The document contains a series of polls, questions, and answers from a webinar on digital insurance predictions for 2018. It includes polls on topics like the valuation of Lemonade, which business models will generate the most value, and which parts of the insurance value chain are most likely to be outsourced. It also includes answers to questions from attendees on issues like the challenges of adopting customer-centric models, how regulation may evolve with new ecosystems, and whether traditional insurers can change quickly enough to compete with large tech brands. Feedback from attendees was positive, praising the diverse views and topics covered.
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “2018 Digital Insurance Predictions”.
Brought to you by The Digital Insurer and sponsored by KPMG.
This document summarizes a Future.Talk event held in Munich, Germany on data and the insurance industry. Over 16,000 consumers across 24 countries were surveyed on their willingness to share data. Consumers calculate the tradeoffs of privacy concerns versus perceived benefits before deciding to share. Clients want benefits and a trustworthy partner. Machine learning can help insurers access new market segments and improve decision making such as through automated underwriting and claims processing.
Webinar Deck for 2018 Health Technology & Impact on InsuranceThe Digital Insurer
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Health Technology & Impact on Insurance”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Asia 2017 Conference Reviews - Digital Insurance around the worldThe Digital Insurer
The Digital Insurer Asia Annual Conference 2017 is a one-day event hosted by The Digital Insurer. The purpose is to bring our community in Asia together to look at the future of insurance.
Digital Insurance Distribution – Ecosystem Products - Webinar DeckThe Digital Insurer
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Digital Insurance Distribution - Ecosystem Products”.
Brought to you by The Digital Insurer and sponsored by KPMG
The Global Insurtech Roadshow was held in Frankfurt and featured 24 startups from 11 countries pitching innovations to insurers. Nect, which offers identity verification in 2 minutes, won first place. Prenetics, providing health scores based on DNA tests, won second. Dropin, using video for improved claims experiences, won third. A panel discussed regulatory sandboxes as a way to reduce barriers for Insurtech startups. Insurtech companies are targeting both B2C and B2B markets, and traditional investors see current valuations as high due to interest from corporate buyers.
The Future of Health insurance in a digital World - The Digital Insurer The Digital Insurer
Hugh Terry presented on the future of healthcare insurance in a digital world. He outlined 3 key messages: 1) Thinking long term is strategically important, 2) Convergence of health and technology will drive major advances in healthcare, and 3) The future is bright for health insurers but business as usual will not be competitive. By 2035, technology is expected to have solved issues like healthcare labor shortages through innovations like home testing, virtual consultations, and AI assistance. The empowered consumer will directly access most health advice through mobile devices. Longevity will continue increasing demand, but costs must be controlled to ensure universal access. Health insurers will focus on risk prevention and operational excellence through distributed ledgers, AI, and
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “2018 Digital Insurance Predictions”.
Brought to you by The Digital Insurer and sponsored by KPMG.
This document summarizes a Future.Talk event held in Munich, Germany on data and the insurance industry. Over 16,000 consumers across 24 countries were surveyed on their willingness to share data. Consumers calculate the tradeoffs of privacy concerns versus perceived benefits before deciding to share. Clients want benefits and a trustworthy partner. Machine learning can help insurers access new market segments and improve decision making such as through automated underwriting and claims processing.
Webinar Deck for 2018 Health Technology & Impact on InsuranceThe Digital Insurer
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Health Technology & Impact on Insurance”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Asia 2017 Conference Reviews - Digital Insurance around the worldThe Digital Insurer
The Digital Insurer Asia Annual Conference 2017 is a one-day event hosted by The Digital Insurer. The purpose is to bring our community in Asia together to look at the future of insurance.
Digital Insurance Distribution – Ecosystem Products - Webinar DeckThe Digital Insurer
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Digital Insurance Distribution - Ecosystem Products”.
Brought to you by The Digital Insurer and sponsored by KPMG
The Global Insurtech Roadshow was held in Frankfurt and featured 24 startups from 11 countries pitching innovations to insurers. Nect, which offers identity verification in 2 minutes, won first place. Prenetics, providing health scores based on DNA tests, won second. Dropin, using video for improved claims experiences, won third. A panel discussed regulatory sandboxes as a way to reduce barriers for Insurtech startups. Insurtech companies are targeting both B2C and B2B markets, and traditional investors see current valuations as high due to interest from corporate buyers.
