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5/10/2017
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Great Lakes E-Day 2017
TechnologyAdvancements in the
Life, Health and AnnuityProduct Lines
May 18, 2017
John B. Palmer, IIIJ.D., CLU, ChFC, FLMI, AIRC, ACS
Interaction
Your input is the key ØWhat have you experienced?ØWhat is your Company doing?ØWhat are you excited about?ØWhat scares you?ØWhat do you want to know more about?
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Tuesday April 11, 2017 Dilbert Enters The Jargon Matrix
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Wednesday, Apr 12 2017
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Phoenicians Share Risk
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Preprinted Forms
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Universal Life
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Earth Moving Changes
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Insurtech
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What is 'Insurtech‘?What is 'Insurtech'Ø Insurtech refers to the use of technology innovations
designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a portmanteau of “insurance” and “technology” that was inspired by the term Fintech. The belief driving insurtech companies is that the insurance industry is ripe for innovation and disruption. Insurtech is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies, social insurance, and using new streams of data from internet-enabled devices to dynamically price premiums according to observed behavior.
http://www.investopedia.com/terms/i/insurtech.asp#ixzz4fqAzEkU7
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BREAKING DOWN
InsurTech
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Topics
Ø Big Data- AnalyticsØ IoTØ AIØ WearablesØ Genome SequencingØ BlockchainØ Voice & Video Recognition
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Life, Health and Annuity
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Trade -Offs
7 Million Jobs Lost By 2025
Privacy and Security Issues
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Disruption
Natural starting pointØTop Tech Tools for ProducersØCRMØDocument & Content ManagementØCybersecurity ØRobo-AdvisorsØMobile Apps
ØNext Insurance ØAnnounced Chatbot 3-14-17ØWill use Facebook Message
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Companies
Thrivent Financial
Haven Life Mass Mutual
RGARE
iptiQ SwissRe
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Agencies
Ø LemonadeØ TrovØ Ladder
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Innovation Units
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Artificial Intelligence
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AI
Artificial IntelligenceØBusiness & Consumers are warmingØNo longer thought of as just a job-killerØPwC study 63% an emerging technology that
will help solve complex problemsØ 58% would turn to in next 5 years as a tutorØ 72% Business leader - AI differentiator of the
future
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AI
Ø Technology now capable of learning with contentual annalysis, image recognition and deep algorithms
Ø Underpinning- Date capture and recognition, robotic processing and cognitive robotics
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AI
Ø Natural languageØ Virtual personal assistantØ Recommendations Ø Discuss systemsØ Machine Learning
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AI
Ø Fraud AnalysisØ Automatic UnderwritingØ Customer Service
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AI
TrainingØNavy research has proven training is faster
and better retained with the use of computer and AI in trainingØAfter 3-4 months trainees were out
performing personnel with 7 to 8 years experience.
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AI
Are dangers for many workersØClearly many in the Life & Health Insurance ØJobs will be lost but other createdØShort term maybe net loses
Reluctance to adaptØHeavy regulationØJurisdictional legal baggageØCapital Required
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AI
Haven Life ØFast single life sales and policy delivery
anytime day or night without any human
GeicoØVirtual Assistant “Kate”
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Distributive Ledger Technology
BLOCKCHAIN
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Bitcoin
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Blockchain
Revolutionary Because:1. Decentralized - No one in charge, no one
owns information2. Believed to be incorruptible - Would need to
modify all records at same time3. Data Flows are public, but also fully
encrypted
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Blockchain
Benefits1. Event triggered Smart Contracts via IofT2. Increased back-end efficiency3. Making intermediates obsolete4. Better pricing & risk selection\control5. New types of insurance flexibility -
Reaching underserved
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Blockchain
ProblemsØHandling high-frequency large volume
transactions such as stock exchangesØ Immense amounts of data in all participating
networks raises storage and optimatizationissuesØStruggles with 2-way transactions
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Blockchain
As of 5-1-17 No Operation Use
Blockchain Initiative B3iØ15 InsurersØAchmea, Aegon, Ageas, Allianz,Generali,
Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan NipponkoaInsurance, SwissRe, Tokio Marine Holdings, XL CatlinThØZurich Insurance GroupØCover Asia, Europe and the Americas
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Big Data
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Big Data - Analytics
Big DataØDatasets too large for traditional databasesØHas expanded to cover technologies that
capture, store, manage and analyze
Predictive AnalyticsØGrowing, but not yet widely used
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Big Data - Analytics
Aggregator/ Compare SitesØPower of insurance to pool and prohibit
access – including to technologies
New Risk Analysis
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IoT
Internet of ThingsØ From watches and Fitbits to doorbells and
thermostats
Includes WearablesØ John Hancock Offer if you share Fitbit
readingsØ Fabric that can measure blood sugar
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Genome Sequencing
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Genome Sequencing
It is hereØNow $1000 Could go as low as $100ØWill it become common in blood testing?
Restrictions on use of DNA for underwriting
What does it mean for risk reduction?
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Genome Sequencing
Biggest News in Gene Research may not be sequencing but
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Genome Sequencing
Biggest News in Gene Research may not be sequencing but
Ø Researchers at Columbia and New York Genome Center have stored and retrieved a French movie, an entire computer operating system, and a $50 Amazon card on a single drop of DNA
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DNA Storage
Storage of the entire
Library of Congress on a small cube of DNA
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3-D Printing
3-D Printing of Human organs has started
What are the ramifications for ØHealth Insurance?ØLife Insurance?ØAnnuities?
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Voice and Video Recognition
Voice Recognition to replace passwords
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Voice and Video Recognition
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Lapetus SolutionsØ Uses Facial Analytics from a Selfie and other
data to estimate life expectancy
Several insurers testing
Voice and Video Recognition
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Your Turn
What have we forgotten?
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Your Turn
Thank You!49