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TransInsure - Digital Insurance Transformation
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TransInsure - Digital Insurance Transformation


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The transformation to a Digital Insurance Company is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current …

The transformation to a Digital Insurance Company is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation TransInsure's vision on Digital Insurance transformation is explained and more information is available to support your transformation process. Every organization is however different and the transformation roadmap will be specific based on the digital strategy and current status.

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  • 1. © TransInsure. ©TransInsure. Digital Insurance ©TransInsure. Digital Insurance - V1 1
  • 2. © TransInsure. The world is rapidly changing ©TransInsure.
  • 3. © TransInsure. Digital technology is disrupting the Insurance business. New business- and operating models have to be defined to transform the traditional insurer into a Digital Insurer. ©TransInsure. Digital Insurance - V1 3
  • 4. Our customers are mobile, using mobile devices to communicate and share; We need to be DIGITAL to continue our business, offering Insurance and related services. © TransInsure. ©TransInsure. Digital Insurance - V1 4
  • 5. Digital Insurance is offering Insurance products and services to customers and partners using digital technology. Digital technology allows fast and easy Insurance business and is inevitable to grow profitable business in the future. © TransInsure. ©TransInsure. Digital Insurance - V1 5
  • 6. Digital Insurance principles           Customer centricity Products and services available on any device, anywhere, anytime Full self service functionality available in online and mobile apps All data real time available Full automation of all Insurance processes Straight Through Processing Paperless processes No manual workarounds Social media integration Fast time to market © TransInsure. ©TransInsure. Digital Insurance - V1 6
  • 7. Service Partners Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM Mobile/Online Devices/Apps Mobile/Online Devices/Apps Distribution Partners Phone – Tablet – Laptop – Desktop – ATM Phone – Tablet – Laptop – Desktop – ATM Digital Insurance Company © TransInsure. Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM Customers ©TransInsure. Digital Insurance - V1 7
  • 8. Customers Individuals & family SME Employers & employees Corporate © TransInsure. ©TransInsure.  (Potential) Customers are all individuals, families, groups of people, SME and corporate businesses that will purchase or have purchased products.  The Digital Insurance Company (DIC) will provide online portals and mobile apps for customers to purchase products, self-service their policies and communicate with DIC regarding products and services.  If necessary, for corporate businesses, straight through processing integration will be established between the corporate systems and the systems of the DIC. The DIC customer portals will be integrated with the corporate business employee portals.  The functionality available for customers:  Buy products  Renew and change/endorse policies  Claim notification & status updates  Service requests  Enquiries  Communication with DIC experts
  • 9. Distributors Agents Brokers  Distributors are all partners, involved in selling insurance products. Distributors vary from a 1 person agency to car dealers, to global banks and broker organizations. Depending on the distributor, different digital services will be delivered by the Digital Insurance Company (DIC).  The DIC will deliver online and mobile applications for the smaller distributors with extra services such as social media integration. Aggregators  For large distributors straight through processing integration will be established between the distributor systems and the systems of the DIC. The DIC customer portals will be integrated with the distributor portals. Car dealers  Distributors will have full self-service functionality available in online portals and mobiles apps: Banks Affinity Groups  Sales & customer management  New business and renewals  Portfolio management  Case management  Reports & dashboards ©TransInsure ©TransInsure.  Team management
  • 10. Service Partners TPA’s Workshops Payments Claims adjusters Road Tax Others ©TransInsure ©TransInsure.  Service Partners are all partners providing Insurance related services to the DIC. The partners provide data, assessments, payments services, printing services, call centers and processing services.  The Digital Insurance Company (DIC) will provide online portals and mobile apps for Service Partners to communicate with customers and DIC staff and submit reports and assessments.  In case of data exchange and customers service delivered by Service Partners, straight through processing integration will be established between the systems of service partners and the systems of the DIC.  The functionality available for Service Partners:  Underwriting and claim assessment  Renew and change/endorse policies  Portfolio management  Claim notification, status updates & payments  Communication with DIC experts  Functionality & data provided by Service Partners:  Road tax information & claims history  Customer verification  Payment through credit cards/Paypal/etc.
  • 11. Digital Insurer  Management and staff of the DIC will have the same access to online portals and mobile applications as customers and partners. However these portals and apps will have more functionality for the approval processes, product-, customer-, distributor-, portfolio and financial management, monitoring, reports & dashboards. Some functionality will remain in the Back Office for security and compliance reasons.  Management and staff will have all information needed available anywhere, anytime and on any device and will be able to bring or choose their own device (BYOD/CYOD).  Marketing and IT will be responsible for the continuous development, improvement and management of online portals, social media integration, providing big data analytics and mobile apps. ©TransInsure ©TransInsure.  The functionality available for DIC users:  Full self service portal/apps, Call center portals  Underwriting and claim portals/apps  Portals/Apps for Finance, HR, Product management  Management monitoring and approval portals/apps