The Future of Health insurance in a digital World - The Digital Insurer The Digital Insurer
Hugh Terry presented on the future of healthcare insurance in a digital world. He outlined 3 key messages: 1) Thinking long term is strategically important, 2) Convergence of health and technology will drive major advances in healthcare, and 3) The future is bright for health insurers but business as usual will not be competitive. By 2035, technology is expected to have solved issues like healthcare labor shortages through innovations like home testing, virtual consultations, and AI assistance. The empowered consumer will directly access most health advice through mobile devices. Longevity will continue increasing demand, but costs must be controlled to ensure universal access. Health insurers will focus on risk prevention and operational excellence through distributed ledgers, AI, and
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Peer-to-Peer Insurance & Community”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Webinar for October 2020 - Customers for Life in a digital worldThe Digital Insurer
- The panel discussion focused on whether insurers can generate more value by focusing on customer lifetime value (CLV) instead of just individual products.
- Moving from a product-centric to a customer-centric model may provide valuation upside for insurers, but it requires changes to pricing, valuation and profitability models.
- Insurers can learn from other industries like banks that view customers as long term assets. However, transforming organizations and strategies to adopt CLV fully will take time and effort.
- New digital business models and platforms are also creating opportunities for insurers to engage customers in wider ecosystems and accommodate other products/services.
The document discusses a webinar on improving customer experience in insurance through new technologies. It includes presentations from three panelists:
1) James Harding discussed using self-service claims technologies to improve the customer experience and reduce costs. Claims are settled faster with high customer satisfaction rates.
2) Dr. Onn Keet Peng argued that understanding customers based on data insights allows insurers to provide the right products to customers at the right time through the right channels.
3) Hugh Terry explained that customers use multiple channels throughout their journey and expect a seamless experience. Insurers must meet customers on all channels to remain relevant.
This document provides information about a workshop titled "Digital Transformation of Life Insurance" that will take place on April 18, 2018 in Indonesia. The workshop will be hosted by The Digital Insurer in partnership with the Indonesia Life Insurance Association. It will bring together senior insurance executives to discuss the strategic impact of digital transformation on the insurance industry through interactive sessions with experts from The Digital Insurer, Swiss Re, and KPMG over the course of three hours. The agenda includes topics on distribution models, partnering with customers, digital business models, and digital transformation options. Attendance is limited to two executives per company.
This document introduces iCede, a cloud-based system created by insurance industry veterans to help insurers efficiently manage global insurance programs. iCede provides end-to-end support for programs, including placement, underwriting, claims, and compliance. It aims to connect insurers with different systems and regulations through structured processes and a global data directory. The founders have over 45 years of combined experience in insurance and IT.
Webinar: Digital Marketing in China - Compare, contrast, and learn?The Digital Insurer
Digital marketing in China-
Compare, contrast & learn?
18th march, 2021
The document discusses digital marketing trends in China, including the rise of live streaming and social media platforms like WeChat for marketing. It highlights tools like live streaming, short videos, and messaging as effective digital marketing approaches in China. Industry perspectives on opportunities in digital transformation and the importance of trust in digital marketing are also covered.
The document discusses an upcoming presentation on digital transformation in the insurance industry. It provides details on the event such as dates and participating speakers from insurance companies and insurtech firms. The presentation will explore topics like digital distribution, ecosystems, and ITC Asia's engagement with the industry. Upcoming ITC Asia events are also announced, including a digital summit on digital distribution and ecosystems in February 2021.
The document discusses learning and development (L&D) in a digital age for the insurance industry. It begins with an introduction to The Digital Insurer (TDI), which aims to accelerate the digital transformation of insurance through collaboration, reliability, agility, diversity, value delivery, innovation, and trust. The discussion agenda includes strategic, learner, industry, and learning provider perspectives on digital L&D. Panelists will discuss topics like data-led marketing, customer experience, digital business models, and change management. Participants are encouraged to ask questions in the Q&A and provide comments in the chat. The session aims to explore how L&D needs to adapt to meet future skills needs and deliver a blended learning experience going
The Digital Insurer - Overview June 2016 for News Correspondent PostThe Digital Insurer
The document describes The Digital Insurer (TDI), which provides information and analysis on digital insurance trends. TDI maintains a global community of insurance professionals through its publications and events. It offers various content services, including the largest online library on digital insurance topics. TDI's leadership team has extensive experience in insurance technology.
Innovation in Insurance - necessity or luxury?Mateusz Maj
So the world is changing at bewildering speed and we are facing an economic and digital revolution. To manage that change, countries and communities need to change the way we do business and insurance industry cannot ignore these changes. Learn why.
This document summarizes a panel discussion on accelerating digital transformation in the insurance industry in Indonesia. The panel included representatives from an Indonesian insurer and an Insurtech company. They discussed trends like the urgency of digital change, different speeds of digital adoption, and the need for an omni-channel approach. The insurer representative discussed their focus on digital distribution and a seamless online customer journey. The Insurtech representative discussed how their platform provides various insurance products and aims to improve insurance literacy. The panel saw the most attractive areas for Insurtech in Indonesia being new digital business models and value chain innovations in sales and marketing.
