3  simple  lessons  we  can  learn  from  other  industriesKEVIN  PLEDGE  FIA,  FSA

13  Oct  2015

SOA  Annual  Meeting  2015

Session  131

Willie  Sutton  – Bank  Robber

2

“Because that’s where the money is.”

“Why do you rob banks.”

Where  do  you  go  to  buy  insurance?

3

“First  place  I  would  go  to  is  Google.”

“I  would  go  on  the  internet  and  research  companies  through  forums.”

2.6m  relevant  Google  searches  every  month  in  the  North  America

4

How  much  personal  protection  life  insurance  (by  policy  count)  will  be  sold  online  5  years  from  now?

0

5

10

15

20

25

0%& 9% 10%& 19% 20%& 29% 30%& 39% 40%& 49% 50%& 59% 60%& 69% 70%& 79% 80%& 89% 90%& 100%

Res

po

nse

(%)

Amount of protection sold online by policy count 5 years from now

$20T Uninsured

Synergywith other business

$2.7bnTerm

Market

$14.5bnProtection

Market

Lesson  1  – go  where  the  money  is

6

Why  not?

1. We have agents - it has worked forever and we don’t want to disrupt this

2. We have tried it before with simplified issue – not great success

7

Tablet PC invented by Microsoft

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If  Amazon  learnt  from  insurance…

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10

If  Amazon  learnt  from  insurance…

That simply doesn’t work?

11

OK – maybe it can

We  have  something  that  works

12

Lesson  2  – Disruption  happens

13

14

Travel  agents  believed  travel  needed  the  personal   touch.  Online  travel  agents  changed   the  message  to  “you  are  in  control”

Lesson  3  – Question  your  paradigms

15

16

Prison

Prison

17

Prison

18

Management  Consultant

19

Willie  Sutton

Thank  You

20

Kevin  Pledge,  Acceptiv &  Claim  Analytics

Lesson  1  – Go  where  the  money  is

Lesson  2  – Disruption  happens

Lesson  3  – Question  your  paradigms