About this event
View Event Material:
View the recording
View the slides
Webinar ID: 874-987-138
The broad agenda for the webinar is
- How much innovation is there in Israel?
- Where are the strongest areas of innovation?
- How does Israel compare with the rest of the world?
- How many Israeli companies are expanding outside of their home country?
- Practical advice for startups and insurers – how to create great partnerships
Timestamp: 0 min to 1 min
Hi everyone, welcome to this joint webinar with insurtech Israel and the digital insurer. I’m Hugh Terry from the digital insurer. And today we’re going to have 75 minutes discussing the insurtech landscape in Israel. So, sort of Welcome to everyone who’s joining around the world. I’m also expecting that there will have quite a lot of people joining from Israel as well. So welcome especially to those
Joining from Israel if we could go to the next slide.
What we’ve got today is I’ll moderate this session Kobi is going to just say a few words shortly and then it’ll come back and give us the insurTech landscape and Israel. Simon is going to talk about global position on insurtech. Tomer will give us a view from an insurance perspective.
Timestamp: 1 min to 2 min
It is Romi from open Legacy is going to give us a sort of insurTech point of view. So, looking forward to a discussion is going to be interactive with got a few polls. We ask you to sort of enter your questions as well as we go through but before we start maybe just a few opening remarks and you Kobi, you know, thank you for collaborating on this.
So good morning in Israel. Now it’s morning. Anyway, I’m very happy to see all of you and thank you for joining us for this webinar hearing the in Israel from the Corona aside from the covid-19 side. We actually like most of the countries in the world stay safe in the house. Most of the
the economic and financial
Timestamp: 2 min to 3 min
Operation is closed and people just said they care about themselves and about their health staying home from the insurtech side that who I will speak with about that later on and we are very exciting to explain what we are doing here in is that doing these days?
Thank you Kobi and I look forward to your sort of mood detailed discussion with you a little bit lighter just for everyone on the call. I suspect we’re all getting very familiar with resume. Now. You got the chat area. So, please feel free to use that for chat and comments. We will ask your questions and please just answer those questions as you go along into the Q&A area. So if you look at the black bar at the bot Tomer, there’s a little Q&A area if you put those in there We will.
Either answer them live or our panel will monitor them and answer them.
Timestamp: 3 min to 4 min
As we go along as well. So, let’s get carry in terms of the outline. I think I went through that earlier. So, let’s jump straight to Simon just a kick-off. Give us an introduction of how you see it and what you’re seeing from the data Simon in the global insurtech industry. Yeah. Thank you very much you and I everybody so let’s jump into it. Just give a quick view on the sort of global insurTech Marketplace, and of course, you know, what a difference a quarter makes and we’ll come on to the first quarter of this year.
Here shortly, but I guess the most readily available data that sort of circulating around at the moment is seeing the last quarter of last year and how 2019 sort of ended round of rounding out relatives of Prior years from a deal flow point of view. I think you can see on the visual here and 2019 was that was a good strong year for insurtech globally pretty well split as well now between life and health and P&C so steady increase on
Timestamp: 4 min to 5 min
20:18 figures what’s interesting? If you go into these the detail a little bit more on the next slide, please Brooke is if you look back over time since sort of 2012 when in shorts at really became a bit of a thing over that whole period to 2 and Q 3 last year United States was by far the largest market for deal activity. If you look at the discrete last sort of quarter in Q3 last year whilst that still the case. You’ve got more.
A sort of a move of activity and you’ll see in particular Asian markets like China Japan and India Australia coming through a little bit more strongly. So, I guess quite naturally really whilst U.S Is holding its position as the largest market. We are seeing more deals in other parts of the world as a sort of adoption increases and the volume of transaction increases. So that’s the kind of Broad View that we’ve got from CB insights just
Timestamp: 5 min to 6 min
Norman please Brooke.
I guess some of you may be familiar with our TDI insurtech directory and Brooke. If you can press play on the video. On our website You’ll find this in the middle of our navigation insurTech directory. And this is the world’s largest publicly available sort of repository really database of all the insurtech around the world. We’ve got about 3,000 of them at the moment. And I think the interesting thing here is you can search by country by region.
And by type of insurtech to get a view on which you short excerpt serving difference of parts of the insurance market. So, if you’re insurtech on the calling, you’re not listed then please get in touch get yourself involved. If you’re an insurer them bees use it’s a free resource and increasingly I think valuable probably ran the world the reason for mentioning that is because it’s such a big database now, it gives us some data points and insights into using our
Timestamp: 6 min to 7 min
database. So, let’s flick on a slide and I’ll just start sharing some of that with you and I guess just as the preamp that our database when we when we look at the definition of insurtech we think of it in its broadest sense. So, kind of any technology company that’s helping insurers. We appreciate that, you know, a large part of the volume their terms of numbers of firms as a sort of early stage start-up through early stage businesses, and I’m sure a lot of the conversations today we focused on that but we do have some bigger firms in the database as well. So
how does our database break down as it’s kind of expanding as I said I’ve got about 3,000 firms in that database at the moment and next slide just firstly splits that across the different regions and you can see our data pretty much is in line with what we were looking at from CV and sites before there’s with deal flow orientated ours is numbers of firms, but North America largest number of firms Europe coming up strongly behind and then Asia pretty strong to so
Timestamp: 7 min to 8 min
Really well spread and some of the numbers of firms around the world next slide, please you if you get into the detail little bit more then and look at kind of where those firms of focused. We tend to start with two big lenses. We look at companies that are principally focused on helping insurers kind of improved today. So, supporting value chain Innovations on existing functional areas, like claims underwriting sales Etc. And then we look at companies that are focused on helping.
insurers as reinvent Tomorrow so new digital business models and it’s interesting when you just take that sort of broad constructs and look at the split globally and in Europe the splits pretty much fifty fifty. So insurtechs are half helping insurers with what they’ve got to do today there have trying to move the market on with new kinds of business models interestingly the Israel view on that and I appreciate we may not have a full Suite Kobi of all you’re insurtech in Israel, but we’ve got about 45 at the moment.
