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Copyright © 2015 Oracle and/or its affiliates. All rights reserved.
Data Driven Insurance Digital Enterprise Forum. Madrid 26th May 2016
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ISABEL FERNÁNDEZ PEÑUELAS DisrupLve Business Models & Digital GTM Oracle EMEA
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. Oracle ConfidenLal – Internal/Restricted/Highly Restricted 2
Our insurance expectaLons are
changing as the world changes
around us
RoboLcs makes baby steps toward solving Japan’s child care shortage (Japan Times)
Copyright © 2015 Oracle and/or its affiliates. All rights reserved.
Disaggregated DistribuLon
Sharing Economy
Self Driving Cars Smart Home Connected
Individual
Insurance Trends
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. | Oracle ConfidenLal – Internal/Restricted/Highly Restricted 4
Premium discounts up are available to “Movers” who take steps to be more
acLve
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. 5
Liberty Mutual Breaks into VC with Smart Home Investment
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. Oracle ConfidenLal – Internal
The birth of a New Unicorn
WHY INSURTECH IS THE NEW FINTECH?
Where are the emerging pressures coming from?
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. 7
CB Insights November 2015
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. | 8
‘Magic Moments’ Giving people what they need, want & love in this changing world
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. 9
Insurtechs impact in the Insurance value chain
E-‐Aggregators Tech Giants
Sharing Economy
Data Driven
Personalised Bundles
DistribuLon Underwriing Risk Capital
& Investment
R&D R&D R&D R&D Claims
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. | Oracle ConfidenLal – Internal
Data Driven Insurance Key Characteris8cs for delivering ‘Magic Moments’
PersonalisaPon Pricing Accuracy Transparency Engagement
Data Driven Insurance CharacterisLcs
1. Harness IoT data from a range of plajorms and applying “Riskology” in an holisLc way (car, health, home..)
2. Understand & predict customer behavior 3. Enhance operaLons by minimizing human intervenLon 4. Improve human decision making (when needed) 5. Engage customer’s and employee’s with relevant and
personalized products, services and informaLon
Copyright © 2015, Oracle and/or its affiliates. All rights reserved. |
Changes in personal circumstances
triggers insurance opLons
Partnership with car OEM – when selling a car, individual gets free credits to try pay-‐as-‐you car
Selling a car opLon to
re-‐configure insurance...maybe transfer to a savings
product?
Example ‘Magic Moments’
Real-‐Lme advice for employees on
handling customer queries using data across the eco-‐
system
Chat-‐bots for handling online queries using ML
capabiliLes
Family Insurance Bundle across Car, Home & Health – based on collecLve
risk profiles New connected (e.g NEST cam for security ) products are adopted and insurance profile
updated for personalized offers/
comfort/ risk miLgaLon
Purchases using Blockchain trigger insurance changes
Contextual alerts to customers offering advice e.g. a safe place to park
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. 12
The Data-‐Privacy Challenge Are they willing customer to share their data?
Insurance customers who share data from their Nest device (smoke and carbon monoxide) are eligible for discounts from Liberty Mutual and American Family.
Half of U.S. consumers are prepared to share biometric data to receive discounts on premiums -‐Troubadour Research & ConsulPng.
Transparent use of data
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WHAT IF? DATA RISKOLOGY
Def. Riskology—the new science of holisLc data from every channel, every company, every asset, every device and the human body to reduce insurance risk
Copyright © 2015 Oracle and/or its affiliates. All rights reserved. |
Infrastructure as a Service
SoUware as a Service
Data as a Service
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Innovate @ Speed and Scale using a broad ecosystems of data and partners, while driving down cost, risk and Lme to market. PlaVorm as a Service
On Premise
Emerging a new paradigm of Enterprise as a Service (EaaS)
Enterprise as a Service
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New EaaS Paradigms Impacting Insurance
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Scale up on demand
Scale down on demand
Release CreaLvity
Simple to use
Turn ON
Cloud Services to Bring Data Driven ‘Magic Moments’ to Life
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Safe Harbor Statement The preceding is intended to outline our general product direcLon. It is intended for informaLon purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or funcLonality, and should not be relied upon in making purchasing decisions. The development, release, and Lming of any features or funcLonality described for Oracle’s products remains at the sole discreLon of Oracle.
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