1. Digital Innovation (Getting ideas to market) Eoin Lyons [CEO OPAL]
We are living even

3. People don’t want protection.
They don’t want a mortgage.
The want a home
(with shelves)

4. Problem statement

5. Players: Heritage but slow or fast but not trusted
Traditional
Balance sheet strength +
brand equity +
secure
Slow + bureaucratic + risk averse
Fintech
Engaging ideas +
Fast + Risk takers
Need cash + security

7. Our industry is focussed on incremental improvements to the “drill”
Product development and process optimisation is important but won’t solve the protection gap (and isn’t interesting)
How can we innovate? (i.e. test new and creative ideas in the market)

8. Some thoughts

11. If you are not paying you are the product

12. => The they pay model
TV in the US has always been funded by advertisers not consumers
>90% Google’s revenue is from advertising
Provider of product or service creates value for consumer – somebody else pays
They wanted your attention – now they want your data
=> The they pay model

13. Financial services already deploy this model
Growth of group income protection is interesting development
They pay
Linked to income not mortgage
Other FS markets successfully bundle “free” offers on a commoditised product

14. “Data” bargaining power of consumers will increase
Somebody else pay for our protection for access to data?

15. Protection hero – 1m lives saved and counting

16. Any ideas?

17. Disrupt by joining up the value chain?
Innovator
Fintech
Traditional
Platform

18. “If you build it they will come”
Fully digital protection platform in 4 months
IFAs, customers (& insurer) can self-serve
>25% of IFA interactions are outside business hours
Build more capability and service when and where it is needed
[innovate –> measure –> learn –> innovate]

19. Offer the option of digital journey?
Traditional over 50s scheme traditionally administered
Created digital link to CRM of our client
Customer now has option to self-serve
Features and functionality can be added as we learn
[innovate –> measure –> learn –> innovate]

20. Don’t be afraid to fail, but fail quickly and use the lessons learned
Our business: Find out when and where the customer needs the hole in the wall
Don’t be afraid to fail, but fail quickly and use the lessons learned
Winning business model will combine strengths of traditional and new

21. Thank you! contact: eoinlyons@opal-uk.com
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