Timestamp: 8 min to 9 min
The vast majority of those are focused on value chain Innovation. So, helping improve existing functional areas of insurers in contrast to Asia where about two-thirds of the insured tax? I’ll focus on finding new ways of doing insurance. And I think certainly I Asia I understand because I think you know in some ways it’s a bit late to the game on the insurance side. It’s kind of little bit more agile. Less Legacy more focuses on kind of new ways to doing insurance, but I’m sure we’ll talk more about this.
a real result in a moment and if we go on to the next slide and getting into the weeds even more we can start looking at kind of the different areas of those two broad categories that these regions are focused on and I appreciate the wording is too small for even me to read really but if I take the global view, you know, the biggest green segment there I think is comparison sites then product development if we come down to Europe it’s kind of Direct business models and
Timestamp: 9 min to 10 min
Sites in Asia the yellow is ecosystems and in Israel, the biggest one there the purple one is analytics. So, an interesting mix and I guess, you know reflect a little bit of stage of maturity. I think we’re markets are more mature. They tend to be focused on sort of as I describe it squeezing the lemon of getting more value out of the existing businesses in less mature markets across Asia, for example more focused on kind of new ways of doing business in the insurance sector.
So moving on from that, please Brooke, I guess just to sort of set the scene from our point of view in TDI and what we’re seeing around the insurance landscape clearly new business sales in the last quarter particular last couple of months have really Fallen across the board with every one or two exceptions such as pockets of particular specialist products, but new businesses are real issue everywhere at the moment. I think clearly insurers are generally looking at significant reductions in investments
Timestamp: 10 min to 11 min
Coming this year as a real Prospect as well. So, getting a bit of a double whammy on new business value contribution and reducing investment income now for the bigger insurers to some extent they’re supported from shorts and issues like this because they’ve got big back books which are throwing off cash. But actually, they typically then have more legacies they’re less able to move and change quickly and certainly in this region in Asia. We’re seeing plenty of the bigger guys realizing actually they put too much money and
Offline activities particularly on the agency side of distribution and that’s really holding them back now and you know, they got too many Standalone Parts their business that aren’t integrated are not well integrated enough with Partners. So, it’s kind of gets all catching up with the market a little bit really most leadership teams are having ever see been thinking shorts in the last few weeks tactical issues tactical wins and to an extent. They’re sort of re questioning. Well, how much can we do by Direct?
Timestamp: 11 min to 12 min
This redirect, you know is the market ready to take more direct Beyond personal lines and motor. I think leading into a little bit of the effects on insurtechs inevitably because of the holes in their numbers this year insurers are going to be looking to cut discretionary spending wherever they can and I think the key message for us on this is that that’s all fine. But actually there’s a bigger problem that executive teams need to think about and that takes us to the next slide, please.
We and we recently put out a points of view in addition insurer on the back of really this visual which talks about at the start here in the blue dots consumer expectations around digital and our view was that the middle dot there that has 20/20 pre-crisis next to it. That’s kind of where consumers were before this crisis started on adoption of digital and you’ll see the black dot.
Timestamp: 12 min to 13 min
Getting to the Tipping Point. So, the world getting to a Tipping Point of most consumers being comfortable with digital and we were on a flight towards that but it was probably a couple of years away. I think what this crisis is doing is pulling everybody up the curve much quicker and our view is that the Tipping points can be reached this year and I threw a combination of people like us on the call using technology more and then groups of people that weren’t familiar with technology being forced to like elderly parents young kids. Very poor very rich emerging.
Markets, so the world’s moving on an exponential Pace when it comes to digital utilization and the big challenge for insurers is they were already behind the curve and if they don’t actually accelerate their investment plans in in transformation efforts around digital the Gap is going to widen between when the where the world is when we come out of this crisis and where the insurance sector is. So, for this reason, we’re really bullish on the need for executive teams to you know, it may be
Timestamp: 13 min to 14 min
A charity but push the lever harder on digital transformation at the moment. So, they don’t find themselves with a bigger Gap in 6- or 12-months time. So just sort of rounding out my initial opening remarks next slide, please looking at the sort of world through the insurtechs. I think previously we’ve been signposting that this decade is the is the is the period when insurers get serious, which is good news for insurtech, right the sort of dangling of the carrot. We’re going to do a POC and there’s a moon shot at the end of it. You know, I think those days
as are coming to a bit of an end and we still hold that view but actually not the next 6 or 12 months, you know unlikely to see anybody taking really big bats in the short term so still bullish on the decade not particularly bullish in the next few months and inevitably money, you know cash is King and cash is becoming increasingly scarce. That’s not the say it’s not available, but it’s going to be spent in a much more considered way over the next 6 to 12 months for sure.
Timestamp: 14 min to 15 min
Our view is the in-flight pocs are going to be coming under much more scrutiny. So if you’re working with an insurer at the moment don’t assume that that’s just going to run without some people turning the stone on what you’re up to and there’s going to be a lot more focus in the insurance companies on quick results and I think Innovation labs are going to be challenged on what they’re doing asked to refocus. Sue, you know address short-term issues in some ways, but I think it’s important to remember old.
things that it’s not all bad news the end of the day insurers still need to do three things. They need to increase sales. They need to lower their unit costs of serving clients and they need to stay compliant. So they’re going to be winners and losers in the insurTech space and the last slide from me which kind of leads us into the next discussion or perhaps into the pole is in terms of being, you know, being an in shorts at what are some of the things we will be doing right now. Well, you know clearly staying in conversation with investors.
Timestamp: 15 min to 16 min
Is really critical particularly at the moment. You need to be in a good position from a capital point. If you can if you need to take it down rounds, hey, you know, whatever. It takes at the moment and really anticipate a tough six to twelve months ahead. We would encourage all insurtech to finding cost effective ways of amplifying the brand and getting connected to the community the insurTech directory. We’ve got Runnings is really good. We’re doing that. And of course, there are different types of insurers as we all know, so focusing on ensures that have got money.
and they’ve got clear needs is clearly going to clearly going to help you get things over the line. So, insurers that have got big back books ensures that a well-funded and potentially newer ones. And of course how you address pain points and take that story to ensure as this key to so kind of got to really punch through at the moment with executive teams because there’s a lot of noise and a lot of things they’re thinking about so, you know, really if necessary pivot your propositions to sort of
Timestamp: 16 min to 17 min
The more relevant to the shorter term crisis induced issues. Don’t forget those three primary needs that insurers have got increased sales reduce unit cost stay compliant and you know, feel free to use our POV paper, which is I think an important message for executive seems that they need to keep spending just perhaps a bit more wisely at the moment so our final message and I’m come on to some discussion later, but keep safe keep smiling keep hustling. Stay true to yourself.
The world’s not ending insurance is still going to be around. It’s just going to be a tough few month ahead Hugh back to you.
