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The Power of Alliances The power of alliances Partnering for growth in the insurance sector KPMG International kpmg.com/insurance Foreword his is an era of unprecedented regulatory restrictions; and future change for the insurance sector. growth opportunity must be balanced TNew technologies, new customer against short-term profit requirements. expectations, new regulations and As this report illustrates, there is no new competitive pressures are rapidly ‘one-size-fits-all’ approach to partnering disrupting the traditional insurance for growth and each situation will be business model. In this environment, unique. Rather, insurers will need to insurance organizations have no choice learn from their experiences, peers and but to adapt. competitors as they strive to harness The good news is that the vast majority the power of potential alliances. of insurance executives intuitively know Recognizing this, we bring together key they need to be more innovative. In fact, lessons and experiences from past and according to a recent report by KPMG present partnerships in the sector. To International, more than 80 percent of provide a wide scope of reference, we insurance execs now draw a direct have explored three main areas where correlation between their organizations insurers have been particularly active: ability to innovate and its future success. bancassurance, Financial Technology At the same time, insurers are (FinTech) and digital or non-traditional increasingly starting to recognize that distribution channels. Each provides their current organizational structure and keen insights to help insurers create culture may not be conducive to achieving more sustainable and value-driven the type of real, sustainable and value- partnerships and alliances. creating change and innovation needed This report follows on from KPMG’s to compete in this new world. New most recent industry publication, A New models, new ideas and new partners World of Opportunity: The Insurance must be found. Executives are starting to Innovation Imperative which explores recognize the power of alliances. some of the other key challenges, Yet our experience and our data opportunities and considerations facing suggest that insurance organizations insurers as they strive to become are struggling to create the types of more innovative. Together, these dynamic business models they need in reports combine to create a compelling order to survive and thrive in this new perspective that is deeply relevant to environment. The complexities are insurers around the world. significant: issues related to control, To learn more about the ideas and culture and intellectual property must lessons identified – or to discuss your be balanced against considerations such organization’s unique partnership and as cost, resources and risk; customer alliance strategies – we encourage you to preferences must be balanced against contact your local KPMG member firm. Gary Reader Head of Global Insurance KPMG International 2 THE POWER OF ALLIANCES © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Contents 4 6 7 19 23 26 Introduction: Learning from Dating, marriage Own it, lease Partnering for Our vision for An appetite for experience: and sometimes it or share it? digital value: the future alliances Lessons from divorce: FinTech The changing How KPMG the sector Bancassurance provides distribution can help creates new lessons in landscape Contributors relationships fast-paced Spotlight: Additional A deeper look: partnerships Insurers reading Bancassurance Case study: leverage around the world KPMG takes Africa’s Case study: on multiple telecoms Selecting the investment network right markets strategies for growth Market spotlights – China, Australia, France THE POWER OF ALLIANCES 3 © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Introduction: An appetite for alliances n today’s rapidly-changing and But the reality is, there are significant Partnerships complex competitive environment, risks associated with an M&A strategy. preferred Ithe need for new ideas, new skills And with so much change still underway and new opportunities is obvious. As across the market, not all executives one global reinsurer noted in a recent seem willing to put all their eggs in one Nearly 70 percent of KPMG report, “We can’t wait for the basket by spending their war chests on insurers now believe structural changes to occur before we a major purchase. start moving; we need to address these that partnerships, not In any case, outright acquisition of changes now if we hope to offer the capabilities, customers or technologies in-house efforts will business new growth opportunities is not always the right option. characterize the future over the next 5 years” As a result, insurers are now increasingly of innovation for their At the same time, the majority of focused on creating alliances and 1 insurance executives also recognize organization. partnerships to drive new growth, create that – while some change can be new channels and drive new innovation. catalyzed from within – the greatest In fact, our report A New World of opportunities will likely come from Opportunity: The Insurance Innovation outside of the organization. Almost Imperative found that 43 percent of three-quarters of insurance executives insurance organizations have already say that they lack the internal core skills developed partnerships with academics needed to drive innovation.2 and other third parties. More than a Not surprisingly, some are taking the third have developed innovation hubs well-trodden path of acquisition and or labs to ‘incubate’ new ideas for their integration. Aetna’s purchase of BSwift organization or group. (a private health insurance exchange However, our experience suggests that platform in the US) allowed Aetna few insurers have yet to find a ‘winning to capture market share through a formula’ for successful partnerships in the new distribution platform.3 Generali’s insurance sector. And, as a result, most are purchase of the UK telematics firm now looking for new approaches and new MyDrive Solutions shows that strategic models that can help them drive real and acquisitions in the Financial Technology sustainable value from their partnerships sector can support a broader growth and alliances. strategy. 1 A New World of Opportunity: The Insurance Innovation Imperative, KPMG International, 2015 2 A New World of Opportunity: The Insurance Innovation Imperative, KPMG International, 2015 3 http://finance.yahoo.com/news/aetna-aet-acquires-bswift-focuses-202002944.html 4 THE POWER OF ALLIANCES © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. “There is no doubt in my mind that the future will be won on the basis of the alliances, partnerships and joint ventures formed by insurance companies today. Anyone that thinks they can survive on their own in this environment is fooling themselves.” Gary Reader Head of Global Insurance, KPMG International External Innovation Ecosystem Customers Innovation Hub UK Hackathons Advocates Network Latin America Analysis & strategy South-East Asia Publication Segments Lab Academia Facilities High Value Graduates & PhDs Consultant Professors Employees Challenger Questions Lab Traditional PhD research Ventures Financial Analytics Bootcamp Institutions Fintech Startups Accelerators Government Ventures Tax Incentives Bootcamp Facilities Technology CSR Providers People Hackathons Lab Regulators Cloud Analytics Hardware Employees Big Data Source: Power of Alliances, KPMG International 2015 THE POWER OF ALLIANCES 5 © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Learning from experience: Lessons from the sector reating successful alliances and “Striking a new partnership needn’t mean starting partnerships in the insurance Csector is not easy. While there from scratch. It’s about learning from both is no clear-cut approach to creating traditional competitors and new disruptors. And valuable and sustainable relationships, it’s about shamelessly borrowing best practices there is significant precedent to learn from. and new ideas from outside the insurance sector and its traditional allies.” The bancassurance sector provides particularly rich insight. Indeed, with more than 30 years of experience around the world, partnership and alliance models in the bancassurance Gary Reader sector are fairly well understood. Yet KPMG’s Head of Global Insurance challenges still often emerge in this intricate relationship between banks and insurance companies. Insurers can learn from the sector’s deep experience creating
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