The document summarizes an information webinar about the CDI+TÜRKİYE program, a new digital insurance certificate developed for the Turkish market. The 56-hour program delivered by TDI Academy includes 7 courses with 8 lessons each, all with English subtitles and Turkish live discussion groups. The goal is to help Turkish insurance professionals rapidly improve their digital skills through on-demand and live virtual learning over 4 months. The estimated start date is January 26th, 2022 and the fee is $2,500 USD.
The future of insurance distribution: New models for a digital customerAccenture Insurance
This report argues that incumbents need to embrace digital disruption, form partnerships and adopt innovative technologies to improve customer engagement and create new opportunities for growth. It introduces five new distribution models that insurers should consider, as well as six ‘lenses’ through which they can be evaluated.
Your insurance clients know that far-sighted players are already confronting the future of insurance distribution. Use this report to help them assess their options.
Webinar:Cashless Payments – Insights from China and What the Future Holds for...The Digital Insurer
The document summarizes a discussion on cashless payments and digital currencies. It includes an agenda with presentations on payments in China and Southeast Asia by Kapronasia, the development of payments in China by Qinqin Tech, the journey of Octopus payments in Hong Kong, and implications of the digital yuan by Forrester. There was also a panel discussion and polls on the benefits of the digital yuan for insurers. The event was aimed at accelerating digital transformation in the insurance industry through collaboration.
CII-EY report titled Insurer of the Future reveals that technology will power the new wave of change for the Indian Insurance Industry. The report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model.
This document provides an overview of digital disruption in the insurance industry. It analyzes forces driving disruption like the Internet of Things, big data & analytics, sharing economy, and online intermediaries. These forces are transforming the industry and creating opportunities for new competitors. The document also examines how property/casualty and health insurance sectors will be affected. It argues that insurance companies must quickly adapt to remain competitive against new digital-native rivals. The future landscape may involve different types of ecosystems where insurers take on new roles like preventative risk advisors rather than just reactive claims payers.
Oracle Digiting Insurance specially Life Insurancepyakurelsharad
Millennials are an important target market for the insurance industry. To attract millennial customers, insurers must provide digital experiences that support millennial values like freedom, choice, and flexibility. However, many insurers still rely on outdated legacy systems that cannot support digital processes. To truly transform, insurers need flexible platforms that allow straight-through digital processing from end to end. Oracle Insurance Policy Administration is a configurable platform that can support digital processes across all lines of business.
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Peer-to-Peer Insurance & Community”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Webinar for October 2020 - Customers for Life in a digital worldThe Digital Insurer
- The panel discussion focused on whether insurers can generate more value by focusing on customer lifetime value (CLV) instead of just individual products.
- Moving from a product-centric to a customer-centric model may provide valuation upside for insurers, but it requires changes to pricing, valuation and profitability models.
- Insurers can learn from other industries like banks that view customers as long term assets. However, transforming organizations and strategies to adopt CLV fully will take time and effort.
- New digital business models and platforms are also creating opportunities for insurers to engage customers in wider ecosystems and accommodate other products/services.
The document discusses a webinar on improving customer experience in insurance through new technologies. It includes presentations from three panelists:
1) James Harding discussed using self-service claims technologies to improve the customer experience and reduce costs. Claims are settled faster with high customer satisfaction rates.
2) Dr. Onn Keet Peng argued that understanding customers based on data insights allows insurers to provide the right products to customers at the right time through the right channels.
3) Hugh Terry explained that customers use multiple channels throughout their journey and expect a seamless experience. Insurers must meet customers on all channels to remain relevant.
This document provides information about a workshop titled "Digital Transformation of Life Insurance" that will take place on April 18, 2018 in Indonesia. The workshop will be hosted by The Digital Insurer in partnership with the Indonesia Life Insurance Association. It will bring together senior insurance executives to discuss the strategic impact of digital transformation on the insurance industry through interactive sessions with experts from The Digital Insurer, Swiss Re, and KPMG over the course of three hours. The agenda includes topics on distribution models, partnering with customers, digital business models, and digital transformation options. Attendance is limited to two executives per company.
This document introduces iCede, a cloud-based system created by insurance industry veterans to help insurers efficiently manage global insurance programs. iCede provides end-to-end support for programs, including placement, underwriting, claims, and compliance. It aims to connect insurers with different systems and regulations through structured processes and a global data directory. The founders have over 45 years of combined experience in insurance and IT.
Webinar: Digital Marketing in China - Compare, contrast, and learn?The Digital Insurer
Digital marketing in China-
Compare, contrast & learn?
18th march, 2021
The document discusses digital marketing trends in China, including the rise of live streaming and social media platforms like WeChat for marketing. It highlights tools like live streaming, short videos, and messaging as effective digital marketing approaches in China. Industry perspectives on opportunities in digital transformation and the importance of trust in digital marketing are also covered.