Yeah, thanks Simon. Thanks for kicking that off. I want to jump straight into a poll which is sort of trying to look through to post covid. So just if everyone could have a look at this time. What do you think? The future will be the response options? They’re stronger.
Timestamp: 17 min to 18 min
About the same not as bright. So, welcome your response on that. So, the poll is open. So if you can vote and just while we collect those votes and Simon Just and you put some comments in terms of funding and stuff and I know this isn’t particularly nearer that we’ve historically focused on but, you know try and put yourself in the shoes of a venture capitalist. You know, what do you think they’re going to be thinking about the current environment? How do you think they’re going to be engaging with insurtechs? Well, I think they’re going to be
You know smelling opportunity frankly. I mean, this is a time for bot Tomer. And so, you know, looking out for distressed assets and screwing people down or valuations and taking positions that they perhaps would have liked to take any way that much better prices, you know, assuming they’ve got money so, you know, I think they’re not all roads out there. I think a lot of these are genuinely trying to help businesses move things on of course, they’re businessmen and they’re looking for opportunities. So, I think I think you know the better ones out.
Timestamp: 18 min to 19 min
Will still be open for business. I think they’ll be shrewd they’ll be perhaps looking across its ways in which they cannot just add money but bring in strategic value through Partnerships with other companies. They’ve got on their books and I think they’ll be looking much more scrutiny for sort of short to medium term runs on the board. Frankly. They’re going to want to hear the same story that the insurance sector taken to insurers that convinced them that these guys are going to get some money. So that would be my views but obviously it’d be great. So, I’ll have that conversation around the panel a bit later here.
Yeah, thank you Simon. And that’s on just share the poll results. I think pretty clear if you can see those on screen. We’ve got we’ve got a lot of people agreeing with you Simon here. I think we’ve got an audience that’s looking through and saying the position is going to be stronger as digital adoption will accelerate so that’s nearly 60 percent of the audience as got that you as well, so
Timestamp: 19 min to 20 min
So that’s good to hear and thanks and it will come back on the Q&A just for everyone’s benefit. Please put your QA as we go along. We’ll have a panel discussion at the end and also just pick up Q&A as we go through now. Let’s move on to Kobi. We’re going to have a good chat right, and I’ve been looking forward to this You’re the Man Behind insurTech Israel. So maybe we can just kick off and you could just give
On just give an overview of you know, like what was the inspiration for setting up insurtech in Israel? And where you focusing on at the moment? Okay. Thank you much for the opportunity. So first let’s first of all, let me introduce our company. We based on free arms. The first time is investment. Ours. We investor we all invest already invested in for start-ups. And for all of them are insurtech are coming from Israel. Very interesting.
Timestamp: 20 min to 21 min
Colder lending Express comrades and use so this is our first cake first and our base activity. The connectivity is a Consulting activity. We have a few kinds of clients. First of all, their start-ups. We most of the start up here. You tell our clients we help them to go to market use our connection all over the world. We use our knowledge from our group my background in the insurance industry and insurtech
to one kind of class the second kind of lines in start-up that not operate in issue Tech area and wants to come and jump into the to take the finding interesting for them. So, they’re using our knowledge connection and understanding how this Market is working to come to jump into this area. The third arm is the acceleration program or acceleration activity. We help start-ups grow by using an hour.
Timestamp: 21 min to 22 min
knowledge in the in the industry Working Connection as in the Consulting but by using the by using that but if by using it in conference and webinars and live Peach and even in our next operation is Israel insurtech exhibition a virtual exhibition that we are going to open if the first of May
and that will help the start-up you to promote them activity. It will be free for all the audience in the world and people can arrive to this venue. It’s a virtual venue and people can find interesting start-ups that are coming from Israel. So, this is the this is the shoe that is where most of our clients is abroad from abroad and from Israel, so
we had a lot of activity in our life.
Timestamp: 22 min to 23 min
the ecosystem here is very active and very grow. We have a dozen of start-ups that even more than 100 start-ups that are active in the initiating areas in a lot of invitee of topics from James phone service from my life insurance travel insurance fraud cyber Insurance it and whatever you think in any kind of side and topics in the shooting and it
and ecosystem is still grow as you can imagine with a lot of the challenge and very tough positions, but the crisis has helped us to understand what the insurance company to understand the future. So, what I think I’m going to be in the future and I think we need to cut it to two steps first the short term in the short term. We will see increase in interest then too.
Timestamp: 23 min to 24 min
Insurance company understand but we need technology again without technology. We cannot operate right now. Most of the insurance company in the world are not operate from the base. They operate from fungi employee houses from all over and we understand that they need technology to support the clients and we do a start give a service and cells so in the short term, I think start-ups insurtech that will provide a service application including service for claims on demand insurance and start-up that can help marketing and sales in the sales process will have will find a very increase with the demand for foreign technology in the long term is very hard to understand. What is going on. First of all, we don’t understand what is going on. What is going to be in the insurance industry. I think the most frightening thing for the insurance industry right now.
Timestamp: 24 min to 25 min
Even It is Well is the constellation of policies but not about the real not just about the refund that they have to give to the clients. I think more of that is to lose the contest if they put in with the clients and all the sales process is very expensive very hard and they need to do it and they will need to do it again. So, insurance company that will be smart and health declines to pass this situation easily will fund the sensing.
Embedded position. So, this is the this is what I think I’m going to be in the future and the short term and the long term is very hard to know it Israel. And the ecosystem is really active the start-ups still operate part of the people are operate from a from their part for the houses and not for the offices, but we still see an activity. I myself have a lot of activity with many insurance.
Timestamp: 25 min to 26 min
Company and clients for all over the world and asking about the solutions and it’s inside the industry very active and very ready to approach.
Most of the start-up in our ecosystem look for two main things like always for finance so funny sounding and for clients, but we are looking it for the infant in a quick to find the clients in a quick ways not looking for pocs and other things they are looking to implement the technology right now. So, this is the Landscaping is really this is Brooke if you can
In this second slide, please.
Thank you. So, this is the landscape here in Israel as you see there’s a dozen of insurance start-ups to Tech start-ups you as well. This is the second slides Israel Innovations.
Can you see that?
Timestamp: 26 min to 27 min
Yep, we can. Okay. So, this is our this is the landscape of the of the issue technician should take you in Israel. As you can see there is a dozen who can take it even bound see another name of start-ups. So, the last day they usually True Tech Industries ready and want to make business with the insurance company in the world.
