digitalisation: a new momentum for cooperative/mutual
TRANSCRIPT
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International Cooperative and Mutual Insurance Federation www.icmif.org
Faye Lageu, Senior Vice-President, Business Intelligence,
ICMIF
Digitalisation:
A new momentum for
cooperative/mutual insurers?
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Overview
International Cooperative and Mutual Insurance Federation www.icmif.org
• CMI sector
• Industry effects of digitalisation
• Opportunities & challenges for CMIs
• Case studies
• Outlook for CMIs
• Next steps
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International Cooperative and Mutual Insurance Federation www.icmif.org
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International Cooperative and Mutual Insurance Federation www.icmif.org
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International Cooperative and Mutual Insurance Federation www.icmif.org
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International Cooperative and Mutual Insurance Federation www.icmif.org
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International Cooperative and Mutual Insurance Federation www.icmif.org
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Access to CMIs
International Cooperative and Mutual Insurance Federation www.icmif.org
*Country income classifications as per the World Bank (2016)
Source: ICMIF
National law in 45% of the
world’s countries does not
allow mutual/ cooperative
insurance
Regulation can be
restrictive even where law
does allow MCIs
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CMIs: a sustainable business model
International Cooperative and Mutual Insurance Federation www.icmif.org
Economic
• Life – smoothing effects
• Non-life – risk knowledge
Strategic
• Customer-driven
• Long-term approach
• Commercial–social balance
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Impact of new technology on insurance
International Cooperative and Mutual Insurance Federation www.icmif.org
Capabilities and
efficiencies
• Risk detection
• Risk analysis and pricing
• Product design
• Underwriting and claims
Customer interactions
• Digital distribution platforms
• Roboadvisors
• Market segmentation
• Customer experience
New risks & nature of
existing risk
• Cyber risks
• Data risks
• Autonomous cars
• Connected insurance
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Implications for cooperative/mutual insurers
International Cooperative and Mutual Insurance Federation www.icmif.org
• Customer-centricity • Digital data competes with traditional knowledge of risks
• Supports convenience and accessibility
• Online or traditional?
• Tension between digital and personalised service?
• Community effects
• Risk segmentation
• At odds with mutual principles?
• Transitioning the workforce
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Case studies: digital innovation
International Cooperative and Mutual Insurance Federation www.icmif.org
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International Cooperative and Mutual Insurance Federation www.icmif.org
1. Products features and risk reduction
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2. Flexible insurance
International Cooperative and Mutual Insurance Federation www.icmif.org
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3. Understanding customers
International Cooperative and Mutual Insurance Federation www.icmif.org
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4. Convenience and access
International Cooperative and Mutual Insurance Federation www.icmif.org
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5. Communication and community
International Cooperative and Mutual Insurance Federation www.icmif.org
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6. Innovation and learning
International Cooperative and Mutual Insurance Federation www.icmif.org
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Innovation and agility: recurrent theme for CMIs
International Cooperative and Mutual Insurance Federation www.icmif.org
• Sustainable competitive advantage through structure
and culture
• Tapping into strength of communities
risk knowledge
distribution
decision-making
• Partnership-building:
reduced transactional costs
unique learning
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International Cooperative and Mutual Insurance Federation www.icmif.org
WWW.ICMIF.ORG