Connected Insurance - PwC
Connected InsuranceOur view about the Italian Market
Connected Insurance:Opportunities and challenges for the Italian Insurance industryThe insurance industry has to cope with increasing challengesand complexity: growing competition, new “digital native”phenomena and stronger pressure on profitability. This is thescenario depicted by Strategy& “Connected Insurance” study.In this context however, many emerging digital levers cansupport the Industry in transforming emerging threats intotangible opportunities: e.g. Robotic Process Automation,Artificial Intelligence, Internet of Things, Blockchain, Analytics.The Internet of Things (products, tools, sensors, services, peopleand organizations, which connect and communicate with oneother) is the main and most disruptive factor, able to value andactivate all the innovation levers. The adoption of Internet ofThings enables a new way of writing Insurance, especially forthe Motor, Home and Health business lines:the Connected Insurance.Connected InsuranceIn recent years, all industries (including Insurance) are adoptingIoT technologies to evolve within increasingly competitivemarkets. In the Insurance field, Motor was the precursor, withHome and Health as the next frontiers.The expected Compound Annual Growth Rate (CAGR) for theperiod 2017-2022 of global cross-industry Connected Carrevenues is around 24%. Focusing on the Insurance field,service and pricing models are already becoming significantlysophisticated.In the Smart Home area, home devices expected growth rate forthe coming years (CAGR 2015-2019) is 50%. Also forConnected Health a strong growth is foreseen: for example, thenumber of sold wearable devices will triple by 2019.The adoption of IoT product paradigms enables significantbenefits, both in terms of efficiency and growth. For example,market experiences and adoption cases in Motor field alreadyshow Insurers can reach benefits around -20% in MTPL claimsfrequency. A potential loss reduction of -40% is also expected forConnected Home insurance.Connected CarSmart HomeConnectedHealth 24 % 50%3XGrowth in globalconnected car revenues(CAGR 17-22)Smart home devicesexpected growth rate(CAGR 15-19)Number of sold wearabledevices (15-19)Pricing modelsand services arecurrently evolvingand becomingmore sophisticatedFirst cases, withpath of adoptionnot uniqueFirst cases thatpave the way forpossible winningmodels2
A new ecosystemMotor business lineIoT management requires to look beyond the design andmanagement of policies: it is now necessary to orchestrate anextended value proposition. "Do basics well" is no longer enough.The Motor line of business has started to leverage Connected Caras a competitive lever, in order to better manage its currentcustomer base and improve profitability. The ongoing initiativesare already reaching significant benefits along the entire valuechain, reinforcing risk rating/ pricing capabilities, developingnew and more customizable products, reducing claims cost andfrequency, reinforcing selective retention.For this reason, Insurers must evolve in an ecosystem logic,regardless of the role they will assume:ecosystem orchestrator/ hub or specific services carrier.TravelAround 50% of Italian players already offer Connected Carsolutions. In a crowded arena, more customer engaging/behavioural pricing models, service range extension beyond“core Telematics” and quickly evolving connectivity technologieswill become the main competitive factors in the medium term.Home and Health business linesInsurer(hub/ orchestrator role)InsuranceEcosystemservicesIn the Home and Health fields, the aim is to achieve newcustomers/markets, in order to grow in these historically underpenetrated areas. This process is still in its initial phase. Keysuccess factors will be extension of the offering through noninsurance services, activation of cross-industry ecosystems andpartnerships, development of enhanced customer engagementmodels to improve risks and reward good behaviour, adoption of“open” technologies (in terms of devices and platforms).Banking3
The Italian Insurance industry: the main businesschallenges "in a snapshot"14
