it still takes you back to watching sci-fi movies and seeing something you
know 20 years ago and all of a sudden guess what you know you when you watched
it 20 years ago you thought wow that's pretty cool now it's here you know you
see it all the time type of stuff without creativity without taking risk
nothing new happens so what we need to be able to do is to foster the ability
of people businesses families individuals to take risk but to reduce
the potential downside of the risk that they take in that process
you name it we insure it we sure 1:1 and two-person operations as they get
started we ensure some of the biggest corporations in Japan not only here but
outside of here because the AG has such an enormous global footprint our
opportunity to be in each market serving local needs and yet understanding how to
aggregate that up at a global level is quite unique and special and so you know
we can we can be at the very high end handling the biggest Japanese companies
as they do global initiatives and do you know global business and we can deal
with you know the husband and wife ramen shop folks around the corner sever stuff
a little interesting tidbit because we have such a large small business
community one of my biggest customer segments is Saki Brewers and Choshu
distillers and those are fun customers to go visit
our business in Japan because of the nature of the way the market works here
is pretty different than what we do elsewhere in the world we have an
incredible market presence in the small business space typically a AG is either
high-end major commercial business like we are in the Europe and the United
States or it tends to be very consumer in nature so we have huge life and
retirement business in the United States as well so this is a bit different this
market in Japan is it's not like all other markets in the world
for lots of different reasons but for example the dominant portion of the
market here is automobile insurance and that's probably going to be one of the
most disrupted parts of this market for the next ten years to come so our focus
and small business really evolved because we we weren't local we weren't a
part of an investment Co cross-shareholding process which is very
common in the big businesses here in Japan so we needed to find a space where
we could compete and where we could build our own value proposition and you
know plenty of people in the Japanese market were playing at the household
level I'm planning we're paying at the big corporate level not much was paying
attention to the small business space so we focused on that and have for the last
45 years to it a great degree of success we've done a lot of different
partnerships in Japan to make that work we focused on a non-traditional or
alternative ways to develop distribution and so it doesn't necessarily look like
other Japanese companies in this market and it certainly doesn't look like other
AIG companies around the world that's where a bit unique in a lot of different
respects
you know insurance is that isn't is a an actuarial world okay I'd like to say
that insurance is one of the oldest professions in the world sadly sometimes
it's closely related to the oldest profession in the world but we're we're
a practice that looks at historical information and and and likelihood of
events you know predictive capability is based upon our ability to analyze what
happened historically that's traditionally the way insurance has work
but the way information is moving and the way people can tap into things today
and the way you can reach globally to find to find ideas to find information
etc is unprecedented and so our ability to think about this has to change
we have to become more predictive in this process and use the power of
technology in the power of data and the ability to bring different discrete
pieces of information together to actually build predictive models far
more effectively than we have been historically we would use historical
data in the past to derive an underwriting decision or a pricing
decision going forward now we've got to be able to say well wait a minute
you know cyber is every day something new every threat is evolving anew so you
can't necessarily rely on the historical context of things in order to predict
the likely outcome going forward so the challenge and the opportunity that it's
presented to an inch to an insurance player in this process is how do you
rethink you know the information you need to drive your decision to drive
risk acceptance to drive pricing and to and to derive how much what we would
call retention how much am I prepared to keep of that risk versus how much am I
going to look to share and technology is absolutely at the center of that future
for us and the present for us at the same time understanding the difference
and the departure that we need to go through from I had 100,000 cases of this
historically now I can predict whether you or you or you is a better risk and
how to price it we don't have the luxury of doing that anymore
right and so technology's at the center of that and if you if you if you take it
into other dimensions now you start to talk about as you mentioned before you
know our mental tools and capabilities you know there may be things from our
standpoint that in an insurance sense can help be educational or instructional
that I'll allow people to better understand where risk exists and how to
navigate around it because truthfully the best accident is the one that ever
happens right I always say that insurance is it's a necessary evil my
boss used to say it's a little like going to the dentist you know you don't
necessarily want to but you need to and so when we then think about how people
review risk it's a reactive process and insurance is very much a reactive
exercise you know when something bad happens you talk to your insurance
company so we want to change that model and that's where technology information
and and ecosystems are so key to being able to connect with people in a more
normal you know daily interaction than having them think oh let me go check my
insurance app you know I've got this killer app on my on my smart device
nobody's gonna use it that's not gonna be higher on your priority list first
thing in the morning to say when you get up and you're brushing your teeth okay
what's my insurance risk look like today right so so using technology to be able
to become more part of a of a normal dialogue that people have on a daily
basis and then rich their understanding of what's gonna what's gonna be around
