The Digital Insurer: Creating a Blueprint for the Future
|
|
- Doris Jade Roberts
- 5 years ago
- Views:
Transcription
1 TODAY S DIGITAL REVOLUTION IS CREATING VAST SOCIO-ECONOMIC CHANGES. DIGITAL SOLUTIONS ARE IMPACTING CUSTOMER DECISIONS LIKE NEVER BEFORE, MAKING CUSTOMERS EVEN MORE AWARE, CONNECTED, AND DEMANDING. INSURERS HAVE AN OPPORTUNITY TO OFFER CUSTOMER- CENTRIC SOLUTIONS AND OVERCOME TRADITIONAL INDUSTRY CHALLENGES. INSURERS THAT CHOOSE A DIGITAL PATH WILL REAP THE REWARDS, WHILE THOSE THAT HESITATE WILL FIND THEMSELVES AT A SERIOUS DISADVANTAGE IN THE NEW DIGITAL MARKETPLACE. The Digital Insurer: Creating a Blueprint for the Future
2 TABLE OF CONTENTS 1 MACROECONOMIC TRENDS 2 GOING THE DIGITAL WAY 3 ELIMINATING THE BAD APPLES 4 BUILDING DIGITAL STRENGTH 5 CONCLUSION 6 HOW WE DO IT 7 REFERENCES 8 ABOUT US
3 1. Macroeconomic Trends The insurance industry has been facing economic pressures for several years now. Stringent regulatory requirements, rising medical costs, and the financial pressures of a weak economy are forcing insurers to rethink their business strategies. The situation will get even more complicated when technological innovations like self-driving cars become a reality. The combination of pressures outlined above has driven some insurers to pursue market share by keeping premiums unsustainably low. Other headwinds include: Financial uncertainty and decreased customer confidence Increasing cost of operations Increasing fraud, including new types of fraud Low interest rates and inflation, leading to lower yields Mergers and acquisitions Inflexible and outdated technology infrastructure Changing customer demographics and new channel needs However, the news is not all negative. There are number of opportunities to leverage digital breakthroughs like Internet of Things (IoT), Mobility, APPification, and Bioinformatics to improve performance and profitability. These include: Using digital channels to reach new untapped markets Increasing customer engagement with product owners to co-create new products Leveraging social media to connect with customers and understand their behavior and needs Deriving better insights, a holistic customer view, and operational excellence from digital technologies With a deep understanding of the sources of digital disruption, visionary insurers can adapt quickly to stay ahead of the curve, overcome these challenges and succeed. 2. Going the Digital Way While insurance companies have little or no control over regulatory institutions, customers and business partners, they can rely on technology and processes to stay ahead of the curve. Traditionally, insurers have focused on offering innovative products, but there is very little scope to gain a competitive advantage from such strategies. Taking a cue from customer-driven industries, insurers should instead leverage digital technologies to adopt a more customer-centric approach. In today s connected world of always-online customers, insurers stand to gain from analyzing consumers digital footprints. Wearables such as Nike+ and Fitbit can provide insight into the healthy habits of their customers. Loyalty cards and digital payment options like Apple Pay, Samsung Pay or Square can provide valuable insights into spending habits. Insurers can also track customers life events on social media. All this can help insurers gain knowledge that can be applied to developing a customer engagement strategy and designing personalized solutions and bring them closer to their customers. Insurers are also able to offer their services through several new digital channels. Customers are searching for insurance products online, and insurers can respond to customer queries and feedback on social media. More importantly, digital technologies enable insurers to reduce cost and enhance productivity.
4 3. Eliminating the Bad Apples Fraud is a major area of concern for insurers and according to industry estimates, accounts for between 5 and 10 percent of claims costs for U.S. and Canadian insurers. Conservative estimates put this price tag at around $80 billion per year across all lines of insurance. (Source: Coalition Against Insurance Fraud) The good news is that new digital technologies give insurers a powerful set of tools to address fraud faster, better and more accurately. Big Data Analytics can help build solid fraud detection and prevention practices by integrating various internal and external data sources to give a fuller picture of insurance claims and transactions. Combining internal policy and claims data with third-party data like criminal records, judgments, foreclosures, frequent address changes, mortgages, and social network data can provide new insights on suspicious transactions. With the ability to use a greatly expanded data set, sampling is eliminated and insurers are able to build predictive models that increase accuracy. With digital technologies in their arsenal, insurers can also detect fraudulent claims in real time and speed up the payment of legitimate ones. Below is a sampling of how the power of Big Data can be applied to detecting and preventing fraud: Application Fraud As with credit scoring, insurers can employ Big Data analytics to identify the trustworthiness of and customer and accurately calculate risk. By checking a customer s digital footprint and social connections, insurers can uncover evidence of any suspicious claims from the past. Claim Fraud With the help of text and sentiment analytics, insurers can analyze large volumes of reports that have been filed by both claimants and adjusters, to identify patterns which can indicate potential fraudulent claims. Social Network & Link Analysis By combing through customers social links, insurers can build business rules and determine the likelihood of fraud by analyzing relationships, patterns of personal information changes, and combining this data with their claims history, rejected claims, and records of prior fraud. Internet of Things (IoT) Analytics IoT holds a great deal of promise for the future of Insurance. Policies can be personalized and tailored to customer needs and profile by collecting real-time sensor data from cars and homes to monitor customer habits and avoid false claims. This data can be analyzed for underwriting and pricing at each exposure with continuous monitoring of insured risks.