Yes, I started we might be interested in following up on that last comment. Just you know, I think Israel has a great sort of Heritage of exporting technology around the world. And could you give me some sort of perspective on that sort of balance between how much is international expansion versus how much insurtechs are focusing on the domestic Market in Israel. It’s very good.
Timestamp: 27 min to 28 min
It’s very interesting it before the crisis most of the issue takes.
Look outside abroad we didn’t care about what is going on here in the market. They get through it with relationship with the local in domestic insurance company does to drink tea or you know to get to start working with insurance with the insurance industry, but in the end they look for doing business abroad but right now they are they are very happy to do business here because this is a good opportunity because it’s a short time they can approach.
Insurance the insurance company here in Israel fast. Is it the same time zone the same mindset? So right now, it’s just the opposite. Most of the start-ups are looking for clients here in Israel, but just for the short term just for now.
Timestamp: 28 min to 29 min
You have good I think I’ve got a few connectivity problems on my side. So, I apologize if I missed some of that Kobi but I think I got the gist of it. I mean, what’s the sort of size of the Israeli Insurance Market? How many how many insurers have you won in total in Israel? And is it enough to support a hundred insurtechs? Okay. First of all, now you hear me better.
Like I can hear you fine Kobi. Okay. Yeah. Yeah, we can okay. Okay. So, I will keep going there Israel is not be country. We have 8 million people that we can say that we are small country. But Israel is a very big Market because most of the people here are of
Timestamp: 29 min to 30 min
More than one policy maybe even more than eight or tens policy commercial and P&C and life insurance and health insurance. All the beat the market part here is very is really big. We have more than 20 insurance company and what is more interesting or lot more interesting? What is very interesting here in Israel that we have free digital insurance company. The regulator here in Israel is very support that the insurtech.
rules easy rules and small rules for insurance digital insurance companies. So, in the last year, it will start here start operate here in Israel free stuff free. You should take digital insurance companies, but in the average, they the regular insurance company here in Israel is very active indicative. Israel is a very early adopt the technology the people
Timestamp: 30 min to 31 min
Like to use the new innovation in new technology. So, the insurance company are very active over there is a place for a hundred of stock up. But as I mentioned before they all look abroad.
Great. Well, thank you Kobi and hopefully my network is as a little bit better now. Just one other question. I guess just building on Simon’s sort of data observation around a value chain Innovations. Most of the insurtechs being in that space. And also, then he commented that analytics companies are particularly popular in Israel. Does that chime with your experience and observations in the market? Yes.
Yes, there is a lot of AI technology who it is though. Just the reason is that there’s two reasons one is the University here is best.
Timestamp: 31 min to 32 min
It’s the best part of the best university in the world.
So in there’s a lot of mathematics and computer science is hearing the in the university and the second reason is the Army a lot of a lot of the Israeli. That’s the just finish the service in the army use the knowledge that you learn in the Army AI intelligence unit in Israel. So, they take their abilities and
Take it into the Civil Market as you see and AI is very active in Israel. And as you and you as you know insurance industry is a logical industry. So AI.
have a very big huge slices in our activity here in Israel.
Yeah, so great.
Timestamp: 32 min to 33 min
Sort of public private sector sort of area then if you’re well, thank you card me and we look forward to hearing more from you in the panel discussions go follow. I think now what we do is woman born and let’s have a look now at the sort of insurance perspective and told my thank you very much for joining today. And please give us your perspectives and experience on
Action in Israel and what you’ve seen as well so welcome. Thank you very much. Actually, what I wanted to talk today is about the differences between insurance companies and start-ups. This was what I was asked to talk about and I’m sure that most of you know that the book or the concept of Men Are from Mars and women from Venice and I think this is the same thing.
Timestamp: 33 min to 34 min
When we talk about insurance companies and start-ups but and without getting into the differences between men and women who is right and who is better so not going to get into this. There is no doubt that insurance companies and start-ups are two different species, but like men and women in order to survive both of them and create new things both need to adjust to it to another and really when we talked earlier or two.
Couple of days ago with what you asked me to talk is about the differences between start-ups and corporates specially in the state of mind and obviously I’m not going to look at it from a corporate perspective knowing that also corporates like us or To do. We really think that we are Innovative and we strive to do that. We do need to make changes in in our methodology.
Timestamp: 34 min to 35 min
In order to survive if you go to the next slide.
And the might be very various goes to Innovations and it can be both all types of product lines or steps in the value chain. I think one of the important things are in your improved value proposition to the customers and customers can be the end consumer or the agents the second their is enter a new business segment or Market such as cyber and for both of those bullets, I think the IoT can be a really good day accelerator obviously improving internal processes and I think that the corona as we face it now has its going to have a big impact on that aspect of the goal goes of the
Timestamp: 35 min to 36 min
Innovation are programs that companies.
Obviously, we want to improve service and services against for the customers for the Assessors for the doctors who are everyone that we get the in contact with and they obviously want to keep the brand image and maybe have some Equity benefits on the start-up that we are going to invest in in to identify Trends and activities but a notice that although the bullets are not setting.
The order of importance. I believe that the majority of the companies are going to focus on the the first four points rather than Tomer three and the Simon I believe mentioned before because of the Corona are the times that we are looking it and now the brand image is going to
Timestamp: 36 min to 37 min
At the little bit less focused than real benefits to the customers and to the company.
In general, I think you mentioned before the Corona. I think the corona is the best enhancer for digital transformation more than anything that happened in the last few weeks a few years that you know, the innovators people in the company said we need to do that we need to do to improve and so on the Corona brought it into broad light and I think that now everybody
Lives in it and think about it and if we going to the next slide, please.
And for my experience about the differences between companies and start-up and how what are the things that we need in order to breach the back that the gap?
Timestamp: 37 min to 38 min
first of all proven technology versus proven business model
proven technology doesn’t mean a proven business model. And for example, there are several companies with proven technology or devices to identify accidents in real time to assess the damage create the option to contact the customer immediately and so on and the start-up wants to prove that the technology walk.
But the company wants to know if there is a business case for that what percent of the customers will install the device? Is it going to reduce the repair cost is going to reduce fraud it is good? Is it being it going to improve a renewal and from start-up perspective? Well, all they need is a couple of dozens of accidents to improve the technology.
Timestamp: 38 min to 39 min
But from the business perspective from the business perspective, you need at least 500 accidents in order to assess the impact going forward and to build the business case. It is not cheap investment to do it. And therefore, what I advise start-ups when they come to present not don’t talk only about but come with also like a template for a business case. It may vary from Copper to Copper to focus company to company but to understand what is going to be the benefit to the customers from a business perspective.
