The human side of digitisation - Swiss Re87d00f8f-ed07-4aa8-b0b0-102786… · The human side of...

The human side of digitisation

EMEA Claims Conference, Sonia Allinson-Penny, March 2017

EMEA Claims Conference, March 2017 2

Is the transference of love really the future of

insurance?

EMEA Claims Conference, March 2017

“You play here, between tepid indifference to active dislike”

View from an insurtech on how customers view traditional insurers

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Active dislike Tepid indifference

Earn their love

“We play here, earn the love of our customers through the micro moments that matter to them”


Key messages for today

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Digitisation is more about humans than technology

Winners will embrace the `and`

Focus on learning agility


Key message #1

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7

Customer

desirability

Technical feasibility

Business

viability

You are here!


Customers are driving the change, employees face threats and opportunities

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We`re unattractive to those we need the most

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Fewer than one in ten millennials are interested in working in the insurance industry1.....

1 Deloitte Human Capital Trends in the Insurance Industry 2017

…and those that do lack an innovative mind-set

Bottom five differences in aspirations of insurance-inclined students vs. all students globally, 2015


Key message #2

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Transference of loveMake it difficult for the

customer to leave

(Just) happening after a disaster

Prevention

BotHuman

AdvisoryRoutine

`Phygital`


Know Do


Example of know do gap

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Only 17% of insurers rate their ability to co-create with innovators as good or very good


How connected are you?

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Are you involved in innovation?Would you have answered the

same 3 years ago?

Multiple cultures need to co-exist

Traditional Hybrid New

Identifiers of new markets

and services, adopters and

creators of new ways to do

business

Disruptors, Innovators

Legacy and experience of

the strong history of the

business

Traditional Backbone

Translators and connectors of

old and new. Understand the

legacy but can adapt into new.

Moderate healthy conflict

Connectors

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Which has implications for who you hire, reward and promote

Profile A Profile B Profile C

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Whole-brained humans will be less replaceable…

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… can this be learned?


Key messages #3

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Learning agility is theability and

willingness to learn

from experience,and subsequently apply

that learning to perform successfully under new or first-time

conditions.

Learning

Agility

Source: Korn Ferry

Learning agility is a key attribute for today`s employees

Learning agility comprises

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How this is applied in practice in Swiss Re

Learning agility is the key measure of future potential and is objectively assessed as a part of:

• Hiring of external candidates

• Talent management activities

• Development programs

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Don`t rely on my word alone

"To gain success a person will need high EQ …. and if you want to be respected

you need high LQ, the IQ of love”

“Independent thinking, care for others, teamwork… these are the soft parts…..

everything we teach should be different from machines”

Jack Ma, WEF 2018


We`ve got some key advantages and can partner

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Swiss Re is partnering across the value chain with a primary insurer, FlightStatsand App in the Air, to provide a parametric product which automatically triggers

payments for flight delays

Stork example

Value Chain

Solutions

Distribution Products P/UW Carrier OperationsServices

Risk Pricing

Full-fledged digital value chain offered by Swiss Re

Partnerships

Claims

Automated Claims Digital OperationsCarrierNew Digital

Insurance ProductsRisk Alerts and

PreventionAutomated

Underwriting Engine

Client Impact:

• New product that is plug-and-play into the client’s environment and offers an immediate source of premium income

• Automated digital product positions client well with millennials, mobile-first consumers

• Operation completely outsourced to Swiss Re (and partners)

Primary Insurer


We can keep pace if we stay tuned

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Delotte, Human Capital Trends in the Insurance Industry, 2016


Key messages for today

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So what are some of the challenges?

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Source: James Downes, Pancentric, Future of General Insurance, Nov `17

Source: David Smith, Futurologist, Future of General Insurance, Nov `17


Employees may need to unlearn long-established patterns to remain relevant

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© 2017 Korn Ferry. All rights reserved 29

AGILE MINDSETS & BEHAVIOURS

Leadership styles create the climate for agile teams to thrive or wither

Agile

Mindset

Servant Leadership Leaders facilitate, do not control

Faith in Teams Good team is better than a great hero

Love of Learning Continual learning and improvement

Do your leaders and teams have the right mindset and behaviours to benefit from agility?


• www.cognizant.com

• Korn Ferry Learning Agility

• BBC Technology

• http://www.bbc.com/news/technology-34066941

Further resources

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http://www.cognizant.com/


Legal notice

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©2018 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re.

The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation.

The human side of digitisation - Swiss Re87d00f8f-ed07-4aa8-b0b0-102786… · The human side of...

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