2017年-德勤全球_Beyond_Fintech__Disruptive_innovation_in_insurance_2页_395kb

Deloitte Forum Future of FSI Report Summary

Core Content

The Deloitte Forum Future of FSI Report Leaders explores the future of financial services, focusing on disruptive innovation in insurance. It outlines key forces shaping the industry and highlights the transformation occurring in insurance trends and potential future developments.

Key Forces Impacting Financial Services

The report identifies 8 key forces that are influencing the financial services industry:

1. Cost Commoditization: Financial institutions will reduce their cost bases to become less competitive on cost and more differentiated on other factors.
2. Experience Ownership: Customer interface ownership will become critical, requiring manufacturers to either scale hyper or focus hyper.
3. Data Monetization: Data will be a key differentiator, with real-time integration of data flows from multiple sources.
4. Systemically Important Techs: Financial institutions are increasingly reliant on technology firms for critical infrastructure and differentiation.
5. Profit Redistribution: New technologies and partnerships will allow organizations to bypass traditional value chains and redistribute profit pools.
6. Platforms Rising: Single-channel platforms that connect with multiple financial institutions will dominate service delivery.
7. Bionic Workforce: Machines will increasingly replicate human behaviors, leading to a need to manage labor and capital as one.
8. Financial Regionalization: Diverging regulations and customer needs will lead to distinct regional paths for financial services.

Insurance Trends

The following trends are observed in the insurance sector:

• Increased modularity in the insurance value chain: This is enabling new combinations of players and challenging traditional incumbents.
• Emergence of usage-based, on-demand, and item-specific insurance products: These products are responding to changing customer lifestyles.
• Products to insure emerging risks are becoming critical: As traditional margins erode, these products are vital for carrier profitability.
• Life insurers are under pressure to reinvent product strategies: To meet the needs of the next generation of customers.
• Connected devices are proliferating, but adoption of connected insurance is lagging: Insurers have not effectively convinced customers of its value.

These trends are applicable across both property and casualty and life insurance.

Open Questions

The report raises questions about the future of insurance consumption, particularly how changing sources and nature of liability will impact it. It explores possible futures, including:

Changing the Channel

• Customer purchasing habits are evolving, pushing insurers to emphasize digital channels and integration at the point of sale.
• Product design and marketing will shift to be more customer-centric and aligned with their needs.

Underwriting by Machine

• AI advancements are challenging insurers to keep up, leading to outsourcing underwriting and market bifurcation.
• Differentiation becomes more crucial as traditional underwriting models are disrupted.

Rise of the Flexible Product

• Insurance products that adapt to changes in behavior, role, and risk profile are becoming more common.
• Investment in tracking and digital solutions is necessary to prevent miscoverage and ensure customer satisfaction.

E-Z Life Insurance

• Emerging markets are the main drivers of growth in life insurance.
• Digital distribution is essential, but insurers must balance it with underwriting quality to capture market share and offer additional coverage.

Key Takeaways

• Value Chain Breakup: The insurance value chain is becoming modular, enabling new partnerships and competition for adjacent profit pools.
• Complex Products, Simply Distributed: Insurers must develop complex, personalized products while simplifying the origination process to enable direct digital sales.
• Connected Insurance: This shift will require insurers to focus on risk prevention rather than just risk assessment, and to collaborate with original equipment manufacturers.
• Customer Trust is Crucial: Insurers must convince customers that connected insurance products offer greater value than traditional ones.

Conclusion

The report emphasizes the need for adaptation and innovation in the insurance sector, driven by digital transformation, data integration, and changing customer expectations. Leading organizations are leveraging these forces to build flexible, customer-centric models and strategic partnerships. The future of insurance will be shaped by technological advancements, regulatory shifts, and evolving consumer behavior.