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Disrupting Insurance with Advanced Analytics The Next Generation Carrier


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Disrupting Insurance with Advanced Analytics The Next Generation Carrier

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Disrupting Insurance with Advanced Analytics The Next Generation Carrier

  1. 1. Confidential Saama Technologies, Inc Disrupting Insurance with Advanced Analytics – The Next Generation Carrier How Motorist leapfrogged into the future of analytics and data June 28-30, 2016
  2. 2. Confidential Saama Technologies, Inc Speakers 1 Sanjeev Kumar, Saama Technologies As Saama’s Head of Insurance, Sanjeev Kumar, is responsible for delivering innovative data analytics solutions for the insurance industry at Saama. Sanjeev is very passionate about solving business problems and eternally believes in process improvement. He strongly believes that today’s next generation business intelligence in the form of advanced analytics will revolutionize the insurance industry. Sanjeev is a winner of the Application Innovator award and a regular speaker at various conferences, including Business Intelligence. @saamatechinc Alan Byers, Motorists As AVP of Data Analytics, Alan Byers is responsible for strategic Enterprise Data Management combined with tactical development of data solutions that support Analytics and systems integration. Alan is focused on reducing the company’s time-to- information from being measured in days, weeks, or even months down to seconds by using an Agile BI approach that provides quick delivery of data services and self-service analytics. He believes that effective use of data assets by combining wisdom and advanced analytics methodologies is a key driver for success in the insurance industry during the digital age.
  3. 3. Confidential Saama Technologies, Inc • Malcolm Gladwell • The key to good decision making is not just knowledge. It is the understanding 2
  4. 4. Believe the Hype……..
  5. 5. The “Right Now” disruption PagMonday, July 11, 2016 Saama Confidential Weather Patterns Connected World Safer Driving Ecosystem Safety First Eco Friendly, Shared Economy Autonomous Vehicles Wearables, More informed, More connected Smart / Connected Homes
  6. 6. The “Right Now” Disruption • Peer to Peer, Insurance for miles driven, pay as you go • Emerging Business Models Channel Disruption • Digital customer experience • Connected auto, home and self • The Internet Of “Me” Digitization • Traditional model of insurance disrupted • Innovation by partnering with “technology” companies. VC funding Change in Eco System • Predictive and automated underwriting and fraud process. • Straight through processing for Underwriting Embracing Big Data
  7. 7. Confidential Saama Technologies, Inc Opportunities to Achieve Data-Driven Business Objectives through a Modern Data Architecture
  8. 8. Confidential Saama Technologies, Inc How do we use all this data in the disruptive era? • To capitalize on the value of big data and leapfrog the competition, leading insurers are moving towards consolidated data management. • The introduction of an enterprise data hub built on open-source Apache Hadoop provides a cost-effective way for insurers to aggregate and store ALL their data, in any format, in a highly secure environment. • Users can access rich data sources, blend and analyze data from any source, in any amount, detect patterns, model risk and gain valuable real-time insights that deliver results.
  9. 9. Confidential Saama Technologies, Inc The Situation In early 2014, Motorists with under $1b in Net Written Premiums and operation in 20+ states had a few business challenges: • Aging systems run by an aging workforce • Reduced customer loyalty + pricing pressures • Many operational data sources: DB2, VSAM, IMS, SQL, documents, and others • Needed to analyze new types of data: clickstream, social media, and telematics • No single version of truth: KPIs were inconsistent, information for decision-making was unreliable • Integration of data from new affiliate companies with their own systems and structures • Needed real-time analysis, that required processing of massive amounts of data faster • Need of scalable, integrated, secure data in a cost effective way Motorists wanted to embark on a transformation program to consolidate and modernize its existing IT systems, which support core Insurance processes – Policy Admin, Claims, and Billing but was faced with some questions/decisions about its data ecosystem.
  10. 10. Confidential Saama Technologies, Inc Traditional Solutions Innovation Traditional EDW Fluid Analytics for Insurance/Hadoop Which road to take? Should we wait for core system replacement first? Start the advanced analytics journey along with core system replacement?