5 4. Building Digital Strength Many industry leaders are already using digital to their advantage. Below are some great examples of how digital innovation is delivering value. Progressive has deployed usage based insurance called Snapshot 1 to generate millions in insurance premiums. State Farm, in partnership with ADT and IRIS, provides remote home monitoring 2 using mobile apps to offer more than 10% savings to customers. Allstate s GoodRide 3 app helps bikers track miles, routes, and maintenance logs for quick roadside assistance. The Esurance video appraisal 3 app helps policyholders communicate directly with claim adjusters after an auto accident. Geico s mobile app has a virtual assistant named Lily 4, which uses Siri-like voice recognition to answer customer s questions on policy, coverage, and claims. Proteus uses a "digital pill" 5 to remind patients when to take medications. Zurich Insurance partnered with Guardian to create the Life Navigator 6 app with digital content advice on financial planning for life events. Prudential s Vitality program 7 in the UK integrates data from a range of sources to give life insurance and health insurance customers a personal digital plan with tips and incentives to become healthier. In Italy, BNP Paribas Cardiff has introduced the Habit@t 8, a telematics system that uses sensors to detect fire, smoke, flooding, and electric outages, then alert the customer and the operation center, which immediately activates an assistance service. 9 AEGON UK launched its online simplified life protection offering, Simply Life 10 for healthy customers between the age of 18 to 49, and can cost as little as 4.95 a month. Metlife has launched "The Wall" to provide a 360-degree customer view for its call center executives 13. Built on MongoDB, The Wall brings together data from more than 70 legacy systems and social interactions and merges it into a single record. Sun Life has launched MoneyUP 14 app, a gamification approach to improving financial literacy and more engaging group savings customers.
6 5. Conclusion It s no secret that digital technology has been changing lives and disrupting businesses. Now is the time for the insurance industry to adapt to these changes, before it becomes a matter of survival. Insurance companies that act too late or stumble through the transition will not only lose customers, but will also remain saddled with high costs and low sales. Economic pressures, regulatory reforms, fraud, and threats to privacy and security are obstacles to success, but emerging markets, connected customers, social media and digital transformation can enable insurers to succeed. Enormous developments in internet technologies have created too many options and reduced the customer s attention span they want tailored insurance coupled with super-quick service. For insurers, it is time to increase the speed of generating quotes, issuing policies, processing claims, and offering the customers an omni-channel customized experience. Insurers need to adopt a fail-fast approach quickly execute new technology pilot projects to see if they work, or to quickly go back to the drawing board. 6. How We Do It Atos Syntel has a three-tiered approach for digital transformation with an outside-in customer-centric view. Customer Engagement - Examine all customer engagement channels and identify digitization opportunities in user experience, internet of things and mobility. Customer Insights - Empower the engagement layer with Big Data analytics on customer insights, customer analytics, and streaming analytics through Social media, location-based analytics, and data in motion. Digital Backbone - Modernize applications, build APIs to legacy systems for real-time data exchange, and implement automation via BPM, virtualization and cloud enablement. Atos Syntel has created a Customer 360 framework for insurance, which combines all internal customer demographics, quotes, policies and claims data with their external digital footprint to identify cross-sell/up-sell opportunities to insurers. Atos Syntel s Digital Transformation in Action Atos Syntel has completely digitized and simplified an auto claims settlement process from reporting the first notice of loss, managing and renewing policies through automating the claim settlement process. For an auto insurer, Atos Syntel has developed a solution that predicts and identifies fraudulent claims to accrue huge savings on claims reserves. Atos Syntel has built an IoT framework that collects data from all mobile and telematics devices and applies analytics that calculate an individualized risk score for each customer. Atos Syntel has deployed a solution for a major insurer that has enabled them to reduce churn by 3% by leveraging digital channels to connect and retain vulnerable customers. Digital One for Insurance Atos Syntel Digital One TM enables enterprises to transform into digital enterprises by leveraging the power of mobility, social, Big Data, analytics, Internet of Things and cloud technologies. Digital One combines Atos Syntel s domain and enterprise systems expertise with next-generation technology capabilities to deliver end-to-end digital transformation to drive business outcomes.
