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Future of Insurance Rafal Walkiewicz

Future of Insurance Rafal Walkiewicz. September 2, 2015 2015 Entrepreneurial Insurance Symposium. How To Win in the Technological Revolution?. “Sustaining innovation” will not save you from extinction. Do All Leading Innovators Eventually Fail?. Innovation Traps.

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Future of Insurance Rafal Walkiewicz

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  1. Future of InsuranceRafal Walkiewicz September 2, 2015 2015 Entrepreneurial Insurance Symposium

  2. How To Win in the Technological Revolution? • “Sustaining innovation” will not save you from extinction

  3. Do All Leading Innovators Eventually Fail? Innovation Traps Diminishing Returnsof Sustaining Innovation Resource Allocation Dilemma Focus on Short TermProfit • To survive companies must embrace “Disruptive Innovation”

  4. How Technology Disrupts P&C Insurance?

  5. Internet of Things – Making Life Easier Who distributes “things”? Who has algorithms to analyze data? Who owns the data?

  6. Self Driving Cars Don’t Need Insurance • We are investigating telematics and broadening the value proposition for the connected customer. If we are not effective in anticipating the impact of changing technology, including automotive technology, our ability to successfully operate may be impaired.- Allstate (currently $18bn of auto DPW, 66% of total premium) Now 2030 2040 2020 Autonomous driving Safety Telematics U.S. market shrinks from $120bn to $80bn U.S. market shrinks from $180bn to $120bn $80bn of premium from car manufacturers and infrastructure providers Premium moves to Commercial Writers Premium Falls Premium Falls • Personal auto insurance premium will eventually disappear

  7. Auto Insurance Disruption – How to Fight Back? Insurer StandaloneModel Who distributes “things? Who has algorithms to analyze data? Who owns the data? Partnership Model Consulting Model

  8. What About Life?

  9. Wearables – Making Life Longer • Life (mortality) insurers’ interests are well aligned with customers • Why would customers agree to forfeit privacy? P&C Life Internet of Things Wearables • Making life easier • Making life longer

  10. End of Illness Big Data Behavioral Choices Healthy Lifestyle / Preventive Medicine Life Insurers Health Insurers Healthcare Providers “Things” Manufacturers Pharma Genetic Predispositions Better Prediction Medical Advances Youth Elixir / End of Illness

  11. Can Insurers Benefit From Disruptive Technology?

  12. Thank you

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