The document discusses an upcoming presentation on digital transformation in the insurance industry. It provides details on the event such as dates and participating speakers from insurance companies and insurtech firms. The presentation will explore topics like digital distribution, ecosystems, and ITC Asia's engagement with the industry. Upcoming ITC Asia events are also announced, including a digital summit on digital distribution and ecosystems in February 2021.
The document discusses learning and development (L&D) in a digital age for the insurance industry. It begins with an introduction to The Digital Insurer (TDI), which aims to accelerate the digital transformation of insurance through collaboration, reliability, agility, diversity, value delivery, innovation, and trust. The discussion agenda includes strategic, learner, industry, and learning provider perspectives on digital L&D. Panelists will discuss topics like data-led marketing, customer experience, digital business models, and change management. Participants are encouraged to ask questions in the Q&A and provide comments in the chat. The session aims to explore how L&D needs to adapt to meet future skills needs and deliver a blended learning experience going
The Digital Insurer - Overview June 2016 for News Correspondent PostThe Digital Insurer
The document describes The Digital Insurer (TDI), which provides information and analysis on digital insurance trends. TDI maintains a global community of insurance professionals through its publications and events. It offers various content services, including the largest online library on digital insurance topics. TDI's leadership team has extensive experience in insurance technology.
Innovation in Insurance - necessity or luxury?Mateusz Maj
So the world is changing at bewildering speed and we are facing an economic and digital revolution. To manage that change, countries and communities need to change the way we do business and insurance industry cannot ignore these changes. Learn why.
This document summarizes a panel discussion on accelerating digital transformation in the insurance industry in Indonesia. The panel included representatives from an Indonesian insurer and an Insurtech company. They discussed trends like the urgency of digital change, different speeds of digital adoption, and the need for an omni-channel approach. The insurer representative discussed their focus on digital distribution and a seamless online customer journey. The Insurtech representative discussed how their platform provides various insurance products and aims to improve insurance literacy. The panel saw the most attractive areas for Insurtech in Indonesia being new digital business models and value chain innovations in sales and marketing.
The document summarizes an information webinar about the CDI+TÜRKİYE program, a new digital insurance certificate developed for the Turkish market. The 56-hour program delivered by TDI Academy includes 7 courses with 8 lessons each, all with English subtitles and Turkish live discussion groups. The goal is to help Turkish insurance professionals rapidly improve their digital skills through on-demand and live virtual learning over 4 months. The estimated start date is January 26th, 2022 and the fee is $2,500 USD.
The future of insurance distribution: New models for a digital customerAccenture Insurance
This report argues that incumbents need to embrace digital disruption, form partnerships and adopt innovative technologies to improve customer engagement and create new opportunities for growth. It introduces five new distribution models that insurers should consider, as well as six ‘lenses’ through which they can be evaluated.
Your insurance clients know that far-sighted players are already confronting the future of insurance distribution. Use this report to help them assess their options.
Webinar:Cashless Payments – Insights from China and What the Future Holds for...The Digital Insurer
The document summarizes a discussion on cashless payments and digital currencies. It includes an agenda with presentations on payments in China and Southeast Asia by Kapronasia, the development of payments in China by Qinqin Tech, the journey of Octopus payments in Hong Kong, and implications of the digital yuan by Forrester. There was also a panel discussion and polls on the benefits of the digital yuan for insurers. The event was aimed at accelerating digital transformation in the insurance industry through collaboration.
CII-EY report titled Insurer of the Future reveals that technology will power the new wave of change for the Indian Insurance Industry. The report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model.
This document provides an overview of digital disruption in the insurance industry. It analyzes forces driving disruption like the Internet of Things, big data & analytics, sharing economy, and online intermediaries. These forces are transforming the industry and creating opportunities for new competitors. The document also examines how property/casualty and health insurance sectors will be affected. It argues that insurance companies must quickly adapt to remain competitive against new digital-native rivals. The future landscape may involve different types of ecosystems where insurers take on new roles like preventative risk advisors rather than just reactive claims payers.
Oracle Digiting Insurance specially Life Insurancepyakurelsharad
Millennials are an important target market for the insurance industry. To attract millennial customers, insurers must provide digital experiences that support millennial values like freedom, choice, and flexibility. However, many insurers still rely on outdated legacy systems that cannot support digital processes. To truly transform, insurers need flexible platforms that allow straight-through digital processing from end to end. Oracle Insurance Policy Administration is a configurable platform that can support digital processes across all lines of business.
Being connected has become the talk of the town and insurance companies are surely one of the main interested parts in this discussion, some of them being actual promoters of change and innovation. Traditional players will have a more tough time in adapting to the new paradigm but my view is that they will have to adjust on the long term to the new rules of the game if they want to stay competitive.
