sustaining the li industry in the 4ir€¦ · agility “it’s a bit like trying to move a...

SUSTAINING THE LI INDUSTRY IN THE 4IR

WHY DID I DO THIS RESEARCH?

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Hype

vs.

Reality

WHAT IS GOING ON?

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Innate resilience?

THE PROJECT

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Research Market engagement

12

8

5 3

3 24 3

6

• 4IR

• Life insurance vs. other

• Latest strategy & innovation

thinking

THE BIG P ICTURE

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4IRCreative

destruction

THE 4 IR

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Linear

Speed

Ecosystems

Skills

4IR

THE CYCLE OF CREATIVE DESTRUCTION

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‘Godfather’ of innovation

Success syndrome

Creative

destruction

Time

Growth

Innovation

Differentiation

Maturity

Decline

THE CYCLE OF CREATIVE DESTRUCTION

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‘Godfather’ of innovation

Success syndrome

Dilemmas

A simple solution

Creative

destruction

WHAT IS GOING ON?

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Innate resilience?

Research

WHAT IS GOING ON?

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Innate resilience?

Market

WHAT IS GOING ON?

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“Quite often we are trying so hard just to keep the wheels turning in

the current world, that it’s hard to imagine what the future world is

going to look like”.

- Frank (large insurer, established business focus)

WHAT IS GOING ON?

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Innate resilience?

Market

WHAT IS GOING ON?

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Innate resilience?

Market Research

WHAT IS GOING ON?

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False sense of security

HOW DO WE RETAIN OUR RELEVANCE?

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HOW DO WE RETAIN OUR RELEVANCE?

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Restructure

Transformation

LeadershipStrategy review

Consultants

Acquisition

Look internationally

Spin-off insurer

Innovation unit

HOW DO WE RETAIN OUR RELEVANCE?

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Start with the

foundation

HOW DO WE RETAIN OUR RELEVANCE?

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Enablers

Partnerships

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

“In the future we will see more crowd-

sourced innovations - potentially

leveraging an ecosystem of

innovation partners to provide a

richer offering.”

- Brad (large insurer, technology executive)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships Leadership

Enablers

HOW DO WE RETAIN OUR RELEVANCE?

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“Humans don’t like change, so our tendency is to be more incremental.

Many leaders have come from a world where change was something

that you went through and then it finished and there was stability. We

now live in a world where change is constant.”

- Greg (large insurer, technology executive)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships Leadership

People

Enablers

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Inhibitors

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

“In a corporate environment,

we’re being schooled to think

that if you don’t protect your IP,

someone will steal it.”

- John (large insurer, established business)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

“The corporate mindset is zero-sum -

they focus on making sure that they

don’t get done in, and they get that

little bit more than you do.”

- Hugo (large insurer, emerging business)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Inhibitors

Agility

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Agility

“It’s a bit like trying to move a

graveyard.”

– Andrew (small insurer, CEO)

“Innovation is only 20% of the

problem, execution is the other

80%.”

– Clark (medium insurer, established business)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Agility

“That rational, highly cynical

actuarial mindset”

– Hugo (large insurer, emerging business)

“I’m not going to do anything until I

have 20 years of experience behind

me that proves this.”

– Frank (large insurer, established business)

Actuaries

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Inhibitors

Agility

Urgency

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Agility

Urgency

“We can do exciting stuff on a

computer and an iPad, but it

seems that a lot of brokers still

want paper.”

– Clark (medium insurer, established business)

HOW DO WE RETAIN OUR RELEVANCE?

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Partnerships

Agility

Urgency

“We need to go at a pace that the

customer is used to. So radicalising

technology before a market is

ready for it is a wasted use of your

energy.”

– Kelvin (large insurer, emerging business)

HOW DO WE RETAIN OUR RELEVANCE?

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Looking to the

future

LOOKING TO THE FUTURE

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Cell

captives

Root

Comotion

LOOKING TO THE FUTURE

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Simply

Pineapple

Indie

Hero Life

Naked

LOOKING TO THE FUTURE

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Indie

Google

Amazon

Facebook

LOOKING TO THE FUTURE

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Big partnership

play

LOOKING TO THE FUTURE

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A little bit here…

A little bit

there…

HOW DO WE RETAIN OUR RELEVANCE?

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Enter the ecosystem Find a path to trust

People

Question your source

of resilience

Thank you!

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