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Digital Transformation Trends in Insurance

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© 2016 Information Services Group, Inc. All Rights Reserved.
Proprietary and Confidential. No part of this document may be reproduced in any form or by any electronic or mechanical means,
including information storage and retrieval devices or systems, without prior written permission from Information Services Group, Inc.
June 2016
What’s the Framework? | Where Do You Start?
Enabling Digital
Ray Shehata
Director
Financial Services
+1 732 331 3431
ray.shehata@isg-one.com
© 2016 Information Services Group, Inc. All Rights Reserved 2
Laying the foundation for a digital transformation
Digital transformations starts with a solid vision for cloud, platforms, automation
and how to use agile processes. This creates the backbone and architecture for
digital insights and the interactive customer experience.
ISG’s Digital Framework
Processes
Cloud
Customer
Analytics
Collaborative
Product
Innovation
Business
Insights
Customer
Experience
Product
Analytics
IoT
Automation
Platforms
Access Channels
Social Media
Collaboration
Enterprise
@ @
Partners
Customers
© 2016 Information Services Group, Inc. All Rights Reserved 3
Digital requires a flexible infrastructure and better processes
Cloud Management
Team
Windows
Server Team
Data Center
LAN Team
Linux Server
Team
Disk
Storage
Team
Flexible Infrastructure
Agile Application Development & Processes
► Automated infrastructure management
► Standardized and commoditized environment
► Tower orientation replaced by converged cloud
infrastructure management
► ITaaS or service brokers
► Integration and management are differentiators
► Agile in a global delivery model becomes the norm
► Integrated DevOps team with rapid deployment
► Contracting for agile switches from well-defined scope to
variable scope
► Integrated development and business teams drive digital
transformation
Agile Priorities
© 2016 Information Services Group, Inc. All Rights Reserved 4
The digital backbone provides agility and cost efficiencies
The digital backbone not only enables agility but can drive costs out of the
business. Understanding the levers is key to formulating the strategy.
Legend
Typical Client Current State
ISG Recommendation
Levers
Automation
Agile PODs
Cloud Adoption
Platform Strategies
Increased Costs Decreased Costs
Staff Aug
Agile PODs
Private Public
Custom Apps SaaS/PaaS
Limited Highly Automated
Distributed PODs
© 2016 Information Services Group, Inc. All Rights Reserved 5
Cloud costs are “highly” sensitive to usage
$0
$1
$2
$3
$4
$5
$6
$7
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Annualin$000's
Instance Usage*
Range of Public Cloud Prices per
Logical Server Configured Like
Client's X86 Linux
Sample
Client
Interest in cloud adoption is exploding in insurance, but cloud is not always cheaper.
Internal IT costs are typically less than the public cloud when cloud instance usage is high,
but public cloud becomes more cost effective when usage is less than 55 percent.
© 2016 Information Services Group, Inc. All Rights Reserved 6
Applications drive the delivery model
By assessing / modeling the utilization of the applications workloads, you can
devise the optimal deployment model between cloud and traditional data centers
while also rationalizing your application portfolio.
Ad

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Digital Transformation Trends in Insurance

  • 1. © 2016 Information Services Group, Inc. All Rights Reserved. Proprietary and Confidential. No part of this document may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval devices or systems, without prior written permission from Information Services Group, Inc. June 2016 What’s the Framework? | Where Do You Start? Enabling Digital Ray Shehata Director Financial Services +1 732 331 3431 ray.shehata@isg-one.com
  • 2. © 2016 Information Services Group, Inc. All Rights Reserved 2 Laying the foundation for a digital transformation Digital transformations starts with a solid vision for cloud, platforms, automation and how to use agile processes. This creates the backbone and architecture for digital insights and the interactive customer experience. ISG’s Digital Framework Processes Cloud Customer Analytics Collaborative Product Innovation Business Insights Customer Experience Product Analytics IoT Automation Platforms Access Channels Social Media Collaboration Enterprise @ @ Partners Customers
  • 3. © 2016 Information Services Group, Inc. All Rights Reserved 3 Digital requires a flexible infrastructure and better processes Cloud Management Team Windows Server Team Data Center LAN Team Linux Server Team Disk Storage Team Flexible Infrastructure Agile Application Development & Processes ► Automated infrastructure management ► Standardized and commoditized environment ► Tower orientation replaced by converged cloud infrastructure management ► ITaaS or service brokers ► Integration and management are differentiators ► Agile in a global delivery model becomes the norm ► Integrated DevOps team with rapid deployment ► Contracting for agile switches from well-defined scope to variable scope ► Integrated development and business teams drive digital transformation Agile Priorities
  • 4. © 2016 Information Services Group, Inc. All Rights Reserved 4 The digital backbone provides agility and cost efficiencies The digital backbone not only enables agility but can drive costs out of the business. Understanding the levers is key to formulating the strategy. Legend Typical Client Current State ISG Recommendation Levers Automation Agile PODs Cloud Adoption Platform Strategies Increased Costs Decreased Costs Staff Aug Agile PODs Private Public Custom Apps SaaS/PaaS Limited Highly Automated Distributed PODs
  • 5. © 2016 Information Services Group, Inc. All Rights Reserved 5 Cloud costs are “highly” sensitive to usage $0 $1 $2 $3 $4 $5 $6 $7 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Annualin$000's Instance Usage* Range of Public Cloud Prices per Logical Server Configured Like Client's X86 Linux Sample Client Interest in cloud adoption is exploding in insurance, but cloud is not always cheaper. Internal IT costs are typically less than the public cloud when cloud instance usage is high, but public cloud becomes more cost effective when usage is less than 55 percent.