Consumers are becoming more and more connected whether it is at home, at work, behind the wheel, when they engage in sports & leisure activities and so on. This is happening quite fast due to the adoption of smart devices and thus the companies have to be able to react accordingly in order to maximize value both for its clients and for itself. The surrounding environment is becoming smart and is being incorporated in the connected ecosystem thus creating new opportunities for insurance companies, opportunities which must be managed appropriately in order to maximize value. Here big data analytics plays a huge role, as the number of collected data & variables is getting higher and higher. To be precise, the discussion focuses on how companies will be able to read the data in order to identify patterns and optimize their business models by controlling loss, perfecting risk assessment and prevention etc.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The document discusses how the Internet of Things (IoT) is changing the insurance industry by connecting devices, people and infrastructure. It outlines five key success factors for insurers to become "Insurers of Things": 1) choosing their role in ecosystems, 2) building integrated product, technology and service layers, 3) extending and adapting processes, 4) sharing data through open architectures, and 5) fostering a culture of innovation. The IoT is a disruptive opportunity for insurers but also risks irrelevance if they do not transform their business models to the connected economy.
Who will own the internet of things june 29, 2015Blair Currie
The document discusses how insurance may become the natural business model for the Internet of Things (IoT), similar to how advertising became the model for the internet. It provides examples of how auto insurance has already started utilizing IoT data through telematics to better assess risk and pricing. The author argues this model could transfer to other types of insurance by using data from smart home devices and health trackers. For insurance to fully capitalize on the IoT, it would need to shift from reactive risk rectification to preventative risk management and continuous policyholder engagement.
This document provides an overview of digital disruption in the insurance industry and strategies for success. It discusses how digital technology is fundamentally changing customer expectations and business models. While digital disruption threatens some incumbent insurers, it also provides opportunities to gain efficiencies, lower costs, increase customer satisfaction and retention, and unlock new revenue streams through more personalized products and services. Insurers that swiftly adapt their operations, culture, and business models to the digital age will be best positioned to thrive.
Whitepaper: Why banks need to move if they want to own banking in the future.Stefan F. Dieffenbacher
1. Executive Summary
Driven by the top Internet players the speed of change in the financial services market is rapidly increasing. To secure their business and generate further growth these Internet players are forced to attack additional markets and the financial services market is one of them.
They will conquer the financial services market by
• utilizing their global customer base and advanced customer intelligence (data),
• by connecting today separated services to an eco system using technology and delivering advanced user experience
• and their ability to move fast.
Their entry point to the financial services market is the offering of payment services to their clients through the use of their mobile devices. Extending the functionality of wallets will challenge classical retail banking’s value proposition as these Internet companies can go far beyond classical value propositions.
Some traditional financial services companies already start to understand that the time for a change has come, as these developments will challenge their core business models in very few years. For the first time, this many large-scale companies are starting to invest in programs in large excess of €500m to become better in digital.
While huge investments are not a sufficient reaction to the challenges of the market, players that will not follow the trend will lose their current position in the next years.
Traditional bank’s service offering and channel mix needs to be further rethought and adapted, followed by a fast-paced execution to respond to today’s quickly emerging reality. Players who are not able to manifest their position in the digital channels soon will be challenged in their existence.
The strategic transition needs to be guided by a short-term tactical approach to seriously start earning money in digital. On top of the pure positive financial impact of such a tactical approach, achieving significant sales through a much stronger public website as well as data-driven up- and cross-selling measures will start a cultural shift within the bank. When executives and employees discover that suddenly the digital channels generate large amounts of money, a movement of change could be kicked off. That would be the basis to understand the urgency and the possibility to develop a guiding coalition – the start of any strong change process.
2. Introduction
We are convinced that banks needs to even further raise their attention to their Digital Channels and some necessary adoptions of their business models to stay long term successful. We have rationalized our analysis and proposed actions by a large body of research and facts, which provide deep evidence and insights in recent market evolutions.
To provide a complete picture we showcase recent alterations and transformations in diverse industries, highlight the changing face of the insurance industry and subsequently dive into an analysis of the banking industry. We cover w
This document discusses emerging mobile themes that could impact financial services. It covers key themes like the internet of things (IoT), smart watches, and mobile payments. For IoT, it describes how connected devices are growing rapidly and could allow new types of personal insurance policies and banking services. Smart watches are presented as another connected device that could enable quick access to financial account information. Mobile payments are also growing significantly through mobile applications, with mobile expected to surpass cash usage globally. Financial institutions will need to ensure optimal mobile checkout experiences and maintain customer relationships as new players like Apple and Google enable payments.
