Aviva 2013 Annual Report Download - page 20

Aviva plc
Annual report and accounts 2013
18
Market context
Where the world is going
Many social and economic factors provide opportunities
for the insurance and asset management industry. Here are
some of them.
Older and healthier
§Baby boomers and higher life expectancy have created a large
50+ generation. Personal wealth is highly concentrated within
this group
§There are signicant opportunities for insurers to meet the
developing needs of this segment and to manage their
existing wealth
§We also operate in fast-growing, developing life insurance
markets, which present opportunities for insurers to help new
customers to accumulate assets.
The digital world and increasing availability
of data
§The increased volume, variety and velocity of data allows for
greater use of predictive analytics
§Automation of processes is likely to signicantly reduce
operating costs and fundamentally change the nature of
the interaction we have with our customers
§Customers are increasingly open to digital sales channels
and digital interaction. Mobile technology is prevalent and
customers increasingly expect to manage their insurance on
the move at a time and in a place that suits them.
World population
Billions
Source: United Nations Population Division
1900 20001800 2100
10
09
08
04
07
03
06
02
05
01
Adults Children
2013
Rapid growth in data volume
Global data (trillion gigabytes)
2012: of all global data –
23% useful if analysed;
only 0.5% analysed
202020182016201420122010
2012: of all global data –
23% useful if analysed;
only 0.5% analysed
40
30
20
10
Source: IDC’s Digital Universe Study, sponsored by EMC, December 2012
Pace of technology adoption
Days to sell one million units
360
iPod
300
Blackberry
180
Netbook
75
iPhone
30
iPad
1
iPhone
4S
Source: Deloitte ‘Customer service in the digital age’ 2013 report
Ageing world population
Number of persons aged 60 or over (millions)
205
810
2,000
(projected)
1950
2012
2050
Source: United Nations Population Fund