7 7. References ABOUT THE AUTHOR Sandeep Raut Sandeep is responsible for verticalization of all digital solutions. He had spearheaded multiple digital transformation solutions to marquee customers across the USA and Europe. Sandeep has over 28 years of IT Services/Consulting/Off-shoring experience with more than 17 years in Business Intelligence, Analytics space.
8 about US Atos Syntel is a leading global provider of integrated information technology and knowledge process services. Atos Syntel helps global enterprises evolve the core by leveraging automation, scaled agile and cloud platforms to build efficient application development and management, testing and infrastructure solutions. Our digital services enable companies to engage customers, discover new insights through analytics, and create a more connected enterprise through the internet of things. Our "Customer for Life" philosophy builds collaborative partnerships and creates long-term client value by investing in IP, solutions and industry-focused delivery teams with deep domain knowledge. To learn more, visit us at For more information, visit us at
Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry
Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry The traditional business model for insurance, though still a reliable
More informationAI Strategies in Insurance
AI TRANSFORMATION AI Strategies in Insurance Executive Brief Executive Summary The insurance industry is evolving rapidly with large volumes of data and increasing challenges from new technologies. Early
More informationDigital insurance: How to compete in the new digital economy
Digital insurance: How to compete in the new digital economy The traditional insurance company is set up to best serve a type of customer that, in the very near future, may no longer exist. Demographic
More informationInsurance Position Paper UBI
UBI The Promise of Usage-Based Insurance The promise of usage-based insurance The competitive landscape of the auto insurance industry is changing rapidly. Systems and staff costs are increasing, fraudulent
More informationDigital Disruption of the Insurance Industry
WHITE PAPER Digital Disruption of the Insurance Industry New technologies have the potential to destroy some companies and propel others to new levels of success 1 Digital Disruption of the Insurance Industry
More informationTHE ANALYTICAL INSURER SAS AZERBAIJAN ANALYTICS SUMMIT, FEBRUARY 3RD
THE ANALYTICAL INSURER SAS AZERBAIJAN ANALYTICS SUMMIT, FEBRUARY 3RD AGENDA Analytical Insurance Understanding Customer Life Time Value Managing Call Centres Interactions The Digital Insurer AGENDA Analytical
More informationperspective Insurance against Disruption Abstract Mohan Babu
perspective Insurance against Disruption Mohan Babu Associate Vice President and Head, Insurance Practice Group, Infosys Abstract New disruptive forces continue to emerge, changing the insurance landscape
More informationINSURTECH OUTLOOK. Executive Summary september 2016
INSURTECH OUTLOOK Executive Summary september 2016 BRUNO ABRIL Global Head, Insurance The Insurance Industry is gradually reinventing itself to respond to the digital transformation challenge, incorporating
More informationALLFINANZ Digital New Business & Underwriting
Digital New Business & Underwriting Transform underwriting into a sales enabler and profit driver Life Group Health Disability www.munichre.com/automation-solutions Digital New Business and Underwriting
More informationRunning Your Business for Growth
Accenture Insurance Running Your Business for Growth Could Your Operating Model Be Standing in the Way? 1 95 percent of senior executives are not certain their companies have the right operating model
More informationAt the Heart of Redefining Insurance
At the Heart of Redefining Insurance Internet of Things in Insurance: Disrupting the Business Landscape Sriram Natarajan Vikram Singh Abstract The Internet of Things is fast becoming a reality in the insurance
More informationAre you ready to be an Insurer of Things? How the Internet of Things is changing the rules of the game for insurers
Are you ready to be an Insurer of Things? How the Internet of Things is changing the rules of the game for insurers The traditional business model for insurance, though still a solid source of revenue,
More informationInsurTech HUB România
http://www.oecd.org/going-digital/ InsurTech HUB România Călin Rangu 1 Summary Challenges & stages for an InsurTech HUB OECD perspective EIOPA InsurTech Task Force (ITF) Big Data first thematic review
More informationIBM Financial Crimes Insight for Insurance
IBM Financial Crimes Insight for Insurance Highlights Improve outcomes and reduce cost of counterfraud efforts Optimize assets for efficient and effective fraud management Quickly distinguish fraudsters
More informationArchitecting New Age Home Insurance through Connected Homes
Architecting New Age Home Insurance through Connected Homes Abstract After several years of hype and promise, connected homes are now set to become a widespread reality, given the growing popularity of
More informationImplementing a gamification strategy. The importance of winning the game in insurance
Implementing a gamification strategy The importance of winning the game in insurance 1 Enhancing customer engagement through gamification This paper: Defines gamification for insurers what it is Explores
More informationNAVIGATING THE DIGITAL JOURNEY IN INSURANCE
Renew-New NAVIGATING THE DIGITAL JOURNEY IN INSURANCE As various industries reap the benefits of digital transformations, the insurance sector needs to adopt technology as a hedge against ever-increasing
More informationCisco Insurance Whitepaper Fall 2016
White Paper Cisco Insurance Whitepaper Fall 2016 Technology Helps Insurers Unleash the Possibilities of Digitization It s no secret that InsureTech investment is on the rise. According to the Pulse of
More informationDIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE & HEALTHCARE INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING
DIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE & HEALTHCARE INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING DIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE
More informationImplementing behavioral analytics to drive customer value: Insurers cannot afford to wait.
