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As growth remains sluggish, technology and innovation are key to drive agile growth, EY insurance outlook 2019 reveals

Vlad Poptamas

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EY - Building a better working world
Reading Time: 3 minutes

 

Global insurance sector growth is expected to remain weak, and companies must focus on technology and innovative initiatives that optimize costs, drive wider distribution and market reach and explore local niche market segments, to spur growth reveals EY Insurance Outlook 2019. The latest editions of EY insurance outlook series ‒  covering the three regions, Americas, Asia-Pacific and Europe ‒ are the result of several think tank sessions of EY industrial and functional professionals as well as strategists and technologists, and cover the major trends, disruptions and innovations that are impacting the global insurance industry.

David Hollander, EY Global Insurance Leader, says:

“We are at an exciting and opportune time as insurers are investing more than ever to transform their business models to take advantage of subtly different growth opportunities around the world. The EY teams are energized by the possibilities that exist for insurance ‒  deliver better ways of working, drive a clearer sense of purpose, adopt more effective use of technology and leverage our industry’s distinctive ability to promote financial wellness.”

Life versus P&C insurance outlook 2019

While global life and property and casualty (P&C) insurance show sluggish growth overall, non-life/P&C insurance has shown considerably higher performance in Americas and Asia- Pacific markets. Life insurers are facing growth challenges globally due to regulatory issues, outdated distribution and lack of relevant products to the changing customer needs. To address these challenges the EY Insurance Outlook 2019 report lays out specific strategic and tactical actions that include expanding the product value proposition toward financial wellness, partnering with InsurTech companies for wider reach, innovating and developing new products rather than just regulatory compliance and digital transformation to support innovation and speed to market.

Non-life/P&C sector has shown considerable growth; however, it can face headwinds due to projected prolonged economic slowdown. To navigate these, the report identifies key opportunities that include using advanced technologies like artificial intelligence (AI) and Internet of Things (IoT) for accurate analytics, adapting to rising customer expectations, partnering with InsurTech for innovation and routes to market, and exploiting fast-growing niche segments like health and cyber in Asia-Pacific.

The EY Insurance Outlook 2019 has, among others, recommended the following top imperatives for companies in the sector to facilitate growth and profitability:

1. Digital transformation is no longer optional, but necessary to optimize costs and invest in relevant, innovative areas

Today’s intense margin pressures mean that cost efficiency, a perpetual goal of all insurers, is more important than ever. Across all regions, insurers should carefully design operating models and deploy technologies that can deliver short- and long-term cost and performance improvements. The report identifies the top technologies for insurers to think about in terms of their transformation programs:

  • Blockchain for authentication, underwriting and claims attribution
  • IoT for accurately underwriting policies using real-time data and reducing or eliminating claims using allied services
  • AI for enhancing customer experience cost-efficiently and streamlining claims management, especially for simpler cases (e.g., auto damage)

2. Distribution: think human and digital – not human or digital

Spurred by experiences in other industries, customers expect to increase their transactions with insurers through direct and online channels that have the advantages of increased transparency and improved experience. Further, the research reveals that customers seek advice from experts before making substantial investment decisions. In the Americas and Europe many insurers are investing in InsurTech as a way to improve distribution and optimize costs. The additional complexity of the Asia-Pacific region comes from the critical importance of agents and bancassurance partners in the value chain.

With often deeply historic roots, insurers often find themselves grappling with the challenge of what role to play in an emerging technology-driven ecosystem and how to work with InsurTechs. The report finds that an imperative for insurers is to make the critical decision about what capabilities they should own and manage themselves and what to outsource. Further, insurers must digitize their antiquated customer experiences and develop a streamlined, omnichannel proposition, supplemented by new advisory services that will build trust and further cement customer loyalty.

3. Life insurers key value proposition: financial wellness, not just insurance

It’s clear that today’s consumers are buying less life insurance and fewer annuities than in the past. Shifting customer preferences are the key determinants to these changes – with millennials, for example being less inclined to maximize wealth (e.g., through investing in insurance), instead preferring to invest in experiences such as travel and recreation.

