3 Simple Lessons from Other Industries
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Transcript of 3 Simple Lessons from Other Industries
3 simple lessons we can learn from other industriesKEVIN PLEDGE FIA, FSA
13 Oct 2015
SOA Annual Meeting 2015
Session 131
Willie Sutton – Bank Robber
2
“Because that’s where the money is.”
“Why do you rob banks.”
Where do you go to buy insurance?
3
“First place I would go to is Google.”
“I would go on the internet and research companies through forums.”
2.6m relevant Google searches every month in the North America
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How much personal protection life insurance (by policy count) will be sold online 5 years from now?
0
5
10
15
20
25
0%& 9% 10%& 19% 20%& 29% 30%& 39% 40%& 49% 50%& 59% 60%& 69% 70%& 79% 80%& 89% 90%& 100%
Res
po
nse
(%)
Amount of protection sold online by policy count 5 years from now
$20T Uninsured
Synergywith other business
$2.7bnTerm
Market
$14.5bnProtection
Market
Lesson 1 – go where the money is
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Why not?
1. We have agents - it has worked forever and we don’t want to disrupt this
2. We have tried it before with simplified issue – not great success
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Tablet PC invented by Microsoft
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If Amazon learnt from insurance…
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If Amazon learnt from insurance…
That simply doesn’t work?
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OK – maybe it can
We have something that works
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Lesson 2 – Disruption happens
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Travel agents believed travel needed the personal touch. Online travel agents changed the message to “you are in control”
Lesson 3 – Question your paradigms
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Prison
Prison
17
Prison
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Management Consultant
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Willie Sutton
Thank You
20
Kevin Pledge, Acceptiv & Claim Analytics
Lesson 1 – Go where the money is
Lesson 2 – Disruption happens
Lesson 3 – Question your paradigms