Main issuesIncrease incompetition andmarketcontestability Price war in Motor and increasingchurn Digital giants and InsurTech start-upsentering in the market Digital brokers increasing theirdistribution share Motor, Home and Health ecosystemsbecoming contestableGrowing pressure onmargin Fraud and claims cost/frequency to bekept under control Costly and not effective distributionmodel Volatile capital markets and interestratesSome casesThe Italian Insurance market continues to show slack andsteady performances.P&C is suffering from a 5-years shrinkage path, especially inthe Motor business, due to increasing competitive and pricepressure.The Life business, usually fluctuating following capitalmarkets, is also expected to slow down and to decrease in2016.Overall profitability still remains below pre-crisislevels. In this difficult situation, the competitive game isbecoming more and more challenging due to newphenomena and worsening factors, both exogenous andendogenousSome threats and weaknessesIn a "steady performances" scenario, the competitivearena displays increasing challenges and complexitySection 1 – Italian Insurance industry: the main business challenges “in a snapshot”5
How can Digital address current market challenges?However, in such a hectic context, many emerging digital levers can support the Industry in transforming emerging threatsin tangible opportunities to re-shape its business model, paving the way for a new relevance and a pivotal role for InsurersBusiness Imperatives to succeedIncrease in competition andmarket contestabilityGrowing pressure onmargin1. Go Digital2. Be DigitalDesign a “digital retailer” CompanyBoost operational efficiency, exploiting digital levers Evolve your offering, from core insurance policies towards notinsurance extended services, leveraging the Internet of Things Re-shape claims management, leveraging the Internet of Things tobetter monitor risks and evaluate occurred claims Design ecosystem partnerships, both from commercial and serviceperspective, to fully exploit the Internet of Things Reinforce the efficiency in back office processes (e.g. claims, F&A, antifraud) leveraging Automation tools (e.g. RPA) Boost direct/digital distribution channels, integrating them withtraditional ones Improve the productivity of customer care, exploiting the potential ofArtificial Intelligence solutions (e.g. virtual assistance based onchatbot) Innovate customer experience in the “moments of truth” (e.g. claims),to address the changing expectations of digital customers Know your customer and customize your offering Boost distribution and sales effectiveness, integrating physicalchannels in e-commerce funnelsWe believe Internet of Things is one of the main levers for transformation and growth of the Insurance IndustrySection 1 – Italian Insurance industry: the main business challenges “in a snapshot”6
Connected Insurance:towards a new Insurance business model2
Connected Insurance: a new business model enabled by theInternet of Things (IoT)The Connected Insurance, as an evolution of the Insurancebusiness model, is primarily enabled by IoT technologiesthat allow the direct connection between all actors of theecosystem: customers, Insurers and players from otherindustriesIn recent years, all the industries (including insurance) are adopting IoTtechnologies to evolve within increasingly competitive marketsSmartHomeHome automation, Internet of Energy, security,entertainment, home insurance, .Internet of Thingsproducts, tools, sensors, services, people and organizations,that are able to connect and communicate each otherConnectedHealthE-health, monitoring, electronic medical folder,wearable devices, SmartManufacturingSmart factory, intelligent plant automation,augmented reality, Section 2 – Connected Insurance: towards a new Insurance business modelConnectedCarInteractive nav., performance monitoring,proactive maintenance, road safety, security, .SmartCityCar traffic management, pollution monitoring,smart metering, security, ConnectedPublic Adm.Emergency management, e-government,drones, 8
In Insurance, Motor was the precursor, while Home andHealth are the next frontiersNowadays, there are 3 main potential areas that are alreadyclear to Companies: Connected Car, Smart Home andConnected HealthIn Home and Health businesses, historically underpenetrated, the aim is the achievement of newcustomers/marketsConnected CarSmart HomeConnectedHealth 24 % 50%3XGrowth in globalconnected car revenues(CAGR 17-22)Smart home devicesexpected growth rate(CAGR 15-19)Number of sold wearabledevices (15-19)Pricing modelsand services arecurrently evolvingand becomingmore sophisticatedFirst cases, withpath of adoptionnot uniqueFirst cases thatpave the way forpossible winningmodelsOffering evolution Yesterday Number of CustomersMaturity Level"Pilot" stageFull “commoditization”In the long run, other P&C no Motor business lines (eg.SME products) and Life business will be impacted by theConnected Insurance modelSource: Strategy& analysis and elaboration on BI Intelligence and CSS dataSection 2 – Connected Insurance: towards a new Insurance business model9