The second which is kind of related is a proven model V vs Real increase in cell I’m a big believer in data. I think it’s the many people said before.
Timestamp: 39 min to 40 min
The new and so on. I really believe in the but the same goes for model. It doesn’t help if the model works when you’re kind of in a lab environment, but at the end of the road it needs to walk in real life also and sometimes it doesn’t work for whatever reason whether its Sumer interaction of the business process or whatever eventually you need to make sure that it gives you
the real life benefits
Hey, let’s talk about successful POC visits versus business impact a lot of time. We’re doing a POC these outside of the main systems or the main processes of the company and its good at we’re doing it because it’s kind of a quick and dirty option to assess the benefits and the technology.
Timestamp: 40 min to 41 min
Hey, but even if the POC is really successful at the end of the time the end of the day. If you want to make a business impact you need to go kind of a mass market. And in order to do that. You need to connect the technology to the core systems of the company to the main business processes and that can be very tedious and long.
Process but it has to be done if you want to get the real benefits. So even before you do the POC you need to understand how will it work in a full production environment. Now, let’s talk a little bit about the timelines. So, the workplane the money for corporate is not money. I believe that the problem is not money.
Timestamp: 41 min to 42 min
the problem is how to get things done because operators the yearly plan what are the projects that we are going to do and all the company is working towards those projects and goes and now say that today I found the really nice technology or start-up and I want to get it into to operate and
and build a POC and get the technology wrapping up and running and I have the money but I don’t have the people on the it side or the business side to put a side projects that were on the walk length of the company and get the new pod project and inside you need to get the stakeholders oval and that’s not an easy.
Timestamp: 42 min to 43 min
I asked to do but we have to do it. It takes time from the corporate the side times the not all the time. The start-up has we were walking kind of two different timelines. And when we talking about the stakeholders for success.
You know start up as two three people that can change the course of the company and decide what to do. And in the corporate there are many stakeholders the business that sells the operations service claims Finance it legal compliance, and I’m sure that I forgot some of them and in order to success to have succeed successful project you need to bring
almost all of them on board and you know,
Timestamp: 43 min to 44 min
and say okay we have to do too much to it and get this back up. But it always good to have everybody on your side by understanding the benefits to them and start up needs to have that in mind and they need to help to mitigate the stakeholders drawbacks. If there are any, I’m not going to talk the because it’s and I’m not going to talk about the different perspective on security on regulation. It’s not
necessarily enough to say we are GRP compliant in order to go through the security gates at least at the needle and this is something that both sides need to address and I want to finish the few minutes that I had saying that again, although there are a lot of differences between corporates that you know, we have the customers. We have the money with the brand we have that
Timestamp: 44 min to 45 min
but start-up it is they are a lot of things that we don’t care with they have technology. They have ambition. They have creativity and we need to know how to work with that. We must know how to work together in order to survive. And again, I think that even more now it’s important because of the economic situation on the Corona side. This is I believe this is going to be a big change now and
companies are going to be more open to changes in technology and more in the State of Mind of hey, we need to change things and we need to change the way we used to walk until now and I’m very optimistic. It’s bad timing, but I’m very optimistic and I think that’s it for today. Yeah. Thank you very much time. Thanks for that perspective, and I had a question coming in.
Timestamp: 45 min to 46 min
Going to just give you this question in a paraphrased format. So, sort of I guess it was building on the Men Are from Mars Women Are from Venus things. So is the solution the question from the audience is how about a start-up insurance company that has no Legacy and Kobi was mentioning. You’ve got three new digital insurers in the market in Israel. Do you think that’s going to lead to things getting done a bit quicker and perhaps sort of show the way forward and
Is that sort of Middle Ground? So that was the question just do you think the prospects for those new start-up companies are good, or do you think they’ll have other challenges that they’ll have to overcome? No, I think there are the Outlook is even better for start-ups because there is more understanding around the top management that things need to be changed and this is good, but it won’t.
Timestamp: 46 min to 47 min
We need the need to connect into the core old systems of the insurance companies because again the customer service work on the back of the CRM of the company and back office work on the main statement, you know, the old Mainframe systems. We’re not going to change it anytime soon to change.
Change the core system. It’s a project for years. Now. It’s not going to happen. Especially not this year. Okay. So the challenge is there the openness of the mind and the willingness of the companies to do it is going to be higher but the challenges of implementing and doing it are not going to evaporate one day because you know, there is a Corona that’s not going to happen.
Timestamp: 47 min to 48 min
Good. So, thank you so much for that. And I think that’s he’s up very nicely I’m going to talk and introducing to Romi and Romi is going to actually talk about open Legacy. And I think this is obviously one of the possible solutions right to how do you move away from Legacy technology? How do you use of open up your systems? So, you can integrate with others. So, total will come back to you and the panel discussions, but some look forward to
Your comments now Romi and discussion on an open Legacy sure. Absolutely and thank you and thank you Tomer and Kobi and Simon very relevant. I would say comments actually a good State way for me to chime in and I’m actually sharing my screen. So, thank you. Hopefully you can see it. So first, let me just maybe oh perfect. So maybe a minute or two just to
Timestamp: 48 min to 49 min
Quickly kind of thing to reduce open Legacy. So not surprisingly. We are an Israeli based start-up started back in 2013, and we’ve been kind of growing over the past several years expending kind of internationally. And in fact, today, we are actually Global working in every region and we have clients across all regions. A lot of them are Global clients, but obviously primarily insurance and banking. This is our kind of primary vertical
You in a minute. Maybe I will add it what we do is we help automate and standardize the creation of Digital Services. Exactly for those core Legacy applications workloads that continue to run the Core Business processes for the Enterprise for the insurance and what have you but let me maybe I will actually want to use that opportunity actually to speak a little bit about we talked about Israeli technology.
Timestamp: 49 min to 50 min
Maybe I will dive a little bit into kind of some technology slides just to make it a bit interesting from that perspective and I do want to share how did we get here in that perspective. We all talk about Legacy and a lot of time we blame the Legacy, but if you think about it over the past probably decade or two, there’s been a lot of new digital or new system of engagements started with the internet banking maybe in the late 90s. So obviously building new system of Engagement.
Is not a new concept or building digital Is Not A New Concept per se but he always had kind of the systems of Records the core Insurance the core banking we heard about Tomer are talked about the Mainframe and those type of kind of core systems be Oracle database or IBM system I which is as 400 which is very much pervasive in a lot of our insurance clients, but essentially if you think about it what has been done over the past.
