Webinar for July 2020 - Digital ecosystems in India: Extending the boundaries of value creation in life and health insurance

1. DIGITAL ECOSYSTEMS IN INDIA
Extending the boundaries of value creation in life
and health insurance
July 15, 2020
4pm IST

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Today’s Speakers

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Discussion Agenda
1. Welcome and Opening Remarks
• Deepak Godbole, Secretary General, Insurance Institute of India
2. Panel Discussion including Interactive Q&A
• Simon Phipps, Founder, The Digital Insurer
• Chintan Mehta, India Ambassador, The Digital Insurer
• Archana Vaze, Assistant Professor, Insurance Institute of India
• Antony Jacob, Chief Executive Officer, Apollo 24|7
• K S Gopalakrishnan, Industry Advisor
3. Panel Q&A
4. III Updates – Muktesh Chaturvedi
5. TDI updates – Simon Phipps
90
Minutes

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How to participate
How to participate:
If you have a question please type into the Q&A area
If you have a comment please type into the chat area
Session format:
The moderator will use a combination of their own questions and those
from the audience

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Opening Remarks
Deepak Godbole
Secretary General, Insurance Institute of India

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Opening Remarks

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Opening Remarks

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Opening Remarks

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Opening Remarks

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Ecosystems – Strategic perspective

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TDI POV: Industry Warning – digital
tipping point is approaching insurers
faster than expected
Executive teams must urgently
accelerate their transformation efforts
TDI Academy. Learning for the digital age. 11
Presented by
Simon Phipps
Founder & Head of Asia, The Digital
Insurer

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Most insurers will lose 18 – 24 months
…off transformation roadmaps if they want to keep up
Source: TDI estimates
Widening Gap likely for most
Insurers
• Already laggards
• Focus on ‘keeping the lights on’
• Curtailment of ‘discretionary spend’
• Failure to re-set strategically
• All resulting in increased
vulnerability to competitors and new
entrants
Consumer TP was expected 2022
Consumer TP now expected 2020
Insurers need to accelerate digital plans by 2 years to simply “stay still”
TDI Academy. Learning for the digital age.
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“TIPPING POINT”
LaggardsLate MajorityEarly MajorityEarly AdoptersInnovators
2020/21
post-crisis
Remains static pre & post crisis
with tactical focus
Insurer
Readiness
WideningGap
2020 pre-crisis
Consumer
Expectations

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Microsoft Agrees with The Digital Insurer too!
Source: TDI estimates
TDI Academy. Learning for the digital age.
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Source: https://www.ft.com/ 30 April 2020

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New Market Space is Emerging in Insurance
CONFIDENTIAL – NOT FOR DISTRIBUTION

15. 15CONFIDENTIAL – NOT FOR DISTRIBUTION
New Market Space is Emerging in Insurance

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New Market Space is Emerging in Insurance
Insurers must decide where to play, & whether directly or indirectly
Physical 1st
(digitally enabled)
Digital 1st
(with right amount of human)
MicroInsurance
Physical1st
(digitallyenabled)
Digital1
st
(withrightamountofhuman)
DigitalMicro
HNW
Middle
Class
Low
Income
Incumbents
New Entrants / Greenfield
?
?

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Distribution landscape in 2030
CONFIDENTIAL – NOT FOR DISTRIBUTION

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Where are insurers today?
Source: https://www.linkedin.com/pulse/digital-ecosystems-even-early-adopters-may-left-behind-eckhart/

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Traditional insurers = competitive disadvantage

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20 Source: www.linkedin.com/pulse/platform-business-model-what-alex-moazed/
There is a big prize to play for

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McKinsey: Ecosystems 25-30% global GDP by 2025
Source: https://www.mckinsey.com/industries/financial-services/our-insights/insurance-beyond-digital-the-rise-of-ecosystems-and-platforms

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“ECOSYSTEMS are the future of insurance
”
Source: https://platformed.info/platform-business-models-are-transforming-insurance/
Will platforms & ecosystems transform insurance?

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Global
Europe Asia
InsurTech Landscape – Category view
Ecosystems

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Bain Report – Ecosystems increase insurer NPS
Source: https://www.bain.com/contentassets/6949813d3e664c1caf061421e8c06d02/bain_report-customer_behavior_and_loyalty_in_insurance_2018.pdf

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Bain: Customers open to insurer ecosystems
Source: https://www.bain.com/contentassets/6949813d3e664c1caf061421e8c06d02/bain_report-customer_behavior_and_loyalty_in_insurance_2018.pdf

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Bain: Insurer ecosystem opportunities plentiful

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Panel Discussion

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Healthcare & health insurance perspectives

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Health insurance & regulatory perspectives

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Healthcare Landscape in India
www.insuranceinstituteofindia.com/www.coi.org.in

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www.insuranceinstituteofindia.com/www.coi.org.in
Role of Regulator-IRDAI

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Life insurance perspectives

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Digital in Life Insurance - Progress
• From a traditional approach, over the last 5 to 7 years digital has started getting serious
attention across many aspects of the process chain. These include
– Customer acquisition
– Marketing
– Sales process
– Underwriting and risk assessment
– Customer service
• Some internal processes have been remodeled using AI/ML.
• A vibrant insurtech ecosystem has started challenging many existing practices (e.g.
Policybazaar, GOQii, Artivatic to name a few)

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Digital – key challenges
• Seamless ”login to issuance” – reluctance to experiment with alternate data for
underwriting
• “Test and Learn” environment needs much more regulatory flexibility (sandbox is a good
beginning)
• Risk assessment (pricing) – unsure of non-traditional actuarial pricing
• “Trust deficit” stopping people from shifting to buying life insurance online (long term
product, complex product, will the company settle claim)
• Unlocking these challenges quickly will make the next 5 years a super-growth market

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Intermediaries & new entrants perspectives

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Snap Poll 1 – Shape the discussion
Which of these themes would you like the panel to explore?
Response options (choose up to 3)
1. Explore the advantages that new digital ecosystems players have over incumbents
2. Explore the importance of partnerships
3. How important is choice in digital ecosystems?
4. Will “life only” insurers be able to ignore emerging health ecosystems?
5. What is the future role of the advisor in ecosystems - and maybe more broadly?
6. Are regulations a barrier to digital ecosystems?
7. The cultural / organizational challenges insurers face in building digital ecosystems?