In the Motor field, IoT benefits are clearly emerging alongthe whole value chainThe adoption of IoT product paradigms enables significant benefits, both in terms of efficiency and growth. For example,market experiences and adoption cases in Motor field already show Insurers can reach benefits around -20% in MTPLclaims frequency. A potential loss reduction of -40% is also expected for Connected Home insuranceMarketingProducts Development Reinforcement of engagementlevers of prospects throughmarketing Try-Before-You-Buymodels Reinforcement of risk-pricing &rating capabilities, thanks to theavailability of real-time data appliedon the insured entity Enabling of customized/behavioural tariffs (e.g. Pay-HowYou-Drive) Enabling of micro-insurance andcontextual/slice offering (e.g. "ondemand insurance", now profitablethanks to the possibility to controlmoral-hazard and adverse selection)Underwriting &Risk Selection Auto-selection of less riskyclients, thanks to the moral suasioncarried out by monitoring devices Attraction of digital/youngcustomers Opportunity of growth in subpenetrated segments thanks tocustomized pricingClaims & ServicesRenewal & Retention Fraud reduction, thanks to the realtime monitoring Loss ratio improvement, thanksto claims cost reduction (better pricesthanks to data) and the claimsfrequency reduction (moral suasion) Enabling broad spectrum of newvalue-added services, thanks to theecosystem partners and technologies Enhancement of retention leversfor the best customers throughdynamic and customized pricing Opportunity of selective up/crossselling thanks to the deep knowledgeof the customer and its contextMoreover, Insurers can leverage IoT to become data driven Companies: the proper combination of connecteddevices/sensors and insured risks/entities enables an exponential increase in customer knowledge available for all theCompany functions. Furthermore, the IoT paradigm fosters the quality and the quantity of customer interactions (historicalissue of the Insurance industry)Source: elaboration on ANIA dataSection 2 – Connected Insurance: towards a new Insurance business model10
Leveraging and embracing IoT requires Insures to go"beyond the Insurance"IoT management requires to look beyond the design andmanagement of policies: it is now necessary to orchestratean extended value proposition. "Do the basics right" is nolonger enough01 Policy02 Technology03 Services Technological devices andintelligent touch points tobe properly coupled withinsured objects and risks Additional and value addedservices, both in insuranceand not-insuranceperspective, based oncollection of data fromdevices, aiming at engagingcustomer towards less riskybehaviour, rewarding lessrisky behaviour and servingits enlarged needs (e.g.transport, wellbeing, )For this reason, Insurers must evolve in an ecosystem logic,regardless of the role they will assume: ecosystemorchestrator/hub or specific services carrierOrchestrator of services/ecosystem hubInsurer Policy structure (modulararchitecture, packages, .) Coverages (mix of risks andentities to be insured,multi-LoB bundles andincentives, ) IoT, data normalizationand business actionplatforms, to transform Pricing models (discounts forinsights in real timeadopting technology, paybusiness decisionsper-use-models, behaviouraltariffs, .)Section 2 – Connected Insurance: towards a new Insurance business modelPublic Health?Insurance services carrierin the ecosystem11
The Connected Insurance EcosystemTravelInsurer(hub/ orchestrator role)InsuranceEcosystemservicesMarket leaders could have the ambition to play the role oforchestrator of services/ecosystem hub building alliances inorder to pervasively serve macro customer needs (enlargingtheir core offering) and to get the access to the righttechnology (e.g. the right devices providers for a specific risk,the IoT platforms to ingest and normalize data).Moreover, doing business in an ecosystem logic means toreinforce the distribution channels and make the Insurancemore relevant for customers: distribution partnerships areone of the most important emerging trends in the financialservices industry, as PingAn and Alibaba digital ecosystemsclearly show.Even small, players will need to join the Connected InsuranceEcosystem. They will not be the hub, but they will takeadvantage of participating as Insurance service providersBankingSection 2 – Connected Insurance: towards a new Insurance business model12