Implementing behavioral analytics to drive customer value: Insurers cannot afford to wait. 2 A case for behavioral analytics and automated response imagine Two customers phone into your call center. One
More informationFuture Trends 2017: The Shift Gains Momentum
Future Trends 2017: The Shift Gains Momentum IASA Spring Meeting April 2017 1 People Market Trend: Pressure on insurance industry driving new expectations, innovations and competition Changing customer
More informationTelematics Usage- Based Insurance
Telematics Usage- Based Insurance Smart solutions for the motor insurance industry m2m.vodafone.com Vodafone Power to you Telematics Usage-Based Insurance Usage-based insurance Consumers want lower premiums
More informationReal-time Driver Profiling & Risk Assessment for Usage-based Insurance with StreamAnalytix
Real-time Driver Profiling & Risk Assessment for Usage-based Insurance with StreamAnalytix The auto insurance industry is rising up to meet consumer expectations of personalization and flexibility in all
More informationOperational Excellence / Transformative Strategies for Insurers
5 Operational Excellence / Transformative Strategies for Insurers The insurance market has been under pressure to transform for many years now. PWC identify five distinct pressure points: social, technological,
More informationTelematics Usage- Based Insurance
Telematics Usage- Based Insurance Smart solutions for the motor insurance industry vodafone.com/iot Vodafone Power to you Telematics Usage-Based Insurance Usage-based insurance Consumers want lower premiums
More informationDIGITAL OUTLOOK INSURANCE INDUSTRY
www.infosys.com INTRODUCTION Sometime during the middle of last year, more than 100 insurance company CEOs were asked for their views on what lay ahead. Their response was quite unexpected. Here were
More informationA New Score. Author. Sanghamitra Paul
Gamification in Insurance A New Score Author Sanghamitra Paul I recently heard about Gamification in Insurance from one of my Leads. Curious, I decided to dig deeper to explore this concept. Since time
More information2014 EY US life insuranceannuity
2014 EY US life insuranceannuity outlook Market summary Evolving external forces and improved internal operating fundamentals confront the US life insurance-annuity market at the onset of 2014. Given the
More informationGuidewire ClaimCenter. Adapt and succeed
Guidewire ClaimCenter Adapt and succeed Today s Challenge It s a fact that claims handling accounts for your highest cost. It also presents your greatest opportunity for satisfying customers and securing
More informationInnovation in the insurance and automotive sector
Overview Octo Telematics is the Number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, it has been a pioneer in the insurance telematics industry.