The document discusses the future of the retail sector and how emerging technologies will impact it. Artificial intelligence, internet of things, blockchain, and service robots will transform the customer experience and optimize retail operations. While jobs may be impacted, new opportunities will arise in IT and data analysis. Retailers will focus on building customer relationships and tailoring engaging experiences. The retail sector is poised for advanced growth and development through new technologies.
This paper examines five emerging technologies that are likely to have the greatest impact on the future of customer experience. Organisations need to constantly develop innovative ways to create value for customers. These technologies can offer companies the tools to differentiate their brands in the future.
The document discusses the future of the agency model in insurance and introduces the concept of an "OMNI Advisor". It suggests that most insurers will fall behind in their digital transformations if they do not accelerate plans to move to this new model. The OMNI Advisor model envisions advisors having a digital presence and tools to engage with customers anytime. Examples from insurers like Generali Indonesia, Manulife Singapore, and Ping An China that have begun implementing aspects of this model are provided. The document argues that for agencies to remain relevant, they will need to adopt digital capabilities, content, and new skills to operate under a new, digitally-focused operating model.
Webinar for January 2019 - InsurTech – 10 Trends for 2019The Digital Insurer
The document discusses trends for 2019 in the insurtech industry based on a panel discussion. The panel predicts that:
1. Incumbent insurers must fundamentally change their business models to focus on customers and digitize their operations.
2. Many insurers will try to orchestrate ecosystems but few will succeed, and agile participation in ecosystems will be important.
3. Insurers will focus more on middleware solutions to reduce dependence on legacy systems and improve access to data.
The document then outlines several other predictions regarding insurtech trends in 2019 such as the importance of data, artificial intelligence, autonomous vehicles, new roles for actuaries and underwriters, and the need for insurers to skill
The smac-code-embracing-new-technologies-for-future-business (1)Sumit Roy
Social mobile Analytics and Cloud: How SMAC model is changing and disrupting business across industry. SMAC is not only changing the way markets function , but it also is a pointer that technology today is the biggest tool for innovation,however this is a double edged sword as SMAC is a great enabler. Small companies and the giants both have a level playing field
Digital disruption and the future of the automotive industryPeter Tutty
Digital services centered on increasingly empowered consumers will bring disruption to the automotive industry.
Economic value within this industry and across adjacent markets will be forever altered. In a world where the future is far from certain, automotive companies will need to develop new core capabilities to survive.
What is going to happen next and how to respond? Download the report or explore the infographic, below.
Digital disruption and the future of the automotive industryPeter Tutty
Digital services centered on increasingly empowered consumers will bring disruption to the automotive industry.
Economic value within this industry and across adjacent markets will be forever altered. In a world where the future is far from certain, automotive companies will need to develop new core capabilities to survive.
What is going to happen next and how to respond? Download the report or explore the infographic, below.
This document provides an overview of omnichannel approaches in the insurance sector. It discusses how Progressive Insurance has been an early adopter of digital customer experiences, while State Farm has been slower to integrate its divisions digitally. The document also examines trends in the insurance sector triggered by omnichannel advances, such as the development of sophisticated mobile apps and the blurring of direct and agent sales channels. Finally, it explores how insurers can use omnichannel techniques for both customer acquisition and retention.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
SMACology i.e. SMAC Technology is the new buzzword reforming the IT industries as well as the skills of technical aspirants. Learn how.
PDF courtesy: KPMG
The document discusses ecosystems beyond insurance and their impact on the future of insurance. Roger Peverelli, who has over 20 years of experience in insurance strategy and innovation, believes that ecosystems beyond insurance where people address needs like mobility and health will be a major trend. Insurers need to be present in these ecosystems in order to remain relevant to customers. Peverelli discusses how insurers are embracing insurtechs but more work is needed for innovations to have significant impact. He also outlines the different waves of insurtech and how technologies are enabling insurers to improve customer relationships.
Similar to Webinar Polls for 2018 Digital Insurance Predictions (20)
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
4. 4
Poll 3
Which parts of the overall insurance value chain are most likely to be
outsourced over the next couple of years?
5. 5
Poll 4
Which of these holds the out most promise for claims innovation in the year
ahead?
6. 6
Poll 5
What is the key benefit for insurers adopting blockchain/DLT into core
operations?
7. 7
Poll 6
Will the insurance industry be able to change fast enough to compete and
partner with the large, agile tech brands?
8. 8
Poll 7
Is C Suite compensation still too short term to ensure longer term digital
innovations are committed to and maintained?
9. 9
Q&A
Question Answer
1) Digital insurance is all about engagement and
experience. How will insurers be able to make money with
the engagement models? Who will pay for the extra
services which are not currently in the core capability of the
insurers?
