The Digital Insurer. The Art of the Possible. 10/02/17 Avril Castagnetta, Senior Manager
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1 The Digital Insurer The Art of the Possible 10/02/17 Avril Castagnetta, Senior Manager
2 What if the insurance value chain Product Marketing and distribution Underwriting Policy admin Claim management Corporate functions
3 Insurance company were supported InsuranceProduct.com InsuranceUnderwriting.com InsuranceClaimMgt.com by cloud-based specialists? Insurance InsurancePolicyMgt.com InsuranceCorpMgt.com marketing.com
4 Tiny homes Usage-based car insurance Drones Usage-based renter s insurance Home sharing Food trucks What if launching new insurance products Usage-based possession insurance Usage-based personal injury insurance Usage-based third-party liability insurance Personal lines products Private airplane sharing Boat sharing Ride sharing Drones Sports team liability Internet businesses Commercia l lines products Kiosk businesses Home-based businesses Sensor-based technology liability Cyber
5 was no longer the responsibility of the insurance company? ABC Insurance Existing products Digital Service Bureau New products
6 What if reinsurers decide to bypass insurance companies Reinsurer
7 What if reinsurers decide to bypass insurance companies Reinsurer Insurer
8 What if reinsurers decide to bypass insurance companies Reinsurer Insurer Agent
9 What if reinsurers decide to bypass insurance companies Reinsurer Insurer Agent Customer
10 and offer insurance products and services directly to customers? Reinsurer Digital Service Bureau Customer
11 ABC insurance company What if insurance companies no longer only provide just insurance products to their customers Auto Homeowners Comp
12 ABC insurance company but also noninsurance products and services? Auto Homeowners Comp Retirement Retirement Payroll Payroll
13 These are not what ifs
14 The Digital Insurer capitalizes upon the power of technology to revisit their business models, acquire customers through new channels and create the essential user experiences.
15 InsureTech companies Insurance carriers Bridging the digital gap
16 Blockchain Virtual assistants AI/machine learning Telematics Internet of things Mobile and portal Intelligent process automation
17 How can an ecosystem unlock new value for participants and their customers? Insurance companies Government Healthcare and Social Agencies Medical facilities and hospitals Corporates with employees Social media platforms to be protected to be connected to be informed to recover Customer needs and wants to be healthy convenience to be rewarded to save money Technology companies Big Pharma/ Life Sciences Page 18 Community Groups Consumer products Retail outlets and vendors
18 The Digital Insurer: Healthy lifestyle This is a digital opportunity convergence of health and wellbeing to encourage and reward people to make healthy choices and promote wellness. User story Demo Page 19
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30 The Digital Insurer: Healthy lifestyle This is a digital opportunity convergence of health, wellbeing and identity management to encourage and reward people to make healthy choices and promote wellness. User story Demo Page 31
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47 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. EY is a leader in serving the global financial services marketplace. Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in more than 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide Ernst & Young LLP. All Rights Reserved ED None. ey.com
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