Insurance Technology Trends

Kalpesh Desai CEO, Agile Financial Technologies
kalpesh.desai@agile-ft.com www.agile-ft.com
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Agenda

1 Where are we today

2 Technology trends that will impact business
Insurance Technology

3 Technology as an enabler of business agility

4

About Agile Financial Technologies

Confidential

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Agenda

1 Where are we today

2 Technology trends that will impact business
Insurance Technology

3 Technology as an enabler of business agility

4

About Agile Financial Technologies

Confidential

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The landscape today
§  Regulatory reforms trigger structural changes
-  Stricter financial viability and capital adequacy norms -  Less money for business operations, customers, and channels

§  Post-crisis business sustainability pressures have taken their toll on your clients §  Technology has impacted social habits, and the way your clients interact socially, thus requiring you to re-look at your go-to-market strategy §  Technology has evolved sufficiently to impact the entire insurance value chain

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Get to know your new-age customers
§  Prefer technology over face-to-face interactions §  Chose what they use §  Always “on” §  Expect instant access §  Oblivious to policies

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"In a time of accelerating turbulence, the valuation of a company will be strongly affected by how it executes change."

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The (r)evolution
As needs evolve §  Demand for a flexible technology deployment model evolves §  Flexibility in processes becomes a must §  The infrastructure should be conducive to enable innovation §  You should be able to evolve new user experiences §  Implement new pricing models §  Effect change in organization structures and management through effective decision making

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Evolution of IT Services Delivery

More complex services

Utility Computing

Point Services

Global Sourcing

Storage services Hardware support Software support Security services

‘Packaged’ Services (2 or more point services)

Managed Services (flexible outsourcing)

Full IT Outsourcing

BPO & Horizonta l

0%

% of IT infrastructure outsourced
Evolution of IT Services Delivery

100%

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Business Expectation and IT Implications

IMPROVE CUSTOMER SERVICE

GENERATE GROWTH

ENHANCE PRODUCTIVITY

LOWER COST

MORE VALUE FOR LESS MONEY

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Agenda

1 Where are we today

2 Technology trends that will impact business
Insurance Technology

3 Technology as an enabler of business agility

4

About Agile Financial Technologies

Confidential

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Technology Trends impacting your landscape

Internet computing

Analytics

Mobile Computing

Collaborative Communication

Security and Sustainability

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Internet Computing : When “IT”s all out there

Software as a Service Platform as a Service Grid Computing Database as a Service Utility Computing Virtualization Application Hosting Storage as a Service

Infrastructure as a Service

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Internet Computing
§  Speed to market utilizing the Cloud or Virtualization §  Eliminate or reduce infrastructure infrastructure capital and ramp-up §  Enhanced user experience for customers, agents and brokers for new business and client servicing §  Exciting and easy to use experience to draw customers to Internet presence for quotes, comparison quotes, new business §  Enhanced channels for interaction with the value chain – brokers, agents, re-insurers, marketplaces, other medium of sales and service §  Ability to move core and niche areas of the insurance business to BPO models

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Internet Computing
•  Minimize compliance and security challenges •  Risk & compliance systems include corporate actions, approval workflows, compliance and anti-money laundering checks

•  Increase protection, transparency •  Increase entry barriers for competition •  Increase customer retention, & personalization

Costs
•  Predictable •  Sustainable •  Matched to cash flows •  Reduced Implementatio n timeframes

Opportunities
•  Enhance service levels •  Focus on core competency •  Launch new products and services

Clients

Risks

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The possibilities

POS

Actuarial Modeling

Mobile Insurance

3rd Party Transactions

E-Quotes

Remote Claims Adjusting

POS

Database Uniformity

KIOSKS

CRM

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Examine deployment models

Higher return on IT investments Competitive costing

Software as Service
Entire computing capacity is outsourced to third party/ solution provider

Platform as Service
Service to create, operate and run applications

Expense Control

Infrastructure as Service
Fully outsourced infrastructure and application environment