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Panel Q&A

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Snap Poll 2 – Future landscape
Fast forward to 2030. What % of life & health business will be sold in
India through ecosystems?
Response options
1. <10%
2. 10-30%
3. 30-50%
4. >50%

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III Updates
Muktesh Chaturvedi
Director, Insurance Institute of India

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www.insuranceinstituteofindia.com/www.coi.org.in

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www.insuranceinstituteofindia.com/www.coi.org.in

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www.insuranceinstituteofindia.com/www.coi.org.in

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www.insuranceinstituteofindia.com/www.coi.org.in

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www.insuranceinstituteofindia.com/www.coi.org.in

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TDI Updates
Simon Phipps
Founder, The Digital Insurer

52. 52Working together to accelerate the digital transformation of insurance
TDI INSURTECH
Directory
The world’s insurtech database

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About the TDI Academy
https://www.the-digital-insurer.com/tdi-academy/
Working together to accelerate the digital transformation of insurance

54. 54TDI Academy – learning for the digital age
ADI & CDI compared

55. 55Working together to accelerate the digital transformation of insurance
Poll 3 – Learning appetite
Working together to accelerate the digital transformation of insurance
How interested are you in learning & development programmes on
digital insurance?
Response options
1. Yes, for me and my company
2. Yes, for me only
3. Yes, for my company only
4. No I think we are OK for now

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FORMAT
• One session per month
• Virtual learning and knowledge sharing
• Reviewing selected ADI lessons –
extract from recordings
• Panel discussion, Q&A and poll
• 60 minutes long
• Members Auto registered
• Email reminders
• LIVE ONLY
• CORPORATE MEMBER ONLY – free
TDI Academy. Learning for the digital age.
TDI Accelerators coming-up
Let your colleagues who are
not yet members know
4.1 Sales tools for agents
4.2 Underwriting – Life & Health
4.3 Underwriting – P&C
4.4 Product Development
4.5 Service & Administration
4.6 Claims – Life & Health
4.7 Claims – P&C
4.8 implementing value chain
innovations
No 5: Wed 26th August
@12.30 SG/HK
No 4: Wed 29th July
@12.30 SG/HK
5.1 Platforms & Ecosystems
5.2 Microinsurance
5.3 On-demand
5.4 Comparison Sites
5.5 Peer-to-Peer & Community
5.6 Health & Wellness
5.7 Commercial
5.8 Building new digital business
models

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Launch of SFTA InsurTech sub-committee
Agenda – 90-minute session
1. Opening remarks from President SFTA
2. Global InsurTech Overview
3. Singapore InsurTech. overview and Launch of Sub
committee
4. Acceleration of Digital Trends & The InsurTech Opportunity
5. InsurTech Panel - hear from InsurTech veterans
6. MAS Support programme information
7. TDI and SFTA updates
Register at: https://www.the-digital-insurer.com/tdi-webinars/
RECORDINGS AVAILABLE

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2020 Innovation Awards + China Ecosystems
Agenda (SG/HK time)
3:00pm 2020 InsurTech Innovation Awards – 6 x 5 minute pitches plus Q&A
4:15pm Panel Discussion with InsureTech Connect Asia – Ecosystems in China
5:30pm 2020 Insurer Innovation Awards – 6 x 5 minute pitches plus Q&A
In partnership with:
Register at: https://www.the-digital-insurer.com/tdi-webinars/
RECORDINGS AVAILABLE

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Webinar: Review other recordings
TDI Academy – learning for the digital age
https://www.the-digital-insurer.com/tdi-webinars/

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TDI India Activities
TDI Academy – learning for the digital age
 We are working on India’s first InsurTech landscape map
 Dynamic map
 Analysis of InsurTechs
 We are a planning a virtual meetup for end of Q3 / early Q4

61. 61Working together to accelerate the digital transformation of insurance
Poll 4 – Can you help?
Working together to accelerate the digital transformation of insurance
Would you like to volunteer to help our community develop in India?
Response options (you can choose more than one)
1. Yes, I will help identify InsurTechs
2. Yes, I would like to analyse InsurTechs and do video reports as a volunteer TDI Analyst
3. Yes – please see if my company is suitable to be on the first map
4. Yes – I’d like to speak at a virtual meetup or other TDI virtual event in the future
5. Not at the moment

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Feedback please!
Three ways
 At end of webinar using survey
 When you receive the recording link
 To TDI / III individually

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Contact Details
Hugh Terry hugh.terry@the-digital-insurer.com
Simon Phipps simon.phipps@the-digital-insurer.com
Deepak Godbole secretarygeneral@iii.org.in
Muktesh Chaturvedi director@iii.org.in
Archana Vaze vaze@iii.org.in
Chintan Mehta chintan.mehta@the-digital-insurer.com
Antony Jacob antonyjacob@apollohospitals.com
K S Gopalakrishnan wishksg@gmail.com

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Thanks for your time!
(feedback please)