THE TRANSFORMATION OF INSURANCE

Transcription

1 Allianz Global Corporate & Specialty SE THE TRANSFORMATION OF INSURANCE Insurance Institute of Gauteng Broker Leadership Forum Michele Williams, Head of X S E 17th May 2018

2 THREE PREDICTIONS FOR THE FUTURE Products will look fundamentally different IF YOU ARE AROUND 30 YEARS OLD TODAY, YOUR CHILDREN MAY NEVER NEED TO KNOW HOW TO DRIVE A CAR BY THEMSELVES INDUSTRY 4.0 INTANGIBLE ASSETS

3 THREE PREDICTIONS FOR THE FUTURE Existing roles will evolve and new roles will emerge DATA SCIENTIST DRONE PILOT BLOGGER BLOCKCHAIN DEVELOPER

4 THREE PREDICTIONS FOR THE FUTURE Service platforms will play a central role

5 Products will look fundamentally different Existing roles will evolve and new roles will emerge Service platforms will play a central role

6 THE CHANGING ROLE OF THE UNDERWRITER The Future Underwriter

7 X S E THE AGCS SMART EVOLUTION In today s insurance landscape risks are changing, and clients along with their insurance needs are evolving rapidly. In this emerging landscape AGCS is committed to further embrace the insights provided by the effective use of data and technology, and transform them into valuable products and services supporting the changing client risks and insurance environment. X S E focus is to drive this transformation journey, leveraging new data, technologies and partnerships through: Driving exploratory journeys triggered by different technologies, changes in business model and new global business trends Using data and technology to enhance our capabilities in Underwriting, Sales and Claims Developing our AGCS data science expertise, providing the skills and technical foundation to deliver expertise to the initiatives Transformation is led by the business in response to client and business needs

8 DIGITAL AGENDA: SELECTED PROJECTS FROM AGCS ONLINE PORTALS EASY ACCESS TO AGCS SERVICES FOR CUSTOMERS AND BROKERS myagcs.com Our core platform for major clients and brokers continues to grow as we take on board regular client feedback. Aside from global insurance program data for Allianz Multinational clients, Allianz Risk Consulting and Global Catastrophe Risk data, most recent enhancements include the AXCO Knowledge Pool highlighting insurance regulatory changes in key markets, a client dashboard, a claims page and a page for Alternative Risk Transfer program reporting. MySmartGate In collaboration with Insurtech mgm technology partners, MySmartGate is an online self-service portal aimed at all distribution partners serving small and medium-sized companies. Currently being rolled out in selected markets, this easy-to-access service offers Financial Lines products including Cyber to more than 500 distribution partners, giving them the ability to quote, bind and renew business online in a few clicks. AllianzGo Launched in September 2017, AllianzGo is our new distribution platform for SME business in North America. AllianzGo offers Brokers online access for three products Business Owners Policy (package product for small business), Commercial Auto and Workers Compensation, from quote to issue to payments to claims all online in just a few clicks. CUBE General Aviation CUBE General Aviation is our new online platform for General Aviation (GA) business in Germany. Launched in September 2017, this platform provides policy quotation and placement services for GA underwriters and connected Allianz agents, with a fully automated process from quote to certificate. CUBE will enable us to deliver faster and better services to our GA clients. CT2Go: Clinical Trials Clinical Trials require liability cover as a mandatory requirement, often at short notice, and must be able to deliver policy certificates locally as and when needed. AGCS new online portal offers clients the ability to insure standalone trials online and issue certificates immediately, thereby reducing uncertainty and administration at a critical time in medical research programs. Flock Cover: Drone Insurance AGCS is partnering with InsurTech Flock to launch Europe s first ever real- time drone insurance product. Flock Cover is a mobile app that aggregates and analyses big data relating to a drone flight, assesses the risk on the spot, and enables the operator to purchase pay-asyou-fly drone insurance at the touch of a button covering both liability (up to 10Mn) and equipment cover.

9 DIGITAL AGENDA: SELECTED PROJECTS FROM AGCS DATA ANALYTICS INVESTING IN TECHNOLOGY TO IMPROVE RISK ANALYSIS Praedicat Cyence Supply Chain Analysis Harnessing the power of big data predictive analytics to identify the liability risks of the future, AGCS is partnering with US-based Insurtech analytic company Praedicat Inc. The partnership will help clients understand potential emerging liability risks impacting their company through deep analysis of large volumes of peerreviewed scientific literature. Cyber risk is one of the least well analyzed and modelled risks of today, but AGCS is partnering with Cyence, the leading cyber risk analytics and modelling specialists, to accelerate and improve cyber pricing. By linking Cyence s powerful analytics tools to AGCS industry data, we will be able to tailor underwriting to better fit the needs of our clients from SMEs to the largest multinationals. Understanding the complex supply chain relationships is key to providing adequate insurance cover to corporate clients. That is why AGCS has developed various tools based on big data that allow to map and visualize the complex location networks as well as supplier relationships up to the fourth tier. These tools will enable us to identify exposures and accumulation issues and help us understand CBI risks better.

10 DIGITAL AGENDA: SELECTED PROJECTS FROM AGCS TECHNOLOGIES TO ENHANCE EFFICIENCY AND CUSTOMER SERVICES Blockchain AGCS is exploring the potential of the exciting Blockchain technology for the corporate insurance segment. AGCS line of business Alternative Risk Transfer has successfully trialed this technology by creating a prototype solution for the existing captive insurance program of a global client. Another pilot demonstrated the benefits of Blockchain for transacting a natural catastrophe swap. Robotic Process Automation AGCS is developing robotic process automation bots to perform repeatable rules based tasks such as data entry and extraction or policy administration, benefitting customers and AGCS with faster turnaround times and exceptional quality standards at reduced cost. With the first phase of more than 40 robots currently planned, the first are already active, and the remaining to be released in Q So far, bots are cutting normal processing time by around 90% compared to manual entry with a zero error rate. Claims technology At AGCS, we understand that with the rise of new technologies and innovation, our customers expect greater speed, ease of service and personalization when it comes to claims handling. That is why we are trialing numerous initiatives and projects around new technology and data analytics in order to transform our claims customer journey. Current pilots include a live stream loss adjusting app, drones services and aerial information platform, a digital defense lawyer toolkit, a thermographic imaging initiative as well as a chat bot project. Blockchain Claims Journey

11 THE BI / CBI JOURNEY Detailed interdependency mapping at client level, identifying critical scenarios and loss estimates BI Prepared Supply I Uses web scraping and text analytics to identify and visualise relationships between companies at a company level Status: PoC Status: BAU Assesses the robustness of the clients management systems around their supply chain and identifies areas for improvement Status: BAU SCRMA A.V.A Determines the probability of relationships at location level to identify and quantify the accumulation exposure from named and unnamed locations Status: PoC High Touch Low Touch Information sharing between systems