Insurance Technology Trends

Insurance Technology Trends
Kalpesh Desai CEO, Agile Financial Technologies
kalpesh.desai@agile-ft.com www.agile-ft.com
Confidential
YOUR LOGO
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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
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About Agile Financial Technologies
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Agenda
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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
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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
Data Analytics
Islands of information
Do not enable collaboration
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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§  The way we communicate has changed
-  Social media -  Community forums -  Collaborative tools -  Content dissemination
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§  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
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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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