Unbundling the Insurance Value Chain
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1 Unbundling the Insurance Value Chain Disruption in the Insurance Sector The 7th. International Istanbul Insurance Conference Prof. Dr. Selim YAZICI Istanbul University FinTech Istanbul October 6, 2016
2 Short Bio Prof. Dr. Selim YAZICI Contact Information LinkedIn:
3
4 Why are we here today?
5 Insurance CEOs feel more vulnerable to technological disruption than other industries CEOs *automotive, retail, asset management, power & utilities, entertainment, pharma & lifescience, healthcare, and hospitality & leisure PwC 2015 CEO Survey
6 What are your organization s biggest opportunities in the next 2 years?
7 Today s Key Questions? 1. What are the emerging innovations effecting the Financial Services? 2. How will they impact the ways in which the Insurance Industry is structured and doing business? 3. How will you respond to those challenges?
8 Q1 Emerging Innovations Effecting Financial Services
9 What is FinTech and What is InsurTech?
10 FinTech FinTech is the use of technology to make financial services more efficient Innovation in financial services using technology Disruptive??? FinTech companies are generally startups, trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software.
11 InsurTech is one of the two Major Sectors within FinTech
12 World Economic Forum - Davos 2016 The Fourth Industrial Revolution Session: The Transformation of Finance Topic: Digital Economy Report: The Future of Financial Services The most imminent effects of disruption will be felt in the banking sector; however, the greatest impact of disruption is likely to be felt in the insurance sector
13 Disruptive Innovation in Financial Services 6 Functions of Financial Services 11 Clusters of Innovation Six Cross-functional Themes Touching Multiple Cluster 1. Streamlined Infrastructure 2. Automation of High-Value Activities 3. Reduced Intermediation 4. Strategic Role of Data 5. Niche, Specialized Products 6. Customer Empowerment
14
15 Drivers for InsurTech Innovations Technology Web Mobile Big Data Connected Devices (Cars, Homes, Lifestyles) Smarter, cheaper sensors IoT (Internet-of-Things) Communication Protocols Advanced Analytics Better Understand the Customer Millennials (Digital Natives) Needs Expectations Anywhere, anytime Simple Quick Reliable DIY (Do It Yourself)
16 Drivers for InsurTech - Technology Artificial Intelligence Connected Devices (IoT Internet of Things) Telematics Wearables Household appliances Drones Remotely controlled, Unmanned vehicles Risk Management and Claims Management For objects and large areas from a distance New Payment Methods Mobile Bankless money transfers Blockchain Technology Timestamped data blocks Validate data and keep it safe from alteration or tampering Roboadvisors Underwriting Risk Assessment Automated Insurance Digit Acorns
17 Q2 How will they impact Insurance Industry?
18 InsurTech StartUps
19 What do InsurTech StartUps Provide? New Product/Service Mobile apps offering digital management and optimization of consumers insurance policies across multiple providers Free for consumers, receives brokerage fees from insurers Innovation Easy and seamless integration of users insurance policies in the app Automatically discovers potential savings and optimization of insurance coverage Innovative distribution channels Provide technology to reduce risk/number of claims Ease of Use (Customer Experience) User-friendly solutions Consumer interaction Reach underserved markets Younger generations First-time insurance seekers Cost Savings Both for consumers and insurance company Lower cost of claims processing
20 InsurTech Categories Product Insurance These companies offer insurance/warranties for products that you purchase, from tech gadgets to diamonds. Auto Insurance These companies offer car insurance, including car telematics products which detect your mileage and driving behavior to customize your insurance plan. Health/Travel insurance These companies offer health or travel insurance, either for individuals or for businesses. Life, Home, Property & Casualty Insurance These companies offer life, home, and property & casualty insurance, as well as other kinds of insurance such as renters, disability, and marriage insurance. Enterprise Insurance These companies offer insurance plans for businesses, startups, freelancers, etc. Insurance Comparison/Marketplace These companies serve as a marketplace for consumers to buy insurance of any kind (car to home to health), or compare different insurance providers. These are 3rd party companies that don t offer insurance plans themselves, but act as a brokerage agent between insurance providers and consumers. Reinsurance These companies provide insurance for other insurance companies. P2P Insurance These companies offer peer-to-peer insurance, in which a group of policyholders jointly pay for the insurance of an item that they mutually own, share, or rent (a car, a house, media equipment, etc). Insurance Data/Intelligence These companies collect, process, and analyze data analytics and business intelligence for the insurance industry. Insurance User Acquisition These companies help insurance companies acquire and manage new leads and clients. Insurance Infrastructure/Backend These companies help insurance companies with their day-to-day operations, including CRM for agents and lawyers, communication tools, claim filing tools, etc. Insurance Investors/Education These companies are investment firms that specifically invest and incubate new insurance companies, as well as resources that give information about how insurance works Consumer Insurance Management Platforms These companies offer platforms that enable consumers to manage their insurance and claims, including mobile apps that allow them to file claims right at the spot of the car accident.
