LAUNCHING A NEW INSURER IN A NEW MARKET:

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1 LAUNCHING A NEW INSURER IN A NEW MARKET: IMPLEMENTATION INSIGHTS Bruce Sahd 7 th Insurance Distribution & Insurtech Conference, 1 September 2017, Cape Town

2 CASEJOHNSON IS AN INNOVATION PARTNER How we help o Strategy & Implementation o 3P approach Plan, Pilot, Profit What we specialise in o 3D strategies - Data, Direct, Digital o Emerging markets - Africa & ME Where we have worked o SA, Ghana, Nigeria o UAE, Lebanon o India, Sri Lanka

3 text Setting the scene.. Are insurers good innovators?

4 INSURERS ARE USING PARTNERS TO INNOVATE KPMG s global survey* notes that almost seven-in-ten respondents say that they believe partnerships, not in-house efforts, will characterize the future of innovation for their organization. Fiftynine percent of respondents say they already work with external advisors and consultants to drive innovation. too many in the insurance world are focused on operational innovation rather than strategic growth-oriented innovation The potent combination of data and digital is driving increased innovation within the sector Respondents from the Property & Casualty (P&C) sector reported being more focused on innovation-led growth than their Life & Health peers * Source:

5 DIGITAL INSURANCE IS STILL IN EARLY DAYS EY in their digital insurance survey* notes that Insurers ambitions are high, but are constrained by digital capabilities and by traditional culture Insurers want more direct control and better customer experience, but are faced with channel conflict Data analytics is critical to future digital success * Source: EY "Insurance in a digital world: the time is now"

6 EXISTING TEAM IS OFTEN LEAST PREFERRED Source: The Digital Insurer, Poll 2015

7 text CASE STUDIES: 1- Launching a new STRATEGY which is very different from 2- Launching a new INSURER

8 text Case Study No. 1 Launching a new STRATEGY

9 C A S E S T U D Y 1 LAUNCHING A NEW STRATEGY First ever tele-bancassurance project in Ghana launched in early 2017 Responsible to plan strategy and steer implementation of the pilot campaign Selling a simple life product to bank customers over the phone Regulators approved electronic signature but with strict conditions Outsourced sales to a local contact centre

10 C A S E S T U D Y 1 LAUNCHING A NEW STRATEGY Local experience was lacking Learning curves were steep Tactical interventions were needed! Target was achieved!

11 W H Y SUCH INNOVAT ION PROJECTS OFTEN FAIL In my experience, failure is because of Vision: Not a clear enough vision nor commitment to see it though Strategy: Launched on the wrong strategy Structure: Run by existing team not by a separate accountable business unit Priority: Under-prioritised and derailed by core business priorities Skills: Unable to secure the right specialist skills who ve done it before Urgency: Lack of urgency without clear goals and deadlines Planning: Badly planned, poorly budgeted, unrealistic timelines Risk management: Faces risks that were never identified in planning Resources: No devoted resources, focus & leadership

12 text Case Study No. 2 Launching a new INSURER

13 C A S E S T U D Y 2 LAUNCHING A NEW INSURER Doozy Insurance created in May 2017 First direct insurance brand in Lebanon (possibly ME) Lebanon is a small market but a leader in the ME region Quest Global is the key driver & manages operations Arope Insurance is brand owner, underwriter and key partner

14 C A S E S T U D Y 2 LAUNCHING A NEW INSURER

15 C A S E S T U D Y 2 LAUNCHING A NEW INSURER o planned the strategy o built the technology o designs the products o provides the call centre o administers the policies o operates the venture A DIRECT INSURANCE BUSINESS BY AROPE, OPERATED BY QUEST o owns the brand o underwrites the products o pays the claims o funds the venture

16 C A S E S T U D Y 2 LAUNCHING A NEW INSURER Started with Motor lines of insurance Market has a big gap between upper end & lower end New products were designed to fill the affordability gap Distribution strategy is also to target the better risks Aims to grow the market & take a share TP Compulsory Only (bodily) TP Liability (bodily & material) TPGR Guaranteed Recovery COLAR Collision All Risk CMP50 Comprehensive 50% adv bonus Comprehensive All Risk $ 65 $ 120 $ 200 $ 350 $ 600 $ k 600 k 300k 10% 5% 2% 5% 60k 30k 12k 15k = 117k sales = 1.2m total

17 C A S E S T U D Y 2 LAUNCHING A NEW INSURER LEAD SOURCING SALES CONVERSION data data data data data data data data data A 3-D strategy is underpinned by DATA, DIGITAL & DIRECT

18 C A S E S T U D Y 2 LAUNCHING A NEW INSURER Every insurer should have a data strategy first, and a digital strategy second, even if they don t necessarily have a direct strategy Over H. Eard

19 text Implementation Insights

20 Insight No. 1 Innovation is easy to talk about but difficult to do!

21 Insight No. 2 Data, Direct & Digital are implemented together we saw obvious synergies between the 3D s

22 Insight No. 3 Data is always at the core we launched with data-driven technology platforms

23 Insight No. 4 Direct delivers quickly we set up a small telesales team to bring in some early sales

24 Insight No. 5 Digital is a journey we started patiently using SEM & Facebook

25 Insight No. 6 Choose your partners carefully we sold the strategy to an insurer with vision & courage

26 Insight No. 7 Lean on an old brand to build a new one we leveraged our partners brand at every turn

27 Insight No. 8 Don t launch new ventures with old cultures we agreed on the need to operate separately from our partner

28 Insight No. 9 Navigate carefully around regulation we leaned heavily on our local insurance partner

29 Insight No. 10 Don t skimp on planning we involved the core team and wrote it all down

30 Insight No. 11 Manage every campaign as a project we used a strict project management approach to track & learn

31 Insight No. 12 The project manager rules we appointed one person to be the central driver

32 Insight No. 13 Be guided by specialist advisors we sourced a multinational panel of experts who d done it before

33 Insight No. 14 Embrace startup culture we hired a team that is comfortable with uncertainty

34 Insight No. 15 Piloting is about testing & learning only we kept reinforcing that making money is not the initial goal

35 Insight No. 16 Technology must remain a tool of strategy we didn't allow the techies to take over

36 Insight No. 17 Find a media agency that loves science we insisted on only buying media if ROI is measurable

37 Insight No. 18 Don t aggravate intermediaries we only point out that distribution economics will change

38 Insight No. 19 Make a splash with an innovative product we launched with a flagship product that had instant appeal

39 Insight No. 20 Reporting must be real-time we covered the walls with dashboard screens

40 text Thank You & Good Luck!

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