Future of the Insurance Industry and Pensions - Insurance industry trends keynote by Futurist...

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Dr Patrick Dixon Chairman Global Change Ltd Take Hold of Your Future Global trends impact on future of the insurance and pensions industry

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Future of the insurance industry, life insurance, property insurance, pensions, investments and fund management. Insurance industry keynote speaker - Patrick Dixon. Insurance growth in emerging markets, future of insurance and pensions in Europe, Asia, Africa, Latin America. Impact of e-commerce on insurance industry, price comparison sites, aggregator sites. Risks and growth opportunities for insurance companies, compliance and regulation for insurance industry. Consumer trends, corporate insurance, insurance industry quotes. Improving customer service and customer experience in insurance. Future of call centres in insurance industry.

Transcript of Future of the Insurance Industry and Pensions - Insurance industry trends keynote by Futurist...

  • 1. DrPatrickDixonChairmanGlobalChangeLtd ! TakeHoldofYourFuture Globaltrendsimpactonfutureofthe insuranceandpensionsindustry !

2. ALLBIGTRENDSARERELATED ! ! ! ! ! ! ! ! 3. do things you really believe in Life is Short 4. WhyIbelieveinInsuranceandPensions helpingpeopleplanandsafeguardtheirfutures 5. Body Level One Body Level Two Body Level Three Body Level Four Body Level Five Whocaresabout thenewstrategy? 6. Body Level One Body Level Two Body Level Three Body Level Four Body Level Five Allleadershipand innovaJoncomes fromVISIONofa beNerfuture 7. DREAMING! DELIVERING! DREAM AGAIN! 8. Believing is Achieving 9. ! One word will dominate ALL FUTURE ! 10. Title Text 11. Strategies often overtaken by events ! World can change faster than you can hold a board meeting 12. Agility vital to organisational health 13. Risk that 2 people in 10 have same birthday 10% 14. Risk that 2 people in 10 have same birthday 10% 15. Risk that 2 people in 23 have same birthday 16. Risk that 2 people in 23 have same birthday 50% 17. Risk that 2 people in 70 have same birthday 18. Risk that 2 people in 10 have same birthday 99.99% 19. ! One word will dominate ALL FUTURE ! 20. The future is about EMOTION 21. REPUTATION 22. ! YOU! MATTER 23. INSURANCEINDUSTRY poorimagewithcustomersandgraduates Marke&ng:Weareheretoprotectyouandfamily,topayout generouslyandquicklyifsomethinghappenstoyou,giving youpeaceofmindatafairprice. Investors:Wemakeshareholdersasmuchwealthaswecan withoutbreakinglaws.Weraisepremiumsaso@enaswe can,andpayoutasliAleaspossibletonancedividends. 24. 25. Huge Opportunity: wonderful, simple, customer experience 26. Whyneedtolookbeyondmarketresearch 27. 300 million move to cities in China 475 million to cities in Africa by 2030 ! ! ! GROWING INSURANCE AND PENSIONS MARKETS ! ! ! 28. >40%WDPinAsiaby2015 IMF-adjustedforPurchasingPowerParity 50%populaJoninIndiaunder25yearsold 29. WGP1980-2013(%,constantprices) 30. USGDP1980-2013 (%,constantprices) 31. EUGDP1980-2013 (%,constantprices) 32. VietnamGDP1985-2011 33. $3.4trillion ! 34. $2.3trillion ! 35. Body Level One Body Level Two Body Level Three Body Level Four Body Level Five 1 billion over 60 year olds in 10 years ! 36. 1weekevery4 37. Europe Dying ! 4 couples to produce single great-grand child ! 1 million over 90 year olds in Italy in 12 years time >65% of health spend is people over age of 65 38. Title Text Body Level One Body Level Two Body Level Three Body Level Four Body Level Five 39. Want to look better 40. may be Want to think better 20% students in US use memory-enhancing drugs 41. Pigsteethgrowninsiderats Micegrownewteethfromnervecells/gum Grow New Teeth 42. Repair Heart / Brain with stem cells 43. We can print layers of living cells.... 