Session 4a A Money and Information Business: Insurance E-Business Development and Trend in China. Steven Chen, FSA, MAAA, CFA

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1 Session 4a A Money and Information Business: Insurance E-Business Development and Trend in China Steven Chen, FSA, MAAA, CFA

2 A MONEY AND INFORMATION BUSINESS INSURANCE E-BUSINESS DEVELOPMENT AND TREND IN CHINA JUNE 24, 2013 Steven Chen, Principal, FSA, MAAA, CFA OLIVER WYMAN GROUP CONFIDENTIALITY Our clients industries are extremely competitive. The confidentiality of companies' plans and data is obviously critical. Oliver Wyman will protect the confidentiality of all such client information. Similarly, management consulting is a competitive business. We view our approaches and insights as proprietary and therefore look to our clients to protect Oliver Wyman's interests in our presentations, methodologies and analytical techniques. Under no circumstances should this material be shared with any third party without the written consent of Oliver Wyman. Copyright Oliver Wyman 1

3 Introduction Why insurance e-business is important NOW? Three realities The internet is pervasive in people s lives now and new technology is changing how people consume information and interact with each other The information revolution has been transforming the business model of many industries; in particular, e- commerce is becoming a major economic driver The insurance industry enjoys an exclusive ability to serve society and the economy, and compared to banks, insurers have shown more resilience during the financial crisis and rebounded more quickly thereafter Two issues The insurance industry, by many measures, is struggling where investors see no franchise value and are skeptical of the stated book values. There seems to be significant potential downside risks with limited growth; that should warrant a discount While traditional insurance companies largely persist with their historical business models so far, consumers preferences and behavior are changing. The historical business model is now under strategic threat Money is a value business, information is a growth business Oliver Wyman report on the State of Financial Services Industry One solution: e-business (and an information-driven financial services model) 2 Contents 1. Insurance and e-commerce in China 2. Insurance e-business 1.0: the current state 3. Insurance e-business 2.0: the future state 3 2

4 Section 1 Insurance and e-commerce in China Total insurance premium income in China has grown on average by 20% per year over the last decade Total premium income in China s insurance market US$ BN ($6.20 CNY = US $1.00) 300 CAGR 01 12: % Total Premium (including Life and P&C) Number of life insurance and property insurance companies in China Comments The total insurance premium income (life and property) in China has reached US $250 BN in 2012, about 15% of the premium volume ou in the US China s insurance market has grown at compound annual growth rate (CAGR) of 20% over the last decade, compared to about 4% 5% CAGR in the US Life insurance premium (i.e. life, accident and health) accounted for over 65% of the premium income in 2012 The number of insurance companies has more than doubled over the past 8 years Chinese-funded companies have been dominating the insurance market with an over 90% market share but foreign-funded companies can still benefit from the huge growth in the Chinese market Chinese-funded Life Insurance Chinese-funded Property Insurance Foreign-funded Life Insurance Foreign-funded Property Insurance Source: China Insurance Regulatory Commission, Oliver Wyman analysis 5 3

5 The growth in China s insurance market has been remarkable, but the growth in online shopping 1 is more extraordinary Transaction size of China online shopping market US$ BN ($6.20 CNY = US $1.00) CAGR 06 12: 92% e Comments Online shopping in China has emerged as one of the fastest-growing sectors, and may exceed the American online eshopping market in transaction size in online shopping transaction size in US was US $194 BN Online shopping now accounts for about 6% of China s retail total sales, up from about 2% three years ago, yet still below 9 10% for the US and UK Online Shopping Transaction Size Online shopping transaction by category in 2012 Others 43% Books & media 3% Maternity & infants 4% Apparel, footware, bags 27% 3C and home appliance 18% Cosmetics 5% Significant room for future growth in China s online shopping as the market will continue to benefit from rising domestic consumption, higher online shopping penetration and greater online shopping adoption Chinese online shopping is still relatively concentrated in product categories whereas American online shopping products have broader coverage and a much more mature online market in office supplies and food and medicine Alibaba, the leading e-commerce company in China, handled US $170 BN in sales in 2012, more than Amazon and ebay combined (more on Alibaba later) Source: iresearch, Morgan Stanley Research, Oliver Wyman, the Economist magazine 1. Online shopping is defined as the process that commodities or services are transacted from the merchant/seller to individual users (consumers) via the internet. 6 Insurance e-business: when insurance meets e-commerce Key characteristics of China s insurance e-business market: high growth, low penetration Total premium income in the insurance e-business market US$ MM ($6.20 CNY = US $1.00) Penetration comparison (online shopping vs. insurance e-business) 8% 7% CAGR 09 12: 142% e 6% 5% 4% 3% 2% 1% 0% e Insurance e-business premium as a % of total insurance premium Online shopping as a % of total retail sales The insurance e-business market size is currently small but its future potential is enormous Source: iresearch, Oliver Wyman analysis 7 4

