Insurance Technology Trends

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Agile FT's perspective on Insurance Technology Trends. The cause and effect of changing customer-channel dynamics and technology adoption.

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Insurance Technology Trends

  1. 1. Insurance Technology TrendsAfrica Insurance & Reinsurance Conference, Nairobi23rd June, 2011Kalpesh DesaiCEO, Agile Financial Technologies YOUR LOGOwww.agile-ft.com Confidential Page § 1
  2. 2. Agenda 1 Where are we today 2 Technology trends that will impact businessInsuranceTechnology 3 Technology as an enabler of business agility 4 About Agile Financial TechnologiesConfidential Page § 2
  3. 3. Agenda 1 Where are we today 2 Technology trends that will impact businessInsuranceTechnology 3 Technology as an enabler of business agility 4 About Agile Financial TechnologiesConfidential Page § 3
  4. 4. 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 chainConfidential Page § 4
  5. 5. 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 policiesConfidential Page § 5
  6. 6. "In a time of accelerating turbulence, the valuation of a company will be strongly affected by how it executes change."Confidential Page § 6
  7. 7. The (r)evolutionAs 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 makingConfidential Page § 7
  8. 8. Evolution of IT Services Delivery More complex services Utility Computing Point Services Global Sourcing BPO & Managed Full IT Horizontal ‘Packaged’ Services Outsourcing Storage Services (flexible services (2 or more outsourcing) point services) Hardware Software Security support support services 0% % of IT infrastructure outsourced 100% Evolution of IT Services DeliveryConfidential Page § 8
  9. 9. Business Expectation and IT Implications IMPROVE CUSTOMER GENERATE SERVICE GROWTH ENHANCE LOWER PRODUCTIVITY COST MORE VALUE FOR LESS MONEYConfidential Page § 9
  10. 10. Agenda 1 Where are we today 2 Technology trends that will impact businessInsuranceTechnology 3 Technology as an enabler of business agility 4 About Agile Financial TechnologiesConfidential Page § 10
  11. 11. Technology Trends impacting your landscape Internet computing Analytics Mobile Computing Collaborative Security and Communication SustainabilityConfidential Page § 11
  12. 12. Internet Computing : When “IT”s all out there Software as a Service Platform as a Service Storage as a Service Grid Computing Database as a Service Virtualization Utility Computing Application Hosting Infrastructure as a ServiceConfidential Page § 12
  13. 13. 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 modelsConfidential Page § 13
  14. 14. Internet Computing •  Minimize•  Increase compliance and protection, security transparency challenges•  Increase entry •  Risk & barriers for compliance competition systems include•  Increase corporate customer retention, & Costs actions, approval Opportunities workflows, personalization compliance and anti-money •  Enhance •  Predictable laundering service levels Clients •  Sustainable checks •  Matched to Risks •  Focus on core competency cash flows •  Launch new •  Reduced products and Implementatio services n timeframesConfidential Page § 14
  15. 15. The possibilities Actuarial Mobile 3rd Party POS Modeling Insurance Transactions Remote Claims E-Quotes POS Adjusting Database KIOSKS CRM UniformityConfidential Page § 15
  16. 16. Examine deployment models Higher return on Software as Service IT investments Entire computing capacity is outsourced to third party/ solution provider Competitive costing Platform as Service Service to create, operate and run applications Expense Control Infrastructure as Service Fully outsourced infrastructure and application environmentConfidential Page § 16
  17. 17. Mobile Computing Voice Social Messaging Networks Storage Mobile Web Device Access Touch Location Bluetooth Rapidly becoming the interface to the worldConfidential Page § 17
  18. 18. 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 dataConfidential Page § 18
  19. 19. From  8558   To  :  5 :  58558   From  :  58558   _____________________   To  :  58558   _____________________   _____________________      Mobility •  Two way SMS POLICY  MOTOR   Thanks  for  your  request     interest   Thanks  for  your   RAJESH  9000000000   ABC     for  Motor  Policy  from   •  Integrated Mr.  Rajesh.        Please  visit    Insurance    Company   any  Bank   Branch  and   Bank / Ins Co.     make  your  payment.     Data Please  send  y  our  name,     Quote  Ref  #  23412341       mobile  number  and  email   while  making  the  payment   •  Instant Capture   address  as  a    reply  to  this     of Customer message         Send          Cancel   •  Opportunities Save Send Save   Cancel    Cancel   GaloreConfidential Page § 19
  20. 20. Doorstep Insurance Instant Instant Capture Payments Instant ServiceConfidential Page § 20
  21. 21. Data AnalyticsIslands of informationDo not enable collaborationConfidential Page § 21
  22. 22. 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 systemsConfidential Page § 22
  23. 23. 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 usersConfidential Page § 23
  24. 24. Collaborative Communication§  The way we communicate has changed -  Social media -  Community forums -  Collaborative tools -  Content disseminationConfidential Page § 24
  25. 25. 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 businessConfidential Page § 25
  26. 26. Do Not Ignore Social Computing Organization Insurance Core Employee/ Employee / Customer Customer Social Mobile Networking Devices Accounts PortalsConfidential Page § 26
  27. 27. Security Imperatives In The New Era Compliance Portable and Devices Regulation Cyber Outsourcing Threats The rise of Cloud Security social Computing Imperatives networksConfidential Page § 27
  28. 28. How about a virtual branch?Confidential Page § 28
  29. 29. Social media portals can be a virtual branchConfidential Page § 29
  30. 30. Social media as a means of identifying fraudConfidential Page § 30
  31. 31. Agenda 1 Where are we today 2 Technology trends that will impact businessInsuranceTechnology 3 Technology as an enabler of business agility 4 About Agile Financial TechnologiesConfidential Page § 31
  32. 32. BUSINESS AGILITY !! NOT A LUXURY !! The ability of a business to adapt rapidly and cost efficiently in response to changes in the business environment.…Confidential Page § 32
  33. 33. Technology as an enabler of business agility Increased o  Create value for your customers Response Levels o  Improve experience for distributors, partners and Increased Employees Revenues o  Reduce the sales cycle Cost o  Enhance interoperability Efficiency between systems o  Shift to holistic integrated systems from islands of Scalability disparate information o  Provide integrated view of Integrated/ customer information Aligned across various products Processes o  Improve information-sharing practicesConfidential Page § 33
  34. 34. Thank you Kalpesh DesaiConfidential Page § 34

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