1. ORGANISATION OF EASTERN AND SOUTHERN AFRICA INSURERS 39TH ANNUAL CONFERENCE
The Future of the Insurance Industry In Emerging African Markets
4th to the 8th September 2016

2. The use of Technology for Insurance Sustainability and Growth Thomas Kieck, Technical Director, Tial Technologies, South Africa
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

3. Disruptive Innovations
A disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leading firms, products and alliances. The term was defined and phenomenon analysed by Clayton M. Christensen beginning in 1995.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

4. Looking at Different Perspectives 3 Innovations
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

5. Innovations & Internet What changed in the past decades?
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

6. Innovations & Internet Who didn’t reinvent themselves?
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

7. Innovations & Internet Who did reinvent themselves?
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

8. Web Generations Symbiotic Web
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

9. 1st Generation: Web 1.0 World Wide Web (1989-2003)
Content creation by the few;
Web participation is a luxury;
Software on the local machine;
Product pages and limited e- commerce;
Desktop computers.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

10. 2nd Generation: Web 2.0 Social Web (2004-2005)
Content creation by the many;
Web participation is a privilege;
Advent of social;
Software local and web-based;
Every commodity can be purchased online;
Desktop computers and mobile phones.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

11. 3rd Generation: Web 3.0 Semantic Web (2006-2011)
Content creation by the majority;
Web participation is a right;
Social layers horizontally available;
Software in the cloud;
E-commerce overtakes offline retail;
Desktop computers, mobile phones and tablets.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

12. 4th Generation: Web 4.0 Symbiotic Web (2012-?)
Meaning creation by the majority;
Web participation is a necessity;
Customer engagement enablement;
Operating system (OS) in the cloud;
‘Considered purchase’ products and services (once thought only saleable offline) join the Internet party;
Desktop computer, mobile phone, tablets and iTV;
Augmented data layers.
Web
4.0

13. What is the Internet of Things (IoT) and how does it work?
The internet of things (IoT) is the network of physical devices, vehicles, buildings and other items — embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

14. Characteristics of IoT
Intelligence
Connectivity
Sensing
Expressing
Energy
Safety
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

15. IoT Devices OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016
Home and building automation
Smart energy
Multimedia
Security and safety
Industrial M2M communication
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

16. Opportunities created by IoT
New Business Models
Create new value streams
Real-time to market
Respond more rapidly to customer needs
Real-time information on mission-critical systems
Quickly capture more data about processes and products
Improve market agility
Diversification of revenue streams
Help monetise additional services on top of traditional lines of business
Global visibility
Make t easier to track internal operations
Lower the cost of doing business
Efficient, intelligent operations
Access to information from autonomous endpoints
Make informed decisions on pricing, logistics, sales and support deployment
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

17. What is Big Data and how does it work?
Big data is a term for data sets that are so large or complex that traditional data processing applications are inadequate. Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualisation, querying, updating and information privacy.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

18. Characteristics of Big Data The 5 V’s
Volume
Variety
Velocity
Variability
Veracity
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

19. Opportunities created by Big Data
The structure of the industry
Differentiation between competitors
Delivering top-notch customer service
Transformation of processes
Meet evolving regulatory requirements
Customer insights
Customer preference
Simpler and more transparent products
Prediction of customer behaviour
Improve customer retention
Managing claims
Use predictive analytics to address the increase in fraudulent claims
Identify applicants who are likely to commit fraud
Analyse massive amounts of data at the underwriting stage of a policy
Real-time monitoring, through social media and digital channels
Managing risk
Design policies, particularly catastrophe policies
Integrate various data
Underwriters can price a catastrophe policy
Update pricing models in real time
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

20. What is Blockchain and how does it work?
A blockchain is a distributed database that maintains a continuously - growing list of data records secured from tampering and revision. It consists of blocks, holding batches of individual transactions of which each block contains a timestamp and a link to a previous block.
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

21. Characteristics of Blockchain 7 Characteristics of a Distributed Ledger
Decentralised
Distributed
Consensus
Traceable
Scripting
Security
Accessible
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

22. Opportunities created by Blockchain
Fraud detection and risk prevention
Eliminate error, negligence and detect fraud
Displaces the roles of a trusted third party
Reduce fraud and liability
Digital claims management
Using mobile phone cameras as evidence
Employing mobile technologies in conjunction with satellite images
Collecting big data from weather stations
Providing historical and accurate third-party transaction data
New distribution and disruption
Insurers are developing alliances with payment business models
Leveraging the Blockchain in insurance assures veracity
Generate innovation data and cross-selling
Power innovations in micro-insurance and micro-finance
Concept of mobile wallets
Cyber liability - new products
Verified independently and in real-time
Non-life insurance policies for physical security
Advanced cyber coverage
Relevant products that can be tailored
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

23. The future of insurance Intelligent Systems for a more connected world
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

24. The use of technology for insurance sustainability and growth
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016

25. Thank You! Thomas Kieck, Technical Director, Tial Technologies (PTY) LTD, South Africa
OESAI 39TH ANNUAL CONFERENCE 4th to the 8th September 2016