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REINVENTING INSURANCE13th Chief Risk Officer Assembly
SwissRe Institute
Christina Kehl
THE FUTURE IS AT OUR DOORSTEP
INDUSTRY COMPARISON: KODAK AND PHOTOGRAPHY
1998 2011
Kodak share price: $ 80
Kodak share price: $ 0.78
2017
Number of photos:1.3 trillion
2010
Instagram: 80 million photos are uploaded per day
Founding of Instagram
Number of photos: 0.05 trillion
window to react
INDUSTRY COMPARISON: KUONI AND TRAVEL
Founding of Kuoni
Kuoni sells travel business
Global international tourism revenue:1.26tr USD
1997
Expedia and booking.com manage 80% of agency bookings
Founding of booking.com and Expedia
First travel bookings
window to react
20151906 2017
INDUSTRY COMPARISON: OTTO GROUP AND RETAIL
Otto catalogue
Otto catalogue stopped
10% of global retail sale is online, with a 23% growth rate per year. Otto retail fashion
revenues 80% online
Beginnings of E-commerce, founding of Amazon
window to react
20131994 2016
2. Rise of new digital business models (core systems with platforms)
1. Decline of traditional business models
INDUSTRY COMPARISON: 3 LEARNINGS
3. Digitization generates new business potential
INDUSTRY COMPARISON: PLATFORMS ON THE RISE
Uber, the world’s largest taxi company, owns no vehicles.
Facebook, the world’s most popular media owner, creates no content.
Alibaba, the most valuable retailer, has no inventory. Airbnb, the world’s largest accommodation provider, owns no real estate.
CUSTOMER DRIVEN DIGITIZATION PER SECTOR
10 20 30 40 50 60 70 80 90 100 %0
Not digitized Ongoing digital transformation Digital business
Consumer goods
Automotive and assembly
Financial services
Transport and travel
Telecom
High tech
Media
Retail
INSURANCE INDUSTRY
Early adopters embrace new channels /models
Mainstream customers adopt
DIGITAL TRANSFORMATION OF INSURANCE
New trends emerge
Innovative startups create disruptive business models
Advanced incumbents begin to pivot
Tipping point
New normal: Advances incumbents, established startups
1996 from 2012 2015 2016 2019 2020
We are here!
HOW TO REINVENT
GREENFIELD APPROACH
Old legacy systems
Keep running Build newly from scratch
New digital
SPEED BOAT APPROACH
Old legacy systems
Digital units
INNOVATION QUALITIES
TECH & PEOPLE
1. CORE SYSTEM
CULTURE
TECH
CORE SYSTEM - DATA MACHINE
Data storage
Underwriting
Contracting
Open API data access
Data transmission
Risk management
Data requests
DIGITAL CORE SYSTEM - DATA AND PROCESS FLOW
Incoming data
Risk ManagementUnderwritingSmart Contract
Blockchain Data storage Open API unique access keys
Secure external data transmission Open API
Predefined parameter set
Parameter selection UI
Open platform
AI
OPEN PLATFORM
DIGITAL OPEN PLATFORM
Distribution SecurityClaims Compliance Reg Tech Asset Management
API API
API
API APIAPI API
DATA CORE SYSTEM
OPEN PLATFORM PARTNER POSSIBILITIES
Growing global insurtech/fintech ecosystem Over 3000 global tech partners to choose from. You mix and match your providers, for example:
ARCHITECTURE
Decoupled Micro Services Allows for future update without stopping the entire system.
Resilient Automated backups, no single points of failure.
Modular Ability for development of custom modules that integrate with the di.os platform.
Secure Automatically handles data encryption both at transmission and at rest.
Upgradable Every component upgradable to newer technologies without breaking the system. This way, insurance companies never end up in the same situation of legacy systems that currently exist.
Cloud and Hosted Compatibility Works both as a self-hosted system or on a cloud environment.
Scalable Automatic scaling of components.
PEOPLE
1. CORE SYSTEM
PEOPLE
„The secret of change is to focus your energy not on fighting the old, but on building the new.
-Socrates
“
THANK YOUChristina Kehl
Twitter: @extrablatt Linkedin: www.linkedin.com/in/christinakehl
Basic Copyright Notice & Disclaimer
©2017 This presentation is copyright protected. All rights reserved. You may download or print out a hard copy for your private or internal use. You are not permitted to create any modifications or derivatives of this presentation without the prior written permission of the copyright owner.
This presentation is for information purposes only and contains non-binding indications. Any opinions or views expressed are of the author and do not necessarily represent those of Swiss Re. Swiss Re makes no warranties or representations as to the accuracy, comprehensiveness, timeliness or suitability of this presentation for a particular purpose. Anyone shall at its own risk interpret and employ this presentation without relying on it in isolation. In no event will Swiss Re be liable for any loss or damages of any kind, including any direct, indirect or consequential damages, arising out of or in connection with the use of this presentation.