6 Section 2 Insurance e-business 1.0: The current state Insurance e-business 1.0: the current state Key Characteristics: sell offline products online Typical characteristics of insurance e-business products Comments Characteristics Products people already know they need Products with easily understood benefits Products with minimum underwriting When time is an important factor for the product, and online channel can provide the advantage Products that are claimed to be specifically designed for the online channel Products Such as travel, accident and medical insurance Such as term insurance but it also depends on how the insurer introduces the product to the customers Such as travel insurance and investment type insurance products with low death benefits Such as travel insurance Such as car insurance Online policies are usually simple, transparent and straightforward Travel, accident and health insurance are the major products sold online but some insurers are thinking to bring more products online (e.g. term life insurance, children s education savings plan) Car insurance sold online is usually identical to the products sold via existing agent or broker channels, but online products provide a discount up to 15% Key factors for consideration User experience Effective underwriting Segment alignment Channel integration Insurance e-business has evolved from being purely an information and communication medium to being an important distribution channel Source: Oliver Wyman Celent, Oliver Wyman analysis 9 5

7 Focusing on improving the user experience of the sales process is one of the most important factors of a successful insurance e-business platform Prospecting Concept Delivery Need Analyze Concept delivery phase Select Product Policy application phase Calculate Premium/ Illustrate Benefit Fill in Application Form Payment Submit Documents Underwriting Policy issue phase Policy Issue The user experience has to go through the whole end-to-end system Source: Oliver Wyman Celent 10 Insurers should pay more attention to the concept delivery process and use the channel to build their reputation Pros and cons of the insurance e-business: concept delivery phase Facts/Issue Advantage for insurance e-business sales Disadvantage for insurance e-business sales Life insurance is an Customers do not need to see it or touch it Since it is not a physical product, insurers intangible product cannot show the benefit in a picture. It is not easy for insurers to generate the desire to buy Life insurance sales is highly relationship based Life insurance is not easy to understand Online sales is a company activity; thus the company can gain consumers trust No pressure to make a decision Website can provide accurate and sufficient information with figures and tables and multimedia content By using video, insurer can organize the content well and lead clients to go through every aspect of the product without being interrupted, giving clients a complete view of the product Since there is no face-to-face interaction with the buyer, insurers make sure that all the features of the product are explained very well There is less chance for mis-selling, which happens more often at agents and bancassurance channels in some markets No consumer relationship Cannot talk to consumer face-to-face No pressure, so consumers might never make a decision Heavy contents with dense words makes people feel there is too much to read, which might drive consumers away from purchasing on the internet Usually no real time interaction with consumers, which makes complicated products harder to understand Strategy Visualize insurance benefits via multimedia Use marketing methods to generate traffic, and use social media websites to generate and accumulate relationship Use campaigns to push people to make a decision Use of multimedia to introduce the product, as if a top agent is talking to a client face-to-face Instead of using insurance terms, use simple and easy to understand words when introducing a product Use various help methods such as free callin, , FAQ, live chat, etc. Compared to other distribution channels such as agents, bancassurance, and brokers, the online channel is the one that insurers have the most control over in regard to the product introduction Source: Oliver Wyman Celent 11 6