Timestamp: 50 min to 51 min
Ten fifteen years is actually something called SOA or service oriented architecture where essentially you had multiple product. It’s almost like a lasagne if we’ll take the food and Allergy that has been kind of put in place into those data centres above the core systems to be able to create those Digital Services. So that was the solution that was then back in a decade or 15 years ago in the late 90s. We’re building a service-oriented architecture with products like Enterprise.
This pass for those who might be familiar on the technology side and one of the challenges with that that obviously it was a great thing solving and centralizing all services for the organization by the key challenges. You can see here on the slide is the fact that you have multiple teams and multiple products and technologies that are actually getting in sometimes in the way. If you will between your systems of records that run the processes to the new engagements channels digital channels that you want to do.
Timestamp: 51 min to 52 min
And if you think about it, even when you’re introducing new, I would say Technologies on the digital side. And what have you still a lot of time have to go through that service oriented architecture or ESB type product and what this eventually results in is the fact that building a service building a new digital service and it could be a digital service that could be a new business workload that new fintech is building bringing to the market but
You need to bring the business process from New York or systems in order to tie that new functionality to what you what your business or to your ongoing activities and that actually service creation is something that we see takes typically months its measured in months and a lot of our insurance companies. We see three months four months for a single business process to be digitized if you will or connect to a new fintech or create an API.
Timestamp: 52 min to 53 min
Point for a process that is measured in months. And obviously if you think about that, you need hundreds of Digital Services in the coming years or the coming months obviously building a single one with many weeks is not sustainable and that’s probably the primary the primary challenge that we see in today and maybe I will actually relate to one of the folks that was mentioning kind of the covid maintained.
In the fact that you need more internal processes to your employees because they’re working from home. So, it’s not just about building a new call mobile website mobile application that in any case you need to connect it to your car back end. But even if you want to get your employees to be able to work from home or remote you now need to open up the back-office applications to those employees. So you need to open it up through digital and Cloud So eventually you will have to go through you’re the same kind of
Timestamp: 53 min to 54 min
Hidden cloud and microservices all of those things that have started on the consumer with Amazon and others has are now actually getting their footsteps into the Enterprise and in that perspective. This is exactly the I would say the methodology or the philosophy that we are also seeing in terms of becoming digital to the core on the technology side. It might be translated into microservices to the core and the premise of it. Is that instead of kind of going through the same.
Timestamp: 54 min to 55 min
And cost investment and processes that you’ve been doing for 10 15 years we offer or encourage the idea of to go back to your same Core Business workload the same systems in a secure fashion, of course and automatically generate an abstraction layer. So instead of using kind of multiple products that each product has a single purpose you’re actually going into your core back and systems and you’re in fact encapsulating or digitizing those core.
Back and functionalities in a way that allows you to bring it to a more of an abstraction layer or a unified single layer, which we call 10,000 microservices. But essentially the idea is that every micro service that you are now automatically generate for that back end. So automatically you bring that digital functionality into your new open environment essentially everything that comes from your core system is already coming on a digital format. So that makes it much
Timestamp: 55 min to 56 min
Easier for the new digital Innovation digital teams to actually just use those digital assets that you have not now automatically created or representing for a mirror Legacy in a way that is seamless and very easy for them to consume in more. I would say modern Technologies like Cloud Etc. So the result of that in the end of the day is that if you think about the impact of in general using more cloud and
In architecture and Technologies in an Enterprise scenario is we have seen the fact that you can accelerate the time that you are creating those Digital Services or APIs in I would say in 10x to be a bit more conservative. But in most cases we actually see 20 or even faster because if you can do now a digital service from instead of going through a six-month process and iterative into something that could be done in hours or several days.
Timestamp: 56 min to 57 min
To production that’s a vast Leapfrog. I would say for the Enterprise and if you think about it, I will challenge you to think about how fast is Amazon and Facebook releasing new services to their consumer or to their end users. Essentially. It is measured in days or I’m saying hours something that perspective so release fast or die as some other
Folks in the industry talk about the other maybe important thing to mention is the fact that when I will wrap it with it, is that doing a digital service or building an API from a technology standpoint? You can do it with many ways. But the idea is that if you still building with the colleges that were 10 or 15 years ago before the digital first before mobile first or Cloud first point of view Timestamp: 57 min to 58 min
Excuse my analogy. So essentially you might have a digital proxy but your entire stack is so slow and you are as fast as your weakest link. So in the end of the day, you may get a digital service, but it won’t be truly digital meaning it won’t scale fast enough your end users or clients will have to wait maybe a second or more to get the business transaction active on their mobile or the digital endpoint or the digital channel and if you think about it, that’s really not true.
Early digital so you really need to provide not just the enabling your services to become digital from the core. But also, they need to provide a truly digital experience in terms of latency and performance and you do that by actually endorsing and embracing a lot of the new Cloud Technologies. So, let me stop. I know we probably are on a time check here so you I would turn it back to you and of course happy to answer any questions.
Timestamp: 58 min to 59 min
What have you and maybe share some examples? But thank you very much. Yeah, thank you. Romi. I think what I’m going to do Brooke is maybe we won’t do this poll and just to say a little bit of time Romi. I think it was really good to hear you talking about what I sometimes call the sort of secret source of digital transformations of the APIs and microservices. We had another question in which I think is an interesting one that’s worth just delving into and getting your point of view, which was really odd.
Asking a little bit about data standards. And you know, what’s your view? I mean in an API enabled world do standards like a chord add a lot of value. Maybe you’ve got a point of view on that you could share.
Yeah, no, absolutely. So, thank you for the question. So obviously standards have a lot of value by definition and is something that I think every industry aspires to get you. I think the challenge is not just about this
Timestamp: 59 min to 60 min
Because standards are really great. We’ve seen open banking standard or PhD to in Europe, which is now coming to other parts of the world. So regulation and standards are a blessing but I think the challenge is that you having the having the standard doesn’t solve you the entire challenge because the challenge is how now you are connecting your business processes your business transactions, wherever they are and most likely they are on more lytic systems, which we call Legacy, but you may not consider them Legacy.
