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March 2016
2 top issues
1 http://www.pwc.com/gx/en/industries/financial-services/insurance/future-of-insurance.html
3 top issues
2 DeNovo
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
2015 Q4
2015 Q3
2015 Q2
2015 Q1
2014 Q4
2014 Q3
2014 Q2
2014 Q1
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
2010 Q4
2010 Q3
2010 Q2
0
2010 Q1
Funding ($m)
Source: PwC Denovo *Selection of relevant companies for Banking Services, Capital Markets, Investment
Services, Insurance, and Transactions and payments Services
4 top issues
1200
350
1400
300
1000
250
Funding ($m)
Funding ($m)
800
600
200
150
400
100
200
50
0
2010
2011
2012
2013
2014
2015
Source: PwC Denovo *Selection of relevant companies for Insurance Intemediaries, P&C, Life Insurance
and Reinsurance
2010
2011
2012
2013
2014
2015
Source: PwC Denovo *Selection of relevant companies for Insurance Intemediaries, P&C, Life Insurance
and Reinsurance
5 top issues
Meet changing
customer needs with
new offering
Product
Sales and
Marketing
Enhance interactions
and build trusted
relationships
Distribution
Underwriting
Augment existing
capabilities and
reach with strategic
relationships
Claims
Customer
Service
Incumbent Insurers
Customer
Source: PwC
Leverage existing
data and analytics to
generate risk insights
6 top issues
7 top issues
3) Augment existing
capabilities and reach with
strategic relationships
The insurance industry historically has
included intermediaries, service providers
and reinsurers. In most cases, the carrier
has led the business relationship because
of its retail market position and scale.
However, companies increasingly are
peers. Accordingly, joint ventures and
partnerships are a good way to augment
existing capabilities and establish
symbiotic relationships. For example:
BIMA Mobile has partnered with
mobile telecoms companies to provide
life insurance solutions to uninsured
segments in less developed countries.
8 top issues
9 top issues
10 top issues
23%
20%
16%
10%
9%
7%
4%
4%
Other
4%
Do not know
4%
0%
Source: 2016 PwC Global FinTech Survey
5%
10%
15%
20%
25%
11 top issues
Action Item: Define a strategy to direct
startups focus on specific problems,
especially those that otherwise
might not be addressed in the short
term. Incumbents should consider
startup programs such as incubators,
mechanisms to fund companies, and
strategic acquisitions. (N.B.: It is vitally
important to protect intellectual capital
when imparting industry knowledge to
startups.)
Contacts
Jamie Yoder
Anand Rao
Javier Baixas
www.pwc.com/us/insurance
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