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DAY 2 MAIN STATEMENTS
- Over two-thirds of executives in insurance believe that over 20% of current jobs will cease to exist in the next years, according to a MERCER survey
- 86% of executives in insurance believe that contingent workers will substantially replace full time employment by 2022 (no company that wants to innovate can not do it with only their own resources)
- World Economic Forum (WEF) anticipates that Artificial Intelligence may deliver up to 58 million new jobs globally. Many jobs in the future will require greater cognitive maturity.
- At the same time, 49% of companies in insurance plan to automate more work this year.
- 73% of the executives anticipate significant disruption in the next 3 years, compared to just 26% in 2018.
- The future of distribution will look different, because of the impact of blockchain. Claims will be solved in minutes. We have to be customer centric, with a organization culture around this, focused on simplicity.
Tan Bin Ru,
- The Chinese financial group PING AN has invested in the last years about 1% of its revenues and around 30% of the profit in R&D (over 2 billion USD in 2018 and 7 billion USD in the last years), developing several AI models (for sales force recruiting, claims etc)
- Main fintech company developed by PING AN is One Connect, a leading Fintech SaaS provider of advanced technology-enabled business solutions to small and medium-sized financial institutions. Currently, OneConnect has 101 products in four business disciplines including Digital Banking Solutions, Digital Insurance Solutions, Digital Investment Solutions, and SaaS Cloud Platform, covering sales, product development, risk management, operations and technology.
- On long term, the incumbent insurance companies that will partner with insuretechs will be the winners. For insurance industry, is very difficult to have a Uber or Netflix moment.
- Insurance companies are investing around 3.6% - 3.7% of their profits in IT development, while the banks are spending double. This is the cause that insurance industry has lost 10 - 15 years of technology compared to the banking industry.
- IoT will become a regular thing in our life - this will be the base of a service based economy. The insurance will develop to a pay as you live system