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Transcript
www.pwc.com/ca/insurance PwC Insurance EyeOpener Leadership through transformation June 23, 2015 Agenda Introduction Panel Session • Disruption and transformation • The changing need of talent • A Framework for response PwC Q&A June 23, 2015 2 Panel members Moderator • Claire Cornwall, Partner – Insurance Panel members • Kim Vander Aerschot, Director – Wealth Consulting • Keegan Iles, Director – Insurance Consulting PwC June 23, 2015 3 Change isn’t what it used to be The environment in which executives have spent most, if not all, of their careers is changing 40% of people around the world that traditional employment won’t be around. People will define their own “brands” and skills. The future of work – A journey to 2022 , PwC PwC June 23, 2015 4 We have identified 32 distinct sub-drivers of change driving transformation Economic Social Customer behaviors Urbanization Demographic shifts – Social networking – Changing middle class – Customer expectations – New family structure – Risk awareness – Dependency ratio – Health – Aging Talent drain New growth opportunities Fiscal pressure Inflation/deflation Risk sharing & transfer Social security & benefits Distributor shift Partnerships Stakeholder trust Corporate social responsibility Political Technology Information & analytics Devices & sensors PwC Regulatory reform Environmental Geo-political risk Rise of state-directed capitalism Software & applications Climate change & catastrophes Medical advances Terrorism Sustainability Tax treatment Pollution Sharia compliance (Takaful) The insurance industry is being affected by four global mega trends 1. ‘Two-Speed’ Global Growth Disparate growth potential between the developed and developing worlds: • Niche markets & new products in developed markets • Growth of new businesses and traditional opportunities in developing markets 2 1 • Sophisticated ‘unstructured’ data capture for real-time insights • Business affinity groups pool and retain greater predictable layers of risk • Decreasing margins and need for greater distribution efficiencies and effectiveness • Advanced use of mobile and sensor devices in more environments ‘Two-Speed’ Global Growth Distribution Disruption and Customer Revolution 2. Distribution Disruption and Customer Revolution 3. Information Advantage through ‘Big Data’ • Underwriting talent drain leads to sophisticated predictive modeling Information Advantage through ‘Big Data’ Evolving Business Models ‘Big and Fast’ • Aligning UW capacity with complexity 3 4. ‘Big and Fast’ Business Models • Customer needs transparency and speed of fulfillment • Insurers are responding by developing speedier, mobile-enabled platforms 4 • Preventative business models PwC 6 PwC Transformation Framework Mega Trends 1 2 DEMOGRAPHIC & SOCIAL CHANGE Customer behaviour TECHNOLOGICAL BREAKTHROUGHS Competition RAPID URBANIZATION Production, service model CLIMATE CHANGE & RESOURCE SCARCITY Distribution SHIFT IN GLOBAL ECONOMIC POWER Government, regulations Disruption Profile 3 MARKET SCENARIO 1 Purpose 4 PwC MARKET SCENARIO 2 Business model Operating model/ capabilities MARKET SCENARIO X HR model Financial performance Transformation Profile June 23, 2015 8 PwC Questions? PwC Thank you. Keegan Iles Director, Consulting & Deals 416 815 5052 [email protected] Kim Vander Aerschot Director, Consulting & Deals 416 814 5893 [email protected] © 2015 PricewaterhouseCoopers LLP. All rights reserved. “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.