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Eitc team 2 tech talk-final

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Syracuse University Enterprise IT Consultation

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Eitc team 2 tech talk-final

  1. 1. Tech Trends 2016 Property and Casualty Insurance
  2. 2. The Team Team Advisor Team Leader Don Massenzio Michelle Kaarst-Brown Consultants • Kathleen Seibert • Sargam Gupta • Yang Fu • Jash Mehta • Anvitaa Shetty
  3. 3. • Overview of Property & Casualty Insurance in 2016 • Key Tech Trends • Closing Thoughts Agenda
  4. 4. Property & Casualty Insurance Industry Priorities for 2016 • Digital Leadership to take over transformation effort • Increase transactions in Mergers & Acquisitions • Cultivate a Culture of Continuous Innovation • Focus on the Distribution Platform • Differentiate the Product with Analytics On the Road to Disruption
  5. 5. • Modernization to reinvent existing business processes • Core-related IT expenditures as a smart investment • Improved efficiency, efficacy and results to match the higher-order initiatives • Redefine business core performance to meet industry standard • Customer-focused, outcome-driven core to achieve business goals • Functionality, reliability and scalability to help develop a fitting design for new infrastructure • Automation of legacy systems to drive innovation and growth Note: IT budget visuals have been derived from technology benchmark studies performed by Novarica in 2016 Trend 1 : Reimagining Core Systems
  6. 6. • Autonomic Platforms uses virtualization and DevOps to provide agility and flexibility • Biggest challenge: Engaging customer wherever they are are and whenever they choose • Software Defined Everything - Virtualizing the computer infrastructure • Time to change cumbersome SDLC methodologies to DevOps Trend 2 : Autonomic Platforms
  7. 7. • Operational byproduct to strategic boardroom concern “What should I do?” → “What is going to happen?” • The new role of Analytics oUnderwriting results oNew products & Refine Pricing strategies oMarket Differentiator • Apply proven analytics to the homeowners market • Use analytics to manage commercial market risks • Online Presence & Internet Sales - Customers’ demand! • Pricing Life Cycle - Soft (2004-2011) -> Hard (2011-Present) Trend 3 : Industrialized Analytics
  8. 8. Influence of Tech Trends in 2016 • Businesses with benefit with effort directed towards “Reimagining the Core”. • This will give companies the hardware advancement in addition to the benefits of agile methods and new opportunities • Automate platforms will help the business by running it faster and more reliable • Industrialized data analytics will essentially describe information with predictive capabilities in the the future
  9. 9. Thank you

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