Insurance’s new normal: Driving innovation with InsurTech

The pace of change in the Financial Services industry is accelerating, and while the insurance world won’t change overnight, many have begun to look outside their own organisations in order to respond to challenges and take opportunities. New products and services are developing which meet the needs of an expanding and changing customer base. Costs will begin to decrease as new ways of doing business evolve and emerging technologies, such as artificial intelligence
(AI) and the Internet of Things (IoT), not only provide customers with a better experience, but also streamline back office operations. InsurTech is reshaping the insurance industry. Previously viewed as a disruptive force, it is now driving innovation across the sector.

The insights in this report are based on the responses of 189 senior Insurance Sector executives from 40 countries who participated in PwC’s Global FinTech Survey 2017. With an editorial board made up of specialists from around the world we complemented the report with our own insights and analysis into how InsurTech and Insurance are moving closer together and how insurance is innovating in response to InsurTech. The report is also fuelled by proprietary research from PwC’s DeNovo, focused on InsurTech innovation and its impact on business.

Global InsurTech Report – 2017

Contact:

Patrick Mäder
Advisory Partner
Tel. +41 58 792 4590
maeder.patrick@ch.pwc.com
https://ch.linkedin.com/in/pmaeder/de

PwC’s Quarterly Sports Industry Q&A

 

PwC’s Sports Business Advisory practice sat down with David Lampitt, Sportradar AG’s Managing Director for Group Operations, to talk about the company’s exponential growth, bright future, and all things sports technology.

What has been keeping you busy lately?
In one word: opportunity. Sportradar has huge ambition to realise the full impact of sports content, either by itself or in partnership with other leading businesses. This ambition is showing no sign of abating any time soon. I’m excited about what that opportunity means: new markets like eSports; new products like our work on Next Gen Stats with the NFL; new partners such as the EPFL; and new inspiring colleagues to work with and learn from. Of course, this opportunity also brings intricate challenges. Three years ago, we were 750 employees. Today, we’re closer to 1,850. Working with my colleagues to find the systems and initiatives to effectively handle that growth and keep everyone aligned is a daily challenge. Plenty to think about, and of course, plenty to celebrate.

Sportradar has been making headlines in recent times. How have you experienced the last six to nine months and how would you describe the atmosphere in your camp?
On a local level, around a year ago, we moved offices from leafy Richmond in outer London to a new location at the heart of London’s City. We gave ourselves what I thought was ample room for growth – 12 months on, we are already approaching full capacity! For me, this is an everyday reminder of what is happening across the company, from our new office in New York to our new premises in Manila. It allows me to maintain a keen sense of our pace of growth and integration. I think the exciting work we are doing, be it our integrity partnerships with FIFA, data partnerships with the likes of the NFL and NBA, providing statistical solutions to Google, Twitter and Facebook, is really energising our teams around the world. That said, we aren’t resting on our laurels here. Growth and recruitment may be driven by that kind of showreel; but long-term employee and partner retention comes from cultivating and maintaining the right culture and values.

What are the main services that you offer and where do you see growth opportunities?
This is a tougher question than it seems because we offer a huge range of products and services. Historically, we are best known as the leading solutions provider to the sports betting industry. We’re capable of providing a bookmaker with almost everything it needs to offer a top-quality service to sports bettors from data, to odds suggestions, to risk management, with some virtual games for good measure. On the back of that, in 2005, we launched our Integrity Services, which leveraged our betting expertise and data into what today is recognised as the best and most reliable betting fraud monitoring system. Through this powerful solution, we are able to monitor over 180,000 sporting events a year for match fixing. In more recent years, we have developed our Digital Sport offering, which provides sports data and data-related products to a whole range of business sectors: major media companies, digital publishers, app developers and fantasy sport providers, among others. And then there is our audiovisual business, where we supply streaming content to betting companies as well as having our own OTT platform.
Ultimately, wherever sports data and content is being put to work for the benefit of growing revenues, driving fan engagement, delivering insights or attracting eyeballs, we are there, providing the raw materials to power that process. Being at the confluence of these growth areas – sport, entertainment and betting – means that we are surrounded by growth opportunities. We just need to make sure we pick the right ones.

What do you perceive as your biggest challenges in achieving your potential?
I think that the pace of change in technology, and its uses in society, means that we are only scratching the surface of the many exciting opportunities to drive sports data and content-driven solutions. There are certain tech developments that we already see on the horizon: smart glasses, augmented reality, virtual reality and weara­bles, all of which are already pointing to new data collection and data display opportunities. As a tech-driven business, keeping up with this changing landscape to ensure that our products are not overtaken by the pace of change is a constant challenge. As a result, we’ve set ourselves up to remain agile, even as we increase in size, so that we can be as responsive as possible to these and other developments.