A helicopter view on Italianand international markets313
A helicopter view on Italianand international markets33.1 Connected Car14
The Italian Connected Car Insurance arena is one of themost penetrated and developed compared to the main peersItalyWorldOverall "telematic" GWP, blnTelematic policies penetration (onFrom 10-15% to 30% overall motor portfolio) now andexpected by 202050 5,3 mln58 30 products2010Running connected cars20152020Telematic policies available on themarketMotor Telematics is nearly becoming acommodity in the insurance business.The Italian market is one of the mostmature in the international benchmarkand early embarked on this road due toits historical issues, such as fraudincidence, claims cost and frequency. Insuch a context, one the most relevantachievable benefit is a -20% MTPLclaims frequency reduction.By 2020 it is expected that in Italy 1/3of Motor policies will be based onTelematics and that the number oftelematics policies will continue to behigher than in the other peer-countries:e.g. 10 mln vs. 7 mln in UK and 3mln both in France and GermanySource: market analysis and elaboration on Ptolemus, ANIA, ACI, Politecnico di Milano dataSection 3 – A helicopter view on Italian and international marketsConnected Car15
In a crowded arena, more customer engaging pricing modelsand service range extension will become the maincompetitive factors in the medium termItalian companies withConnected Car offeringManage HowYou Drive/Try Before YouBuyItalian bestpractices( 20%*)In catalogue50%Not in catalogue50%Motor marketPricingPayHow You DrivePayAs You DriveInternationalbestpracticesItalian followers( 40%*)Up-frontdiscountItalian slowmovers( 40%*)No impactson vicesEcosystemIn terms of services availability, currentmarket solutions are quite similar,offering a wide range of core Telematicsenabled services (e.g. e-call, b-call,crash report, geo-localization). Alsoconsidering pricing models, if only oneyear ago the edge of competition wasPay As You Drive scheme (i.e. pay peruse), nowadays many Italian playersare moving towards Pay How YouDrive/behavioural models. Lookingforward at incoming trends, we canhave a look at foreign markets: they areof course less penetrated, but some bestpractices are moving faster towardspricing and services innovationSource: market analysis on a sample of Companies(*) Share of overall Insurers offering Motor TelematicsSection 3 – A helicopter view on Italian and international marketsConnected Car16
Despite a more limited market penetration, some worldwidebest practices are already working on these specific factorsAs international best practices show, the key to succeedin the next years will be further pricing and servicesinnovation.We expect the next step, also for Italian insurers, will bethe implementation of more engaging models: forexample allowing customers to "touch" benefits andfeature of Connected Car policies (Try Before You Buy)or reinforcing customer engagement towards less riskybehaviours (Manage How You Drive) by helping themmonitor driving styles (e.g. with gamification orenhanced apps).Moreover, core Telematics services will be not enough:not insurance ecosystem services (e.g. car maintenanceprograms, concierge, driving courses, fuel cards,highway and parking payments) provided by theecosystem partners will support Insurers to remainrelevant, to better serve broadening customer needs, tofurther mitigate risks and to exploit partnership as anadditional distribution channelSection 3 – A helicopter view on Italian and international marketsConnected Car Combinable and modular motorproduct Up-front discount at firstsubscription Vitality Drive Programme to obtain:- Additional discounts on thepolicy and ecosystem servicesas rewards of good drivingbehaviours- Additional discounts in case ofsubscription of other LoBproducts (es. Discovery Health) Motor products with telematics PHYD pricing model, together withcustomer engagementprogrammes, such as:- Loyalty programmes for renewaldiscounts- Gamification and coachinginstruments (apps monitoringdriving style, target definition, )- Car related ecosystem17
