INSURTECH 101 BRENTON CHARNLEY CHAIRMAN & CO-FOUNDER, INSURTECH AUSTRALIA 2 MAY 2018

Transcription

1 INSURTECH 101 BRENTON CHARNLEY CHAIRMAN & CO-FOUNDER, INSURTECH AUSTRALIA 2 MAY 2018

2 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

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5 CHANGED THE GAME 5

6 WHAT GAME ARE WE PLAYING? 6

7 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

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9 INSURANCE (INDUSTRY) TECHNOLOGY (INNOVATION)

10 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

11 INSURTECH ON THE RISE

12 IT S MORE THAN TECHNOLOGY Operating Model Improvements Distribution Partnerships New products INSURTECH Risk mitigation Platforms Business Model New Applications

13 ENABLING MORE THAN DISRUPTING

14 EY & Insurtech Australia Ecosystem Report 2018 WHAT ARE THEY ENABLING?

15 WHAT IT S NOT ONLY DISTRIBUTION JUST STARTUPS 5 YEARS AWAY SOMETHING TO IGNORE

16 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

17 CHANGING 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

18 REINSURANCE DEALS

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20 INVESTMENT ALL OVER

21 TECHNOLOGIES TO WATCH

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23 INSURTECHS - MODULARITY

24 INSURTECHS USAGE ON DEMAND

25 INSURTECHS EMERGING RISKS

26 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

27 WILL INSURTECH DISRUPT? 27

28 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

29 DISRUPTION HAPPENS QUICK-ER Neither Redbox nor Netflix are even on the radar screen in terms or competition. Jim Keyes, Blockbuster CEO 2008

30 DISRUPTION HAPPENS QUICK-ER From a competition perspective, the iphone is nothing but a niche product Olli-Pekka Kallasvuo, Nokia CEO 2008

31 THREATS TO GROWTH

32 THREATS TO GROWTH

33 PLANS FOR GROWTH

34 WHAT GAME ARE WE ACTUALLY PLAYING?

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36 RUGBY = INSURANCE TEAMS = COMPETITORS RULES = REGULATIONS NEW TECH = IMPROVE THE GAME NEW PLAYERS = BETTER GAME

37 ENTERTAINMENT 37

38 WE RE PLAYING A DIFFERENT GAME 20th Rugby 4th AFL 5th BBL

39 HOW CAN YOU BE A GAME CHANGER?

40 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

41 7 STEPS TO INSURTECH SUCCESS STRATEGY SEARCH EXECUTE RESPOND DIVERSIFY EXPLORE EXPERIMENT BE READY USE YOUR CORE PEOPLE FIRST

42 RESPOND

43 IT S AN INCUMBENT PROBLEM 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

44 INNOVATOR S DILEMMA Should we invest to protect the least profitable end of our business, so that we can retain our least loyal, most pricesensitive 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? Clayton Christensen, Innovator s Solution

45 DIVERSIFY

46 WHAT INVESTMENT IS OFTEN LIKE Core Business 90% Better. Faster. Cheaper 10% Change the Game 0%

47 STARTUP INVESTMENT (x10) CHANGE THE GAME 100%

48 TIME TO GET IN THE GAME Core Business 70% Better. Faster. Cheaper 20% Change the Game 10%

49 EXPLORE

50 DISRUPTIVE INNOVATION disruptive technologies offer other benefits typically, they are simpler, more convenient, and less expensive products that appeal to new or lessdemanding customers Clayton Christensen, Innovator s Solution

51 EY & Insurtech Australia Ecosystem Report 2018 TECHNOLOGIES TO ADOPT

52 EXPERIMENT

53 NEW PRODUCT DEV IS HARD 50-60% New product developments fail

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55 BE READY

56 5 STEPS TO BE STARTUP READY NARROW FOCUS, GET BUY IN GET OUT THE BUILDING PROCUREMENT & LEGAL INTERNAL CHAMPION MOVE FAST

57 USE YOUR CORE

58 LEVERAGE CORE ASSETS Data Operati ons Market Custom ers Core Assets People Partners Capital Brands

59 BUT, PLAY IN THE RIGHT SANDPIT

60 PEOPLE FIRST

61 PEOPLE FIRST Organisations don t innovate people do.

62 INSURTECH 101 TECH TO WATCH SO WHAT? WHAT YOU CAN DO SUMMARY

63 SUMMARY INSURTECH IS HERE & ENABLING MUST RESPOND WITH A FOCUSSED STRATEGY NOT JUST TECHNOLOGY - BUSINESS MODEL, PROCESS & PRODUCT GET STARTUP READY LEVERAGE CORE ASSETS & PARTNER

64 THANK YOU BRENTON CHARNLEY CHAIRMAN & CO-FOUNDER, INSURTECH AUSTRALIA E: W: INSURTECHAUSTRALIA.ORG