More informationEnabling the future of underwriting
Enabling the future of underwriting A digital road map kpmg.com/us/insurance Contents Introduction 3 Market dynamics 4 Role of technology in the underwriting process of the future 5 The underwriting value
More informationTHE F FILES. Group benefits fraud what you need to know to fight fraud GET #FRAUDSMART
THE F FILES Group benefits fraud what you need to know to fight fraud GET #FRAUDSMART SPRING 2018 LOOKING INTO THE FUTURE OF FRAUD WITH PREDICTIVE ANALYTICS Big data it is fundamental in the fight against
More informationAccount aggregation and the lending experience
Account aggregation and the lending experience Introducing: Steve Smith Finicity Laura DeSoto Experian Today s digital age 3 Experian The culture of immediacy Customers expect instant mobile service and
More informationThe Art of Conversation. kpmg.com/uk/insurance
The Art of Conversation kpmg.com/uk/insurance 2015 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
More informationThe Internet of Things and insurance. Discussion document
The Internet of Things and insurance Discussion document Peter Evans 14 September 2016 Contents Key messages Research methodology The Internet of Things (IoT) overview Insurance opportunities overview
More informationUnited States: Evolving toward Next-Level Taxpayer Service. Accenture Digital Taxpayers Research and Insights
United States: Evolving toward Next-Level Taxpayer Service Accenture Digital Taxpayers Research and Insights In its second year, Accenture s Digital Taxpayers Research focuses on how revenue agencies are
More informationAdvanced analytics and the future: Insurers boldly explore new frontiers. 2017/2018 P&C Insurance Advanced Analytics Survey Results Summary (Canada)
Advanced analytics and the future: Insurers boldly explore new frontiers 2017/2018 P&C Insurance Advanced Analytics Survey Results Summary (Canada) Introduction: Insurers boldly explore new analytics frontiers
More informationData Analytics and Unstructured Data Actuaries 2.0
Data Analytics and Unstructured Data Actuaries 2.0 David Brown, KPMG Gary Richardson, KPMG 13 June 2014 Empowering Underwriters to listen to the whole data conversation High volume, velocity, variety New
More informationAustralia and New Zealand Insurers Go Beyond the Usual
IDC InfoBrief NOVEMBER 2017 T H E F U T U R E I S D I G I TA L Australia and New Zealand Insurers Go Beyond the Usual Empowered Customers Omnichannel User Experience Platformdriven Ecosystem Anytime, Anywhere
More informationIDAnalytics Comply360. Improving operational efficiencies and regulatory compliance in the customer onboarding process
Improving operational efficiencies and regulatory compliance in the customer onboarding process August, 2012 Introduction The regulatory landscape today It is no secret that financial organizations are
More informationTOP TRENDS IN INSURANCE
TOP TRENDS IN INSURANCE TRENDS IN INSURANCE Trend 1: Servicing Digital Customers Trend 2: Technology Modernization Trend 3: Sharing Economy Trend 4: Disaggregation of the Value Chain TOP TRENDS IN INSURANCE
More informationInsurance strategy: Evolving into a digital underwriter
Insurance strategy: Evolving into a digital underwriter New attributes needed to become a Digital Underwriting leader It is not the strongest of the species that survives, nor the most intelligent. It
More informationBuilding the Healthcare System of the Future O R A C L E W H I T E P A P E R F E B R U A R Y
Building the Healthcare System of the Future O R A C L E W H I T E P A P E R F E B R U A R Y 2 0 1 7 Introduction Healthcare in the United States is changing rapidly. An aging population has increased
More informationGet Smarter. Data Analytics in the Canadian Life Insurance Industry. Introduction. Highlights. Financial Services & Insurance White Paper
Get Smarter Data Analytics in the Canadian Life Industry Highlights Several key findings emerged from the SMA research: The primary focus for sophisticated analytics in L&A has traditionally been in the
More informationBased on the audacious premise that a lot more can be done with a lot less.
A lot less of IT involvement, minimal processes, greater attention to high-value tasks, enhanced decision-making all resulting in better underwriting. Based on the audacious premise that a lot more can
More informationBUILDING INSURANCE HEROES
BUILDING INSURANCE HEROES While many vendors consider themselves the champion of the story, Insuresoft enables our clients to be the heroes of their accomplishments. Insuresoft helps insurers reach their
More informationThe agent of the future
The of the future Korea EY survey highlights need for customer-centric innovation and personalized sales support The of the future is emerging as a proactive advisor in a digital world. ii The of the future
More informationNow+NEXT 2018 FIS PACE FINDINGS WHAT S. for Small-to-midsize Business Banking in the United States. fisglobal.com/pace
2018 FIS PACE FINDINGS Performance Against Customer Expectations (PACE) WHAT S Now+NEXT for Small-to-midsize Business Banking in the United States fisglobal.com/pace Small-to-midsize Business Banking in
More informationUsing data mining to detect insurance fraud
IBM SPSS Modeler Using data mining to detect insurance fraud Improve accuracy and minimize loss Highlights: combines powerful analytical techniques with existing fraud detection and prevention efforts
