Λάμπρος Τσόλκας, 11th Insurance Conference 2018

EXPLOSIVE
GROWTH
THROUGH
HYPER-RELEVANCE,
INNOVATION & AGILITY
INSURANCE AS A
LIVING BUSINESS

Copyright © 2018 Accenture All rights reserved.
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2
IN THE AGE OF “LIQUID
EXPECTATIONS”, PEOPLE’S
TOUCH POINTS WITH THEIR
INSURER ARE NOT VERY
ENGAGING…

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3
95% OF POLICYHOLDERS
ARE NOT DISSATISFIED WITH
THEIR INSURER, BUT ONLY
13% ARE ENTHUSIASTIC

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4
INSURERS SUFFER FROM
THREE STRUCTURAL
WEAKNESSES

5
THEIR POSITIONING AT
THE END OF THE
CONSUMER CHAIN
A DISCONTINUED AND
SPORADIC CUSTOMER
RELATIONSHIP
UNENGAGING TOUCH
POINTS
01
02
03

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6
THE INSURANCE SECTOR
RANKS 19TH OUT OF 20 IN
TERMS OF DISRUPTION
EXPERIENCED TO DATE…
BUT RANKS 4TH IN TERMS
OF THE LIKELIHOOD OF
DISRUPTION IN THE
COMING YEARS

7
INSURANCE
A NEW
JOURNEY TO
FREQUENCY
AND
PLEASURE

CONSUMER ATTITUDES REGARDING
INSURANCE ARE CHANGING
Copyright © 2018 Accenture. All rights reserved. 8
Source: Accenture Global Distribution & Marketing Consumer Study 2017
Would consider buying insurance
from a home service provider,
30% from a retailer, and 29% from
a GAFA*.
38%
Would be willing to share more
information with their insurer in
return for added benefits.
57%
Would be willing to entertain
computer-generated advice
about the type
of insurance to purchase.
74%
* GAFAs are the growing group of large online platform
businesses such as Google, Apple, Facebook and Amazon

GAFAS AND INSURTECHS ARE BECOMING
CENTRAL TO PEOPLE’S INTERACTION WITH RISK
GAFA INSURTECH

10
Risk of Uberization Everyday Insurer
PROTECTION
(P&C, health, life)
45
SAVINGS
50
ASSET MGT 5
100
PROTECTION
(P&C, health, life)
25-30
SAVINGS
50
ASSET MGT
5
80 - 85
NEW insurance
revenues
15-20%
▪ New user patterns /
ecosystems addressed
▪ New risks covered
▪ New insurance services
5-10%
NEW non-insurance
revenues
▪ New services beyond
insurance
▪ Monetization of data
PROTECTION
(P&C, health, life)
55
SAVINGS
50
ASSET MGT 5
110

• ADDRESS THE EVOLUTION OF RISK
• BOLSTER VALUE-ADDED SERVICES
• GIVE NEW MARKETS ACCESS TO
INSURANCE SERVICES IN
TRUSTWORTHY, HIGHLY RELEVANT
WAYS
• CONSTANTLY REGENERATE THE
BUSINESS MODEL
• BECOME A LIVING ORGANISM
THE TRADITIONAL MODEL IS
UNSUSTAINABLE – IT’S TIME TO
TRANSFORM INTO A LIVING BUSINESS

12
THE SOLUTION :
THE EVERYDAY
INSURER
…
LEISURE
EDUCATION
WELLNESS
HOUSING
SHOPPING
TRAVEL
WORK
RETIRE-
MENT
…
LIVING
SERVICES
INSURANCE
PREVENTION ASSISTANCE
MOVE INSURANCE
UPSTREAM
IN THE CONSUMER CHAIN
DENSIFY THE CUSTOMER
RELATIONSHIP IN EVERYDAY
LIFE AND MAKE IT LOVEABLE

RISKNEW
EXPOSURES
Driverless Cars Cyber-
Security
Sharing Economy
Digital ID
& Assets
NEW WAYS TO
MITIGATE
Real-Time
Protection
Automated, ‘Invisible’
Insurance
From Products to
Subscriptions
Personalized
Offers
NEW WAYS OF
FUNDING
P2P Insurance
Cash-Backs
Pooling of Similar
Exposures
RISK IS EVOLVING, WITH NEW UNPRECEDENTED
CHALLENGES

TO CAPITALIZE ON THE EMERGING
GROWTH OPPORTUNITIES, INSURERS
NEED TO BECOME LIVING BUSINESSES
Consistent
Engaging
Credible
Intelligently
Personalized
Generous
HYPER-
RELEVANT
EMBEDDED
INNOVATION
Self learning
Responsive
Networked
Resilient
PURPOSEFUL
PERSONALITY
FLUID MODEL ENABLES
VITALITY & AGILITY
RELENTLESSLY FOCUSED
ON THE CUSTOMER

LIVING BUSINESSES ARE …
ENGAGING
• The ’North Star’ for
customers’ financial &
risk wellbeing
• Focused on ‘peace of
mind’ & mutual
assistance
• Multiplication of
interactions through
hyper-relevant
propositions, chiefly
prevention