To wrap up, what would be the one sport industry development beyond Sportradar’s immediate areas of interest that you think consumers should look out for over the next 12 months and why?
Since most fans cannot attend actual games in person, how to replicate that experience has always been a consideration for the sports and media industries. Live venues have always worried about the impact of remote consumption, whether at the dawn of radio, or TV. But virtual reality could genuinely be a game changer. The conditions are aligning as competitions and clubs have created a huge amount of engagement from those who cannot be there but are increasingly demanding an authentic experience. Virtual reality could come to create a personalised experience that could end up being better than the real one. Want to get the “best view in the house”? Virtual reality could provide the solution. Want to share the experience with your dad in Australia and your mate in South Africa in a “virtual living room”? You got it. Personally, I am excited to see how this virtual experience unfolds – and I think it will principally unfold through the shared social experience because social interaction and communication has underwritten almost all the major tech advances in recent years, from mobile technology to social media. Having said all that, I do still hope the live stadium experience answers the challenge and makes sure that seeing live sport remains a uniquely attractive proposition.

Contacts:

David Dellea
Advisory Director
Tel. +41 58 792 2406
david.dellea@ch.pwc.com

Lefteris Coroyannakis
Senior Associate
Tel. +41 58 792 1578
lefteris.coroyannakis@ch.pwc.com

PwC’s NPO Breakfast Spring 2017 – breaking barriers in delivery

Breaking barriers in delivery

Switzerland, and more specifically Geneva, is an important global hub for international Not-for-Profit organisations. These play a vital role in key humanitarian activities worldwide. In spite of the importance of this work, which benefits a growing stakeholder community, these organisations can find themselves confronted with a number of formal issues in an increasingly complex environment.

Artificial intelligence and equal pay are two topics rising in importance in the business world. How do they benefit your organisation? How do they impact your organisation’s activities?

We would like to address these matters and share key questions asked by NPO managers around artificial intelligence and equal-salary at our upcoming
NPO Breakfast on Tuesday, 20 June.

The breakfast will provide a great opportunity to meet with PwC experts and peers encountering similar issues. If you would like to attend please register, as the number of participants will be limited.

We look forward to meeting you over breakfast!


Programme

8.30 am Welcome coffee & breakfast

9.00 am Introduction
Gill Sivyer, Partner, Global Leader International Development, PwC

9.10 am Artificial Intelligence
Christian Westermann, Partner, Leader Data & Analytics, PwC Digital Services
Manuel Capel, Senior Manager, Data & Analytics, PwC Digital Services
The Speakers will introduce the topic of artificial intelligence (AI) and the reasons why it is gaining importance in the business world. Interconnected digital systems generate valuable information from new sources such as the internet, sensors or images captured by drones. By applying artificial intelligence to this data, it can be used to drive revenues and reduce costs by identifying new market opportunities, increasing process automation and detecting anomalies.

9.30 am Equal-Salary Certification
Sue Johnson, Senior Manager, Inclusion & Diversity, PwC
Attracting the best talent continues to be a top of mind challenge for leaders in all sectors. Fostering an inclusive workplace is key to enabling an innovative work culture and high performing teams with a customer centric ethos. The speaker will outline the impact of how EQUAL-SALARY certification can support your organisations journey to a diverse and inclusive workplace.

9.50 am Questions & discussion

10.20 am End


Event details

Date and time
Tuesday, 20 June 2017
From 8.30 am to 10.20 am, including breakfast

Venue
PwC Geneva
Avenue Giuseppe-Motta 50
1202 Geneva
Map

Participation fee
The event is free of charge.
The number of participants is limited. Participants will be accepted in the order registrations are received.

Registration
Please register by clicking on the below link. Your registration will be confirmed.
Register here

Contact
Olga Alfaro
Event Coordinator
olga.alfaro@ch.pwc.com

SAP GRC Access Control upgrade & migration service

SAP GRC

What is it about?

SAP GRC Access Control 5.3 is built on a technology which does not allow extensive customising. But this is possible again with versions 10.0 and 10.1. This means that we will adapt your SAP GRC Access Control System to your needs and requirements. It’s also important to realise that new functionality such as improved firefighting, reporting and user interfaces, and the integration of new technology such as Hana or Fiori, is only provided with the latest version (10.1).
Given that version 5.3 is based on a different technology than versions 10.0 and 10.1, a migration path is required. If you plan to move from version 10.0 to 10.1, only an upgrade is required. SAP provides standard tools supporting the migration. Nevertheless, further accelerators and a proven methodology are required for ensuring data consistent and auditability / traceability.