  • 12. Digital Insurance Back – End systems The Back-End Digital Insurance System environment is based on a loosely coupled component based IT architecture. The architecture comprises of the following components:  Enterprise Service Bus (ESB) for component integration, external data exchange and partner system integration  Transactional database for data exchange with online and mobile apps and partner systems  Policy management systems for all product lines  Claims management system  Customer Relationship management system  Product Management Systems and Product Rules Engine  Business Process Management System  Case management system  Business Rules Engine  Correspondence template and rules management engine  Document (content) management system  Finance Management System  Data warehouse for Big Data analytics  Management Information System/Engine  Access & entitlement management system ©TransInsure ©TransInsure.  Social media integration manager to push relevant data to the transactional database for use in portals and apps.
  • 13. Customers Distributors Service Partners Digital Insurer ©TransInsure Digital Insurance Portals & Mobile apps ©TransInsure.
  • 14. ©TransInsure ©TransInsure.
  • 15. IT IS THE END OF BUSINESS AS USUAL Brian Solis Digital Insurance transformation is changing the Insurance company from a back-office administrative oriented organization with an internal focus to a client centric service oriented organization communicating through internet and social media. ©TransInsure. ©TransInsure. Digital Insurance Transformation - V1 15
  • 16. ©TransInsure. ©TransInsure. Hope is not a strategy ©TransInsure. ©TransInsure.
  • 17. ©TransInsure. The transformation to a Digital Insurance Company will substantially change the business model and operating model. The size of the change depends on the speed of the market changes in the coming years, the digital strategy and current readiness and capabilities of the organization. ©TransInsure.
  • 18. Previous Strategy Digital Strategy  Distributor centricity  Product focused growth  Single channel  Rigid organization  Process driven  Efficiency & cost reduction  Refine UW & claims guidelines  Continuous improvement  Customer centricity  Customer focused growth  Multi channel  Adaptive organization  Technology driven  Digital & social marketing  Create life time loyalty  Tailor made offers to customer  Fast digital innovation Strategy Transformation ©TransInsure. ©TransInsure.
  • 19. Digital Principles Previous principles  Distribution by agents  Customer has minimum insurance knowledge  One product fits all  All applications to be approved by underwriters  Reactive after sales support  Long time to market  1 - 3 new products per year  ©TransInsure. Business Model Transformation ©TransInsure.  Digital sales, distribution and service  Mobile apps and Online portals available for everyone  Distribution B2B, B2C, B2B2C  Customer better informed  Products aligned with individual customer needs  Focus on social influencing  Pre-underwritten products  Trust building  Cross & up selling  Data analytics and mining  1 - 2 weeks time to market  Social media integration
  • 20. Previous principles        Digital Principles Inaccuracy of information  Availability of real time Insufficient service levels information Paper processing Operating Model  Full digitized self service Processing centers/sourcing capabilities Transformation Backlog management  Excellent service 3-12 months time to market  Straight Through Processing Manual workarounds due  Paperless to IT incapability  Streamlined and simple processes  Large organization with  Fast time to market ©TransInsure. complex processes  State of the art IT architecture and  Bureaucratic governance solutions  Lean organization & governance ©TransInsure.
  • 21. ©TransInsure. Organization transformation 1  Marketing will have a leading role in the Digital Insurance Company. Data of all sorts of social and other media will be analyzed to improve the understanding of customers and risks and push the right offer and the right time to the customer.  Product Management will be in charge of technical product specifications, product management tool and underwriting. The role will change as the time to market will be short and based on Marketing data more new products and product features will be pushed to the market.  Sales & Distribution will reduce a little as more new business (simple products) will be purchased online and on mobile devices directly by the customer. ©TransInsure.
  • 22. ©TransInsure. Organization transformation – cont’n 2  Operations will be reduced largely as processing and claims departments will have less processing work due to straight through processing and automated business rules replacing manual work. Furthermore the operational business will be more efficient and effective due to the use of BPM, BRE, Case management, MIS and Data management tools.  Finance will be reduced as financial processing will be STP automated, monitoring and reporting will fully automated and reduce the manual work in Finance.  HR and General support will be reduced as less personnel is required in the Digital Insurance Company. ©TransInsure.
  • 23. ©TransInsure. Organization transformation – cont’n 3  IT will face a major transformation from a reactive organization managing inflexible back end systems to pro-active organization closely working with Marketing to push the right technology innovation to the market.  IT will be reduced as part of today's work will move top the business, for example product development will be done by Product Management with Product Management Tools. Process improvement will be done directly by Operations in the BPM/BRE/MIS/Case and data management tools.  IT technology budget will increase as more systems/tools are necessary to run the Digital Insurance Business but this should not result in more IT staff. Staff profile sill change from Back End system maintenance to technology innovation. ©TransInsure.
  • 24. IT Application Architecture Transformation ©TransInsure. ©TransInsure.
  • 25. IT implementation approach - Example ©TransInsure. ©TransInsure.
  • 26. 4 Transformation options GREENFIELD ©TransInsure. Combination ©TransInsure.
  • 27. Transformation options assessment ©TransInsure. Transformation approach  The market will not wait until an internal transformation is finalized, a long lasting internal transformation with high risk of not delivering is not advisable.  A Greenfield approach where is a fast method to deliver Digital Insurance without jeopardizing the current business and resistance of the current organization  Outsourcing is a good option providing the quality of the provider(s). Outsourcing however needs a lot of management attention as it creates internal resistance.  A combination of a Greenfield, outsourcing and internal transformation is a good compromise however it will take more time to finalize the transformation ©TransInsure.
  • 28. Full Digital Digital Insurance Implementation Methodology World Class Digital Enterprise Model For Insurance Full Digital ©TransInsure Digital Transformation Organization Today Digital Strategy Manual & Paper ©TransInsure. Challenges & Constraints Manual & Paper 28
  • 29. ©TransInsure.
  • 30. ©TransInsure ©TransInsure.
  • 31. For more information: TransInsure. Who will take the lead? Digital Insurance Transformation Email: ©TransInsure.