• Personal, contextualized
real-time interactions
• ‘Learning’ ability
• Built on the ‘customer
genome’, including external
data sets such as:
− Geo-localization
− App usage
− IoT
− Media browsing
• Risk mindsets applied
INTELLIGENTLY PERSONALIZED

• Tools, bots offered to
generate customer value
− Contextualized cover
− Robo-advisory + bots
− Aggregator role
• Noble causes
• Risk education, nurture
behaviors
• Merchant-funded
discounts
• Social influence & new-
product creation rewarded
GENEROUS

• Trust operationalized
through crowd-sourced
ratings, opinions & reviews,
and advocacy
• Feedback loops enabled
• Moments of truth dealt with
effectively
– Customer acquisition
– Protection & prevention
– Claims
– …
CREDIBLE

•They start with brand
values & apply across
all channels
•A consistent
experience anytime,
anywhere,
on any device
•Brand thinking
extended to
‘powered by’
CONSISTENT
Santander
Virgin Money

Insurers’ most compelling ‘S’ curve for growth
READY, GET SET, JUMP
TO THE FUTURE OF INSURANCE
BEST VERSION OF THE
TRADITIONAL INSURER
• Optimized distribution
• Operational efficiency
• Regained advisory trust
• Creation of fuel
for growth
REINVENT INSURANCE
AS A LIVING BUSINESS
TIME
BUSINESSPERFORMANCE
… a business that can respond
quickly when the world around it
changes, adapting to remain
hyper-relevant and fresh
(embedded vitality) to its
customers and partners.
“ “

1. Transform the core
for growth &
efficiency
2. Launch innovative
ventures to explore
new sources of
revenue
3. Wisely pivot from the
core to the new
PIVOT FROM THE CORE BUSINESS
TO ‘THE NEW’
TRANSFORM
THE CORE
SCALE
THE NEW
NEW
BUSINESS
GROW
THE CORE
LEGACY
BUSINESS
MAKE A
WISE PIVOT
TIME
ENTERPRISEVALUERELEASE

EXPAND REVENUE POTENTIAL –
‘ON US’ AND ‘ON GAFA’
1. INCREASED PENETRATION
OF MARKET SEGMENTS
2. ADVENT OF NEW RISKS
3. RELATIONSHIPS WITH NON-
TRADITIONAL INTERMEDIARIES
& ECOSYSTEMS
4. VALUE-ADDED SERVICES
5. MONETIZATION OF ‘THE NEW’
NEW DISTRIBUTIONON US

BRING LIVING BUSINESS TO LIFE:
DISCOVERY VITALITY CASE STUDY
USA
BEHAVIORS
UK
DELIGHT
Track & encourage customers to live healthy lives, connect
them with ecosystem partners who help reward them for
their activities
50% off sportsshoes
Stopsmoking
program
25% healthy food
& free delivery
40% off devices
50% off health
screening
Free drink per week
Discounted
cinema tickets
40% off
rail tickets
40% off
economyflights
PARTNERS
Canada
France &
Germany
Australia
Hong Kong
Malaysia
Philippines
Singapore
Thailand
Bank
MITSUI SUMITOMO
INSURANCE
China
Japan

DESIGN-CENTERED THINKING FOR A
HYPER-RELEVANT INSURER
•Consistent
‘lifestyle’
experience
•Personalized
content relevant
to the individual
•Physical
locations, but not
as we know them
Mobile branch
Pop-up
Micro
Mobile
Tablet
Desktop
Home
Customer
Bot
vcloc
Flagship

25Copyright © 2017 Accenture and Allen International. All rights reserved.
BRINGING LIVING BUSINESS TO LIFE:
ZHONG AN CASE STUDY
Banking
Internet
FinanceLogistics
E-commerce
Health
Credit
O2O
Travel
Embedding pay-per-use insurance in online
shopping journeys via cross-sector partnerships
Embedded flight delay
insurance in travel
websites shopping
journeys (Ctrip, Qunar)
• Intelligent collection/processing of flight data
• Automatic settlement of insurance claims via
WeChat Red Packet
Automatic Claim Settlement
for flight delay insurance
Embedding insurance
plans as part of
genetic testing
journey
BGI provides a personal health
management plan based on
genetics and suggests ZhongAn
insurance products
Customers can apply for instalment
payment services on Mogujie.com. Credit
rating and credit risk insurance is
provided to Mogujie.com by ZhongAn
Partnering with online platform for credit
risk Insurance
Embedding O2O insurance in online shoppers’ purchasing journeys
Eg. Customers who buy on tuhu.com can obtain complimentary Insurance
Integration with payments
providers
Enhanced convenience and control
via trusted online payments
providers
Connecting customers with trusted partners
Return shipping insurance to cover buyers fees
for returning goods from any online stores
Embedded Shipping losses insurance in
shopping websites purchasing journeys
(Taobao, Tmall etc.)

HOW TO
BECOME
AN EVERYDAY
INSURER
Thank you!

Λάμπρος Τσόλκας, 11th Insurance Conference 2018

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Λάμπρος Τσόλκας, 11th Insurance Conference 2018