Customer Centricity Conference
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1 Customer Centricity Conference New needs, new data Duncan Anderson September Willis Towers Watson. All rights reserved.
2 New needs and new data 2
3 New needs New needs and new data New data So? 3
4 Driverless cars 4
5 Driverless cars 5
6 Driverless cars 6
7 Levels of vehicle automation (NHTSA) 4 Full self-driving Driverless cars 3 Limited self-driving 2 Combined function technologies 1 Function-specific driver assisted technologies 0 No automation 7
8 Driverless cars 8
9 Driverless cars 9
10 Driverless cars Insurance risk Other parties now involved OEMs Traditional suppliers New suppliers eg Software providers (Cyber crime) Map providers Telecoms Infrastructure The algorithm of death 10
11 Insurance risk Driverless cars Risk will shift from personal to "product" Fragmentation of risk New insurance needs Reduction in risk Personal motor risk down by 1-3% pa over next few years? Frequency effect offset by increased cost of repairs Short term: vehicle option data important 11
12 Self-selection Pricing Retention Behaviour change $800 Driverless cars Telematics $1,000 $1,000 $1,000 $1, % Average discounts: 12% - 25% Maximum discounts: 30% - 50% 10x Differential in loss ratio from TW DriveAbility score 40% Improvement in retention cited by Progressive 30+% Reduction in claims costs Young driver: 30% - 40% Commercial fleet : 54% - 93% 12
13 Current Risks Cause of Claim Connected Devices Prevention Potential Driverless cars Telematics Electrical Water Damage Water Leakage Fire Connected Meters Connected Electronic Manometers (pressure) Active Leakage Detections Devices Smoke Detectors CO 2 Detectors ~20% - 30% ~70% ~70% 40-60% Reduced Risk Electrical Home devices Theft IP DIY Alarm Systems10-80% Advanced Alarm Systems 40-60% Water Damage 13
14 Global bookings revenue in billions $26.12 (Projected) $10.84 Driverless cars $0.69 $2.91 Telematics Home devices Sharing economy Taxi 14
15 Driverless cars Telematics Home devices Sharing economy Taxi Car rental 15
16 Driverless cars Telematics Home devices Sharing economy Taxi Car rental 16
17 Driverless cars Telematics Home devices Sharing economy Taxi Car rental Hitchiking 17
18 Driverless cars Telematics Home devices Sharing economy Taxi Car rental Hitchiking 18
19 25 Bla bla car members, millions (Source: Wall Street Journal) Driverless cars 10 Taxi Home devices Sharing economy Car rental Telematics Hitchiking Value ~$1.6bn 30 million members 22 countries >10 million travellers per quarter >2 million trips available in the future at any given time >3 billion miles shared Average car occupancy
20 Driverless cars Telematics Home devices Taxi Sharing economy Car rental Hitchiking Slugging Washington DC, San Francisco Multiple occupancy vehicle lanes ~ 10,000 routinely share 20
21 Driverless cars Telematics Home devices Sharing economy Consumer expectations 21
22 Fragmentation of risk Deflationary pressure Distribution changes 22
23 Fragmentation of risk Deflationary pressure Distribution changes 23
24 Fragmentation of risk Deflationary pressure Distribution changes 24
25 So Package more - insure all a customer's (fragmented) needs? Up game in customer analytics Ease of purchase - few (or no) questions asked Enhance engagement Fragmentation of risk For which, more data helps Deflationary pressure Distribution changes 25
26 New needs New needs and new data New data So? 26
27 Basics Cross-holdings Retail partners Standard factors Enrichment Banking partners 27
28 Basics Ambient location 28
29 iphone: Basics Ambient location Settings > Privacy > Location Services > System Services > Frequent Locations 29
30 Apple Conference Basics Guinness Brewery Hotel Ambient location Nice restaurant 30
31 Apple Google Basics Ambient location 31
32 Apple Google App providers Basics Ambient location 32
33 Apple Google App providers Basics Ambient location 33
34 Apple Google App providers Basics Ambient location 34
35 Apple Google App providers Telecom providers Basics Ambient location 35
36 TSPs Apple Google App providers Telecom providers Basics Ambient location 36
37 Apple Google App providers Telecom providers OEMs TSPs Basics Ambient location 37
38 TSPs Apple Google App providers Telecom providers OEMs Airlines Basics Ambient location 38
39 TSPs Apple Google Banks App providers Telecom providers OEMs Airlines Basics Ambient location 39