44. Print New Skin (Lexmar) 45. Build Nanotech Robots 46. 72 After 20 years - 80% alive v 50% on normal calories Less cancer, diabetes, heart disease, strokes, brain decay Monkeys on diet live longer 47. Slow or no ageing is a reality Rockfish, Turtles, some Whales ! No signs of getting old Rougheye rockfish (Sebastes aleutianus) 205 years Aldabra Giant Tortoise 255 years Lobsters are believed to live 100 or more years Ocean Quahog clam 405 years 48. TRIBES 49. GROUPS 50. TOGETHER 51. FRIENDS 52. TEAMSNothing in the world beats brilliant team work 53. LifeinsuranceisaboutFAMILY 54. NETWORKS=SALES 55. SocialCapital-newCurrency 56. 1trillionpagesamonth 57. SCALE+FOCUS ! 58. e-commercehits$1.5trillion2014 12%allUKretail 59. Italy:58%increaseinprice comparisonwebsites-sales ofpoliciesin12months 60. >50%allprivatemotorinsurancesales 30%ofconsumersselectcheapestpolicy ! PriceComparisonThreat 61. 62. MOBILEMobile influenced $29bn of retail sales in UK in 2013 50% of all UK online sales are using mobile 63. LocaJonMarkeJng ! ! ! isnextBIGTHING 64. 1500% growth car insurance black boxes ! Telematics Scale ! ! ! 65. Free mobile devices calls / web / TV / games / pay Higher income model 201020132015 TelcoBanks 66. 90%MicrosojR&D SalesForceR&D>$3bnpa CLOUD 67. ! Overwhelming CYBERATTACKS from States or criminals! ! 68. 180bnspamemailsaday 600mnewviruses,malware,trojansayear >220mpeoplesdetailslostinsingleaNack 70%largecorporaJonshavebeenhacked 100,000aNacksanhouronUSNavy ParalysisofEstoniagovernmentin2007 WorriesaboutUS,Russia,ChinapenetraJon ! 69. 90% all global data generated in last 2 years BigData insight,underwriJng,fraud 70. Customerinsightearnsyoutherightto whisperadvicealongthejourneyoflife End of Marketing 71. MorethanCompliance ExpectnewwavesofregulaDon-but compliancealonewillnotbeenoughto protectbrandorpersonalcareers-why futureacDonswillbejudgedbyfuture expectaDonsandwhyallcomplianceislocked intothepast 72. Benchmarking is toxic to risk management and customer service! 73. $40 Trillion Green Tech Boom driven by oil price, cost cuts, green activism 74. Shale gas 33% US supplies 3.3m US jobs $468bn pa + more oil produced than Saudi by 2020 ! 200 years global supply Up from 60 years in 5 years 75. 120,000 terawatts of sunlight /day 7,000 times total power use 76. 120,000 terawatts of sunlight /day 7,000 times total global power use Power Moscow from Libyan Desert 77. GermanyPowerSurplus ! InJune2013electricitypricesbecamenegaJve-EU150/MWhr 78. do things you really believe in Life is Short 79. CARE! COMMIT ! CLEAR 80. TeamsintophalfofEngagement 86% more likely to have better customer metrics 70% more likely to have low staff turnover 70% more likely to be highly productive Gallup meta-survey > 10 million people 81. Next miss-selling scandal? Expect regulation++ 70% of actively managed funds fail to beat trackers Most fund managers are reluctant to invest own money in own retail funds and do not recommend to their friends Truthaboutmanagedfunds 82. Big hidden penalties for loyal customers will be seen as unethical 83. LessonfromNon-Prots Connectwithallthepassionspeople haveandtheywillfollowyoutothe endsoftheearth,promotewhatyoudo withpride,andmayevenbewillingto workforyoufornexttonothing .andthefourwordphraseis. 84. Individuals Families Teams Shareholders Communi&es WideWorld ! BuildingaBe9erWorld Greatproducts,outstandingcustomerservice,smartunderwriAng, inspiredinvestment,eecAvecostcontrolandstrongprotability 85. Body Level One Body Level Two Body Level Three Body Level Four Body Level Five Dr Patrick Dixon Chairman Global Change Ltd globalchange.com SLIDES 15millionvisitors 5millionvideoviews