The report suggests that to remain viable, life insurance products must dramatically change and become something consumers understand, want and value. To address this shift in generational views requires a multipronged strategy focused on holistic financial wellness for example, new affordable and relevant products must be developed that cater to all aspects of financial wellness including protection, retirement and health, and even provide the means to manage day-to-day finances. Further effective communication and education are imperative to build traction.

Hollander says: “In the future, digital trust will be the bedrock on which business value will be created for consumer-focused businesses. To achieve that, insurers must move beyond “thinking about digital” and start “thinking digital.” This will give insurers the agility to seize emerging opportunities and adapt to rising customer expectations.”

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Alternative Energies

Villgro Leads the Path for Public and Private Partners to Come Together and Support Social Enterprises

Vlad Poptamas

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Reading Time: 2 minutes

 

After creating ripples in the impact ecosystem last year, VillgroIndia’s oldest and one of the world’s largest social enterprise incubators, is set to kickstart the upcoming financial year by announcing several new partnerships. The incubator invested in 21 agribusiness, education and healthcare companies last year, many of which were sourced through iPitch, its annual national sourcing program. Deepening the focus on the 8 low income states of India, 127 investments were made through one of the world’s largest social innovation programmes, INVENT, that Villgro runs with support from the Technology Development Board, Govt. of India and the DFID, UK Government.

Villgro is known for its unique incubation model focusing on deep sectoral expertise and high touch mentoring, and 2018 saw the launch of deep expertise in a new sector – Renewable Energy. In partnership with GIZ, the incubator supported 50 early stage energy access companies and is going to expand that pool by partnering with UNDP.

While Villgro has always been supported by key names in the funding community, FY 2018-19 saw a paradigm shift with many corporates engaging in CSR partnerships with Villgro for BoP social impact. Some critical partnerships of the year:

  • With Accenture to scale up ventures working on skilling and employability related challenges.
  • With Hindustan Unilever Foundation to focus on incubating startups managing water use in agriculture and improve efficiencies across farming.
  • With Rabobank to support agri-tech startups working to reduce food loss and improve supply chain efficiencies.
  • With Yes Bank YES Scale accelerator programme to support startups connect with large corporations and commercialise innovations.

With continued partner support, Villgro has impacted over 19 million underprivileged lives so far, and many more to go.

The upcoming year looks exciting for Villgro, where the plan is to incubate and invest in more companies through an even bigger iPitch programme in July-August, to provide them follow-on support through the Villgro – Menterra platform, and expand markets for them by leveraging its presence in Kenya, the Philippines and Vietnam.

Organisations looking to partner can reach out to Villgro at info@villgro.org and be the catalysing agents for creating large scale social impact.

 

SOURCE Villgro

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Alternative Energies

Fuel Cell Electric Vehicles Market Worth $11.6bn by 2025: Global Market Insights, Inc.

Vlad Poptamas

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GMI
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Asia Pacific FCEV market is expected to dominate the global industry share from 2019 to 2025 due to continuous investments in fuel cell vehicle technologies by automobile manufacturers in the region.

The fuel cell electric vehicles (FCEV) market is slated to rise from around USD 830 million in 2018 to USD 11.6 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing demand for vehicles along with improving living conditions are supporting the fuel cell vehicle sales over the forecast timeframe.

Higher carbon emissions along with rising greenhouse gases from conventionally fueled vehicles are enabling automobile OEMs to look for alternatives, thereby accelerating the development of such vehicles. Short refueling time and long-distance travelling range offering greater customer convenience will further propel the fuel cell electric vehicles market growth.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2375

(FCEV) fuel cell electric vehicles market participants are continuously engaged in the R&D for developing advanced and low-cost hydrogen fuel solutions for supporting industry growth over the projected timeframe. For instance, in 2018, Plug Power announced the development of metal membrane electrode assemblies for improving the power density of the fuel cells, significantly contributing towards extending the cell life over the life cycle of the vehicle.

The higher costs associated with the acquisition of fuel cell vehicles along with limited availability of hydrogen refueling station network are limiting the FCEV market share over the study timeframe. However, industry players along with government authorities are continuously collaborating for improving the hydrogen.