But essentially how do you bring everything you already have into that standard? So if you’re thinking about if you are a completely new ensure Insurance vendor that you’re starting everything from scratch, then it is very easily to adhere to a to a standard and that’s a blessing but if you already have your own I would say protocols and you’ve been operating and you have a Heritage of processes in place. How do you get that and for that you really need to build? I would say the muscle that
Timestamp: 60 min to 61 min
digital muscle having the ability to always keep changing and endorsing the applicable standard and matches the given not just one standard but actually every standard and every technology that comes in today. It’s APIs we’re already seeing for example, event-driven Technologies coming in like Kafka or so in the end of the day. It doesn’t matter if it’s a standard from a business perspective regulation or technology. Eventually, you need to be able to very quickly modify or adjust or endorse those
Those new I would say things that are coming in and that’s where you need to be thinking about. How do you kind of becoming digital to the core or digital across your stack? So hopefully that makes sense.
Yep. Thank you Romi and we got a few minutes left. So, what we’re going to do is we’re going to have a quick sort of panel discussion on what I like to do on this is actually just take the temperature of you guys and get your views. So, we’ll run this pole. So, what would you
Timestamp: 61 min to 62 min
Like to know more about most from the sort of Israel environment? So, three response options to look at and then that’ll help her to guide our little discuss options as well. So though.
I’ll take pictures and presentation categories ensuring use case and case studies. Let’s see what we come through with on that. Okay. I can I can see the direction of travel here very clear the actually so quickly. Do you vote and we’ll shoot their bows as work, please? Lots of people want to see more on
ensuring use cases and case studies. So, I’m going to actually ask each of the panelists in turn just to share what they see and it doesn’t have to be in Israel. But of course it helps it if it is for those that are reasonable based on what you’ve seen as those
Timestamp: 62 min to 63 min
Most successful stories that you would talk about whether that’s an insurTech that’s been really successful or an insurer that you think has been very successful. So, I think that maybe Kobi if you could go first and then Simon, I’ll ask you to follow up afterwards couple of minutes from each of you will be great.
Probably we don’t hear you. Yeah. Yes. It was. No, it’s okay. There’s a lot of success story here in Israel from they shoot excited as you can see or lemonade people and next Insurance are free a unicorn’s studying to take unicorn start-ups that are coming from Israel wheezes full with success.
Story even not even open.
Timestamp: 63 min to 64 min
One of the our basic in there is a many more but what I think is help this happens is the variety of topics and the technology that we have in Israel. You can even see that the cyber Insurance activity here in Israel is a very successful. So, there’s a lot of success story here in Israel that can support these the industry to grow.
Okay. Any I guess in a way it’s a bit hard if I asked you to call out one because you know, there is Central to the industry. So, I’ll probably not beat you on the same spot on that one. But Simon maybe you could give your perspective your more from a global point of view. You know, what’s the thing? That’s really excites you and example. I’m sure you’ve got a few. Yeah, I’m not going to get drawn on.
Timestamp: 64 min to 65 min
A specific company either but you know, I mean that you know, who I’m I always go to some lengths to say, you know, I’ve been in the industry for quite a long time. It’s by far the most exciting time insurance has ever seen right and I say that, you know with genuine authenticity from a customer point of view because actually, you know, I’ve spent 30 odd years and insurance we all need insurance the world needs more insurance. But boy is it got some pain points and areas of frustration for customers and you know the great thing about
insurtech is that it’s the key that unlocks the box of potential to address a lot of these pain points and it applies across the board here as we know. I mean, I think on the sort of value chain Innovation side, a lot of insurers kind of started with sales and marketing so three or four years ago all the money was sort of looking in that direction for pocs. I think it’s now much more balanced RPA. It’s become a ubiquitous kind of, you know, low-hanging fruit really in terms of dropping things are going along with chatbots and stuff.
Timestamp: 65 min to 66 min
So I think I think insurers are steadily working their way through the value chain and are always scouting out for you. Good case studies of or good story good technology firms that can hit the different parts of their business on the new model side of things. Of course, you’ve got you’ve got a bit of a tension there between technology companies that want to work with insurers and those that want to disrupt and take them over and the irony is and I’m sure covid agree with this first became a thing.
Seven five six seven years ago. It was all about knocking over the big boys taking on Conquering the world and the older dad and long live the new the reality is, you know, a few years later that you know by Far and Away a lot of the deal flow and insurtech excerpt kind of pivoted and moved to working with the big players because they’re not going to fall over anytime soon. So but you know, that’s really exciting new business models that do challenge the status quo, and I guess one that I will call out.
Timestamp: 66 min to 67 min
Is lacquer only because we’ve covered them before in the UK and I really just like that model because it does challenge the role of an insurer, right? These guys are focused on a niche part of the market and it’s a bit of a sort of Community Based peer-to-peer model with a back-end reinsurer through Allianz, and there’s steadily quietly carving out quite an interesting proposition where we’re all in it together. If nobody claims. Nobody pays a premium. The business is basically a platform that just takes a 20 percent clip. Everything else is passed through so no claims no premium.
Seems quite interesting little business model compelling from a customer point of view because I think we’re all happy as customers to pay companies to do things. We just don’t want to be ripped off and that’s the challenge I think for insurers is that thing of trust with customers? So insurtechs kind of helping on that on the new business World side making good traction, the one other one, I’ll call out here and you’ve heard me talk about this before, you know, I’m a bit of a blockchain fan and I think using the iot
Timestamp: 67 min to 68 min
Launching this an interesting POC we’ve covered before we’re sort of plugging technology into a test Tesla and having a dynamic aggregator going around inside the car that’s sort of real-time pricing the risk and moving it from One Insurance or another hugely challenging for the insurance Market really cool from a customer point of view. So, I like these sort of you know, these just a bit like the formula one approach to developing the mainstream car market. They’re pushing the envelope and some of these in shorts actually doing that.
Yeah, so you like the edge of the envelope certainly Simon and those two exam?
Tomer have you got you got a favour or an initiative that you want to call out.
I think you are mute.
As sorry I don’t want to name one in particular though. I agree with the
Timestamp: 68 min to 69 min
You I believe that says Simon says that the RPA was a big game changer from the operational perspective. It’s not insured Tech. It’s globally it can apply to every type of company but it’s a huge success from our perspective. There are a lot of many things that we do around big data and modeling that will bring the customer.
Or instead of asking them many questions. We know even France based on two three questions. What is the best product for them the it works quiet? Well, we still challenge around what you do in health environment with iot. We know that we need to go there but we don’t have the break through it this point yet, and this is a big challenge for my perspective.
Timestamp: 69 min to 70 min
Before any of the audiences has something to give us around that I will be happy to hear later on private session.
Yep. Thank you. Thank you very much and roll me over to you just for any sort of comment sure enough. Thank you.