  • 6. © 2016 Information Services Group, Inc. All Rights Reserved 6 Applications drive the delivery model By assessing / modeling the utilization of the applications workloads, you can devise the optimal deployment model between cloud and traditional data centers while also rationalizing your application portfolio.
  • 7. © 2016 Information Services Group, Inc. All Rights Reserved 7 A hybrid model After evaluating workloads, most clients realize they require a hybrid model with some apps remaining in traditional data centers / managed hosted environments. AZURESaaS Salesforce and CRM Finance Systems Time & Expense Reporting Talent Mgt SharePoint apps Existing .Net Apps OS365 Knowledge Mgt. Custom Apps Backup & Restore Infra Support Mobile Apps AWS Legacy Apps Customized COTS PLM Tools ERP Data Center
  • 8. © 2016 Information Services Group, Inc. All Rights Reserved 8 Multi-speed IT addressing digital demands ► More brownfield than greenfield ► Silo Development  APIs, web services, platforms ► Multiple speeds of IT delivery coexisting – agile and waterfall ► Fixed-price contracts vs agile ► Agile enterprise architecture ► Move from local optimization to lifecycle thinking ► Application portfolio and footprint ► Manage business idea  system retire ► Think “service“ instead of “application“ ► Buy vs build vs XaaS ► Flexible price per business service Software Development lifecycle (Plan-Build, Agile, Lean, DevOps,,…) Operations (ITIL, SLAs…) Application Portfolio Management (Business Case, Requirements, Target Architecture,…) Value delivery Value Realization Value Identification Innovation Portfolio Business Unit Portfolio Enterprise Portfolio Agility Stability Multi-speed Application Development Focus on Application Lifecycle Digital transformation will also require applications to be developed at different speeds, giving rise to bi-modal IT.
  • 9. © 2016 Information Services Group, Inc. All Rights Reserved 9 Get ready for DevOps Applications undergoing higher speeds of change will demand integrated DevOps. Continuous Product Validation Continuous Monitoring Continuous Product Planning Continuous Deployment High Speed Test Driven Development Continuous Testing & Staging Continuous Integration Multi-speed development: Agile / Kanban / Lean Automation, monitoring, making it safe to fail Systems Thinking & stricter Application Lifecycle Mgmt Agile operations with SDDC Culture, people, processes – especially when sourced Building Blocks for DevOps Operational Success Agile architecture, microservices & platform
  • 10. © 2016 Information Services Group, Inc. All Rights Reserved 10 Strategy to Portfolio Drive IT portfolio towards Business Needs, Innovation & Continuous Improvement Requirement to Deploy Build what the Business wants, when it wants it Request to Fulfill Catalog, fulfill & manage service usage Detect to Correct Anticipate & Resolve Production issues BusinessDemand Multi-speed process orchestration in a digital enterprise The role of infrastructure shifts from “installer and maintainer“ to “broker and communicator.“ Performance Management Cont. Serv. Improvement Benchmarking Reporting Service Level Management Consumption Management Quality Management Governance Framework Process Management Governance & Management Systems Org Change Management Policies & Standards Mgt. Knowledge Management Data Management Information Management Audit & Compliance Management Risk & Compliance Management Risk Management Partner Integration Contract Change & Amend Contract Interpretation Prov. Audit Prep. & Tracking Invoice Management Value Assurance Contract Compliance & Del. Provider On-/Off-boarding Provider Communication Spend Pool Management Sourcing Lifecycle Management Enterprise Strategy Incremental Improvement SDLC OR Scaled Agile Managed RunEnterprise Portfolio Digital Strategy Iterative Innovation Scaled Agile DevOpsInnovation Portfolio Differentiation Strategy Incremental Innovation Scaled Agile OR SDLC DevOpsBusiness Unit Portfolio
  • 11. © 2016 Information Services Group, Inc. All Rights Reserved 11 How ISG typically gets started with clients ► What are our current costs and consumption? ► What should we move to the cloud? What should we keep in our datacenters and optimize? ► What’s the ROI of the targeted digital future state? What will it cost to implement, including the upfront investments? ► What’s the implementation roadmap, including overall program timeline, service management design and other change management programs required to transform to the new delivery model? ISG recommends starting by developing a digital strategy that focuses on creating the digital backbone and transforming the legacy infrastructure into a cloud-ready agile-enabled environment. The strategy should address:
