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Smart Analytics

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Smart analytics enriched products & services will become key differentiators for insurance companies. A key feature is that
all players may have access to all data. At the same time, smarter analytics may eliminate the requirement to share risks.
In recent years, the globalization of fraud patterns requires the analysis of "world data“ and there is the need to establish
the future position in the BigData & Smart Analytics ecosystem.

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Smart Analytics

  1. 1. > Smart Analytics A BearingPoint Accelerator Smart analytics enriched products & services will become key differentiators for insurance companies. A key feature is that all players may have access to all data. At the same time, smarter analytics may eliminate the requirement to share risks. In recent years, the globalization of fraud patterns requires the analysis of "world data“ and there is the need to establish the future position in the BigData & Smart Analytics ecosystem.
  2. 2. Smart Analytics | A BearingPoint Accelerator Contents Market Drivers Our Approach Client Benefits References Contact CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< >
  3. 3. Smart Analytics | A BearingPoint Accelerator Market Drivers Big Data & Smart Analytics transition potential for the insurance industry Competitive advantage: better risk insights and improved risk assessment and selection - speed of processing as key element. Customer intimacy: Additional understanding of customer needs and improved access to existing and new business segments. Additional services: Enhance existing/new products with services to generate fees for additional insights or offer new products. CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< >
  4. 4. Smart Analytics | A BearingPoint Accelerator Market Drivers Most major (re)insurance players are investing heavily in Big Data activities CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< > Lagging Legend: * low: < 10 m € / year medium: 10-50 m € / year high: > 50 m € / year Source: BearingPoint research and analysis Emerging Advanced MATURITY Leadership Major findings • Group-wide BigData & Smart Analytics program is common practice • Heavy investment in activities embedded in business functions • Centre function is common practice (2013 sizing already around 4 FTEs) • Business case realization is in progress, significant budget increase planned in 2014 vs. 2013 BigData & Smart Analytics Maturity Model Planned (2014 and beyond) AIGPROGRESSIVE AXA SWISS RE MUNICH RE METLIFE AETNA GEN RESCOR lowmediumhigh Levelofinvestment (2014)
  5. 5. Our Approach Smart Analytics | A BearingPoint Accelerator CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< > Current Situation BD&SA Ecosystem opens up the horizon Insurer has to establish its future position in the BD&SA ecosystem “Old” business cases are to be challenged BD&SA becomes a competitive advantage Approach 3 work streams to help achieve goals of a BD&SA initiative Results Identification of profitable business cases in the context of big data to enable competitive advantage Know-how transfer to client experts to enable them to identify BD&SA opportunities Establishment of a procedure to enable efficient goal achievement > > > > > >1 2 3 Business Cases Profitable Business oriented Current & new ideas Center Operating Model Orchestration Engagement Concept Lab Perform demo cases Enable know-how transfer > > > > > > > >
  6. 6. Client Benefits • Identification of profitable business cases in Big Data context to generate a competitive advantage i.e.: Improved underwriting and pricing decision Improved client evaluation More efficient budget allocation (marketing) and cost cutting Improved claims leakage Improved fraud detection Improved customer retention, higher impact of next best action • Identification of accelerators in the local market • Identification of fields of action and quick wins • Know-how transfer from BearingPoint expertise Smart Analytics | A BearingPoint Accelerator CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< > > > > > > >
  7. 7. References Scope identification of use cases with high potential for underwriting risk reduction, customer interaction and claims handling improvement and higher process efficiency Collection of ideas Validation of Ideas Identification of short list of relevant smart analytics use cases for whole the insurance group Scope productivity enhancement Long list and short list of Smart Analytics uses cases in insurance industry 5 selected smart analytics use cases to improve productivity International Insurance group Swiss casualty insurer Smart Analytics | A BearingPoint Accelerator CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< >
  8. 8. Contact Smart Analytics | A BearingPoint Accelerator Matthias Roeser Partner BearingPoint Switzerland matthias.roeser@bearingpoint.com Matthias Hoehne Partner BearingPoint Germany matthias.hoehne@bearingpoint.com CLIENT BENEFITSOUR APPROACHMARKET DRIVERS REFERENCES CONTACT< Joerg Buisset Director BearingPoint Germany joerg.buisset@bearingpoint.com About BearingPoint BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of 9,700 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success. For more information, please visit: www.bearingpoint.com © 2015 BearingPoint. All rights reserved

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