The Digital Insurer Europe 2017 Live Stream Review
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The Digital Insurer Europe LiveStream 2017 event had over 1000 registrations from over 70 countries. It included sessions on the digital insurance customer, digital distribution, technology enablers like blockchain, and innovation/transformation. Speakers discussed how insurers can better engage digital customers, the rise of ecosystems, and the importance of collaboration and partnerships. Awards were given for the top insurance innovation and startup InsurTech. Overall the event provided updates on key trends in the insurance industry from leading voices.
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The Digital Insurer Europe 2017 Live Stream Review
- 1. The Digital Insurer Europe LiveStream 2017 CONFERENCE REVIEW, INNOVATION AWARDS AND POLL RESULTS
- 4. 29% 2% 2% 7% 4% 5% 3% 6% 4% 4% Rest of World 34% Registration metrics – Top 10 countries
- 7. “It's a good few hours of condensing what's happening in the space” “Good format for the event and enjoyed the interaction with the speakers” “You had a good conversation and interesting to hear the different viewpoint of the speakers” “Very informative, good format and speakers” “Speakers!!! Convenience” “Panelists were very knowledgeable. Messages were crisp. Keeping to the time. Great products shown” “Efficient way to learn up to date insights from innovation leaders and participate in the discussion” “The live streaming definitely worked for me” “Excellent, Fantastic opportunity to hear from the current and future innovation leaders in EU insurance and see the opportunity and threat in digital disruption. Thank you Hugh and team” “Many short quality presentations - made them sharper. Wide range of presenters / ideas. Awards add quite a bit to the overall event” Qualitative feedback
- 10. SESSION 1: THE DIGITAL INSURANCE CUSTOMER PARTICIPANTS 10 MARK TWIGG: Executive Director, Cicero ConsultingSession Chair CHRIS CATHCART: Senior Industry Head- Finance, GoogleSpeaker Speaker DAVID LUNDHOLM: Director, Group Corporate Development, BGL Panelist BERNIE HICKMAN: CEO Legal & General Insurance, Legal & General Panelist SABINE VANDERLINDEN: Global MD, Startupbootcamp InsurTech
- 11. SESSION 1: THE DIGITAL INSURANCE CUSTOMER 11 MARK TWIGG: Executive Director, Cicero ConsultingSession Chair • InsurTech will transform the way insurers engage with customers over the next ten years, but insurance is progressing slowly and lags behind not only retailers but also high-street banks in terms of quality of online services • Data is key to driving change, but consumers are sceptical of the benefits, and insurers are failing to fully acknowledge this clearly
- 12. SESSION 1: THE DIGITAL INSURANCE CUSTOMER 12 CHRIS CATHCART: Senior Industry Head- Finance, GoogleSpeaker “Machine learning will be the heart of technological advancement the industry makes and that will be great for consumers and providers alike” “Insurance companies tend to be very risk averse, however we are seeing disruption through mobile, with some companies in the States going a step further and changing how they do business” “Transparency around data usage is key”
- 13. SESSION 1: THE DIGITAL INSURANCE CUSTOMER 13 Speaker DAVID LUNDHOLM: Director, Group Corporate Development, BGL • New types of ownership and rental models for living space and transport require new types of insurance • Products in future will reflect usage better and use smartphone data to monitor personal risk profiles • Regulatory changes will be a driver for change, such as open banking APIs “The more transparent and customer-centric companies can be, the more successful they will be”
- 14. SESSION 1: THE DIGITAL INSURANCE CUSTOMER 14 Panelist BERNIE HICKMAN: CEO Legal & General Insurance, Legal & General • L&G have developed an engaging new way to offer a life insurance quote – by uploading a selfie to www.selfiequote.com an accurate quote can be generated by the system. It is currently in beta release “Customers expect to transact easily and get great value for money, we expect in years to come when computers become ever cleverer they will be able to engage more interactively with customers”