8 Section 3 Insurance e-business 2.0: the future state Insurance e-business 2.0: the future state Key Characteristics: information-driven financial services Strategy new business model Insurers are willing to challenge the traditional business model and thinking, by using modern technology to reinvent all aspects of the insurance business Insurers are looking for opportunities to partner with emerging industries to fulfill their unique needs on insurance Information/Big Data Information is recognized as an asset with strategic importance The protection, development and growth of information assets is one of the top priorities Product online reinvention E-business is no longer just about selling offline insurance products online, but through product innovation, to launch products thatt better meet customer needs Platform mobility Customers can access information and purchase insurance products using any device at anytime and anywhere Increasing the ease with which customers can interact with insurers can improve perception and engagement Distribution online experience An end-to-end focus on user experience that offers simplified and value added services Leveraging social media to provide unique, personal and timely information Information-driven companies use data to generate unique insights that improve their core business beyond their conventional competitors 13 7

9 New business model Ping An insurance is partnering with Alibaba and Tencent to set up Zhong An Online Property Insurance Co., which is expected to be China's first property insurance company selling all products and handling claims online Business strategy Comments The age of the internet will have its unique needs of the insurance: the internet plays an important role in the economy and people s lives, however, it has also encountered a series of risks and problems which are different from the traditional industries Zhong An Online positions as a service site, by not only selling existing insurance products online, but through product innovation, to provide integrated solutions to resolve and manage the various risks of the internet economy Shareholding structure registered capital RMB 1 BN Others (Ctrips, etc.) 50% Alibaba 20% Tencent 15% Ping An Insurance 15% Target customers include both corporate and individual clients of the internet economy, such as companies providing the internet platform, internet service, and e- commerce business, online shopping consumers, social network participants Sales and claims are entirely through the internet, will not set up any branches Product development will avoid traditional auto insurance business but instead specializing in liability insurance and guarantee insurance Ping An attempts to combine its expertise in insurance with leveraging Alibaba s comparative advantage on the internet to explore a new business model 14 Concluding remarks Information about money has become almost as important t as money itself. Walter Wriston, CEO of Citibank The five Is of Citibank Citibank strategy As (a member of) the traditional financial sector, Ping An s biggest competitor in the future, is not other traditional financial enterprises, but comes from modern science and technology industries. What we are facing now, is a race between the modern technology and the traditional financial industry, whoever runs fast wins. Peter Ma, Chairman of Ping An Circa 1985 Individual banking Institutional banking Investment banking Insurance Information In the mid 1980s. Walter Wriston launched Citibank on a path that put information on a strategic par with other businesses Many of the ideas were revolutionary largely it was deemed to have failed Insurance 平 安 寿 险 Banking Investment 平 安 信 托 平 安 银 行 平 安 产 险 平 安 证 券 平 安 养 老 险 平 安 资 产 管 理 平 安 健 康 险 平 安 海 外 控 股 平 安 香 港 平 安 资 产 管 理 ( 香 港 ) 平 安 大 华 基 金 Shared Platform 平 安 科 技 平 数 据 科 技 平 安 渠 道 发 平 安 金 融 发 展 安 展 15 8

10 QUALIFICATIONS, ASSUMPTIONS AND LIMITING CONDITIONS This report is for the exclusive use of the Oliver Wyman client named herein. This report is not intended for general circulation or publication, nor is it to be reproduced, quoted or distributed for any purpose without the prior written permission of Oliver Wyman. There are no third party beneficiaries with respect to this report, and Oliver Wyman does not accept any liability to any third party. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been independently verified, unless otherwise expressly indicated. Public information and industry and statistical data are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information. The findings contained in this report may contain predictions based on current data and historical trends. Any such predictions are subject to inherent risks and uncertainties. Oliver Wyman accepts no responsibility for actual results or future events. The opinions expressed in this report are valid only for the purpose stated herein and as of the date of this report. No obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof. All decisions in connection with the implementation or use of advice or recommendations contained in this report are the sole responsibility of the client. This report does not represent investment advice nor does it provide an opinion regarding the fairness of any transaction to any and all parties. 9

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