More informationFour capabilities insurers need on the journey to digital mastery and high performance
The Digital Insurer: What does it take to be a Digital Insurer? Four capabilities insurers need on the journey to digital mastery and high performance The way in which consumers all over the world buy
More informationRapid returns for the insurance industry with Atos Fraud & Claims Management
Fraud & Claims Management Rapid returns for the insurance industry with Atos Fraud & Claims Management Trusted partner for your Digital Journey The state of play Insurers are being squeezed from every
More informationAreas AI will transform insurance in years. Cecilia Chow, Head of Sales, Key Accounts, JOS
Areas AI will transform insurance in years Cecilia Chow, Head of Sales, Key Accounts, JOS Simplified policy applications Handwritten policy application forms remain popular, particularly Chinese application
More informationHelping Clients Win with Digital
First Quarter 2018 Earnings Supplement Helping Clients Win with Digital May 7, 2018 2017 Cognizant Forward Looking Statements and Non-GAAP Financial Measures This earnings supplement includes statements
More informationMACHINE LEARNING IN INSURANCE
MACHINE LEARNING IN INSURANCE Enabling insurers to become AI-driven enterprises powered by automated machine learning FS PERSPECTIVES CONTENT 2 DATA JOURNEY SO FAR 3 KEY FACTORS DRIVING MACHINE LEARNING
More informationPUTTING YOUR INNOVATION IN THE SPOTLIGHT
PUTTING YOUR INNOVATION IN THE SPOTLIGHT EFMA ACCENTURE INNOVATION IN INSURANCE AWARDS An Insurance Innovation Executive Board Meeting Update AWARDS AT A GLANCE Launched in 2016 to recognize and promote
More informationOPENING THE GATEWAY TO A SMART INSURANCE FUTURE WITH DIGITAL
PERSPECTIVE OPENING THE GATEWAY TO A SMART INSURANCE FUTURE WITH DIGITAL Mahfuj Munshi Abstract The insurance industry is in a state of flux. It is undergoing a transformation with strong undercurrents
More informationHave you Joined the Profitability Revolution? Driving Cost Reduction in Insurance
Have you Joined the Profitability Revolution? Driving Cost Reduction in Insurance About this whitepaper Rather than just collecting premiums and harvesting investment returns, the insurance industry is
More informationMinimize risks and make insightful decisions at every step of the policy lifecycle. Life Insurance Solutions from LexisNexis Risk Solutions
Minimize risks and make insightful decisions at every step of the policy lifecycle. In the last decade, one thing has become clear for life insurance providers and customers alike: Technology is changing
More informationTRANSFORMING INSURANCE THROUGH INNOVATION. Global Best Practices Reveal New Models and Approaches
TRANSFORMING INSURANCE THROUGH INNOVATION Global Best Practices Reveal New Models and Approaches INTRODUCTION Large traditional insurers and dynamic start-ups alike are turning to artificial intelligence
More informationAutomated Underwriting Solution
Solution Sheet Automated Underwriting Solution Risk underwriting lies at the heart of the Insurance business. A robust underwriting policy is the foundation on which success of insurance business lies.
More informationpeople and culture are key to our success
april 2018 dear fellow shareholders, 2017 capped Morgan Stanley s journey through a multi-decade period of challenges and recovery. By transforming our business mix and risk profile, and embracing the
More informationAdapting to the omnichannel world. How life insurers can meet rising consumer expectations through an enhanced service experience
Adapting to the omnichannel world How life insurers can meet rising consumer expectations through an enhanced service experience Adapting to the omnichannel world 1 Executive summary Life insurance has
More informationInsurtech the revolution in insurance. 11 th October 2017
Insurtech the revolution in insurance 11 th October 2017 Presentation Agenda 1 Introduction into Insurtech 2 Current Landscape 3 Impact on Middle Eastern Market 4 Benefit of Insurtech the auto example
More information4 WAYS INTEGRATED RECEIVABLES MANAGEMENT FIXES BROKEN ACCOUNTS RECEIVABLES PROCESSES
4 WAYS INTEGRATED RECEIVABLES MANAGEMENT FIXES BROKEN ACCOUNTS RECEIVABLES PROCESSES Receivables management is critical to a corporation s liquidity and customer relationships. EXECUTIVE SUMMARY BUSINESSES
More informationTHE GLOBAL IT INTEGRATOR FOR TRADING
THE GLOBAL IT INTEGRATOR FOR TRADING EQUIPPED TO MEET YOUR FUTURE TRADING CHALLENGES WE GRASP HOW TRADING IS CHANGING Our deep understanding of the trading landscape and its regulation ensures you can
More informationRating Modernization:
Rating Modernization: Leading Force Behind P&C Core Transformation Projects O R A C L E W H I T E P A P E R J U N E 2 0 1 6 Table of Contents Executive Overview 1 Change is Necessary 1 P&C Transformation
More informationThe Digital-First Mortgage MAKING BORROWERS, LOAN OFFICERS, AND PARTNERS FEEL RIGHT AT HOME
The Digital-First Mortgage MAKING BORROWERS, LOAN OFFICERS, AND PARTNERS FEEL RIGHT AT HOME Contents Introduction 1 Mortgage Providers Are Missing Expectations 3 Discover the Digital-First Mortgage 4 Borrower
More informationRemote Advice in Life Insurance: A New Route to the Customer
Remote Advice in Life Insurance: A New Route to the Customer Financial Services Practice Remote Advice in Life Insurance: A New Route to the Customer 1 Introduction Faced with slow growth, an aging agent