  • 12. © 2016 Information Services Group, Inc. All Rights Reserved 12 About ISG
  • 13. © 2016 Information Services Group, Inc. All Rights Reserved 13 The ISG Advantage ISG focuses exclusively on helping clients achieve operational excellence by providing unparalleled data, experience and insights. ► Achieved or identified more than US $65 billion in client savings in more than 17,500 engagements ► Advised over 80 percent of the Forbes Global 100 with most being repeat clients ► Advised on 17 percent of the sourcing market’s annual TCV awarded and more than 60 percent of the TCV sourced with the aid of an advisor over the past five years. ► Owner of one of the largest authoritative repositories of sourcing contracts and cost benchmark data in the world ► Over 1,000 professionals in 21 countries, serving commercial enterprises and governments across the globe ► Proudly independent with deep collaborative relationships with all major service and technology providers 1,000 employees in 21 countries
  • 14. © 2016 Information Services Group, Inc. All Rights Reserved 14 ISG Differentiators ISG is the leader in all aspects of services strategy, sourcing and business operations advisory. *Contracts with ACV> $5M from the ISG Contracts Knowledgebase™ since 2008 ► Corporate focus on ISG product development; data harvested from engagements for benchmarking ► Large teams of SMEs in all competencies from Service Integration to Applications/DevOps to Emerging Technology ► Robust and continuously improving product development and training with a focus on solutions ► Committed to engage with the service provider market; robust investment in research and collaborative sessions with the provider community in IT, Applications, Business Process and Engineering Services ► Aligned with service providers’ most recent improvements so that our clients can take advantage of capabilities they may otherwise not experience 65% 7% 5% 5% 4% 2% 2% 10% ISG Big 4 Acctg Firms Law Firms Other Advisory… Mgt Consulting… Research &… Other Niche Firms Unrevealed Type of Advisor Used for Broader Market* Awards N = $298 in Annual Contract Value
  • 15. © 2016 Information Services Group, Inc. All Rights Reserved 15 ISG’s Global Insurance Practice At-a-Glance Our service lines and competencies provide a comprehensive array of consulting skills augmented with deep insurance industry knowledge Service Lines Competencies PERSONAL & COMMERCIAL: AUTO / MOTOR PROPERTY GENERAL LIABILITY UMBRELLA WORKERS COMP WHOLE TERM ANNUITY UNIVERSAL VARIABLE LTC A&H GROUP Research Data & Analytics Strategy & Operations Transaction Services Managed Services APPLICATION DEVELOPMENT APPLICATION MAINTENANCE END USER COMPUTING INFRASTRUCTURE NETWORKS Information Technology SOCIAL MOBILE BIG DATA CLOUD Digital CONTACT CENTER FINANCE & ACCOUNTING HUMAN RESOURCES FACILITIES PROCUREMENT Business Services NEW BUSINESS / POLICY ISSUE POLICY SERVICING CLAIMS MGT BILLING & COLLECTIONS ANALYTICS ACTUARIAL / UNDERWRITING AGENCY / DISTRIBUTION INVESTMENTS / RETIREMENT RISK / COMPLIANCE Products P&C Life
  • 16. © 2016 Information Services Group, Inc. All Rights Reserved 16 Financial Services and Insurance Engagement Experience ISG has a long track record in helping the world's leading insurance companies meet the demands of increased agility, efficiency, compliance and client service. Engagements by Region 30 Asia Pacific 113 N America 75 U.K. & Ireland 71 S Europe 122 DACH 29 Other EMEA 97% of our engagements are with repeat clients 2 Latin America  Assisted 13 of the 20 largest US insurers (by premium)  Largest claims and underwriting BPO transaction in US history  Supported global insurance operations lift outs  Program managed global data center consolidation, transitions and transformations 221 3,579 Total Engagements for 363 Unique Clients Engagements by Service Area Inform Services 15 Assess Services 1,979 Design Services 180 Execute Services 618 Transactions* 464 Transformations 54 Transitions 87 Operate Services 250 Project Management Services 221 Governance Services 28 Consulting Services 537 *TCV of ISG Led Sourcing Contracts ($B) $85 B % ISG Led Contracts Valued at > $50M 63%
