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Markerstudy Group Drives Growth and Innovation

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Learn how Markerstudy Group is driving growth and innovation. The general insurer uses both Cloudera Enterprise powered by Hadoop and SAS Analytics. With it's big data analytics platform, Markerstudy has achieved significant ROI including 120% increase in policy count over 18 months.

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Markerstudy Group Drives Growth and Innovation

  1. 1. 1© Digital Reasoning & © Cloudera, Inc. All rights reserved. Webinar: Insurers Capitalize on Big Data Analytics and Hadoop DATE: January 21, 2016 TIME: 11:00am ET / 8:00am PT
  2. 2. 2© Digital Reasoning & © Cloudera, Inc. All rights reserved. Agenda • Key Trends Impacting Insurers in 2016 and Beyond • How Markerstudy Group is Driving Growth and Innovation with Big Data Analytics • Use of Cloudera Enterprise and SAS Analytics Across Key Areas in Insurance • Q&A
  3. 3. 3© Digital Reasoning & © Cloudera, Inc. All rights reserved. Our Speakers Donald Light Director, Property & Casualty Celent Dan Fiehn, CIO Markerstudy Group Stuart Rose Head of Global Insurance Practice SAS Institute Maneeza Malik Head of Global Insurance Practice Cloudera Inc. Nicholas Turner Enterprise Data Architect Markerstudy Group
  4. 4. © 2016 Celent, a division of Oliver Wyman Insurance Trends for 2016: Data, Analytics, Cloud January 2016 Donald Light dlight@celent.com
  5. 5. © 2016 Celent, a division of Oliver Wyman 55 Celent: The leading global insurance technology analyst firm • Insurers • Technology firms • Strategic consultants • Technology investors • Research bridging technology and business • Technology consulting • A division of • A member of A knowledge-based intermediary working with Organizational FamilyTwo Core Offerings
  6. 6. © 2016 Celent, a division of Oliver Wyman Q: What are insurers’ 2016 priorities? A: Data, analytics, digital, omni-channel
  7. 7. © 2016 Celent, a division of Oliver Wyman 77 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Digital Transformation Innovation Analytics IT Operational Excellence Core System Modernization Completed in past three years Underway and continuing Will begin in 2016 In planning process Not under consideration Property/Casualty insurers’ key 2016 initiatives Source: Celent 2016 CIO Survey: large insurer segment
  8. 8. © 2016 Celent, a division of Oliver Wyman 88 Life/Health insurers’ key 2016 initiatives 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Core System Modernization Digital Transformation Innovation Analytics IT Operational Excellence Completed in past three years Underway and continuing Will begin in 2016 In planning process Not under consideration Source: Celent 2016 CIO Survey: large insurer segment
  9. 9. © 2016 Celent, a division of Oliver Wyman 99 Property/Casualty insurers’ plans for the application portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Call Center/Telephony CRM Stand-alone Rating Engine Claims Admin System Reinsurance system Illustrations (Life) Bus Process Mgmt Document Creation Document Repository Business Intelligence Predictive Analytics/Modeling Investment Management System Enterprise Risk Management System Portals Mobile for agents/customers Stand-alone Underwriting Workbench Policy Administration System Billing System Bus Rules Mgmt System Financial and Administration Systems Distribution Mgmt (Comm. Licensing) Master Data Management Begin replacement Replacement in progress Significant enhancements Maintain N.A./No activity Source: Celent 2016 CIO Survey: large insurer segment
