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Lean Innovation in Insurance with Cognizant Digital Foundry

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SpringOne Platform 2016
Speakers: Rag Ramanathan; Senior Director, Cognizant & Satish Venkatesan; Senior Director, Cognizant

Insurers are increasingly leveraging digital technologies to bring in significant changes to their business and operating models. Many strategic programs are currently underway within life, P&C and retirement service providers to embrace customer centricity, API-based distribution channels, loss control through real-time digital data and a lean operating model.

Join Cognizant’s session to learn how we bring together our industry expertise in Insurance and our Lean/Agile techniques, powered by vast experience with Spring and PCF, to innovate with our clients and create business value.

The first part of the session will cover Cognizant cloud-native digital business solutions and platforms (drone, IoT, innovation prototyping platforms etc.) that supports the business and next-gen IT transformations within insurers. Spring Framework, Cloud Foundry and container based technologies serves as architectural building blocks and delivery platforms.

While developing new applications using modern frameworks like Spring and Spring Boot already reduce the time to value for businesses, additional software components and tools further accelerate the time. The second part of this session will cover such tools as developer Blueprints, Microservices, and a single Portal for enabling these on multiple PaaS environments. These additional tools and software help our development teams accelerate value creation for clients by focusing on the business application rather than infrastructure and frameworks setup.

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Lean Innovation in Insurance with Cognizant Digital Foundry

  1. 1. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20161 Lean Innovation In Insurance with DigitalWorks Foundry August 2016 | SPRINGONE PLATFORM Satish Venkatesan | Rag Ramanathan | Dileep Hareendran
  2. 2. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201622 How many of you have heard of Cognizant?
  3. 3. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163 Global 1000 company Topped Client Satisfaction Rankings The fastest growing information technology organization in the world, #3 in Fortune’s “Most Admired Companies” in Info-tech Services 100+ Global Delivery Centers 20,000+ Projects Market Capital over $40 billion 221 K +Employees operating from 40 Countries Founded in 1994 (NASDAQ : CTSH) US Based HQ in Teaneck, NJ 1,250+Active customers “Client First” culture FY 2015 $12.41 bn (21% Growth) Re-investment Strategy funding CoEs Cognizant Overview
  4. 4. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201644 Cognizant’s Insurance Practice Overview Customers: 130+ insurance clients globally Insurance Employees: 31,100+ Overall 16,780+ L&A 14,300+ P&C Projected to reach $2Bn revenue in 2016 Working with world’s leading insurance clients 7 of the top 10 Global Insurers 33 of the Top 50 US Top 50 Insurers All top 10 U.S Life & Annuities Insurers 5 of top 10 US Retirement Insurers 8 of the top 10 US P&C Insurers InsuranceNext – Industry specific Experience Center
  5. 5. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201655 Do you think emerging technologies have value within Insurance?
  6. 6. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201666 Our Insurance Crystal Ball…
  7. 7. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201677 Data Science Drones Incubating Innovation Insurance in a Box Omni-channel experience Smart Farming Geospatial Analysis & LI Robots Thermography Crowdsourcing Gamification Natural Language Processing Natural User Interface Nearables Personalized Videos 3D Printing Autonomous & Connected Vehicles Blockchain Climate Changes Response Deep Learning Machine Learning Nanobots Smart Homes / Connected Buildings 3D Motion & Depth Sensing Crypto- currencies Social Business Biometrics Futuristic Peer-to-Peer Insurance Shared Economy TransformationalHighModerate Immediate Hearables Cyber Risk Public Web- APIs Microservices Virtual Assistants Wearables (Eyewear) Virtual & Augmented Reality Robotic Process Automation Crystal Ball for Property & Casualty Insurance
  8. 8. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201688 Data Science Incubating Innovation Omni-channel experience Wearables (Wrist wear) Crowdsourcing Gamification Natural Language Processing Natural User Interface Nearables Personalized Videos Connected Health Deep Learning Genomics Machine Learning Nanobots Robo Advisors Social Business Biometrics Futuristic Hearables Microservices Immediate TransformationalHighModerate Public Web- APIs Crypto- currencies Virtual Assistants Virtual & Augmented Reality Robotic Process Automation Crystal Ball for Life & Annuity Insurance and Retirement Services
  9. 9. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201699 Innovation is already happening…
  10. 10. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20161010 Software is rewriting Insurance “Historically, we’ve seen mutual insurance companies (insurance companies owned by policyholders) and stock insurance companies (insurance companies owned by shareholders). We expect to see more crowdsourced insurance companies, just as we’ve seen in other parts of the financial system.” Frank Chen from Andreessen Horowitz 130 odd startups think so…. Source: cbinsights InsuranceTech rising Over 130 startups in P2P, robo-advisors, IoT, and digital
  11. 11. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20161111 There is no lack of ideas… But insurance enterprises lack continuous innovation and NextGen models.
  12. 12. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20161212 Cognizant’s Innovation Journey with Spring and PCF Operational Agility Customer Engagement 2007-10 2012 2014 2016 2018 Claims Adjuster Optima Write Mobile Claims Adjuster Optima Intake Life EngageGeoLocus Telematics Drone APS for Life Insurance UW RPA for UW IEM Systems of Rapid, Continuous Innovation INCatalyst DigitalWorks Foundry GeoLocus IOT Work Activate
  13. 13. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20161313 Innovation Lab powered by
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  26. 26. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20162626 INCatalyst – Core Architectural Patterns Pattern 2: Legacy IntegrationPattern 1: Mobile Strategy Pattern 3: IOT
  27. 27. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201627 The Methodology Intrapreneurship: Lean Startup and MVPs
  28. 28. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201628 Move rapidly from idea to prototype to the next generation of digitally inspired solutions. The IdeaLab The Collaboratory The Foundry Ideate and Prototype Start small | Learn fast Design | Prototype | Validate | Iterate Minimum Viable Product defined Discover Think big Gather inputs from multiple sources Identify opportunities | Synthesize and prioritize Pilot and Scale Scale quickly Build, launch and test pilots Set up people, processes and technology to scale MVPSpark Cognizant Digital Works™ 28
  29. 29. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20162929 Introducing Cognizant Foundry Combines best parts of cloud services, technology stack and people to drive innovations to reality
  30. 30. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163030
  31. 31. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163131 Magic after CF PUSH How about before CF PUSH ?
  32. 32. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163232 Blueprints: Accelerate Dev before CF PUSH • Many tasks before dev • Dev environment setup • Frameworks, and libraries • Infrastructure, and vertical domain- specific microservices
  33. 33. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163333 Foundry Marketplace Common microservices across many Cloud Foundry based PaaS e.g: Logger, Authentication Domain specific microservices e.g: Underwriting Assistant, Claims Fraud analytics
  34. 34. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 20163434 Visit our booth at the Community Hub Foundry@cognizant.com
  35. 35. COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 201635 Keep Challenging Thank You

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