The Evolving Insurance Landscape · 2018-03-12 · The Evolving Insurance Landscape. MICHAEL...
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The Evolving Insurance Landscape MICHAEL ARANETA AVP, IDC FINANCIAL INSIGHTS ASIA/PACIFIC [email protected] © IDC
Transcript of The Evolving Insurance Landscape · 2018-03-12 · The Evolving Insurance Landscape. MICHAEL...
The Evolving Insurance LandscapeMICHAEL ARANETA
AVP, IDC FINANCIAL INSIGHTS ASIA/[email protected]
© IDC
© IDC 2
COGNITIVE
IOT
UBA
VOICEas a
CHANNEL
AR/VR
CYBERSECURITY INDUSTRY COLLABORATIVE
CLOUDS
ROBO-ADVISORS
NEXT-GENPAYMENTS
SELF-HEALING
BLOCKCHAIN
AI
DX
AUGMENTED HUMANITY
APIs
Source: IDC Financial Insights, 2018
We are witnessing3 TRANSFORMATIONS
in Financial Services
Source: IDC Financial Insights, 2018
NOW, 45 of 101 have partnerships with traditional financial services
China and India have higher % of disintermediation
Strong theme of regionalization in 2018
Alipay is #1 in 101
Insurance web aggregation
Digital Insurance for Customer
Experience (Convenience,
Conciseness, Cost)
Chatbots
IoT
P2P Marketplaces Others
We are tracking 77 insurtechs for 2018MOTIVES TO COLLABORATE
Plug-and-play on new technologies
The spirit of innovation and use of new technology
Alternative distribution platforms
WHAT’S HOLDING US BACK
Not sure about scalability Security, non-compliance Still slow to go to market
Source: IDC Financial Insights, 2017
*Application Programming Interfaces
Ready for
IDC PeerScape: Best Early Steps in Deploying Open Banking Application Programming Interfaces in Asia/Pacific, IDC Financial Insights, July 2017
APIs?
INSURER’S DATA
FINANCIAL INFORMATION1. Account Balance2. Auto Loan Exposure3. Credit Card Limit4. Credit Card Spends5. Home Loan Exposure6. Investment Portfolio7. Personal Loan Exposure8. Transaction History
LOAN-RELATED APIs9. Pre-approved Auto Loan10. Pre-approved Home Loan11. Pre-approved Personal Loan
LOYALTY & REWARDS12. Reward Points Management13. Rewards Point Calculator
NON-FINANCIAL INFORMATION14. Customer Details15. Product Availed: CASA Products16. Product Availed: Investment Products17. Product Availed: Loan Products18. Account Aggregation
TRANSACTION-RELATED APIs19. Business Accounts Access20. Card Authentication21. Card Payment Management22. Instant Refund/Settlement23. Transaction Scheduler24. Payment Initiation and Authorization25. Remittance Authorization26. Remittance Exposure
LOCATION-DRIVEN APIs27. Infrastructure Location Management28. Offers Near Me29. Pre-approved Property Search
PRODUCT INFORMATION30. Product Terms and Conditions
MOST COMMON OPEN BANKING APIs
by 2018
*By the end of 2018, 50% of global tier 1 and tier 2 banks will offer at least 5 external APIs
Source: IDC Financial Insights, 2017
© IDCn=37 APeJ FSIs
Source: IDC’s Information Digital Transformation MaturityScape Benchmark Survey, IDC Cognitive/Artif icial Intelligence APeJ, 2017 Survey 12
IN THE ASIA/PACIFIC REGION: Architected but not integrated, real time information 95% of FSIs using traditional data management, integration, and analytics Early efforts in single customer view, Open Partner APIs
BUT… “Improving data quality” to become a key focus for FSIs’ investments in the next 1–2 years Overall weak in integrating external sources of data, new uses of insights, and data monetization
MONOLITHIC CORE
CUSTOMER INTERACTIO
N
PRICING
MARKETING
CHANNELS
RISK
SYSTEM OF RECORD+
TRANSACTION ENGINE
Core SystemAbstraction
Source: IDC Financial Insights, 2017
Core SystemAbstraction
Extricating business logic, especially of systems of engagement, away from the core
Benefits: Ability to handle scale, iterative modernization
Modernise around the coreBenefit: System of engagement becomes digitalized quickly
Microservices-enabled Supportive of Agile development Analytics intersecting more tightly
with core system Product development heavily
leveraging Open APIs Interconnectivity with third parties
through a Platform
Source: IDC Financial Insights, 2017,Getting Ready for the Open Revolution?, IDC Financial Insights, July 2017
YOUR ARCHETYPE YOUR MODEL OF BUSINESS
ISOLATIONIST Provides exclusive products and distribution to own customers. Traditional model.
PRODUCER Provider of syndicated products and services with distribution through third parties. For banks, this creates challenges with customer ownership and branding.
DISTRIBUTOR Distribution of third-party products through owned channels. Third parties such as comparison platforms or marketplaces will assume the distribution of all kind of products.
PLATFORMPlatforms will serve as facilitator or service provider to the ecosystem. For banks, this could open opportunities around shared know-your-customer (KYC), security, processing services.
AGGREGATORCross-industry aggregation of customer data to provide financial management, advisory services to customers, and depending on privacy regulations, monetization of data assets through services to third parties, such as product recommendation and marketing.
INTEGRATOR Interoperability and integration services for open APIs, especially if there is no standardization of APIs, as currently intended by PSD2.
INNOVATOR Development of new services based on opportunities arising from an open ecosystem.
Source: IDC Financial Insights, 2017
OpenCollaborateto
OpenDatafor Platforms Core System
Abstraction
15 CAPABILITIES OF DIGITAL INSURANCE
Asian Financial Services Congress 201124th - 25th February 2011. Marina Bay Sands, Singapore
Presenter NameEmailTel
MICHAEL ARANETAAVP
IDC Financial Insights
[email protected]: +65 9138 7514
+6686 8938708Twitter: @mcaraneta
