE CUSTOMERS& HOW
WILL WEIMPROVETHEIR WORLD?
*2week process including 2day workshop

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WARMINGUP& STRETCHING OUR IMAGINATION
REVERSE ENGINEERING NEW BUSINESSMODELS
the terrestrial past the messy middle the streaming present
1998-present
Unlimited DVDs
Monthly subscription
• Building a consumer brand
• Building a subscription customer base
• Build data and recommendations engine
• Establishing high margin model
2007-present
Streamlining
launched in theUS
• Broadband enables streaming
movies and TV shows
• Netflix begins to commission it’s own
exclusive content, increasing definition as
speeds allow

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on the road today the messy middle fully autonomous future
…whatshould wedo today,what do weneedto learn
and what capabilities do weneedto build?
So if wewant to bealeaderin theseemingly
distant future…

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Tip: Do a practice paper before trying to answer the actual
exam question

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Mapping today’s product & serviceecosystems

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Aligning around market context and trends…

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…we mapped an adoption timeline…
CLOSED
ENVIRONMENTS
(warehouses, factories)
CONTROLLEDENVIRONMENTS
(airports, universities,farms) NEWWORLD TRANSPORT &
OWNERSHIPMODELS
(sharing,PAYG)
UNCONTROLLED
ENVIRONMENTS
(logistics, transport)
UNCONTROLLEDENVIRONMENTS
(governmentservices,utilities,
defence)
3months 3-5years 5-10years

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…and the relevant customers and roles
CLOSED
ENVIRONMENTS
(warehouses, factories)
CONTROLLEDENVIRONMENTS
(airports, universities,farms)
NEWWORLD TRANSPORT &
OWNERSHIPMODELS
(sharing,PAYG)
UNCONTROLLED
ENVIRONMENTS
(logistics, transport)
3months 3-5years 5-10years
WAREHOUSEMANAGER
AIRPORT DECISION
MAKER
BUS
OPERATOR
NEWWORLDFLEET
MANAGER
NEWWORLDPASSENGER/
RIDER

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Starting with customer needs…

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product
service
…we seamlessly movedfrom products to services

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Culminating in outcomes based visioning:
future press release
3months 3-5years 5-10years

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PILOT/TRIAL CLOSEDENVIRONMENTS
(warehouses, factories)
CONTROLLEDENVIRONMENTS
(airports,universities,farms)
NEWWORLD TRANSPORT
& OWNERSHIPMODELS
(sharing,PAYG, final
miledelivery)
UNCONTROLLEDENVIRONMENTS
(logistics,transport)
A roadmap forautonomy adoption
To understandthe futurelandscape,ecosystemsandopportunities,we mappedthe
adoptioncurve
Shared vision & language about the future

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We’d created a clear
vision and first step
The world’s first global Comprehensive
Autonomy Cover and the establishment
of AXA XL’s Autonomy Centre of
Excellence

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3 monthslater…

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Speed wasenabled byour clear visionand
sharedsenseof purpose.
Also:Thesethingshelpedtoo…

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UNDERWRITINGDATA SCIENCE
PRODUCTMANAGER
SERVICEDESIGN CASUALITYPRICING
AUTOMOTIVE
PRACTICE
LEGAL & WORDING
REGULATORY
AFFAIRS
AUTONOMY
ENGINEERING
PARTNERSHIPS
ACTUARIAL
CLAIMS&
OPERATIONSMOTOR& LIABILITY
1. ATEAM WHO CAN LAUNCH A PRODUCT
Insist on the end to end value chain
INNOVATION
LEADERSHIP GLOBAL SPONSORSTRATEGISTANALYTICS

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GLOBAL SPONSOR
2. AN ACTIVE & ENGAGED SPONSOR
Bring your sponsor on the journey

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3. TAKE TIME TO GET ALIGNED AROUND THE STRATEGY
If you’re not aligned, don’t move on

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3. TAKE TIME TO GET ALIGNED AROUND THE STRATEGY
If you’re not aligned, don’t move on
DAY 19AM-2PM DAY 29AM-2PM DAY2 2PM-6PMDAY 12PM-6PM
WARMING UP &
STRETCHING OUR
IMAGINATION
REVERSEENGINEERINGNEW
BUSINESS MODELS
UNDERSTANDING
TODAY’S ECOSYSTEM
HOWDOESMOTOR
ECOSYSTEMWORKTODAY?
ALIGNING ON ECOSYSTEMS
OF TOMORROW
CANWEENVISIONHOWTHE
ECOSYSTEMWILL EVOLVE?
WHY
WHAT’SOUR
PURPOSE?
HOWDOWE WANT TO
IMPACTTHIS NEWWORLD?
HOW
OURPRODUCT VISION &
ROADMAP
HOWDOWE COMMUNICATEOUR
STRATEGY & PLAN?
WHO & WHAT
OURCUSTOMERS & VALUE
PROPOSITIONS
WHOARE OUR FUTURE CUSTOMERS& HOW
WILL WEIMPROVETHEIR WORLD?

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4. (RE)CONNECTINGTO A DEEPERPURPOSE
Why we’re doing things is more important what we’re doing

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Action happens whenour beliefin what weshould dois greater than
our fear.
Webuiltthebeliefthatwemustleadtheenablementofautonomytomaketheworldsafer
andimprovetheaccesstomobilityforeveryonearoundtheworld.

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Thankyou

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Tim Loo
Foolproof
@timothyloo

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