equinix insurance - 2016round table series - 20160728
TRANSCRIPT
#disruption isn’t limited to internet unicorns..
“you can in fact teach an old dog new tricks..”
IF THERE WAS A PRIME CANDIDATE IN THE FINANCIAL SERVICES SECTOR THAT COULD LEVERAGE DISRUPTIONIT HAS TO BE THE INSURANCE INDUSTRY
• Worlds largest taxi company owns no taxis ( Uber )
• Largest accommodation provider owns no real estate ( Airbnb )
• Largest phone company owns no telco infra ( WeChat )
• Worlds most valuable retailer has no inventory ( Alibaba )
• Most popular media owner creates no content ( Facebook )
• Fastest growing banks have no actual money ( SocietyOne )
• Worlds largest movie house owns no cinemas ( NetFlix )
• Largest software vendors don’t write the apps ( Apple & Google)
Digital Disruption has happened so get used to it
Trails, Planes & Automobiles ( oh and ships too )
Trails, Planes & Automobiles ( oh and ships too )
Trails, Planes & Automobiles ( oh and ships too )
Trails, Planes & Automobiles ( oh and ships too )
• The driver? Nope..there isn’t one!
• The manufacturer? Sure, which one?• Hardware? Software? Services? Support? Navigation? Maps?
• The engineers of the parts? The programmers? The project managers!?
• The quants, or actuaries, or data scientists or game theory PhD’s??
• The open source data compilers? Wikipedia authors?
• Who ya gunna sue !? You can’t sue them all !!
• Winabago driver’s who set cruise control to go make a coffee !!
Self driving cars & trucks.. Who do I sue now?
HOW ABOUT WETHINK COMPLETELY OUTSIDE THE FOUR DOTS
FOR JUST A COUPLE OF MINUTES
• How about a bona fide accurate heart rate app• make it accurate, give it away for free, build a better dashboard
• build trust then offer lower premiums because you know I’m healthy
• find an issue? let me know so I can get it fixed, then offer me lower premiums
• Ride Sharing market ( don’t penalise, endorse & sell to them)
• Open data ( I’m telling you stuff freely, you’re just not listening )
• Don’t hand me empty forms, auto fill what you already know!
• How about premium rates that update in real time?
What could we do today with little imagination?
• Smart Cities
• Internet of Things
• Machine to Machine integration
• Sensors on everything, especially if it moves
• Open Data / Open Corporate Data / Open Personal Data
• Big Data & Analytics powering Smart Agents
• Consumers who decide to just unplug as it’s getting “too hard”
What’s just around the corner to be aware of?