Automotive fuel cell electric vehicles grew significantly from 2019 to 2025. This growth is attributed to the proliferating demand for automobiles for felicitating personal mobility. Additionally, the benefits offered by the FCEVs including higher driving range, lower refueling time, and no emissions further supports the segment expansion. Additionally, supporting government policies and incentives for lowering the costs associated with the acquisition of such vehicles along with lower taxes are providing a positive outlook for the fuel cell electric vehicles market expansion over the study timeframe.

Browse key industry insights spread across 250 pages with 339 market data tables & 11 figures & charts from the report, “Fuel Cell Electric Vehicles (FCEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles, Automotive, Class 8, Others), By Distance (Short, Long) Industry Analysis Report, Regional Outlook (U.S., Canada,Germany, UK, FranceSwedenItalyNorwaySpainNetherlandsChinaJapanIndia, Korea, BrazilMexicoArgentina,Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025″ in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/fuel-cell-electric-vehicle-market

Long distance will account for a considerable volume share in the fuel cell electric vehicles market. This share is credited to the increasing adoption of buses and trucks operating on fuel cells. Moreover, continuous support from the governments across the globe for reducing dependencies on conventional fuels and transition the public transportation to green mobility further supports the segment expansion. Additionally, industry players are introducing advanced truck models with higher driving range.

Asia Pacific FCEV market is expected to dominate the global industry share from 2019 to 2025 due to continuous investments in fuel cell vehicle technologies by automobile manufacturers in the region. For instance, in 2018, Toyota Motor Corp announced to double its investment in hydrogen fuel cell vehicles for designing low-cost sport utility vehicles (SUVs) and mass-market passenger cars, thereby supporting in the market expansion along with achieving the economies of scale easily.

Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2375

Browse Related Reports:

Battery Electric Vehicles (BEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul) Industry Analysis Report, Regional Outlook (U.S., CanadaGermany, UK, FranceSwedenItalyNorwaySpainNetherlandsChinaJapanIndia, Korea, BrazilMexicoArgentinaSaudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

https://www.gminsights.com/industry-analysis/battery-electric-vehicles-bev-market

Autonomous Cars Market Size By Level of Autonomy ( Level-1, Level-2, Level-3, Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV)), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, GermanyFranceItalySpainNetherlandsSwedenAustraliaChinaIndiaJapanSouth KoreaBrazilMexico, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024

https://www.gminsights.com/industry-analysis/autonomous-car-market

SOURCE Global Market Insights, Inc.

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Alternative Energies

EVELOZCITY Selects Canoo as Its New Name and Announces Key Hires

Vlad Poptamas

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Reading Time: 4 minutes

 

EVELOZCITY, a Los Angeles based company creating electric vehicles (EV) made for subscription, announced today that Canoo is its new name. Canoo will be a boutique Californian brand that will offer four unique vehicles in cities by subscription only:

  • A lifestyle vehicle
  • A personal commuter vehicle
  • A last-mile delivery vehicle
  • A ride-hailing vehicle

“We picked Canoo because it sounds distinctive, looks cool and creates a feeling of both relaxation and movement,” said Stefan Krause, who is In Charge of Canoo. “For thousands of years, a canoe has been a simple, sustainable transportation device used all over the world.”

The Company will launch its first model in the U.S. beginning in 2021. By leveraging the benefits of a flat EV platform, Canoo is able to create unique vehicles that look nothing like what is on the road today. Canoo’s vehicles will move away from traditional three box car design, which have separate compartments for the engine, passengers and luggage. Instead, the Company is embracing a minimalist design that maximizes interior space. The lifestyle vehicle, for example, will have the exterior footprint of a compact car, with the interior space of a large SUV.

While only 15-months-old, the Company already has more than 350 team members and is growing steadily. Canoo is excited to announce several key hires:

Olivier Bellin has been appointed to be In Charge of Operations, which includes supply chain, program management and project financials. Olivier spent 20 years at STMicroelectronics, a Geneva based semiconductor leader, where he ultimately advanced to serve as VP Finance & CFO of the Americas. He was also VP of Supply Chain for California startup ICON Aircraft.