However, in the long term competition, the type ofunderlying technology will become a more relevant factorBy 2025 all the sold cars will be natively connected.The growing adoption of the embedded connectivitycould foster native partnerships with the automotiveindustry.Furthermore, ecosystem services could make anotherradical step forward, enabling new attractive possibilitiesfor customers, such as policy management viainfotainment, e-commerce by infotainment, contextualinsurance up/cross selling, predictive maintenance,interactions with assistance via infotainment, owner anddriver advanced identification, Connection type/technology(% technology type on sold car)2%30%No connection65%28%9%12%Connection withSmartphone & MirroringConnection with Dongleand TetheringEmbedded connectivity10%56%63%7%18%201520202025Source: elaboration on GSMA dataSection 3 – A helicopter view on Italian and international marketsConnected Car18
A helicopter view on Italianand international markets33.2 Smart Home19
Despite a great potential, Smart Home struggles to take offItalyWorldNumber of Smart Homes (mln)500-70019Owners6Tenants2020% ofinsured 3%% of insuredItalian families(mln) 20%Italian people who own at least oneSmart Home device 75%Customer interested in buying SmartHome devices100-2002015 20% 5 productsSmart Home insurance policiescurrently available in the marketThe real estate plays a fundamental rolein the Italian economic scenario.Around 60% of overall families wealthis based on real estate ( 6.000 bln).The large majority of Italians arehomeowners and a significant share ofbuildings are in "cat-nat" riskyterritories. Moreover, there is a stronginterest in Smart Home solutions, inorder to gain benefits as saving inenergy consumption and improvementin home safety and security.Even though these elements depict asignificant burning platform forInsurers, the historical barriers are stillstanding. Household insurance, withfew currently available Smart Homesolutions, remains untappedSource: elaboration on Gartner, ANIA, Banca d’Italia and Politecnico di Milano dataSection 3 – A helicopter view on Italian and international marketsSmart Home20
In a highly contestable field, few Insurance players have aSmart Home value proposition, especially with regard to"bancassurance"Technology only Policy TechnologyPolicy onlyOffering modelHighlights ATraditional insurance offering(e.g. multi LoB policies for home andfamily protection, with householdliability, fire, theft, assistancecoverages), without technology BUtility & TLC companies offeringbundles of energy services and usagemonitoring devicesEItalian fist movers(5 Insurance Companies)DDigitalGiantsUtilities &TelcoBSpecialist safety &security players Specialist players offering homesafety & security technologies,coupled with limited assistanceservices (e.g. teleassistance)CCAItalian insurance market prevailing positioningLimitedD Digital Giants offering a broadecosystem of devices andautomation/monitoringadvanced appsE Insurance First movers: firstbundle value propositionscoupling the policy with monitoringdevices and advanced assistanceservicesExtendedServicesSection 3 – A helicopter view on Italian and international marketsSmart HomeConsidering that the penetration ofSmart Home insurance in Italy is still inan initial and pilot stage, this field isprobably the most contestable withinthe 3 main areas of ConnectedInsurance. Many industries are lookingat Smart Home, moving from theirspecific core business. The opportunityfor Insurers is that they could be theonly players able to combinetechnology and advanced/broadassistance and protection services.Anyway, the lack of proximity tocustomer and access to best of breedtechnologies are threats that need to beaddressed, to avoid Digital Giants andUtilities easily win the battle21
A helicopter view on Italianand international markets33.3 Connected Health22
The Italian Health scenario shows a great potential due todemographic trends, not addressed needs and underpenetrationItalyWorldNumber of soldwearable devices (mln) 10% 30 blnCurrent private health expenditure95%Share of private out-of-pocket healthexpenditure. Insurance companies andHealth Funds account only for the 5% ofthe total private health expenditure72%Waiting time and accessibility areconsidered as the most relevant issues inthe Healthcare System (% of interviewedpeople)51%Percentage of people who had access toprevention programmes vs. EU levelaround 80%245842015Growing share of overall healthexpenditure on GDP (forecast 2050),especially within private component,due to demographic trends2019Three facts depict the unique potential in Italyfor Connected Health.First of all, overall health expenditure is foreseento grow (especially the private component) dueto demographic trends. Moreover, 95% of the30 bln of private expenditure, is not efficientlyallocated (it is an "out-of-pocket" component,not channelled through Insurers). Finally, thereare increasing health needs not yet addressed bythe health system: accessibility and prevention.The results are un-served needs for citizens anda vicious "low mutuality circle" for Insurers: lowvolumes low mutuality low profitability high premiums adverse selection. Leveragingthe possibility to define customized pricing andattract profitable prospects, to better monitorrisks and assess claims, IoT technology can bethe "spark" for Insurers to unblock this circleSource: elaboration on CSS, CERGAS, ANIA and Europassistance dataSection 3 – A helicopter view on Italian and international marketsConnected Health23
