Lloyds, the world's leading specialist in the Insurance market. Estimated the insurance opportunity in developing countries to be between 1.5 to 3 billion policies.
In 2017 according to the insurance information institute, there was a total of 280 million people with at least one microinsurance policy or 5% of the potential market. Premiums were valued at US$2.4bn. With annual growth rates of 10% or higher in some countries.
Digital transformation, across other industries, exposed consumers, to the convenience, and ease of use of tech enabled digital products. SME’s and consumers, of retail finance products, expect the same level of immediacy and customisable products and services.
Payments represent the sum of consumer experience on a microscopic level. Digital transactions reflect what consumers can afford, their ever-changing desires and the richness, and level of sophistication of the trading environments, represented by the cities that consumers reside within.
The nearly universal adoption of mobile devices is driving the adoption of mobile payment solutions and the growth of non -cash transactions.
Presently, 30% of the world’s adult population is unbanked, 80% of SME’s worldwide have no access to formal financial systems and 90% of the adult population in developing countries do not have access to a credit card. The International Finance Corporation (IFC) reported a funding gap of more than US$ 2 trillion for (SME’s) in emerging markets. Hence the World Bank and the G20 are collaborating to solve this challenge.
One of the spillover effects of opacity within fashion retailers supply chain network is that fashion retailers and their suppliers may not share returns data. Leading to information distortion. And the emergence of one of the most intractable challenges, impacting the apparel industry, the “return’s process”.
According to KPMG, it costs UK retailers £6obn per annum. In the U.S. alone, Statista estimates return deliveries will cost $550 billion by 2020, 75.2% more than four years prior.
Data and information are the foundation of fast fashion agile supply chains. Hence the expeditious flows of accurate, timely, information. Facilitates accurate responses without waste.
Hence, the strategic objective of an organisation, in this context. Is the reduction of processes involved in the buying cycle and lead times for getting goods to market at peak consumer demand.
Supply chains are another facet of competition, and the success or failure of supply chains is ultimately determined in the marketplace by the consumer.
Getting the right product, to market, at the right price and the right time. To consumers across multiple time zones, and geographies is not only the lynch pin to competitive success, but is also the key to survival.
The first human genome based on the Sanger technology, a gene sequencing method, occurred in 2001. The Human Genome Project, was a multinational collaboration, that took 13 years to complete, involved hundreds of DNA sequencing machines and cost, approximately between US$0.5-US$1bn.
Across the globe, consortiums, comprised of government, academia, companies from the field of genetics, venture capital and healthcare institutions are collaborating on population-wide genomic projects. Primarily to lay the foundation for precision medicine. Through the derivation of insights obtained from the genomic data of thousands of people across the globe.
There is a growing demand from consumers to gain access to more personalised health information. That provide insights into their predisposition to diseases, guidelines into diet based on nutrigenomics, and their culturally specific needs. As consumers connect, food choices, the environment and their genetics to health. A number of movements such as the Wellness, the Quantified-Self and the Bio-Citizen are converging around genomics.
The dashboard below represents 17,000 reviews of 277 apps, from a total of 40 countries across 43 categories. The data was scrapped off Google Play the app store. The digital distribution service operated and owned by Google Inc.
The global app economy is estimated to be worth US$1.6 trillion. Growth is based on the near universal use of handheld devices, increasing wireless bandwidth, and the maturation of cloud-based technologies, mobile platforms and their associated apps.
App stores are the most dynamic and important point of control for the industry, all roads in the app economy, currently lead to the app store. This is in terms of economic outcomes, revenue generation, and governance.
The graphs and dashboards below are a representation of data scraped from Booking.com a well-known online travel marketplace. This data-set contains 515,378 customer reviews and the scoring of 1,492 luxury hotels across Europe. Located in Spain, the United Kingdom, France, Italy, Austria, and the Netherlands.
To close the gap between perception and reality. Consumers across a plethora of industries are seeking peer to peer advice. And are leveraging online review websites to lower the level uncertainty and scepticism, that may occur when engaging with unfamiliar brands.
As, the mobile-only phenomenon begins to take hold in the travel sector. A significant percentage of smartphone owners across the globe are actively researching, booking and planning their entire trip using a mobile device.
Advanced economies dominate the app market. The winner takes all phenomenon, ensures that 95% of value created by the app economy is captured by just 10 countries.
Over the last decade, data-driven organisations have become some of the most valuable companies in the world. To illustrate my point, in 2001, the top 5 most valuable companies by market capitalisation were drawn from; The retail sector, oil & Gas, banking and industry. Only one firm microsoft was from the technology sector.
The availability of wireless mobile devices and the migration from traditional product-based business models to service business models. Is the result of the on-going transformation of the global economy from an analogue to the digital economy.
There is minimal information on the adoption rates of new technologies around the globe. So this section is limited to the USA. The graph, below, illustrates the rate of adoption of new technologies in America.
Thus, for electricity, it took 46 years for this technology to reach 25% of the US population, from 1873, the date of the commercial release of the technology. In contrast, it only took 7 years to achieve the same feat with the internet.