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Mobile Computing

Voice Social Networks
Messaging

Storage

Mobile Device
Bluetooth

Web Access

Touch

Location

Rapidly becoming the interface to the world
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Mobile Computing
§  Mobile channels can become a highly differentiated channel for core business §  Immediate impact as common transactions such as payments, alerts, loss submission, emerge as competitive differentiators §  Carriers can rapidly reach emerging markets where mobile devices and coverage exceed traditional connectivity §  Mobile features for agents and brokers becomes a mandatory tool to differentiate and to capture/retain distribution channel resources §  Empowering agents and brokers with just-in-time account and product information will enable a tailored coverage experience when interacting with customers while in the field §  The mobile device feature set will enable new applications to lower loss-costs and improve underwriting data

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•  Two way SMS •  Integrated Bank / Ins Co. Data •  Instant Capture of Customer •  Opportunities Galore

To   5 :  58558   From  8558   To  ::    58558   From  :  58558   _____________________   _____________________   _____________________       POLICY  9000000000   Thanks   MOTOR   equest   RAJESH  for  your  rnterest   Thanks  for  your  i   for  Motor  Policy  from  ABC   rajesh.rupani@agile-­‐visit   Mr.  Rajesh.      Please   Insurance     S.com    Company   any  Bank   Branch  and      make  your  payment.      Please  send    y  our  name,   Quote  Ref  # 23412341   mobile  number  and  email       while  making  the  payment     address  as  a    reply  to  this     message             Save    Cancel   Send Save    Cancel   Send

Mobility
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Doorstep Insurance

Instant Capture

Instant Payments

Instant Service
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Data Analytics

Islands of information

Do not enable collaboration
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Data Analytics
§  BPM & analytics will result in adaptive BI to support automated decision making and IT process change in response to data §  Data governance and business process management (BPM) will receive increased attention from your ICT teams §  Data “outsourcing” will be a growing business especially with data de-duplication, cleansing and farming §  Traditional BI tools that focused consolidating data centrally will cease to exist giving way to tools that will interface with your operational work-flows and performance management systems

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Data Analytics
§  Product Definition and Underwriting Excellence through rule and analytics based decision-making §  “Discovery” of new markets, products, segments through analytics of product, policy, and claim data §  Segmentation of claims for optimized assignment, routing, and straight through processing §  Fraud Detection for real-time fraud scoring outcomes §  Product, Pricing, and Customer Profiles are combined to provide a custom product and buying experience to the customer §  Increasingly data will be used to drive the behavior of systems and users

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Collaborative Communication
§  The way we communicate has changed
-  Social media -  Community forums -  Collaborative tools -  Content dissemination

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Collaborative Communication
§  Insurers to provide innovation programs and social networking tools as part of their communication and collaborative process §  A collaborative communication framework can enable the movement of highly skilled adjusters and agents to a centralized model allowing lower-cost field resources to tap into their knowledge base §  Collaboration enables accuracy in underwriting decisions, loss decisions, and more interactive customer servicing models §  The distribution channel extends beyond traditional media channels and social networks are used to promote and capture new business

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Do Not Ignore Social Computing

Organization Insurance Core

Employee/ Customer Mobile Devices

Employee / Customer Social Networking Accounts

Portals

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Security Imperatives In The New Era
Compliance and Regulation Cyber Threats

Portable Devices

Outsourcing

Cloud Computing

Security Imperatives

The rise of social networks

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Agenda

1 Where are we today

2 Technology trends that will impact business
Insurance Technology

3 Technology as an enabler of business agility

4

About Agile Financial Technologies

Confidential

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BUSINESS AGILITY !! NOT A LUXURY !! The ability of a business to adapt rapidly and cost efficiently in response to changes in the business environment.…

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Technology as an enabler of business agility
Increased Response Levels Increased Revenues

o  Create value for your customers o  Improve experience for distributors, partners and Employees o  Reduce the sales cycle

Cost Efficiency

o  Enhance interoperability between systems o  Shift to holistic integrated systems from islands of disparate information o  Provide integrated view of customer information across various products o  Improve information-sharing practices

Scalability

Integrated/ Aligned Processes

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Thank you
Kalpesh Desai

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