More informationAccelerating the Shift to Digital
Investor Presentation Accelerating the Shift to Digital February 8, 2017 Forward Looking Statements and Non-GAAP Financial Measures This investor presentation includes statements which may constitute forward-looking
More informationGLOBAL FINTECH HACKCELERATOR
GLOBAL FINTECH HACKCELERATOR Industry Problem Statements Version 2018.05.21 Organised by In partnership with In collaboration with Global FinTech Hackcelerator Powered by 80 Problem statements The global
More informationAlternative Investments Advisory Services. kpmg.com
Alternative Investments Advisory Services kpmg.com Alternative investment opportunities are in great demand as investors seek out consistent, riskadjusted returns. But great demand for your business often
More informationBy delivering digital that matters at scale, we help clients to continuously enhance their competitiveness, and raise the bar on our own performance.
Helping Clients Make The Pivot To Digital Digital technology and thinking are dramatically altering the way people around the world live and work. This makes it imperative for businesses to radically retool
More informationTakahide Shinge Genta Nishikawa Masataka Araki OVERVIEW. INSIGHT Creating New IoT-driven Insurance Services
Creating New IoT-driven Insurance Services Takahide Shinge Genta Nishikawa Masataka Araki OVERVIEW While insurance companies have traditionally responded (paid claims) after incidents occur, factors such
More informationMortgage Lender Sentiment Survey
Mortgage Lender Sentiment Survey How Will Artificial Intelligence Shape Mortgage Lending? Q3 2018 Topic Analysis Published October 4, 2018 2018 Fannie Mae. Trademarks of Fannie Mae. 1 Table of Contents
More informationThe importance of regulating in the FinTech s world for the protection of consumers
The importance of regulating in the FinTech s world for the protection of consumers Călin Rangu Business Conduct Director, Authority of Financial Supervision Vice-president InsurTech Task Force, EIOPA-European
More informationIndustry Perspective. Four factors creating a perfect storm in the insurance industry
Industry Perspective Four factors creating a perfect storm in the insurance industry The storm is brewing By Phil Ratcliff Industry General Manager, Insurance, DXC Technology As they retire, they are taking
More informationStreamline and integrate your claims processing
Increase flexibility Reduce costs Expedite claims Streamline and integrate your claims processing DXC Insurance RISKMASTERTM For corporate claims and self-insured organizations DXC Insurance RISKMASTER
More informationPAYL Wearable trends. How will real-time client activity and health data change your insurance business? April 2016
PAYL Wearable trends How will real-time client activity and health data change your insurance business? April 2016 2 PAYL Wearable trends How will real-time client activity and health data change your
More informationTRACKING TAX IN YOUR INDUSTRY 4.0 TRANSFORMATION
INSIGHTS FROM THE BDO MANUFACTURING & DISTRIBUTION PRACTICE TRACKING TAX IN YOUR INDUSTRY 4.0 TRANSFORMATION An organization s path to Industry 4.0 may be winding or direct, depending on where they are
More informationOUR SOLUTIONS. We Design Solutions to Simplify Insurance
OUR SOLUTIONS We Design Solutions to Simplify Insurance www.insurity.com 866.476.2606 Simplifying the Insurance Experience Our scalable, highly secure and reliable cloud-based solutions provide cost-efficiency,
More informationClaims Corporation Network
Insurance in a digital World Conference, 14 may 2018, Bucharest, Romania Claims Corporation Network Claims Management in the Digital Age InsurTech: International practices in digital claims management
More informationsnapshot innovations within insurance business
2 0 1 7 S N A P S H O T J U L Y Innovations within insurance business. A collection of signs and cases showing innovations within the insurance companies in three areas: product innovation, service innovation
More informationHarnessing the power of data and analytics for insurance
IBM Analytics White Paper Insurance Harnessing the power of data and analytics for insurance 2 Harnessing the power of data and analytics for insurance Data and analysis have always been the basis of the
More informationWhitepaper. Authors : Paresh Vartak, Deepesh Jain
Whitepaper Authors : Paresh Vartak, Deepesh Jain Table of Contents 1. Executive Summary 3 2. AI - The New Magic in Insurance 3-6 3. The Rise of InsurTech 6 3.1. Innovative New Insurance Products on Offer
More informationZEBRA TECHNOLOGIES FIRST QUARTER 2016 RESULTS May 10, 2016
ZEBRA TECHNOLOGIES FIRST QUARTER 2016 RESULTS May 10, 2016 Anders Gustafsson Chief Executive Officer Mike Smiley Chief Financial Officer 2 Safe Harbor Statement Statements made in this presentation which
More informationCredit Decisioning Engines in the Cloud
06.15 White Paper Credit Decisioning Engines in the Cloud Accelerating Lending and Reducing Risks Traditional Credit Score Online Data Profiling Heuristic- Based Scoring Non-Traditional Credit Bureaus
More informationCustomer Centricity Conference
Customer Centricity Conference New needs, new data Duncan Anderson September 2016 2016 Willis Towers Watson. All rights reserved. New needs and new data 2 New needs New needs and new data New data So?
