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Disruptive Innovations arising from Insurtech - Brenton Charnley Insurtech Australia

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Keynote presentation at the 2nd Insurtech, Data and Disruptive Innovation Conference on the topic of Disruptive Innovations arising from Insurtech on the 5th December 2017 in Sydney.

Brenton Charnley, Lead & Co-Founder of Insurtech Australia

Insurtechaustralia.org

Publicado en: Tecnología

Disruptive Innovations arising from Insurtech - Brenton Charnley Insurtech Australia

  1. 1. Brenton Charnley, Insurtech Australia DISRUPTIVE INNOVATIONS ARISING FROM INSURTECH BRENTON CHARNLEY LEAD & CO-FOUNDER INSURTECH AUSTRALIA 5 DECEMBER 2017
  2. 2. Brenton Charnley, Insurtech Australia OVERVIEW INSURTECH TRENDS UNDERINSURANCE GAP OPPORTUNITIES
  3. 3. Brenton Charnley, Insurtech Australia BRENTON CHARNLEY
  4. 4. Brenton Charnley, Insurtech Australia
  5. 5. Brenton Charnley, Insurtech Australia 5
  6. 6. Brenton Charnley, Insurtech Australia OVERVIEW INSURTECH TRENDS UNDERINSURANCE GAP OPPORTUNITIES
  7. 7. Brenton Charnley, Insurtech Australia INSURANCE (INDUSTRY) TECHNOLOGY (INNOVATION)
  8. 8. Brenton Charnley, Insurtech Australia INSURTECH: OUR DEFINITION the application of technology innovation in the insurance industry value chain, to solve known challenges and discover unknown opportunities, in order to deliver value for customers
  9. 9. Brenton Charnley, Insurtech Australia Business Model Operating Model New Applications Risk mitigation INSURTECH Partnership s Improvements New products Platforms Distributio n MORE THAN TECHNOLOGY
  10. 10. Brenton Charnley, Insurtech Australia 10
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  13. 13. Brenton Charnley, Insurtech Australia WE’RE PLAYING A DIFFERENT GAME AFL 4th F1 1st IPL (20/20) 6th
  14. 14. Brenton Charnley, Insurtech Australia 14 CHANGED THE GAME
  15. 15. Brenton Charnley, Insurtech Australia OVERVIEW INSURTECH TRENDS UNDERINSURANCE GAP OPPORTUNITIES
  16. 16. Brenton Charnley, Insurtech Australia INSURTECH ON THE RISE SINCE ‘15 2014 2017
  17. 17. Brenton Charnley, Insurtech Australia BUT, INVESTMENT NOW COOLING https://www.willistowerswatson.com/en-US/insights/2017/10/quarterly-insurtech-briefing-q3-2017
  18. 18. Brenton Charnley, Insurtech Australia ENABLING NOT DISRUPTING OUTSIDERS MOVING IN AND (UP) NOT JUST STARTUPS INTEGRATED CONVENENICE DISTRIBUTION STILL A FOCUS NEW PRODUCTS & RISKTRENDS 2017 INSURTECH 1 2 3 4 5 6
  19. 19. Brenton Charnley, Insurtech Australia ENABLING NOT DISRUPTING
  20. 20. Brenton Charnley, Insurtech Australia DISRUPTIVE INNOVATION Clayton Christensen, Innovator’s Solution …disruptive technologies offer other benefits— typically, they are simpler, more convenient, and less expensive products that appeal to new or less- demanding customers.
  21. 21. Brenton Charnley, Insurtech Australia ENABLING NOT JUST DISRUPTING http://www.mckinsey.com/industries/financial-services/our-insights/insurtech-the-threat-that-inspires
  22. 22. Brenton Charnley, Insurtech Australia DISTRIBUTION STILL A FOCUS
  23. 23. Brenton Charnley, Insurtech Australia DISTRIBUTION GOING STRONG 50-65% • Digital lead generation • Brokerage & advisory • Price comparison • MGA platforms • D2C https://www.willistowerswatson.com/en-US/insights/2017/10/quarterly-insurtech-briefing-q3-2017
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  29. 29. Brenton Charnley, Insurtech Australia https://www.insurancetimes.co.uk/95-of-investment-in-insurtech-distribution-will-be-wasted-guidewire-chief- exec/1425572.article
  30. 30. Brenton Charnley, Insurtech Australia INTEGRATED CONVENIENCE
  31. 31. Brenton Charnley, Insurtech Australia 31