  10. 10. © 2016 Celent, a division of Oliver Wyman 1010 Life/Health insurers’ plans for the application portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Portals Call Center/Telephony CRM Stand-alone Underwriting Workbench Policy Administration System Stand-alone Rating Engine Billing System Claims Admin System Reinsurance system Illustrations (Life) Document Repository Business Intelligence Master Data Management Predictive Analytics/Modeling Investment Management System Mobile for agents/customers Bus Rules Mgmt System Bus Process Mgmt Document Creation Financial and Administration Systems Enterprise Risk Management System Distribution Mgmt (Comm. Licensing) Begin replacement Replacement in progress Significant enhancements Maintain N.A./No activity Source: Celent 2016 CIO Survey: large insurer segment
  11. 11. © 2016 Celent, a division of Oliver Wyman Q: Where is the big data coming from? A: Everywhere
  12. 12. © 2016 Celent, a division of Oliver Wyman 1212 The Internet of Things is a Big Data generating machine • It creates value through what connects three components Report states Internal states/external status Iterate Models/analyses Feedback and control Commands and requests THINGS WITH NETWORKED SENSORS At rest Active CLOUD STORAGE Data Text Models/analys es Videos Images ANALYTIC ENGINES Human/machine learning Servers/cloud
  13. 13. © 2016 Celent, a division of Oliver Wyman 1313 Data source use case: Your car is watching you and itself
  14. 14. © 2016 Celent, a division of Oliver Wyman 1414 Data source use case: Telematics leverages car and driving data to create new products and services
  15. 15. © 2016 Celent, a division of Oliver Wyman 1515 Data source use case: GE will be teaching industrial equipment to talk to the IoT via the “Industrial Internet” • Any insurer writing coverage of industrial properties needs to tap into these data, analytics and findings Source: http://www.gereports.com/post/76430585563/ new- industrial- int ernet-r eport-fr om- ge-f inds #
  16. 16. © 2016 Celent, a division of Oliver Wyman 1616 Data source use case: Industrial control systems are jumping on the bandwagon Source: http://www.rockwellautom ation.com/global/innov ation/c onnected- ent erpris e/operat ionaliz ing. page?gclid= CNa6mv CA gc gCF RS DfgodjL8NmQ http://www.industry.siemens.c om/t opics/global/ en/ digit al- ent erpris e- suite/Pages/Default. as px https://www.bosch-si.c om/ products/bosc h- iot-s uit e/iot-use-c as es/internet-things-c as es. html
  17. 17. © 2016 Celent, a division of Oliver Wyman 1717 Data source use case: New sensors sensing new things about people and their environment Source: Qualcomm Life Fund, Qualcomm Ventures, Smartwear Symposium
  18. 18. © 2016 Celent, a division of Oliver Wyman 1818 Data source use case: John Hancock’s Vitality life insurance products links biomonitoring and behavioral awards to lower premiums in the next policy year • Can the IoT beat the actuarial tables? Source:http://www.jhrewards lif e.com/
  19. 19. © 2016 Celent, a division of Oliver Wyman What do you do with the big data?
  20. 20. © 2016 Celent, a division of Oliver Wyman 2020 11 things insurers have to figure out about the IoT 1. Who owns the data? 2. Who will aggregate it? 3. Where will it be stored? 4. What incentives will enable insurers to access the best data? 5. What are the root causes of losses? 6. Which data correlates to those root causes? 7. How to mix and match IoT data vs. already available data? 8. How to work with images, sounds, other unstructured data? 9. What are the relevant skill sets, and how can insurers access those skill sets? 10.Positive or negative incentives or both? 11.Do insurers want to exercise direct control over things? Data Feedback and ControlAnalytics
  21. 21. © 2016 Celent, a division of Oliver Wyman What does it mean for insurers?
