The Rules of Attraction: How The Digital Marketplace Binds Us Together (and Why Insurers Should Care)
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1 Barry Rabkin Senior Research Analyst, Insurance Service Financial Insights The Rules of Attraction: How The Digital Marketplace Binds Us Together (and Why Insurers Should Care) LOMA Emerging Technology Conference 2008 January 30 February 1, 2008 Tampa, Florida
2 Discussion Guide (1) Of Media and Markets: Evolution to the Digital Marketplace (2) (3) What Is Happening? Why Is This Important? (4) How Will Insurance Industry Have To Change? When Will Insurance Industry Have To Change? 1
3 Of Media & Markets The message of any medium, or technology, is the change in scale or pace or pattern it introduces into human affairs. Marshall McLuhan ( ) 2
4 Of Media & Markets Traditional & Digital Markets Defined A market is a specific physical space or cyberspace where goods are bought and sold. [ Reinventing The Bazaar: a natural history of markets, John McMillan W.W. Norton & Company Ltd. ISBN ] The digital marketplace is the economic landscape that is made up of consumer and business activities that take place on IPenabled channels. [ The Landscape of the Digital Marketplace in 2007, IDC#206726, May Published into these advisory services: Digital Marketplace: Media and Entertainment; Digital Marketplace: Search and Business Technologies.] 3
5 Of Media & Markets Size of the Digital Marketplace In 2006, more than $1.9 trillion coursed through the digital marketplace. That equates to 14% of the U.S. GDP. More than 70% of the U.S. population uses the Internet for private or business use. By 2010, 73% of all U.S. Internet users will access the Internet using a mobile device. Sources: The Landscape of the Digital Marketplace in 2007, IDC#206726, May Published into these advisory services: Digital Marketplace: Media and Entertainment; Digital Marketplace: Search and Business Technologies. IDC s Internet Commerce Market Model (ICMM) 4
6 Of Media & Markets Essence of The Digital Marketplace Emergent phenomena Demands large scale perspective Changes competitive and market dynamics 5
7 Why Is This Important? Humans have an intrinsic need to communicate. 6
8 Why Is This Important? Digits as New Lingua Franca Still communicating, but we ve come along way since the cave, baby!! Blogs 12 M 114 M 12 M 52 M 7
9 Why Is This Important? Insurance Data Sources Clients, producers, claims adjusters, prospects, Product Development / Product Materials Field Force Communications Blogs Company Announcements Marketing / Branding Initiatives X-Rays Pictures of damaged property Video of catastrophe areas Training workshops Executive Networking 8
10 Why Is This Important? Insurance Industry Initiatives Some insurers are piloting with social networking Northwestern Mutual Life Insurance Blogs Generali AEgon ING Group Unitrin Direct 9
11 Why Is This Important? Vacuuming Up Insurance Data Digital Marketplace (data about: people, places, events, physical artifacts, ) Core data Contextual data 10
12 Why Is This Important? Sorcerer s Apprentice Dynamic We will be able to wrap the Earth four times over with the hardcopy version of all the digital content (988 exabytes) we will have in Increasing amount of unstructured data insurers will need to manage Increasing complexity to find data insurers need Increasing complexity to make sense (find patterns) of all of this data to Source: profitably operate the business. The Expanding Digital Universe: A Forecast of Worldwide Information Growth Through 2010, An IDC White Paper sponsored by EMC. March
13 What is Happening? Technology: anything invented after you were born. Alan Kay, Xerox Fellow, Apple Fellow, Disney Fellow, HP Senior Fellow ( ) 12
14 What is Happening? The Evolving Internet Competitive opportunities evolve as the web evolves. Web 4.0: Confluence We Are Here Web 3.0: Context Web 2.0: Collaboration Web 1.0: Content Time 13
15 What is Happening? The Long Tail Is In Play! Depiction of both demand and supply of information-based products. But, how does advice come into play for complicated B2C and B2b insurance coverages? Moments of Truth sharply increase Diversity will drive market share The Landscape of the Digital Marketplace in 2007, IDC#206726, May Published into these advisory services: Digital Marketplace: Media and Entertainment; Digital Marketplace: Search and Business Technologies. 14
16 Recap More, more, more, more, more, Web Enabled Devices Data Exposures Pressure to use real-time data Web Media (channels) Ways to Access, Manage or Blend Web Data Web Capabilities Data (Unstructured) People Comfortable Using The Web People Creating Data Target Market Niches 15
17 Recap When the pace of change outside the insurer s walls is faster than inside the company, (the end is nigh) Pace of change within competitors Pace of client use of new technologies (4 th dimension) Pace of change within insurance company Pace of technological change Time 16
18 How / When Will Insurers Have To Change? Key Strategic Business Priorities Property/Casualty insurers (n = 451) told us in the 2008 Insurer s Choice survey that organic growth (38%) was their most important strategic business priority for this year. Reshape Business Model Acquisitive Growth Organic Growth Competing as an Enterprise Acquiring Technology Other Acquiring technology to support new business strategies (21%) was their second most important strategic business priority. 17
19 How / When Will Insurers Have To Change? Key Strategic Business Priorities Life/Health insurers (n = 88) also told us in the 2008 Insurer s Choice survey that organic growth (38%) was their most important strategic business priority for this year. Reshape Business Model Acquisitive Growth Organic growth Competing as an Enterprise Acquiring Technology Other Reshaping their business model to drive their company s tactics and operations (22%) was their second most important strategic business priority. 18
20 How / When Will Insurers Have to Change? Insurance Industry Perspectives Hub Insurance Association Information Provider Gateway NAIC or ACORD Node Insurer or Reinsurer The Landscape of the Digital Marketplace in 2007, IDC#206726, May Published into these advisory services: Digital Marketplace: Media and Entertainment; Digital Marketplace: Search and Business Technologies. 19
21 How / When Will Insurers Have To Change? Digital Marketplace Attributes Death of distance Birth of immediacy Emergence of richness Triggering of transparency 20
22 How / When Will Insurers Have To Change? Business Model Elements Insurers who successfully compete in the Digital Marketplace will have a business model with five key elements. 1. Enable faster metabolism throughout the value chain 2. Support personalization trends 3. Enable quicker and more collaborative product development and customer service 4. Provide ease of doing business for all stakeholders throughout the value chain 5. Prepare for tomorrow, today! 21
23 How / When Will Insurers Have To Change? Reshape or React? Insurance companies must decide if they will reshape their marketplace or merely react to their competitors. What is your choice? When will you do it? High Disrupt & Reshape The Market Market Impact Match the Market Low High Willingness to Leverage Digital Marketplace Fail to React (to changes in the digital marketplace) Low 22
24 Contact Information Barry Rabkin Senior Research Analyst, Insurance Financial Insights, an IDC company
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