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  33. 33. Brenton Charnley, Insurtech Australia https://venturebeat.com/2016/04/21/amazon-now-sells-product-protection-insurance-for-when-manufacturers-warranty-expires/
  34. 34. Brenton Charnley, Insurtech Australia
  35. 35. Brenton Charnley, Insurtech Australia https://www.chinainternetwatch.com/22192/tencent-wechat-insurance/
  36. 36. Brenton Charnley, Insurtech Australia OUTSIDERS MOVING IN (AND UP)
  37. 37. Brenton Charnley, Insurtech Australia MOVING UP THE VALUE CHAIN Today more than ever, some of these intermediaries run the risk of getting disintermediated sooner rather than later because they are unable to adapt their business model, disruptors are penetrating their markets, or technology is changing the entire industry. Walter Kielholz, Chairman SwissRe 2016
  38. 38. Brenton Charnley, Insurtech Australia REINSURANCE DEALS http://www.oliverwyman.com/content/dam/oliver-wyman/v2/publications/2017/jun/Oliver-Wyman-Policen-Direkt-Global- InsurTech-Report-2017-Final.pdf
  39. 39. Brenton Charnley, Insurtech Australia https://www.cbinsights.com/research/reinsurance-tech-startup-moves/
  40. 40. Brenton Charnley, Insurtech Australia http://www.theactuary.com/news/2017/11/amazon-set-to-disrupt-uk-insurance/
  41. 41. Brenton Charnley, Insurtech Australia https://www.theguardian.com/money/2016/nov/02/facebook-admiral-car-insurance-privacy-data
  42. 42. Brenton Charnley, Insurtech Australia 42
  43. 43. Brenton Charnley, Insurtech Australia https://www.cbinsights.com/research/baidu-alibaba-tencent-insurance/
  44. 44. Brenton Charnley, Insurtech Australia NEW PRODUCTS & RISK
  45. 45. Brenton Charnley, Insurtech Australia INSURTECHS - MODULARITY http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
  46. 46. Brenton Charnley, Insurtech Australia INSURTECHS – USAGE ON DEMAND http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
  47. 47. Brenton Charnley, Insurtech Australia INSURTECHS – EMERGING RISKS http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
  48. 48. Brenton Charnley, Insurtech Australia INSURTECHS – REINVENT LIFE http://www3.weforum.org/docs/Beyond_Fintech_-_A_Pragmatic_Assessment_of_Disruptive_Potential_in_Financial_Services.pdf
  49. 49. Brenton Charnley, Insurtech Australia INSURTECHS – CLOSER TO HOME Flare HR is a company delivering value in the ‘HR tech’ services sector. Similar to the business model of the multi billion dollar company Zenefits,FlareHR provides software that manages the on-boarding of new employees, other human resources functions and payroll. It generates revenue by also delivering financial services and products, such as superannuation and life insurance, to employees. New distribution channels Cover Genius is a global distributor of insurance products for online businesses. It is one of the fastest growing fintech startups to have emerged from Australia. Cover Genius’ first brand to launch was RentalCover.com which sells insurance for car rentals from its own site and also through the largest online travel agents globally. As a full stack startup they control all facets of both their partner relationships and the customer journey. Digital distribution platform ROOBYX provides refreshingly simple access to replacing these lost protections, starting with Income Protection Insurance. They are building a community and providing on-demand workers with useful tools and assistance to help them navigate through the sharing economy and the portfolio to careers it’s likely to create. Gig-economy insurance
  50. 50. Brenton Charnley, Insurtech Australia NOT JUST STARTUPS
  51. 51. Brenton Charnley, Insurtech Australia NOT JUST STARTUPS https://www.the-digital-insurer.com/blog/insurtech-insurtechtop9-three-questions-startup-ask-vc/ CVC’s
  52. 52. Brenton Charnley, Insurtech Australia PARTNERING STILL KEY
