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Keynote slides: Technology and the Opportunities for the Future of Life Insurance

Slides to Ross Dawson's keynote at the Financial Services Council Life Insurance Conference

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Keynote slides: Technology and the Opportunities for the Future of Life Insurance

  1. 1. Technology and the Opportunities for the Future of Life Insurance ▪ Futurist ▪ Strategy advisor ▪ Author @rossdawson
  2. 2. Institutional trust is sliding Source: 2018 Edelman Trust Barometer
  3. 3. Acceleration Platforms Distributed systems Experience Leadership Data Automation
  4. 4. Acceleration
  5. 5. Consistent exponential growth
  6. 6. Everyone and everything connected
  7. 7. Sensors and data explosion
  8. 8. Increased processing power
  9. 9. The next interface beyond smartphones
  10. 10. Ever-rising expectations
  11. 11. Data
  12. 12. Data about people
  13. 13. Explosion of health data
  14. 14. Linking vitality to insurance
  15. 15. Unbundling offers
  16. 16. Who will own personal data?
  17. 17. Automation
  18. 18. Hyped or productive? Source: Gartner
  19. 19. Machines that learn
  20. 20. AI for customer service
  21. 21. Platforms
  22. 22. Brain Internet Applications Organisations Industries Proteins Actors Society PoliticsContagion Networks everywhere
  23. 23. enable value-creating interactions between external producers and consumers, based on an open infrastructure and governance structures Adapted from: Platform Revolution, Parker, van Alstyne and Choudhary Platforms
  24. 24. Share Apply Deliver Use Sell Buy Pay Receive Write Read Lend Borrow Create Use Create Consume Create Use Make Use Product Service Content Money Apps Capital Reviews Information Designs Intellectual property Connecting consumers and producers
  25. 25. Peer-to-peer insurance
  26. 26. API-based finance platforms Source: Dwolla
  27. 27. Insurance as ecosystem
  28. 28. Platform Strategy Enable value-creating interactions Positive feedback loops Encourage external innovation Enhance existing value propositions Strongly broaden scope of participation Principles Marketplaces, facilitation, aggregation Single owner/ multiple owners Open vs bounded – participant selection criteria Boundaries of ecosystem collaboration and competition Positioning Value for participants Governance structures Transparency and information boundaries Address potential negative feedback loops Personalized value creation Design Orchestration and facilitation Community management User experience Reputation measures Data gathering and applied analytics Capabilities Single-sided/ two- sided growth incentives Promote participants Promote and support interactions Create value from participation Platform extension Growth
  29. 29. Distributed systems
  30. 30. Source: Coin Market Cap Crypto-currencies draw attention
  31. 31. Source: World Economic Forum Impact of distributed ledgers on financial services
  32. 32. Types of distributed ledger Public Blockchain Open to any user Open consensus Federated Blockchain Permissioned access Defined group consensus Private Blockchain Permissioned access Single user control
  33. 33. Contracts become smart
  34. 34. Who will manage our digital identities? Source: David Birch/ Consult Hyperion
  35. 35. Source: Oliver Wyman Modular industry structure
  36. 36. Experience
  37. 37. Experience as differentiation
  38. 38. Expectations of transparency
  39. 39. Engaged, ongoing relationships Source: Life360
  40. 40. Scaling and migrating relationships
  41. 41. Leadership
  42. 42. The only way you can control your destiny is to be more flexible than your environment - The Law of Requisite Variety
  43. 43. Source: The Lean Startup, Eric Ries Innovation by iteration
  44. 44. Vision What world do we want to create? What might be possible? Foundations What institutions, business models, platforms and systems will enable this vision? What is missing now? Roadblocks What is blocking the potential? How can we take away or bypass these blocks? Paths What possible paths forward could allow us to reach our vision? What is most feasible? What are milestones? Collaboration What collaboration is needed between who? How can we foster and enable that collaboration? Action What action today can be taken by the industry? What action can you take to enable the industry’s potential? A framework for industry leadership
  45. 45. Acceleration Data Automation Platforms Distributed systems Experience Leadership