  11. 11. Confidential Saama Technologies, Inc A Radical Shift in Data Strategy A Data Warehouse is great for: – Structured data – Predictable query patterns – Combining similarly structured data But not so great for: – “Otherly” structured data – Rapid prototyping with new data sources – Ad-hoc data blending for analysis – Complex, multi-stage data analysis – Very high volumes of data – Low-latency / real-time data Motorist made the unique decision to build a hybrid Hadoop – SQL data warehouse ecosystem to collect, refine, and present high data volumes from a rapidly expanding and unpredictable collection of internal and external data sources.
  12. 12. Confidential Saama Technologies, Inc 1 1 New Affiliate Data 3rd Party Data Social Media, UBI, Clickstream, ... Guidewire Analytics Engines Data Warehouse Data Lake Aggregation,Queries,Services,BusinessLogic Dashboards Scorecards API Integration Embedded Analytics Data Feeds Ad-hoc Analysis Prescriptive Models Predictive Models Report Subscriptions Self-service Discovery, Self-service DataRefinery-DataManagementandGovernance Data Warehouse Ecosystem Features • Fast data ingest • Agile data refinery • Data discovery • Searchable Information Catalog • Rapid solution delivery • Multi-stage data governance • Workload-optimized architecture • Distributed architecture • Data as a Service
  13. 13. Confidential Saama Technologies, Inc Projects with Saama • Production infrastructure design and implementation (Incl. Hortonworks) • Define taxonomy, Hardware specs and design environments, Security • Personal Lines data warehouse • MMIC, CIUSA Data in Data Lake • Saama iMAP data model • Next steps are to extend the iMAP model and add other affiliates • Affiliate claims dashboard • Claim notes enterprise search • Text mining of Agency Feedback reports 1 2
  14. 14. Confidential Saama Technologies, Inc Recognized Value • Faster processing of data – ELT processes running with more parallelism than prior processes – Load times reduced by 30%, with expected improvements to 70% with more scalability. • Hundreds of hours saved building agency feedback reports • New insights into claims handling improvements. • Information in claims previously undiscoverable now easy to find. 1 3
  15. 15. Confidential Saama Technologies, Inc How it all comes together
  16. 16. Confidential Saama Technologies, Inc Saama’s Fluid Analytics for Insurance A solution comprising Saama's Fluid Analytics for Insurance ,a unique offering that established a strong, robust data foundation utilizing Hortonwork’s Hadoop and provided the capability for real time streaming and predictive analytics, including self-service reporting in visualization software using Tableau Fluid Analytics is a highly-flexible, high-reuse, rapid iteration process designed to provide more frequent, more relevant and highly measurable business outcomes.
  17. 17. Confidential Saama Technologies, Inc Saama Fluid Analytics for Insurance – Conceptual Architecture StructuredData UnstructuredData External Data Hadoop Ecosystem Data Quality &Standardization iMAP culls data from multiple sources, including: internal structured data (policy, claims, customer, billing, telematics and call center); internal unstructured data (claims notes, telematics, log data); real time geospatial data; syndicated data from third party sources; enterprise search, and social media. The data is presented in a visual user interface that is intuitive, insightful and actionable. Charts and dashboard are enriched with industry-standard KPIs, implemented in multiple server platforms and mobile devices. The Hadoop Ecosystem is leveraged for processing, managing and generating large data sets. For the first time, analysts, underwriters and actuaries will have direct access to the data in native format in a self-service mode.
  18. 18. Confidential Saama Technologies, Inc The Capabilities that this could bring were significant • Enterprise-wide data model that consolidates actuarial and financial data across multiple line of businesses. • Extensible and flexible framework for easier customization across Policy, Billing, Agent and Claims functional areas. • Predefined data mapping templates that interface with source systems to mitigate development efforts and accelerate implementation of a robust data warehouse. • Data architecture that maintains availability, reliability, scalability and data load strategies to follow best practices that ease ongoing data maintenance. • Advanced analytical data components to facilitate Business Intelligence strategy that enables customers to quickly measure success and improve their performance with highly rated performance metrics. 1 7
  19. 19. Confidential Saama Technologies, Inc Summary and Key Resources
  20. 20. Confidential Saama Technologies, Inc Key Takeaways • The insurance engagement model is/has changed • Managing new and existing data and analytical needs is achievable through: – Industry accelerators of Fluid Analytics for Insurance – Visualization for business users using capabilities like Tableau – Manage traditional and new data sources regardless of volume, veracity or variety through open source capabilities
  21. 21. 20Copyright © 2016, Saama Technologies | Confidential About Saama 5000+ Engagements 900+ Employees 50+ Global250 3000+ Algorithms 1 Purpose Accelerating BusinessOutcomes using Data Driven Insights