Very few Italian Insurers (first movers) have started withsome limited and experimental initiativesServicesExtendedHighlightsA Standard offering withcomprehensive coverages, butstandard/not dynamic pricingmodels and remote medicaltechnologies used only for chronicand dread diseases (e.g. homehospitalization)B New tech. focused/nonInsurance solutions for customerengagement via technology, oftenas a pilot strategy for the next stageC New Insurance solutions whichadd technologies and prevention/wellness/monitoring services tothe traditional Insurance offering,addressing emerging Italiancitizens’ needsCItalian first movers(3 InsuranceCompanies)Tech. focusedsolutions(2 Companies)AItalian standardHealth Insurancevalue proposition(all incumbent andmid-marketplayers)LimitedBTechnologyPolicy TechnologyOffering modelSection 3 – A helicopter view on Italian and international marketsConnected HealthThe combination of traditional Healthpolicies and technologies is not new inthe Italian market. The main playersalready couple their coverages with ehealth medical devices, in order tosupport the most chronicle situations(e.g. home remote hospitalization).Nowadays, 3 Insurers have started todefine new insurance health bundles,exploiting not only e-health medicaltools, but also wearable devices focusedon health monitoring and prevention.These propositions are only the firststep, but they are actually paving theway for a full exploitation of thepotential benefits of IoT. The next stepswill be to evolve pricing modelstowards behavioural frames and tobuild broad ecosystems of partners tofurther expand services24
The international scenario is quite similar but with a rathermore innovative value propositionHighlightsCStandard Health solutionsalready including apps, devices andsome engagement frames, aimed atproviding customers benefits interms of initial discountB New tech. focused/nonInsurance solutions, aimed atproviding discounts for core healthrelated services, leveragingconnected devices and engagement/gamification programs CNew Insurance solutions: broadbundles together with an extensiveset of devices/services and dedicatedengagement programsExtendedNew InsurancesolutionsAServicesA Standard HealthSolutionsBLimitedTech. focused solutionsTechnologyAs for Connected Car, someinternational best practices are leadingthe innovation (e.g. Discovery, Oscar,Prudential): broad range of ecosystemservices, openness to different wearabledevice providers and engaging pricingmodels are the keywordsPolicy TechnologyOffering modelSection 3 – A helicopter view on Italian and international marketsConnected Health25
Our ContactsEmanuele GrassoPartner PwC 39 02 7785372 39 348 1565344emanuele.grasso@it.pwc.comMassimo PellegrinoPartner Strategy& 39 02 66720610 39 345 essandro PessinaDirector Strategy& 39 347 8528638alessandro.pessina@strategyand.it.pwc.com 2016 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is aseparate legal entity. Please see pwc.com/structure for further details. Mentions of Strategy& refer to the global team of practicalstrategists that is integrated within the PwC network of firms. For more about Strategy&, see strategyand.pwc.com.
Connected Home insurance. In recent years, all industries (including Insurance) are adopting IoT technologies to evolve within increasingly competitive markets. In the Insurance field, Motor was the precursor, with Home and Health as the next frontiers . Connected Connected Car. Smart Home. Health 24 %. Growth in global connected car revenues .
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that many insurance companies found threatening. Yet, as shown by responses from 140 insurance industry leaders taking part in PwC's 22nd Annual Global CEO Survey, that initial trepidation over digital transformation is turning into optimism. 2 Insurance trends 2019 Part of PwC's 22nd CEO Survey trend series
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