40 TSPs Apple Google Banks App providers Telecom providers Wearable providers OEMs Airlines Basics Ambient location 40
41 Apple Google TSPs Banks Traffic cameras App providers Telecom providers Wearable providers OEMs Airlines Basics Ambient location 41
42 Apple Google TSPs Banks Traffic cameras App providers Telecom providers Wearable providers OEMs Airlines Basics Wifi Ambient location 42
43 Apple Google TSPs Banks Traffic cameras App providers Telecom providers Wearable providers OEMs Airlines Basics Wifi Ambient location Other 43
44 Basics App providers Apple Google Telecom providers TSPs Banks Wearable providers Traffic cameras Home sensors Wifi OEMs Airlines Ambient location Other 44
45 Basics Apple Google TSPs Banks Traffic cameras Home sensors Wifi App providers OEMs Telecom providers Airlines Wearable providers Media companies Ambient location Other 45
46 Number of units installed (billion) Basics Apple Google TSPs Banks Traffic cameras Home sensors Wifi App providers OEMs Telecom providers Airlines Wearable providers Media companies IOT Ambient location 25 Internet of Things Millions of units Other Consumer Business 46
47 Basics Ambient location Apple Google TSPs Banks Traffic cameras Home sensors Wifi App providers OEMs Telecom providers Airlines Wearable providers Media companies IOT Web analytic providers Other 47
48 Basics Apple Google TSPs Banks Traffic cameras Home sensors Wifi App providers OEMs Telecom providers Airlines Wearable providers Media companies IOT Ambient location Social media companies Web analytic providers Other 48
49 Apple Google TSPs Banks Traffic cameras Home sensors Wifi App providers OEMs Telecom providers Airlines Wearable providers Media companies IOT Social media companies Web analytic providers Cross-holdings Retail partners Standard factors Enrichment Banking partners 49
50 New needs New needs and new data New data So? 50
51 Risk Marketing Services Assuming you can access and use the data 51
52 Motor telematics example Marketing Underwriting Policies Insurers / Agents / Brokers / Aggregators Potential Customers Traditional data Insurer A Insurer B Insurer C Unmonitored traditional policy OEMs Insurer D UBI Policy Telecoms Mobile OS Monitored traditional policy App 52
53 Motor telematics example Marketing Underwriting Policies Insurers / Agents / Brokers / Aggregators Traditional data Insurer A Insurer B Unmonitored traditional policy Potential Customers Insurer C Insurer D UBI Policy OEMs Telecoms Mobile OS Traditional + telematics data Insurer partners and/or panel Insurer B Insurer C Monitored traditional policy App Insurer E 53
54 Motor telematics example Marketing Underwriting Policies Insurers / Agents / Brokers / Aggregators Traditional data Insurer A Insurer B Unmonitored traditional policy Potential Customers Insurer C Insurer D UBI Policy OEMs Telecoms Mobile OS Preview Insurer partners and/or panel Insurer B Insurer C Monitored traditional policy App Insurer E 54
55 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups 09/13 12/13 12/13 06/14 06/14 06/15 07/15 07/15 09/15 09/15 11/15 05/16 Smart home / security Smart home / security Digital health / wearables UBI / telematics Digital health / wearables Smart home / security Smart home / security Home sharing / travel UBI / telematics Smart home / security Smart home / security Motor repair / maintenance 55
56 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups Privacy, regulation, brand Anonymisation by third parties? 56
57 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups Privacy, regulation, brand Anonymisation by third parties? IT capability Cyber risk 57
58 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups Privacy, regulation, brand Anonymisation by third parties? IT capability Cyber risk New skills! Big data management and related analytics 58
59 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups Privacy, regulation, brand Anonymisation by third parties? IT capability Cyber risk New skills! Big data management and related analytics Culture 59
60 Distribution disruption / disintermediation risk Partnerships with data owners and tech players Tech start-ups Privacy, regulation, brand Anonymisation by third parties? IT capability Cyber risk New skills! Big data management and related analytics Culture Clear strategy: Partnerships Product Distribution Data strategy Operating model Culture 60
61 New needs New needs and new data New data So? 61
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