them and they're gonna they're gonna be faced with over the course of the day
whether it's an individual or a business you know how can we help them through
technology better anticipate the challenges and the risks that they'll
face and how to actually minimize them you know cuz growth doesn't happen if
you don't take risk you can't be creative if you're not afraid to take
risk if you're afraid to fail and so insurance needs to be able to play a
different role going forward rather than just waiting for something bad to happen
it has to be assistive auditive you know predictive around helping people and
anticipate and therefore navigate around risk
we've been working with some some some different components and from a
telematics standpoint right so it's a specific device that's plugged in to the
car to the vehicle itself and it feeds information real-time through the cloud
and then that information is monitored by us and when certain triggers events
happen it sends a tripwire to us to let us know that XYZ needs happened I was in
Ireland recently in our Irish cooperation has done some pretty cool
stuff with telematics traditionally what is telematics do I give you a little
device you put in your car and and then I based that I use that information to
decide whether you're a good risk or not and I price you differently the team in
Ireland has done some very different things with it and they used it on an on
an on a daily basis to monitor young driver behaviors and so with the with
this device first of all they had the GPS capability to understand where the
vehicle is at any one time they can overlay that then upon mapping
technology to understand what road was it is a highway is it a city street is
it or is it a rural street etc and they use the telematics then to monitor the
speed it's not just breaking its editor but its speed so we look for people to
exceeding the speed limit right and how much are they Expedia exceeding the
speed limit so that we can begin to say well wait a minute this this person is
behaving in the wrong fashion we then use that information to say to them hey
you've you've been twice now you've been exceeding the speed limit by 40
kilometers in this kind of zone a that's bad behavior B that's increasing your
risk of accident or injuring other people etc you need to correct your
behavior here's what we'll do to help you right if after a couple more times
they don't do that then we say sorry we're not going to do business with you
anymore right at the same time and it wasn't
even initially anticipated I was amazed when I heard this they can actually
reconstruct accidents now and understand who was going at what speed how fast did
they take the corner you know were they on the right side of the road or not
it's they've been able to use it to detect
fraud right so you know we had a situation where somebody somebody rammed
into a light pole six times right before they created the accident outcome that
they wanted in that process and we could retrace that through the telematics or
we were able to retrace that a couple of people conspired to create an accident
and then somebody came in and claimed medical disability and injuries etc and
when we then went back at research that we discovered that through the
telematics that the vehicle of the injured party was actually at the house
of the person who had the accident with them a week before right when they
clearly you know prepared this whole game plan together to you know to create
this accident did an accident happen yeah but it was faked right it was
orchestrated and these people had conspired to do it beforehand so the
telematics was a lot of ability for us to be able to go back and say wait a
minute there's a fraud been committed here or in the case of an accident we've
been able to say but wait a minute think I lost control of the car here this is
what happened and we can we can recreate that almost digitally in that process
what you've been pretty fascinating so the next step obviously is a zinc bed
because it's real-time information we can actually begin to an act upon an
accident or an injury or something with almost immediate immediate attention so
pretty cool different you know but it's the type of thing that it's changing the
way not only we can serve our customers but it's the whole process is changing
their expectations you know in the past the insurance experience as I said
before it's kind of like going to the dentist you did it because you had to
not because you wanted to right but as we look to the future more and more of
what people are expecting isn't driven by my competitors experience and how my
customers fear it's gonna be driven by how they deal with Google or how they
deal with you know Amazon etc that's how they're gonna they're gonna derive an
expectation around what we do for them and and so we have to stop thinking like
an insurance company because the disruptions not going to come
technically from within the insurance industry
and I think that's where for example some of the fintechs that I've seen the
startups in this space or really they get it they've understood that they're
really about the experience it's really about understanding how to make that
more seamless how they make it more intuitive for customers and how it
leverages an ecosystem environment to ensure that you're getting this truly
you know terrific experience regardless of what it is you're transacting whether
you're insuring something whether you're repairing something whether you're
preventing something with you're buying something etc and so to us that's that's
where the real exciting space will be as we go forward rethinking that and
appreciating how the the the customers best experience is the one that they're
going to want us to be able to deliver and how do we then do that
this is where technology adds a new dimension the ability that work with
unstructured data with tools in today's world is revolutionary compared to the
way we used to do this in just ten years ago yeah though you had to understand
the date of nomenclature you had to understand the hierarchy you never think
about it was only a little while ago that we introduced relational databases
let alone hierarchical databases right now in comes unstructured data and the
ability to start to say I'm gonna marry some of my information I'm going to
marry some government third party information I'm gonna marry some social
media activity I'm going to create some digital imagery into this process and