  22. 22. © 2016 Celent, a division of Oliver Wyman 2222 Impacting every part of the insurance value chain • Types of sensors • Sensor output • Type of network • Feedback control effectiveness Product Design • New data elements • New pricing algorithms based on models/analyse s Pricing • New elements in scores and decisions: based on prior or current output of sensors • New kinds of data and information (video or images) Underwriting • Responsible for feedback and control operation • Must work well with people and objects • Must understand how to impact motivation and behavior Policyholder Service Claims • Use new data elements, models, analyses to understand causation and responsibility • Fraud mitigation tools use broader and better data and algorithms
  23. 23. © 2016 Celent, a division of Oliver Wyman 2323 Implications for insurers’ value propositions and business models 1 Move from periodic to continuous engagement 2 Move from indemnity to avoidance – changing the nature of the risk 3 New capabilities introduced into the model 4 Ecosystem expands and transforms
  24. 24. © 2016 Celent, a division of Oliver Wyman 2424 • Model Insurer Award – Celent recognizes technology innovation through annual Model Insurer Award • Insurers are Recognized Across Multiple Categories – Legacy and ecosystem transformation, digital and omni-channel transformation, innovation and emerging technologies, data mastery and analytics… • Markerstudy was a winner of the 2015 Data Mastery and Analytics Model Insurer Award – Recognizing their use of big data analytics and Hadoop to drive speed to market, growth and innovation The 2015 winner of Celent’s Model Insurer Data Mastery and Analytics Award: Markerstudy
  25. 25. © 2016 Celent, a division of Oliver Wyman Questions or comments? Contact Donald Light dlight@celent.com Thank you
  26. 26. Dan Fiehn CIO Nick Turner Enterprise Data Architect
  27. 27. Up to the minute data
  28. 28. Streams of personal data
  29. 29. Enormous volumes The population of Barcelona, every 2hours... The population of Spain, every 2 days... The population of Europe, every month! 44,000,000 1,200,000 740,000,000
  30. 30. Objectives & Use Cases • Operational Reporting & Monitoring • Analytics & Exploration • Point of Quote Enrichment • Customer View • Actionable Insight
  31. 31. Selection Criteria • Enterprise Platfor m • Support and Maintenance • Professional Services • People and Skills Development
  32. 32. Impact on Business • Project completed in under 7 months • Policy conversions increased by over 120% • 50% fewer cancellations • Reduced fraud by 5 million pounds
  33. 33. Tomorrow’s Headlines
  34. 34. SAY HELLO!! Dan Fiehn: https://uk.linkedin.com/in/danfiehn Nick Turner: https://uk.linkedin.com/in/enterprisedata
  35. 35. C o p y r i g h t © 20 1 4 , SA S I n st i tu t e I nc . Al l r ig h ts r e s er v e d. Maneeza Malik: Head of Global Insurance Practice – Cloudera Stuart Rose: Head of Global Insurance Practice - SAS
  36. 36. 37© Cloudera, Inc. All rights reserved. Key Challenges for Insurers Fragmented Systems and Data Silos Limited Access to Right Data at the Right Time Strategic Decisions Based on Subsets of Data Unable to Tap into New Data Sources or Correlate Data from Multiple Sources Simultaneously Disparate View of Customers, Markets and Risks Poor Data Quality and Lack of Governance
  37. 37. 38© Cloudera, Inc. All rights reserved. 2 Structured Data Unstructured Data Core Insurance Systems Point Solutions (Rating, Fraud Engines…). CRM Enterprise Applications Website/Log Data Sensor/Telematics Traffic/Geospatial/Weather Mobile Apps/Location Data Social Media/ 3rd Party Data Adjuster Notes OPERATIONS DATA+ MANAGEMENT BATCH REAL2TIME PROCESS,+ANALYZE,+SERVE UNIFIED+SERVICES RESOURCE+MANAGEMENT SECURITY FILESYSTEM RELATIONAL NoSQL STORE INTEGRATE BATCH STREAM SQL SEARCH SDK Centralized Access to All Your Data For Any Amount, From Any Data Source, For All Types of Workloads Business/IT
  38. 38. 39© Cloudera, Inc. All rights reserved. SAS and Cloudera Integrated to Support Analytical Lifecycle
  39. 39. 40© Cloudera, Inc. All rights reserved. Big Data Analytics - Claims
  40. 40. 41© Cloudera, Inc. All rights reserved. Big Data Analytics - Underwriting
  41. 41. 42© Cloudera, Inc. All rights reserved. Take Action Today Visit us at • www.sas.com • www.cloudera.com Download • White Paper (SAS and Cloudera): Driving Growth in Insurance with a Big Data Architecture Meet us at • Strata + Hadoop World in San Jose, CA (March 29-31, 2016)
  42. 42. 43© Cloudera, Inc. All rights reserved. Thank you

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