More informationClaims Corporation Network
The Insurance Conference of the Republic of Moldova, 10 th of October 2017, Chisinau, Republic of Moldova Claims Corporation Network Claims Management in the Digital Age InsurTech: International practices
More informationDigital Enablement in the Mortgage Industry Mortgage Bankers Association
Monday, November 07, 2016 Digital Enablement in the Mortgage Industry By Shelley Leonard Topics: Shelley Leonard Digital Mortgage Technology Shelley Leonard is Executive Vice President and Chief Product
More informationCIO Summit The changing role of IT. Nagib Kassis Head of IT & Business Alignment
CIO Summit 2013 The changing role of IT Nagib Kassis Head of IT & Business Alignment Overview of Allianz Fast facts World s largest P & C Insurer $3.74 billion in GWP in Australia $490 million net operating
More informationImpact of Digital Documents in Insurance
Impact of Digital Documents in Insurance Andrew Hellard Product Marketing Manager April 2016 1 Agenda 1 Introductions 2 What is digital insurance? 3 4 Customer communications in a digital world Questions
More informationSession 3. Life/Health Insurance technical session
SOA Big Data Seminar 13 Nov. 2018 Jakarta, Indonesia Session 3 Life/Health Insurance technical session Anilraj Pazhety Life Health Technical Session ANILRAJ PAZHETY MS (BUSINESS ANALYTICS), MBA, BE (CS)
More informationBroker FAQ. Program overview. 1. What is my Driving Discount? 4. How does my Driving Discount benefit my customers?
Broker FAQ Program overview 1. What is my Driving Discount? my Driving Discount is the Intact Insurance usage-based insurance program that rewards safe driving behaviour. The program offers a personalized
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 Disclaimer Forward-Looking Statements: This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of
More information4 WAYS INTEGRATED RECEIVABLES MANAGEMENT FIXES BROKEN ACCOUNTS RECEIVABLES PROCESSES
4 WAYS MANAGEMENT FIXES BROKEN ACCOUNTS RECEIVABLES PROCESSES Receivables management is critical to a corporation s liquidity and customer relationships. EXECUTIVE SUMMARY BUSINESSES ARE DEMANDING MORE
More informationThe Digital Insurer. The Art of the Possible. 10/02/17 Avril Castagnetta, Senior Manager
The Digital Insurer The Art of the Possible 10/02/17 Avril Castagnetta, Senior Manager What if the insurance value chain Product Marketing and distribution Underwriting Policy admin Claim management Corporate
More informationAutomotive Services. Tools for dealers, lenders and industry service providers that drive profitable results in today s economy
CONSUMER INFORMATION SOLUTIONS Automotive Services Tools for dealers, lenders and industry service providers that drive profitable results in today s economy Reach the right prospects Automotive solutions
More informationTelematics: connecting the dots
Telematics: connecting the dots KBW European Financials Conference, London, 16 May 2017 Automotive Solutions, Swiss Re Eric Schuh, Global Head P&C Solutions 1 Motor landscape is changing: we see four trends
More informationHOW TO SURVIVE AND THRIVE. in a Stagnant Auto Insurance Market
HOW TO SURVIVE AND THRIVE in a Stagnant Auto Insurance Market In 2015, a study on usage-based insurance (UBI) was released by the National Association of Insurance Commissioners (NAIC) and the Center for
More informationCOMPANY OVERVIEW. February 7, 2019
COMPANY OVERVIEW February 7, 2019 1 DISCLAIMERS This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical facts, including,
More information