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  57. 57. Brenton Charnley, Insurtech Australia OVERVIEW INSURTECH TRENDS UNDERINSURANCE GAP OPPORTUNITIES
  58. 58. Brenton Charnley, Insurtech Australia UNDERINSURANCE: A DEFINITON The gap between the amount of insurance that is economically beneficial and the amount of insurance purchased. Global Insurance Protection Gap Report 2014 Source: The Global Insurance Protection Gap Assessment and Recommendations 2014
  59. 59. Brenton Charnley, Insurtech Australia UNDERINSURANCE: CONSUMER
  60. 60. Brenton Charnley, Insurtech Australia UNDERINSURANCE: A BIG PROBLEM Four billion people or approximately and 55 per cent of the world’s population are still uninsured, there is a $168bn coverage gap in non life and a US$20 trillion life protection gap in the US alone. Global Insurance Protection Gap Report 2014 Source: The Global Insurance Protection Gap Assessment and Recommendations 2014
  61. 61. Brenton Charnley, Insurtech Australia UNINSURABLE IMMATURE REG & LEGAL AFFORDABILITY RISK CULTURE CULTURE & RELIGION RISK AWARENESS UNDERINSURANCE: WHY? Source: The Global Insurance Protection Gap Assessment and Recommendations 2014
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  63. 63. Brenton Charnley, Insurtech Australia Source: Competence Hierarchy adapted from Noel Burch
  64. 64. Brenton Charnley, Insurtech Australia “I AM PARTLY PROTECTED, BUT IT COULD BE BETTER” “I KNOW WHAT ARE MY RISKS BUT I CAN’T OR DON’T TAKE ACTION” “PROTECT ME WHEN I NEED IT TO LIVE MY LIFE” ”I DON’T KNOW WHAT I DON’T KNOW” 04 03 0201 INSURTECH & UNDERINSURANCE HIERARCHY OF RISK COMPETENCE UNCONCIOUS INCOMPETENCE CONCIOUS INCOMPETENCE CONCIOUS COMPETENCE UNCONCIOUS COMPTENENCE
  65. 65. Brenton Charnley, Insurtech Australia WHAT CAN INSURTECH DO? • ROBO ADVICE/DATA/BOTS • NEW & RELEVANT PRODUCTS • INTEGRATED INSURANCE COVERAGE • DIGITAL EXPERIENCE • PARTNERSHIPS • NEW LOW COST PRODUCTS • MICROINSURANCE • DATA ANALYTICS • AUTOMATED RISK ASSESSMENT • DISTRIBUTION PLATFORMS • TRANSPARENCY • PERSONALISED • USAGE BASED • SITUATIONAL • RISK PARTNER • BUSINESS MODELS • AWARENESS • EDUCATION • FINANCIAL LITERACY • EMERGING MARKETS • COLLABORATION • PARTNERSHIPS 04 03 0201 INSURTECH & UNDERINSURANCE AWARE ACCESS ACTIONAUTOMATE
  66. 66. Brenton Charnley, Insurtech Australia CLOSE THE GAP: THE OPPORTUNITY PREMIUMS IN EMERGING MARKETS ALONE http://www.swissre.com/library/partner-publication/The_Global_Insurance_Protection_Gap_Assessment_and_recommendations.html
  67. 67. Brenton Charnley, Insurtech Australia OVERVIEW INSURTECH TRENDS UNDERINSURANCE GAP OPPORTUNITIES
  68. 68. Brenton Charnley, Insurtech Australia INSURTECH OPPORTUNITIES 2018PARTNER FOR SUCCESS • MORE COLLABORATION • INSURTECH NEED FOR PAPER • INCUMBENTS COME TO THE FORE IN SOME SEGMENTS • NEW ENTRANTS/OUTSIDERS TO PARTNER IMPROVE THE VALUE CHAIN • ENTERPRISE TECH • UNDERWRITING & CLAIMS • DATA ANALYTICS & ML • SERVICING & ADMIN • REGTECH • AUTOMATION & AI DISTRIBUTION ROUND 2 • B2B2C & B2B • E-COMMERCE & INTEGRATION NEW CHANNELS FOR INTEGRATION • PLATFORMS • COMMERCIAL INSURANCE • RE-INSURERS ARE COMING • ROBO-ADVISORS • FINTECHS TO COME ENABLEMENT TO CONTINUE NEW PRODUCTS • MICRO INSURANCE • PERSONALISED PRODUCTS • EMERGING MARKETS • LIFE & HEALTH OPPS GLOBAL INSURTECH GROWTH • INSURERS & REINSURERS CONTINUE TO INVEST • DIGITAL TRANSFORMATION ACROSS INSURANCE • INSURTECH KEY FOCUS • MOVING FASTER • CONNECTED COMMUNITY • FLOW OF INSURTECHS & FUNDING • AUSTRALIAN COMMUNITY TO GROW • INNOVATION 3.0 IN AUSTRALIA
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  70. 70. Brenton Charnley, Insurtech Australia www.brentoncharnley.com www.insurtechaustralia.org brenton@insurtechaustralia.org +61 419 178 552 LET’S MAKE AUSTRALIA A WORLD LEADER IN INSURTECH

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