Redefining Risk
How to transform the insurance business through customer centricity, simplicity and context Philipp Kristian Diekhöner
As industry after industry is transforming
Our definition of insurance remains static
What is the essence of insurance?
Risk transfer to a trusted intermediary
Most trusted = most valuable
How do you stay relevant?
I Leveraging context
A trove of data is easily captured nowadays
Moving from probabilty to real-time analysis
And millions of in-time micro-assessments
Life design is the trillion dollar opportunity
II Eradicating Complexity
What is the biggest pain point in insurance?
A typical insurance innovation journey
We need to build mutual trust
Social capital is thriving
III Mastering customer-centricity
What is our unfair advantage in insurance?
Few people can design insurance products
And customers are willing to pay!
Going all-in on digital requires a rebuild
We must fix our products first!
Why people buy is more signifcant than how
We need mass custom, just-in-time products
Value leverage
High CV Low COI
Positive δ
Continuously owning customer relationships
And becoming a one-stop-shop
Infusing insurance into people's lives
Moving beyond industry risk aversion
Digital follows product transformation
A vision for the future