What you get from our service

The latest release provides a wide range of new functionalities and improvements, which PwC and Xiting will combine and adapt to your organisation’s requirements. What you can expect:

service SAP GRC

Read more here.

Our approach

Our approach is tailored to your needs and split into four phases, from assess & design to operate & support. We will implement the functionalities you have already been using in addition to new functionalities as defined in the business blueprint. You’ll enjoy a smooth transition to a new system tailored to your needs.

approach SAP GRC

Read more here.

Your journey with us

Upgrading your SAP Access Control system will not only give you immediate benefits now, but will prepare you for your future journey as well.
The upgrade path will enable you with the opportunity to extend the limits and functionality of your current SAP Access Control solution. The upgrade ensure integration with new SAP solutions like Fiori and Hana for a more intuitive interface and reporting capabilities and also utilizing extended functionality available only to the solution version 10.1.
PwC and Xiting would be glad to accompany you on your journey. Thanks to our extensive network, you’ll always be up to date on the latest trends and best practices.

Chain Reaction: How Blockchain Technology might transform wholesale insurance

Blockchain technology (Mutual distributed ledger) has the potential to be applied to a range of business processes that involve multiple parties exchanging data, with the ability to create a shared common view of data and automate inefficient business processes. And PwC has been investing heavily in building up our blockchain capability, creating Blockchain Delivery Lab in Belfast and announced strategic partnerships with Blockstream, Eris Industries and Digital Asset Holdings.

The new research conducted by Z/Yen and sponsored by PwC, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market. The findings highlight enthusiasm within the wholesale insurance industry to work together and implement blockchain solutions, and are complimented by a technical Proof of Concept developed by the PwC Blockchain Team in Belfast illustrating how blockchain technology can be applied to solve business problems.

 

Full information available here.

Customers in the spotlight – How FinTech is reshaping banking

Consumer banking is on the verge of disruption, much of which is led by the disaggregation of simple products and service offerings.

The majority of financial sector executives believe consumer banking is the sector most likely to be disrupted by FinTechs. As much as 76% of banking respondents fear some part of their business is at risk Nevertheless, just over half of the banks consider themselves to be customer-centric, while as much as four in five FinTechs believe they deliver customer-centric service and offerings. This might be one of the reasons why 42% of banks, the most of all financial sectors, engage in joint partnerships with FinTech companies new entrants pick off segments of the banking sector and develop narrowly defined, but highly effective solutions to manage customer expectations. Competition between banks and new entrants may give way to direct cooperation across the FinTech ecosystem. Opportunities exist for partnership and cooperation that would leverage each other’s strengths, whether in product design and development by the start-ups, or distribution and infrastructure capabilities by banks. However, several major impediments inhibiting business relations between banks and FinTechs remain. We see both sides coming to the realisation of a new, mutually beneficial relationship that is possible, but it is still early in execution.Global fin tech survey_2016

 

Full survey available here.

 

Opportunities await: How InsurTech is reshaping insurance

Many believe insurance is on the brink of a major disruption, but few are putting InsurTech at the heart of their strategy.

Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. There is good reason to believe that insurance is indeed heading down the path of disruptive innovation, whether it is the effect of an external factor, such as the rise of the sharing economy, or the ability to improve operations using artificial intelligence (AI).

However, despite these emerging trends, a disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation: 43% of the industry players claim they have FinTech at the heart of their corporate strategies, but only 28% explore partnerships with FinTech companies and even less than 14% actively participate in ventures and/or incubator programs (figure 1).

Incumbent insurers who are currently focused on catching up with their competitors around customer centricity and other current trends are missing the opportunity to become proactive. They need to create a clear and consistent message that will demonstrate their willingness to play in the new InsurTech space and act accordingly – only such an approach will position incumbents to be front-runners in the new insurance era.

Read on in our Insurance focused report: Opportunities await: How InsurTech is reshaping insurance. 

 

 

FinTech: Embracing the people opportunity

There has been a lot of talk about Financial Technology (“FinTech”) companies in recent months. The increasing use of technology to deliver financial services is not new, but recent advances in technology, digital security and processing power are unlocking opportunities for companies to completely rethink the way in which these services are provided, disrupting accepted business models along the way.

Many commentators to date have focused on the impact this will have on the provision of services and the structure of the market, but another important issue to consider is the people aspect. It is people, after all, who develop the innovative and groundbreaking solutions that will cause tremors through the industry.

But where should you start? If an organisation is to be successful in this new world, attracting and developing the right talent will be crucial.