(1) I would say as long as the service add value then
comsumers will buy. If this is part of an ecosystem then
the cost of distribution can be splt across many
products i.e is attractive to the consumer
(2) We are seeing a variety of approaches - sometimes
priced into core product, sometimes extra charges;
sometimes provided by broker, sometimes by insurer,
sometimes by a partner of either. Specific examples in
cyber insurance include AON/ Stroz Friedberg, Beazley
breach response, AIG cyberedge.
2) Is there any organisations or cohorts that are
specializing in consulting the New Comer (Insurer who start
their business model from scratch) to build the appropriate
business model?
(1) That would be all the traditional consulting firms, but of
course especially the ones who have deep insurance
expertise, like KPMG
3) Working on a pure digital insurer platform is nice for
simplified products but how can this be combined with AI to
handle more complex and personalized situations like
Health insurance which for complexity is very high on the
list of things to digitalize?
(1) My view is that chatbot offer a great way to experiment
with the AI to human interface for sale of more complex
products
4) What are the biggest roadblocks for insurances
companies to adopt a customer centric business process
that augment well in social or digital channels not just a
website or Mobile APP ?
(1) Flexible, nimble and agile supporting IT infrastracutre
who'll provides the real time personalized business
value to the customers.
(2) I would say the biggest current roadblock is the
insurance company having a real single view of
customer to inform any conversation on social media -
so everything is still very reactive.
10. 10
Q&A
Question Answer
5) In spite of the hype of benefits, the ecosystem driven
Digital and Connected Insurance seems not to have picked
up. What is the actual problem that drags adoption?
(1) Think there are good example in China working well .
But a key driver will be for people to experience the risk
reduction i.e services that keep me safe (from an
individual perspective)
6) In such an ecosystem, who can effectively be the owner
of it, and who will the orchestrator of this ecosystem? Will
there be any go-between (I will call them adhesive)
companies
(1) My view is to do a scale need a modern tech stack
7) Can Digital Business Models and InsurTech enablers be
the same if we talk about retail insurers versus commercial
insurers?
(1) Interesting question. We have seen some platform
plays start as distrbution models and then trend to
enablers . not so much in the other direction?
8) How do you see regulation and governance evolving in
these ecosystems?
(1) Yes, in a positive way. Open Banking / APIs will
penetrate the insurance world and will force insurere to
open themselves.
9) I am trying to pick up on the new models being referred
to by theme number 5..what are those?
(1) I think in terms of ""digital first"" models instead of
Physical first models
10) As regards chatbots driven by AI, they are currently
treated as another piece of software code and not
regulated. When do you think they may be considered as
serious customer suggestion/enticement for regulation?
How can such regulation be realistically enforced?
(1) Hi. hopefully it will be not overregulated as will be a
great sale process . But the good news is all the data is
iollected to very easy to monitor
11) Can blockchain disrupt the whole insurance industry. Is
it a treat or a change?
(1) Is it still a solution looking for a problems or some reslly
good use cases
11. 11
Q&A
Question Answer
12) In regards to the new business models of Insurtechs, I
am still not quite convinced of how „new“ the business
models really are, i.e. to me it seems like most Insurtechs
simply provide insurance services using new technology
such as analytics, digital distribution channels, etc. Which
aspects of Insurtech business models do you feel are truly
new?
(1) What you say is largely true, and a natural phenomenon
based on what problems people want to solve. But I
would say micro insurance is an example of new
approaches, as would be on demand insurance
13) The products and companies that are getting most
press are B2C but are commercial insurers changing their
business models too?
(1) Yes, commercial insurers are increasingly active,
particularly in three areas: 1) Product: expanding
services related to the underlying product (e.g. in
property, marine, cyber) 2) Distribution - exploring or
developing 'digital platforms' particularly at the SME
end; 3) operations: rethinking claims and processing,
exploring blockchain.
14) What is a Physical model and what is a digital model? I
only see that our insurer need to renew their IT and make
much more automized and in realtime, no breaks by
interfacesAnd they have to develop new tariffs and services
and business lines
(1) Physical is face to face first based sales. Very Difficult
to move (Asia Perspective) from face to face to digital
first
15) Payment is a very import process but is not on the
focus by insurer
(1) Absolutely . Ant / Alibaba and Tencent are making
payment moves in SE Asia - Ref Gojek in Indonesia
16) Banking as a Service (BAAS) is evolving, can we see
that evolving in Insurance - Insurance as a Service
(1) Yes. The shift from protection to prevention is an
example of this trend.
12. 12
Q&A
Question Answer
17) Do you think firms like Amazon would bother partnering
with an insurance player if they beliewve they have capital,
distribution, data and analytics themselves?
(1) Yes, because amazon's primary goal is to drive
consumption on the platform. it's inevitable they will
provide insurance to enhance their customer
proposition, but i dont see them entering the insurance
market per se
18) Major Insurance players are yet to embrace omni
channel customer interaction (Selling & servicing ) To
enable this the biggest limitation I think is the digital gap
between the operational systems and marketing systems ,
whats your take?