  • 17. © 2016 Information Services Group, Inc. All Rights Reserved 17 Business & Customers Demand End Users Products Employees External Customers R&D Service Delivery Supply Cloud Services (SaaS, PaaS, IaaS) Social Media & Collaboration Traditional Services (IT & Business Process) BPaaS Automation ISG understands insurance business operations and services. Whether your services are internally provided, outsourced, from an offshore captive, shared services or all of these, we know how to help you be more efficient and save money. Operational excellence is our business. Our clients ask: ► How do I ensure my IT and business services meet the demand of my internal and external customers? ► How do I ensure my back office is efficient and the services are optimized? ► Is my organization delivering services competitively? ► How can I ensure that my service providers deliver the best services and integrate effectively with the rest of my organization?
  • 18. © 2016 Information Services Group, Inc. All Rights Reserved 18 Acquisitions and partnerships enhance ISG Service offerings. What applications are appropriate for the cloud? How much do applications cost across public cloud providers? What is the cost of my current environment? (applications and workload) Is my consumption aligned with the industry? What am I consuming on premises and in the cloud? How can I optimize my license agreements as we move toward digital and cloud strategies? ►What are the trends in my industry? ►What are my current costs and consumption? ►What can I move to the cloud? ►What will it cost me? ►And…..How do I measure what I get and get what I’m paying for? We have also acquired companies and formed partnerships to help our clients answer the following: ISG acquired Saugatuck which provides subscription research and research-based consulting and event services focused on Cloud (in all of its forms - IaaS, PaaS, SaaS), Mobility, Social Computing, and Advanced Analytics, among other key trends enabling the Boundary- free Enterprise. Partners
  • 19. www.isg-one.com Information Services Group is a leading technology insights, market intelligence and advisory services company, serving more than 500 clients around the world to help them achieve operational excellence. ISG supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services, with a focus on information technology, business process transformation, program management services and enterprise resource planning. Clients look to ISG for unique insights and innovative solutions for leveraging technology, the deepest data source in the industry, and more than five decades of experience of global leadership in information and advisory services. Based in Stamford, Conn., the company has more than 900 employees and operates in 21 countries. imagine your future™ RESEARCH | CONSULTING | MANAGED SERVICES let’s connect..

Editor's Notes

  1. TL
  2. We understand business operations These are some of the questions we are asked on our assignments We have unique insight into operations. We own the single largest repository of sourcing contracts and operational metrics data in the world Which is a key enabler for us to be able to answer these questions for our clients In addition to our data, we have a practice called SIAM which stands for Service Integration and Management. We will discuss what this is and how important it is to drive change in an operating model on the next few slides
  3. Emerging Technology Play – Summing up Cloud is the threat, digitization the opportunity. The cloud poses a disruptive threat to the entire IT market Cloud is shrinking the infrastructure pie for the traditional IT service provider. IaaS is reducing unit prices. SaaS is reshaping application delivery – the build vs. buy decision heavily swayed to buy The ‘run’ pie is shrinking, but the transformation/project opportunity is expanding. But whether the latter will compensate for revenue cannibalization by the former is far from clear. Digitization is an opportunity – for those who adapt to the new rules of ADM Digitization essentially means more and more processes will come under the purview of software, which implies a lot of new software will have to be built. But the rules of ADM are changing – the service provider needs to develop product management competency and take agile development to a whole new level. BPO: the future belongs to those can bring industry sector skills, development competency, and analytics together There is now widespread expectation of service provider-owned technology and automation. Analytics is an essential part of all BPO service lines. And the BPO conversation is moving beyond cost.