Canoo also announces that the former President of BMW Manufacturing LLC, Clemens Schmitz-Justen, recently joined to be In Charge of Manufacturing. Clemens will be responsible for overseeing Canoo’s contract manufacturing strategy. With his help, the Company will take an asset lean approach, outsourcing production of its vehicles in the U.S. and China.

Beginning mid-April, James Cox will join Canoo from Uber to be In Charge of Digital. James spent the last four years at Uber’s headquarters, where he led global product operations for the Uber rider app. Prior to that, he was part of the product team that launched and built UberPOOL and spent a year launching ride-sharing (UberX) in Australia. James will be critical in setting Canoo’s strategy for digital services, including the implementation of the Company’s cloud-based customer offerings and underlying ecosystem.

Shi (Time) Aobing was appointed In Charge of HR in China and joins the Company after spending 11 years at SAIC Motor, a Fortune Global 500 company. During his tenure there, Time worked on a joint initiative (now called Banma) with Alibaba Group, to build the world’s first mass-produced Internet car, and he was responsible for building the organizational structure and growing the team. Now, Time is responsible for growing the Canoo team in Shanghai, which is instrumental for the Company as the U.S. and China are the two most important regions.

There are 3 key areas where Canoo is taking a unique approach:

  1. Unique Products: A design that will look like nothing on the road today by challenging the norms of space and function, as well as offering a lean User Interface (UI)
  2. Next-generation Business Model: A new approach to the EV market that focuses on reducing production and infrastructure costs while increasing revenue
  3. 100% subscription, secured by blockchain technology

Unique Product

Design

Typical automotive styling, expressive sculpture, and grille shape are not meaningful enough to solve today’s issues surrounding mobility and vehicle usage. Canoo is creating unique vehicles to address the current needs and use cases of customers. There is no need for electric vehicles to look like traditional cars, yet today they still do. Canoo plans to change that. Canoo is creating an all-new uncompromising EV design that looks and offers functionality that is nothing like the cars on the road today.

Lean User Interface

Traditional car makers have an outdated approach that is focused on proprietary infotainment systems and overwhelming screens, but most customers just want to use the very same services they are used to having on their phones when inside the vehicle. Rather than reinventing the wheel, Canoo is developing a lean user interface that easily connects with the user’s own existing digital life.

Next-generation Business Model

Building electric vehicles is expensive, therefore, Canoo is rethinking the traditional automotive business model. Canoo’s cost structure is very lean. The Company is focused on lowering costs and generating higher revenue through:

Vehicle Architecture

Canoo is developing a “skateboard” architecture, which will house a battery and electric drivetrain that can achieve up to 300 miles of range. All of Canoo’s vehicles will share the same underpinning. Different cabins or “top hats” will be married on top to create the four unique vehicles. Leveraging the same fixed and flat skateboard allows for reduced R&D costs, efficient production and a better use of interior space. The skateboard houses the most expensive components of the vehicle and is designed in a way that most crash testing does not need to be repeated per vehicle, reducing the vehicle’s development cycle timeline and costs.

Lifecycle

Electric powertrains inherently have a long low-maintenance life. The Company will take cues from the airline industry and refurbish the vehicles to keep them up to date over their lifecycle.

Contract Manufacturing

Canoo is asset-lean. The Company will use contract manufacturing to outsource production in the U.S. and China.

Partnership approach

For areas like autonomous driving that require very specialized expertise, Canoo is working with leaders in many fields to integrate the latest technologies into the vehicles to offer the best possible product experience to its subscribers.

Direct to Consumer

Canoo will not have a physical sales network. The Company will offer its product directly to customers.

100% subscription, using blockchain technology

Subscription

Canoo’s subscriptions will have no specific duration commitment. There will be different packages available from 24/7 access, to more flexible options – each for affordable payments that include insurance and other services.

Blockchain

Canoo products and services will run on secure blockchain technology. The Company believes blockchain will be a great enabler for a whole new wave of services and business models for the automotive industry, including vehicle sharing.

 

SOURCE Canoo

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