Yeah, thank you. And maybe I will start from to talk to Quick topics or comments one. Actually, I will take from a Peer Industry which I think is also very relevant to insurance. We once heard recently from a CIO of one of the bank’s we’re working with and he told us that if he doesn’t bring everything he knows all the processes all the data that he knows on a specific client when they engage with that.
specific client then he’s not truly digital and if you think about it, this is a very interesting analogy because I’m a
Timestamp: 70 min to 71 min
On and all the new all the new big guys, which I know that’s probably a topic for another webinar that are probably looking to get in more some of these Financial Services Industries. Obviously, they know everything to know about their clients. So, every time someone is on their website, they know probably what they going to be looking next. So I think bringing that kind of concept and mindset is something very important that I think CIOs in the financial industry in general need to start embracing and the
a practical example was that that CIO actually had an call centre and it was implementing a new system which enables you to interact of course with the new digital channels. So, every time a client calls to complain about something or just as part of the routine of customer service, he found the opportunity to make it from a cost centre profit Centre. So he started enabling more data as former.
Timestamp: 71 min to 72 min
And then and my peers here into those Ivy our interaction so that a person who handles that call or complain or whatever can understand and know more about the climb that they’re talking to and maybe offer them services or mitigation outside of I would say the specific topic that he was calling about. So, I think this is an interesting and a sophisticated maybe simple use case but something on the
other company that I would mention specifically as I mentioned one Israel Insurance company that we work with and they were looking to build actually new channels through a bank. So, they would like to offer new insurance policies through a bank through collaboration and obviously that requires you to open up and build new services from your core systems in that case. They had around 400 for those insurance that know those
Timestamp: 72 min to 73 min
Is probably what you have in your back end and but they couldn’t wait for 6 months to finish up or a year to finish up those services. So, they were looking for how they can automate and use develops and some of those new Technologies that you are using in start-ups and fintechs and insurTech. How can you bring that into your core Mission critical? And in fact, they were able to do that and in five months not only
build kind of a very automated pipeline but also offer 100 Digital Services from their core system. So as the CIO told me they were the first time they were ahead of the business. Typically, the business the CFO and the CEO or coming to the CIO asking them. When are you guys going to be ready? You are holding us up, you’re holding our mobile and digital applications. And in this case, it was reversed the it was
Timestamp: 73 min to 74 min
Before the business with the API and digital enablement for the back end and actually the business was actually still kind of Designing those services. So hopefully that that something that resonates in terms of a use case. But again, it’s all about digital to the core or in embracing. I would say those new develops new modern technologies that are out there to your Enterprise stack. Thank you very much. Thank for that is
Examples now we know almost out of time. So, I think what we’ll do is just start wrapping up and do a few updates from ADI Simon, I think.
Yeah, thank you. I kind of lost you there, but hopefully you can hear me. So just a quick a couple of updates that you said from TDI firstly just to acknowledge our thanks to our corporate members that sort of pool of
Timestamp: 74 min to 75 min
Is it a more authoritative digital continues to grow we appreciate their Sports? You can see them in front of you there next slide, please to one of the things we’ve done as part of our commitment to the industry over the last 12 months or so is having listened more and more to the need for a wider range of people to be engaged in digital across the insurance Community. We’ve kind of We’ve Ended up launching something called TDI Academy and this aims to help take the knowledge of understanding.
The standing and engagement in digital from the few to the many. So, to help more than just digital specialist become involved in digital, but all members of Staff all levels in all functions and we launched our first part of that first sort of program called associate digital insurer in January. It was Miss the world’s first mini MBA on digital Insurance its launch really well and because of covid and the things that are challenging the industry at the moment we’re bringing forward into this year.
Timestamp: 75 min to 76 min
The launch of a couple of other programs certificate in digital insurance and exactly additional insurance program for sort of CEO Mexico teams. So, we’re really excited about that. It’s kind of marketing member LED and bit of a first of its kind and it’s Landing very well next slide, please Brooke terms of the kind of structure of that. It’s you know, very much a sort of forward-looking current and relevant program fully virtual quite a commitment. So, you know you earn your stripes
That’s when you come out of it. And we look at all parts of the business and ways in which technology can help it going forward. Lots of use cases lots of Specialists from outside of outside of TDI for sure from around the world and suspend some extent outside the industry. So it’s a really cool program as is our certificate and ADI programs as well next slide, please Brooke and I guess you know in front of you now, you’ve got a good bit of a sense of how far into the weeds.
Timestamp: 76 min to 77 min
We go. So the program for the ADI is structured across seven courses from a sort of broad view of how the world is changing through the customers lens through to you know, what I ones on different tack so that areas of the market its DNA value chain new business models are no, we kind of go through marketing customer experience and end on strategy and haters are make transformation happen. And each of those courses has got seven or eight hours of content all
Interactive very virtual and pretty cool though. I do say set say so myself next slide, please and I think I think we’ve had some great feedback from the people have been on it. So far, our next cohort starts there next week actually another 50 or so people from around the world. I’m really, I think is standing out because it’s a digital First Learning opportunity for people in the industry. It’s industry relevance, but very much an outward-looking sort of program and constantly dynamic.
Timestamp: 77 min to 78 min
Of the TDI platform so it’s kind of more than just a once in done as well because it engages you with our TDI knowledge platform going forward as well. So next slide, please. So, we’re excited about that. And if you want more information, please drop us a line. I think there’s information or a link on our website. And the last thing for me to mention is we’ve got another webinar coming up next week. This is a very topical subject obviously coronavirus in a connected in digital world exploring the implications for the insurance industry. So that’s
Next Thursday the 23rd nine o’clock the UK, which I guess is 10 o’clock Central European four o’clock Hong Kong Singapore. Please sign up if you haven’t already that’s in conjunction with Swiss Re and the team there, so we appreciate their support you back to you. Okay? Thank you very much Simon, and we can just go on to the next slide just to wrap up. I guess first of all really to thank you the audience for your time. Hope you got value from this webinar we have
Timestamp: 78 min to 79 min
But it obviously I’m going to be sharing that online and Via email as well so you can share with your colleagues or if you joined a bit late and want to hear the starts and you can do that as well. We would ask you for your feedback. So, there will be a little feedback survey at the end. So, if you’ve got some other bit of time just a couple of minutes or give us feedback individually as well. If we just go to the last slide here if you want to contact any of the individuals today, here’s their email.
Text as well. So, enjoy the rest of your day and thank you for joining us and thanks to all of our panelists again for doing a great job and sharing their experience. See you all another time.