(1) I agree completely - legacy systems that focus on
policies don’t play well with digital / mobile / cloud
systems that focus on customers
19) Due to the inherent importance of price within the UK
Motor Insurance market, do you think customers are ready
for a "one-click switch" approach if there is a service
available to enable that?
(1) personally I would really like it if that one click was
guaranteed to broke my motor risk and get the best
price. Longer term perhaps my car emanufacturer will
manage that?
20) How do you see the (life) insurance industry embracing
or otherwise Gene Based therapies. It is not directly digital
related but does represent a change in insurance model in
that pooled risk models won’t necessarily apply. Yet there
will be plenty of data to process and will thus be amenable
to a data savvy tech insurer to exploit.
(1) Tough one. many markets have a moratorium on gene
based UW but how long will that hold as cost of testing
become routine? I do think ""keep me healthy"" is the
way forward for life companies
21) Any views on Bought by Many? does it make sense to
crowdsource (niche) insurance?
(1) Not sure. I really like the BBM model but it might evolve
more into pre packaged products offered to relevant
consumers using data analytics?
13. 13
Q&A
Question Answer
22) Traditional insurer vs. GAFA (Google, Apple, Facebook,
& Amazon) or new player like LemonadeWho will be the
first ""Kodak""? (Re)insurers understood that, but they are
not really making internal transformations including
""cultural"" or they are doing too slowly.When the first one
will downfall, it will be too late for the second one… What
do you think ?
(1) Great point. I agree internal transformations are far too
slow - because it's difficult and there's not sufficient
clarity or will to make it happen. Insurers have had to go
into run-off phases in many life insurance markets (this
driven by regulation rather than tech) and I'd expect a
run-off phase driven by tech in other parts of insurance.
23) Can you name a digital broker company? (1) Bought by Many . Many of the aggregators / Price
comparison sites also use broking licenses
24) With many insurtech startups offering similar
propisitions in the B2C world, where can they now look to
really push incrimental vital change in the commercial B2B
world, and what startups are leading the way here?
(1) There are a large number of startups improving specific
parts of the commercial value chain but there's no
standout full stack play. Examples of narrow plays in
marine include insuremytrans, focused on cargo
insurance, 30mhz helping insurers use IOT, Consirrus,
a marine insurance platform.
25) Any statistics on how many times in a year a (sorry)
average client interracts with his or her insurance?
Obviously this impacts the focus on where improvements
need to be made.
(1) Perhaps the challenge is to add services that result in
higher levels of engagement?
26) What would be you opinion on a personal financial bot
app. Handling all personal finance activities including
Insurance, Banking, Pension Savings and Private
investing
(1) Will we all have bots with our own avatars ?
14. 14
Q&A
Question Answer
27) If digital players suceed in making loss prevention and
loss mitigation much better allowing premiums to drop
significantly will customers continue to buy insurance or will
the market ultimately shrink as individuals become more
inclined to self insure?
(1) It will grow because many people have not yet
purchased insurance - just cost will reduce as risk is
lower. Insurers may well get a much higher % of
revenue from servies and not insurance premium .
Exception could be Motor insurance...
28) On a quirky note - are too much of digital initiatives,
completely distancing insurance from boomers, elderly and
luddites?
(1) yes, just as the demise of cheques and high street
branches has done for banking.
29) In terms of connected home, are the technologies
available right now just B2C plays or do they offer a
genuine risk assessment/management tool for insurers
(1) If insurers can access the data then the opportunities
are excellent
30) If all the data of each idividual will be available like a
profile and analyzeable automatically, so no human would
have access on it, but only algorithms will analyse the risk
statistic - will we deliver individual policies? And what are
your thoughts whether the primium will change based on
their
(1) Yes, this is inevitable IMHO. Premiums will change but
the big benefit for customers is that the cover will be
specific to the individual. Price will be less important as
a result.
31) Even Zhong An and Ant Financial are looking for
insurance partnerships where they do not have expertise.
If the Partner Model is more likely then they are already
ahead of the game. Will this then move the value chain for
traditional insurers because they cannot compete with
Zhong An and Ant?
(1) Yes. insurers will need to be partner friendly. David
Milligan' discussion on paltform as a services seems
relevant here
15. 15
Some of the feedback from attendees
“I really think it is
perfect. Very well
done, good
dynamics, interesting
topics.”
“Diverse views”
“Good panel. lots
of ground
covered.”
Total registrations: 698 Total attendees: 238 NPS: 48%
Top 10 countries for registrations (%)
Country Registration %
United Kingdom 15%
United States 12%
India 8%
Singapore 7%
Hong Kong 5%
Germany 5%
Canada 4%
South Africa 3%
France 3%
Australia 3%