incorporate that into this the ability of the tools that we have at our
disposal today to integrate that and make sense out of it is nothing short of
amazing right really from my standpoint I was in India last week looking at
different different retail experiences that had been pioneered that were being
rolled out around the world and I have to admit I mean I was bit dumbstruck by
some of the stuff I was looking at but by the same token the beauty of it was
the ability to in very very nanosecond you know sound bytes be able to marry an
image with this data with this additional you know third-party source
of information and produce a proposition to somebody it's just spectacular
right and so today to me it's it's it's not just about the multiple sources of
information it's about the toolsets ability to allow you to make the
inferences and the connectivity and the relationships between it in ways in
which you know 10 years ago we wouldn't even thought about it still takes you
back to watching sci-fi movies and seeing something you know 20 years ago
and all of a sudden guess what you know you when you watched it 20 years ago you
thought wow that's pretty cool now it's here you know you see it all the time
type of stuff and also whether it was the Jetsons commercial when you were a
kid and the video capability and scooters running around in the sky and
everything else the stuff is real it's pretty cool and and the ability to take
it into this ancient insurance industry and really really revolutionize that is
really quite fascinating
the beauty of this too is that the world keeps shrinking right you know and and
and so something that's being done in New Zealand today he is absolutely gonna
be on the radar for us tomorrow here and say well why can't we do that what would
it what's what nuance do we need to add to it to ensure that it really it has
the right feel with my client based locally in Japan but the whole idea of
how these capabilities change the game is that's what makes it fun you know if
I came in here and sat behind my desk and sat here staring at insurance
applications and brochures the way people always have I'd be bored to tears
and I wouldn't want to buy that product either and just like my client doesn't
want to buy it right so how we can bring that freshness to it
and think about it from their eyes not are our eyes that's a that's a huge
opportunity for us and I think it's a huge ask of the consumer world and the
commercial world of their insurers if I can do all these great things over here
when I purchase something from this online group when I make my reservation
to do the following on this why can't I do this with the insurance company and
the answers that we've given in the past or pretty feeble pretty lame so I think
there's a huge opportunity there we're quite excited about that and how at
least in Japan the fun thing of it is that I'm the fourth largest insurance
company in Japan I'm bigger than all the others combined but there's three in
front of me that are 80% plus percent of the market right and they have a unique
challenge they can't afford to get it wrong right because there's too much to
lose I'm fourth largest with about seven eighty percent of the market
I got everything to gain alright and so for us we really feel strongly that we
can and should be trying to drive disruption and innovation and pioneer
things because our global presence means that we do business and you know how
Plus countries around the world directly or through partners etc how do we bring
that value and expertise to Japan and give it the local twist you know that's
the piece that you just got to make sure that we we do it in a way that appeals
to that clientele
information about me is mine not someone elses and and I and I believe that we
haven't yet seen that that play itself all the way there's a lot of context
around information and access to it and what your viable eligible to have and to
use you know in the in Europe I'll give you a different example in today's DNA
testing that you can do right I can turn around and if I have your DNA test I can
predict with a pretty high degree of accuracy how long you're gonna live what
illnesses you're likely to contract etc so can I ask a customer to do that
am i underwriting per se now or am i used in science in a very different
dimension and that one of my bosses in the past has used the question of the
future and insurance is going to be the do we have the authority to underwrite
and what he means by that was that you know if I ask you to provide this DNA
sample to me you do a blood test you do whatever and it tells me things that you
may not necessarily know am i authorized to use that and that the world hasn't
figured that out yet I know this is a very relevant issue in Japan right now
from the regulator standpoint is what are you are you discriminating against
somebody if you actually know what their likely outcomes going to be and when etc
so that will wrestle with that for a while I think and public opinion
regulatory climates etc are gonna continue to challenge the way in which
we incorporate information re-entering where when you use a wearable right if I
ask you to use the wearable and you therefore authorize me to use that
information and my process of managing you and underwriting you you know where
does line get drawn
the speed with which things are going to get introduced as we go forward is gonna
just continue to accelerate and the the one benefit that I will say to this is
that in a world that grows in a world that's financially successful there's
always capital there's always capacity I think what you
need what we all need to do is to understand to me it's it's more around
doing the homework you can engaging in different ways with academics with with
industrialists etc to understand their interpretation of likely outcomes I
think the challenge and a lot of these things is to understand aggregation so
in the risk business you need to be able to understand how much exposure
do I have to an event or to a technology or to an outcome right and and globally
where regulators get involved it's how much global exposure is there to these
things you know I fear for example that cyber if we're not careful as the next s
bestest right to the insurance industry because you know the way in which state
state actors perform 9 it is their intent to destabilize it is their intent
to have significant you know territorial or even global implications and so part
