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NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY - PowerPoint PPT Presentation

0 NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY #ITC TC2016 Insurance plays a vital role in society Pools risk across groups Enables risk-taking Signals inherent risk Controls losses Provides credit intermediation


  1. 0 NEW PARADIGMS IN INSURANCE OLIVER WYMAN PRESENTATION PRESENTED BY #ITC TC2016

  2. Insurance plays a vital role in society Pools risk across groups Enables risk-taking Signals inherent risk Controls losses Provides credit intermediation #ITC TC2016 1

  3. The world is changing Technology changes Socio-economic changes Cloud Computing Constant Connectivity Quantified self Changing Demographics Genomics/Medical Urbanization advantage + Increasing Mobility Share economy Big Data Analytics + Break in CV Health Literacy Internet of Things Customer “Natural Best Friend” Automation Changing Increasing Spread Self-Service Job Profiles in Wealth COLLISION OF TRENDS #ITC TC2016 2

  4. New paradigms For delivering peace of mind in a tailored and efficient way #ITC TC2016 3

  5. From: Opaque risk/cash transfer To: A more holistic value chain of risk • Better understanding • True recovery aid #ITC TC2016 4

  6. From: Laggard To: Front-runner in technology and socio-economic change • An information business • A people business #ITC TC2016 5

  7. From: Owning To: Orchestrating the value chain • Strategic control points • True profit pools #ITC TC2016 6

  8. From: Numbers To: Customer empathy • From push to pull • Not just about money #ITC TC2016 7

  9. In order to get there, we need to reimagine the value chain Deconstruct + Reconstruct Traditional labels “insurer”, “broker”, “wholesaler", "reinsurer” no longer apply #ITC TC2016 8

  10. Insurance-in-an-app How do I relate to 21st century customers? #ITC TC2016 9

  11. P2P insurance – the new mutual How do I make customers want to participate in insurance? #ITC TC2016 10

  12. Virtual insurer – full service but no balance sheet Is my value proposition really my balance sheet? #ITC TC2016 11

  13. Plugging into the online ecosystem – China InsureTech 8:00 Hail car 12:00 Browse lunch options 13:00 Online 9:00 Order breakfast 11:30 Order service to work and pick a place errands during for delivery fruit for delivery lunch break Am I thinking radically Weekday enough? Am I Weekend moving fast 18:00 Do the laundry delivery 21:00 Watch online TV 16:30 Reserve housekeeping enough? #ITC TC2016 12

  14. Laser-like focus on three basic principles is key for value creation 1 Creation of a hassle-free customer experience 2 Elimination of inefficient cost structures 3 Offerings that truly provide “peace of mind” #ITC TC2016 13

  15. Need for collaboration and partnerships Incumbents Entrepreneurs 3 Investors #ITC TC2016 14

  16. Getting started on innovation: One approach STUDIO MODEL #ITC TC2016 15

  17. Why we are at InsureTech Connect ? Entrepreneurs: Race to materiality Investors : Outsized returns Incumbents : Onboard future capabilities in a flexible way ENJOY INSURETECH CONNECT 2016 #ITC TC2016 16

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