- 15. SESSION 1: THE DIGITAL INSURANCE CUSTOMER 15 Panelist SABINE VANDERLINDEN: Global MD, Startupbootcamp InsurTech • The insurance customer is changing, across the age range, but they share similar expectations of digital connectivity and interaction • Startups, which fall into different evolving categories, are embracing these expectations “Corporates are now looking at designing digital-friendly businesses alongside their existing structures”
- 18. 18 SIMON PHIPPS: Head of Asia | Global Development | Blockchain, The Digital Insurer Session Chair SESSION 2: DIGITAL DISTRIBUTION • Ecosystems are digital business models that initially engage with a customer on a need other than insurance and then through the strength of the relationship are able to provide insurance products appropriate to the needs of that customer - initially allied to the product or services they are purchasing You can learn more about ecosystems at: https://www.the-digital-insurer.com/the-rise-of-digital-ecosystem-insurance-products/
- 19. 19 ALAIN PEDDLE: Deputy CEO, Ping An Health SESSION 2: DIGITAL DISTRIBUTION Speaker • Ping An wants to become an end-to- end financial group, with meaningful engagement across its line of products • Ping An has a $1bn VC fund – the Global Voyager Fund identifying global FinTech and HealthTech partnerships “We have a health ecosystem that delivers value, and builds a long-term relationship with customers - that may also lead to insurance sales”
- 20. 20 MICHAEL MUZIO: Founder & CEO, now4cover DR. STEVE LONG: Head of International, Bought By Many SESSION 2: DIGITAL DISTRIBUTION • Insurers must stay flexible, build connectivity and partner with the right people • Bought By Many use machine learning to predict which type of insurance a customer group will buy based on social media profiles
- 22. 22 MURRAY RAISBECK: Partner, KPMGSession Chair RICHARD PHIPPS: Senior Finance Project Manager, Swiss ReSpeaker Speaker DAVID EDWARDS: Founder & Product Lead, Chain That Panelist GREG CROW: Global Head of Architecture, XL Catlin Panelist CLIVE COOK: Managing Director, R3 SESSION 1: TECH ENABLERS PARTICIPANTS
- 23. 23 RICHARD PHIPPS: Senior Finance Project Manager, Swiss ReSpeaker SESSION 1: TECH ENABLERS • B3i launched its reinsurance prototype recently and is entering a market testing phase • Processes being reinvented include reconciliation and cash matching, which are inefficient and lack transparency at present • Blockchain offers a secure shared version of the truth, but participants continue to own their own data and critically do not need to standardise their product offering, just the administration of it
- 24. 24 RICHARD PHIPPS: Senior Finance Project Manager, Swiss Re DAVID EDWARDS: Founder & Product Lead, Chain That SESSION 1: TECH ENABLERS Speaker • Once a risk has been placed a lot of collaboration takes place with many operational issues including data quality and single points of failure that add frictional costs – this is where blockchain and decentralised solutions come in “We have found the technology is proven but the biggest challenge now is getting people to collaborate together, we are past the proof of concept and onto the pilot stage. The key thing is trust”
- 25. 25 Panelist GREG CROW: Global Head of Architecture, XL Catlin SESSION 1: TECH ENABLERS PARTICIPANTS • XL Catlin are part of B3i, and are developing a marine blockchain • XL Catlin does not view blockchain as a disintermediation tool • It believes there will be a number of different blockchains and is engaging with regulators “We are comfortable supporting more than one blockchain to see how we can deliver value, we are not just trying to back one horse and we would encourage people to try things - and over time we will see what develops from an industry perspective”
- 26. 26 Panelist CLIVE COOK: Managing Director, R3 SESSION 1: TECH ENABLERS PARTICIPANTS • R3 have built the Corda technology platform as a distributed ledger specifically for finance • They are keen to work with innovative startups to provide solutions that can now be implemented on Corda, which is focused on security and data sovereignty “The amount of collaboration that is taking place is really quite unusual, at this stage it is about cooperation, you can’t develop a blockchain in a vacuum”