21 535 Companies, 13 Categories, $4.63 Bn Total Investment Insurance Technology InsurTech
22 How do InsurTech StartUps Provide Services? Asset Management Fintech
23 Sources Enablers Results
24 Figures
25 Relative to industry size, InsurTech has received 12 times less funding than BankingTech
26 Figures
27 InsurTech Business Models
28 The Spectrum of InsurTech Business Models 1. Distribution 2. Enterprise 3. Mutual 4. Consensus 5. Engagement 6. Experience 7. Data
29 Distribution Distribution is all about making insurance easier to buy, consume, understand and relevant. They put the customer first and build their insurance proposition from the customer out (unlike incumbents who organize their business around internal capabilities). These startups are all about the customer and their propositions are characterized by convenience, on-demand, personalization and transparency (and of course, digital). Examples: Bought by Many Knip Cuvva PolicyGenius Moneymeets
30 Enterprise Platform Solutions A new breed of enterprise class software providers. Software as a Service (SaaS) platforms running on the cloud. They have consumption based pricing models that replace the traditional $million up front license fee and multi-year implementation. Examples: Vlocity Insly Surely Riskmatch Zenefits
31 Mutual (P2P) P2P (Peer to Peer) business models return insurance to its roots of mutualization and community. The model relies on the notion that social grouping and affinity will change behavior and address moral hazard (thereby reducing claims payouts and premiums). The question of scalability still hangs over P2P insurance but if it succeeds as a business model, it could form the foundation of a new breed of insurer. Examples: Friendsurance Guevara Lemonade Uvamo Gaggel TongJuBao
32 Consensus Blockchain technology will fundamentally change the way the insurance industry works (as well as banking and society). The promise is huge although as yet, unproven. From smart contracts to identity authentication, from fraud prevention to claims management, blockchain technology will provide the underlying technology foundations for a trustless consensus that is transparent to all parties. Examples: Everledger Tradle SmartContract Dynamis Blockverify
33 Engagement (Customer Lifestyle) The most significant characteristics from InsurTech in personal lines. The product becomes integrated in the customer s lifestyle. It becomes sticky and overrides the annual buying exercise where price is the key buying criteria. Digital natives are responding well to lifestyle apps that sit on top of the underlying insurance product. Examples: Oscar Vitality Trov
34 Experience The true value of insurance is only realized when the customer makes a claim. New tech solutions that improve the customer journey through the claims process will not only improve the customer experience, they will also reduce the cost of claims and claims payouts. Examples: 360Globalnet RightIndem Tractable Vis.io Roundcube
35 Data (Risk Management) This is all about new sources of data to rate and underwrite risk. This is about using data science, machine learning, artificial intelligence and high performance computing to process data in completely new ways. Whilst Distribution is vital to change the way customers interact with insurers, it is the data players that hold the key to fundamental change in the way insurance is manufactured. Examples: Quantemplate Analyze Re Meteo Protect The Floow Fitsense Influmetrics RiskGenius
36 Mekansal İşler Insurance Big Data (Urban Stats) Risk Analytics
37 Hesap Kurdu Financial Aggregation
38 InsurTech Ecosystem
39 Start-up Boosters Axa Kamet 100 M Euro InsurTech Incubator AXA Lab (San Francisco, Shanghai) AXA Strategic Ventures (ASV) Venture Capital Firm (Investment Structure) AXA Factory DIL Allianz Digital Accelerator Aegon Kroodle Swiss Re InsurTech Accelerator - Bangalore
40 InsurTech Focused Accelerators Startupbootcamp in London Global Insurance Accelerator in Des Moines, USA (about to start it s second cohort) Mundi Lab announcing its startups for their insurance program in Madrid
41
42
43 Q3 How will you respond?
44 How will you respond? Digitally Enhanced Customer Experiences Understand customer behaviors and needs Omnichannel Sales and Distribution Model Create an online and mobile presence Optimizing Operations Using Digital Technologies Redesign the organization to be a digitalized business Advanced Analytics and Big Data Applied Throughout the Organization Use big data analytics for business decisions Start Digital Transformation Align IT spendings to focus on strategic issues An Innovation-ready Organization Cultivate the right capabilities and culture for innovation Customers Processes Mindset
45 Conclusions 4tn USD Global Insurance Industry The entire insurance value chain will be transformed by technological innovations such as artificial intelligence, connected devices, drones, new payments, and the Blockchain. Entirely new value propositions and distribution methods will be enabled. There is a huge market for startups and incumbent insurers that embrace the new technologies. Relative to the market s size I feel confident that InsurTech startups will have more funding than they have thus far. To capture this vast opportunity startups and incumbent insurers need to establish effective cooperation models, leveraging each party s key strengths. While one-third of these startups can be seen as disruptive to incumbent insurers, most enable existing insurers to harness technology. Thus, insurers have much to gain from fruitful collaboration with startups.
46 Thank You
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