GfK - Innovation Landscape in Insurance

1© GfK 2016 | Innovatielab – Lessons from abroad

Innovation Landscape in InsuranceAngelo Pierro | Global Industry Lead Financial Services GfK


Agenda

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2

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Global drivers

Role of technology

Winners & examples

Confrontation Consumer Life trends

5 Point of View


As our lives

will be reshaped by

new generations

coming of age

It’s a time

OF CHANGE

Simplicity Speed Trust Openess

3

4© GfK 2016 | Innovatielab – Lessons from abroad© GfK 2016 | Innovatielab – Lessons from abroad

Global drivers


The impact of Technology

on insurance

• Simple

• Fast

• Transparent


New way of looking at

risk assessment


Source: ANP

© GfK 2016 | Innovatielab – Lessons from abroad

Cyber risk

Self driving cars

Drones


Technological impact goes even further


2020

44.000.000.000. 000.000.000.000data each day

6 blnsmartphones and 50 bln smart connected devices

1/3 of all

data pass the cloud

Today

2.500.000.000.000.000.000data each day

90% Last 2 years

30 million messages and

view 3 mln videos every

minute

300 hours video

uploaded every minute


At the moment less than

0,5% of all data is ever analyzed

and used


AnalystsBank of America

“There's a 20% / 50%

chance we are living in a

simulated virtual world.”


Who is driving innovation


Where we find insurance innovators

Risk-driven

Banks

Brokers

Asset

management

Insurers

Financials

Technology-

driven

Internet

Data

Telecom

Technology firms

Relationship-

driven

Energy

Automotive

Health

Other corporates

- Driven

Many

FinTech start ups



Risk-driven

Banks

Brokers

Asset

management

Insurers

Financials

Technology-

driven

Internet

Data

Telecom

Technology firms

Relationship-

driven

Energy

Automotive

Health

Other corporates

- Driven

Many

FinTech start ups



Risk-driven

Banks

Brokers

Asset

management

Insurers

Financials

Technology-

driven

Internet

Data

Telecom

Technology firms

Relationship-

driven

Energy

Automotive

Health

Other corporates

- Driven

- Tech-Startup

revenue model

- Focussed largely

on retail

FinTech start ups


Candidates of driving innovation

Financials Technology firms Other corporates FinTech start ups

Winners of tomorrow?


Consumer Trends. A lens to innovate.


Safe and Secure Eco-citizenship Experience House to Home

Considered

Consumption

We’re All

Influencers Now Instant Everywhere Sense of Wellbeing

Redefining Value Streamlined Satisfaction Identity

Safe and Secure

Safe & Secure“A willingness to exchange money and time

for peace of mind.”



House to Home“In an ever-changing world, we all value

somewhere or something we can call home.”



Considered Consumption“I choose brands and services that

are in keeping with my beliefs,

values, ethics and ideals.”



Instant Everywhere“What do I want? Everything.

When do I want it? Now!”



Sense of Wellbeing“The continual struggle to balance the need to look

and feel good with the demands of a busy life.”



Redefining Value“Consumers know it’s about best

value (and not just best price).”



Satisfaction“I expect only the best from companies

and demand to be treated like royalty.”



Financials Technology

firms

Other Corporates FinTech startups

Safe and Secure

House to Home

Considered Consumption

Instant Everywhere

Sense of Wellbeing

Redefining Value

Satisfaction


Customer-centricity: Innovate with your customers along the way.

Key success factors

New partnerships: Clients are Competitors are Partners in new economy.

Invest in external data sources to compliment your customer understanding.

Fail fast and move on. If this requires an incubator approach than do it.

Have a clear watch list and customers can be your strongest competitive intelligence.


Thank you.

GfK - Innovation Landscape in Insurance

Economy & Finance

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