- 28. 28 EVANGELOS AVRAMAKIS: Digital Catalyst Lead, Swiss ReSession Chair TONY TARQUINI: European Insurance Director, PegaSpeaker Speaker MINH TRAN: Former General Partner, AXA Strategic Ventures Panelist STEVEN ZUANELLA: Chief Digital Officer, RSA Group Panelist SAM EVANS: Founder and GP, Eos Venture Partners SESSION 2: INNOVATION & TRANSFORMATION PARTICIPANTS
- 29. 29 TONY TARQUINI: European Insurance Director, PegaSpeaker SESSION 2: INNOVATION & TRANSFORMATION “Insurance needs a new business model” China’s ZhongAn, which is just four years old, is a Billion dollar tech, not insurance, business. There are European and US companies that are equally fast growing now too Transformation for the industry will mean: • Real customer centricity, simplicity, omni-channel innovation and making the experience the product Smart money is investing in a two-speed architecture which separates the old policy management system from the redesigned modern front office
- 30. 30 TONY TARQUINI: European Insurance Director, PegaSpeaker SESSION 2: FURTHER READING Watch the full replay of Tony’s session here: https://www.the-digital-insurer.com/innovation-transformation-pega/ Read the Pega whitepaper on artificial intelligence in insurance here: https://www.pega.com/insights/resources/artificial-intelligence-ai-insurance-optimizing-relationships- and-results Rick Huckstep spoke with Tony Tarquini on strategic transformation here: https://www.the-digital-insurer.com/blog/insurtech-digital-transformation-strategic-imperative-no- insurer-can-ignore/ For more information on Pega and insurance visit: https://www.pega.com/industries/insurance
- 31. 31 Speaker MINH TRAN: Former General Partner, AXA Strategic Ventures SESSION 2: INNOVATION & TRANSFORMATION • Most of the startup funds AXA see today are financing the A Round - so when a product already has market traction and revenue is ramping up • AXA Strategic Ventures is investing at the seed round – solving an equity gap “We believe in creating an ‘InsurTech Seed Factory’ to operate like an angel list for InsurTechs – VC as a service”
- 32. 32 STEVEN ZUANELLA: Chief Digital Officer, RSA Group SAM EVANS: Founder and GP, Eos Venture Partners SESSION 2: INNOVATION & TRANSFORMATION “Understand the metabolic rate of your organisations” • Align proposed activity to value creation, aim for small successes and grow from there – consider it internal self-disruption “We strongly believe InsurTech will drive success through partnership with the industry”
- 33. THE DIGITAL INSURER AWARDS INSURER AND INSURTECH AWARDS 2017: Recognising innovation excellence #TDILIVE http://europe2017.the-digital-insurer.com/award-nominees-2017/ Winners were voted for on the day by our live audience, congratulations to all the finalists and winners!
- 34. 34 INSURANCE INNOVATION AWARD FINALISTS Zurich Risk Advisor gives users self-service access to risk assessment and prevention tools https://tinyurl.com/y8vgem6e HDIBOT is Facebook’s first insurance application on the BOT infrastructure https://tinyurl.com/ybp4vq77 The Travel Black Box is an innovative and automated medical underwriting tool https://tinyurl.com/yam78shj Generali’s Digital Agent program enables agents to better engage with always connected clients https://tinyurl.com/ydeeycyo View the complete list of Award entrants here: https://tinyurl.com/ya5mjjr9
- 36. 36 INSURANCE INNOVATION AWARD WINNER Congratulations Generali! The Digital Insurer Insurance Innovation Award winner Europe 2017 – see their full winning entry here https://tinyurl.com/ycaxpk84
- 37. 37 STARTUP INSURTECH AWARD FINALISTS CBien is a digital management platform for belongings https://tinyurl.com/yagp7f5y NuvaLaw is a negotiation and adjudication platform that reduces the time and cost to settle claims https://tinyurl.com/yahmo3gj Shift’s fraud detection platform is designed to augment insurance fraud handler’s capacity https://tinyurl.com/y7byczr3 Aerobotics is a data analytics company, using drones and machine learning to solve problems in multiple industries https://tinyurl.com/ybl2tlj8 View the complete list of Award entrants here: https://tinyurl.com/ya5mjjr9
- 39. 39 STARTUP INSURTECH AWARD WINNER Congratulations Aerobotics! The Digital Insurer Startup InsurTech Award winner Europe 2017 – see their full winning entry here https://tinyurl.com/yd5cdjhx