of the challenge is not so much about getting the individual risk selection
right it's understanding how the aggregate exposure of that risk on a
grander scale whether it be across different locations across different
organizations across different across different behavioral traits etc and
understanding that and that's where some of these new technology capabilities
around data amalgamation and and and unstructured data combinations can be
meaningful that's really where the where the ultimate bet gets made how much are
you putting on the table here to defend this
individual cases you hit some you missed some and yeah you want to hit more than
you miss and you want to hit more bigger than you lose at the same time but I
think you do as much you do as much modeling if you can you do as much
attempting to a draw analogies to similar types of situations historically
and you get smart people around the room and say what if and you know that
doesn't sound terribly scientific right but I think at the same time the truth
is that there's a little bit of a gamble in this any insurance is always a little
bit about a gamble you're insuring against the potential downside outcome
it doesn't happen a lot when it does how big is it when it happens and
understanding that it's not new right that's that stuff that we're pretty good
at all right so it's really about trying to look at the worst case scenarios
understand the the exposure and those worst case scenarios and how well you've
protected yourself from it I think we will with with just a little bit more
time find that there's some pretty darn good AI ability out there to be able to
help you know anticipate and divert or correct around how our protection can
take place I think it becomes more dynamic I guess is what I'm saying I
believe that insurance is not a reactive thing going forward it's a it's a
dynamic thing going forward and so we when we look to this in the future we
need to be creative and innovative around how we understand how risk
evolves and how people don't take a static view to that but they take a
dynamic view to it
without creativity without taking risk nothing new happens so what we need to
be able to do is to foster the ability of people businesses families
individuals to take risk but to reduce the potential downside of the risk that
they take in that process and for that to happen we've got to innovate how we
get information to people how we give them experience that is a is that they
would not have had themselves or they would only have it too late in the game
and so that's a whole part of our our shift as we move to the future here in
Japan it's about different kind of partnerships not necessarily with the
distribution people who sell my product but my customer you know what is it that
they do daily are they picking up their app and reading the local newspaper on
their smartphone does that give me opportunities to interact with them
because I can I can understand who that client is I understand the article
they're reading I know that they've read five similar or similar articles like
that in the last three months therefore maybe now is the time to prompt them
with some information about hey you know your insurance with AIG did you know you
know types of things so that's where we're experimenting and we're and we're
having some fun right now trying to find different new innovative ways to let
people know let businesses know this is on the horizon for you what can you do
to reduce it minimize that avoid it eliminate it etc type of stuff and that
that's going to keep changing you know when people talk about autonomous drive
vehicles etc is that gonna mean that fewer and fewer people are gonna get
themselves insured for driving their car yeah but that's gonna take a long time
to happen but that's gonna be new risk now the manufacturers have the liability
that have been when an accident happens because they built a sense or that
didn't work properly under right circumstances etc right so risk changes
it's constantly changing and our job is to ensure that we do as much as we can
to understand how it acted in the past how it's likely to act in the future and
what we can do to help people change behavior
change actions change outcomes change lifestyles change routes you know to to
reduce the chance that they're gonna face that risk or that they're gonna
have to overcome that risk on a daily basis and that means it can't be oh I
call my insurance company when an accident happens that's just not going
to work anymore
what should people do to make better use of technology in their life well it's a
fascinating question I would I would kind of maybe cheat and say I think the
challenge really is still on us to figure out how to interact with them in
a more meaningful timely fashion so that they can behave differently so
that they can't take smarter actions or they can't take more informed decisions
about threats and risks that they face in front of them and I look at it and I
you know it's I talked to my team and I say you know you're a customer every day
right hundreds of times how you chose to get to work in the morning whether you
got coffee from the convenience store or the boutique place around the corner
what lunch you wanted you know etcetera etcetera etcetera and then so what
drives your decisioning know it's different by individuals some of them
are driven by price someone convenience someone - Wow some want the keep it
simple you know we're we're never gonna be able to prescribe that to people we
need to be able to respond to people in that process so I I don't mean to cop
out and answer your question but I do believe that it's on us to be able to
recognize that people will look for things in different ways they will look
to interact in different ways and they will be driven by their their the the
experience they had that most aligned with their preference was it expense was
it Wow was it convenience etc and we need to be able to figure out how do we
respond to that we can't be all things to all people that's the first mistake
most companies make is they do try to do everything right so we need to be clear
on segmentation who we're the customers that we're going to be able to satisfy
and serve what is their expectation and how we going to deliver on it and then I
think it's a lot easier to make that marriage between how they use
information and knowledge that we share with them more effectively to reduce
risk as they go forward
you
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