People challenge What can HR do?
How do we develop the skills to be successful in this new market? Focus on innovation and agility to react quickly to change.Redesigned performance management to foster teamwork and “fail-fast” mindsets that promote innovation.Rethinking organisation structures to emphasise flatter, team based structures.
How do we remodel our own processes to attract talent? Develop 21st Century HR processes that deliver HR services through digital channels and cloud-based solutions across the employee life cycle.
How do we develop a FinTech-friendly employer brand? Develop a set of values that speak to innovative talent which is looking for a “grand challenge” to solve.Use events such as business incubators or “elevator pitch” investment programmes to engage with potential future talent.

Many of these changes relate to the culture of the business, something currently on the minds of FinTech start-ups as one of the potential barriers to effectively working with traditional businesses.

FinTech

This week sees the release of “Blurred Lines”, PwC’s global survey looking to assess the attitudes and emerging trends associated with FinTech. This survey provides some great food for thought, both for existing FS organisations and for those wanting to get in on the action with their own start-up.

There is a great deal to think about in this area, and we will see significant changes in people processes across the industry in the coming years. This presents an exciting opportunity for HR to be a strategic partner to the business when leadership are defining their response and group strategy for FinTech. You can access our survey here.

If you’d like to discuss your plans for introducing FinTech with an expert, please feel free to contact Stuart Jones.

Electronic invoicing (e-invoicing) – A guide for organisations and institutions

Electronic invoicing (e-invoicing) has considerable advantages over conventional paper-based billing in terms of costs and working capital management. More and more public authorities and organisations from small businesses to multinationals are tapping into these benefits. Organisations that stick with conventional billing increasingly have to pay extra charges or are even barred from doing business with partners who operate electronically. Introducing e-invoicing does entail challenges, uncertainties and risks – but nothing that can’t be addressed with the right planning and implementation.

This brochure is designed as a guide to help people managing SMEs and institutions who are planning and implementing an electronic invoicing system. You’ll find a summary of the most important legal matters to consider, the pros and cons of e-invoicing, and the main risks. We also give recommendations on what to look out for when introducing e-invoicing, as well as the best way to proceed. Rather than addressing all the tax and commercial law implications in exhaustive detail, we’ve deliberately focused on the key matters relevant under Swiss legislation.

We would be happy to assist you and answer any questions you may have about the introduction of e-bills in an international context.

You’ll find the full guide here.

If you’d like to discuss your plans for introducing electronic invoicing with an expert, please feel free to contact our specialists:

Raphael Hasler
Information Governance
Telefon: +41 58 792 17 33
raphael.hasler@ch.pwc.com

Jochen Richner
Tax Technology Solutions Leader
Telefon: +41 58 792 57 55
jochen.richner@ch.pwc.com

Christopher Oehri
Director, Assurance
Telefon: +41 58 792 27 57
christopher.oehri@ch.pwc.com

And there’s more information on how to deal strategically with digitised documentation and data in the latest edition of our web magazine Disclose.

Digital Trust Conference 2016

15 March 2016
Starling Geneva Hotel & Conference Center

Cybersecurity incidents:
preparation, detection and response

Digital Trust 2016In our hyper-connected world, a cyber-attack is a real and present danger. This means that the management of an information security incident is a key element in a robust, long-term security programme.

Among the current challenges, we have chosen to focus Digital Trust 2016 on the following key topics, which play a major role in information security incident management:

  • Knowledge: What are current best practices in the market and the key learnings from incident management experience?
  • Detection: Many incidents are detected many days, weeks or months after they occur – or can even remain undetected for a year or more. How can we detect a attack and a breach much more quickly?
  • Response: How can you prepare an effective response to a security incident, and how do you manage the various activities you need to run in parallel to resolve the situation?
  • Resilience: How can you make sure that normal business operations resume as efficiently as possible?

In addition to these topics, we will look at raising awareness of crisis management and cyber-attacks during a morning dedicated to PwC’s digital cyber-attack simulation, called Game of Threats™. This simulation helps evaluate the effectiveness of an organisation’s response to cyber-attacks and provides a unique experience.
We look forward to welcoming you to Digital Trust 2016. We hope you will join us for this opportunity to exchange views with your peers facing similar information security challenges.

Date:
Tuesday, 15 March 2016

  • Game of Threats™ simulation workshop: 10am to 12 noon
  • Conference: 1pm to 5pm, followed by an apéro

Venue:
Starling Geneva Hotel & Conference Center
34, route François Peyrot, 1218 Le Grand Saconnex, Geneva

Participation fee:

      • Morning Game of Threats™ simulation workshop costs CHF 250 incl. 8% VAT
      • Afternoon Conference costs CHF 250 incl. 8% VAT, documentation and apéro
      • The all-day special price is CHF 400 incl. 8% VAT, lunch, documentation and apéro

Full programme available here 

Register by clicking here