The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
Insurance organizations will have to transition to digital enterprises to remain competitive and profitable in this age of constant disruption. While the ultimate goal of insurance — providing financial stability and protection for customers at various stages of their lives — will always remain, how insurers achieve this goal will evolve constantly. Repositioning for this new normal must be looked upon as an opportunity and not as a threat, since digitizing the enterprise can help drive efficiencies and innovation, use data more effectively and create newer and better business models. Insurers have the opportunity to extend their portfolio into newer adjacent eco-systems —tying up with auto companies to use vehicle telematics to create new insurance products based on shared data is just one example.
Technology is a key enabler in the transition to a digital enterprise, and insurers must invest in a robust business and technology architecture with the relevant tools to create an agile and flexible organization. Insurers can use the digitization opportunity to deliver greater value to their customers and gain competitive advantage, engaging more intensely with existing customers and attracting newer customers with innovative products, improving both profitability and growth. Based on our experience in digital insurance enterprises transformations, we have developed this presentation to debunk some of the myths around such transformations, and delineate the USER approach developed to help companies metamorphose into digital insurers of the future.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
Insurance organizations will have to transition to digital enterprises to remain competitive and profitable in this age of constant disruption. While the ultimate goal of insurance — providing financial stability and protection for customers at various stages of their lives — will always remain, how insurers achieve this goal will evolve constantly. Repositioning for this new normal must be looked upon as an opportunity and not as a threat, since digitizing the enterprise can help drive efficiencies and innovation, use data more effectively and create newer and better business models. Insurers have the opportunity to extend their portfolio into newer adjacent eco-systems —tying up with auto companies to use vehicle telematics to create new insurance products based on shared data is just one example.
Technology is a key enabler in the transition to a digital enterprise, and insurers must invest in a robust business and technology architecture with the relevant tools to create an agile and flexible organization. Insurers can use the digitization opportunity to deliver greater value to their customers and gain competitive advantage, engaging more intensely with existing customers and attracting newer customers with innovative products, improving both profitability and growth. Based on our experience in digital insurance enterprises transformations, we have developed this presentation to debunk some of the myths around such transformations, and delineate the USER approach developed to help companies metamorphose into digital insurers of the future.
This Altimeter Group webinar explores the findings of our latest research report on digital transformation. Attendees will learn what digital transformation is, how companies are embracing change, the challenges and opportunities that emerge throughout the process, and how to refocus and reorganize teams to modernize, optimize, and integrate digital touchpoints.
Watch the webinar: https://www.slideshare.net/Altimeter/webinar-digital-transformation-with-brian-solis
Download the related report: altimetergroup.com/digitaltransformation/
How Insurers Can Harness Artificial IntelligenceCognizant
Once science fiction, artificial intelligence now holds vast potential for insurers interested in reinventing their business models and transforming customer experience.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Ai in insurance how to automate insurance claim processing with machine lear...Skyl.ai
Explore more at https://skyl.ai/form?p=start-trial
About the webinar
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
AI in Insurance: How to Automate Insurance Claim Processing with Machine Lear...Skyl.ai
About the webinar
Insurance companies are looking at technology to solve complexity created by presence of cumbersome processes and presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
What you'll learn
- How Insurance companies are using ML to drive more efficiency and business gain
- Best practices to automate machine learning models
- Demo: A deeper understanding of the end-to-end machine learning workflow for car damage recognition using Skyl.ai
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
This Altimeter Group webinar explores the findings of our latest research report on digital transformation. Attendees will learn what digital transformation is, how companies are embracing change, the challenges and opportunities that emerge throughout the process, and how to refocus and reorganize teams to modernize, optimize, and integrate digital touchpoints.
Watch the webinar: https://www.slideshare.net/Altimeter/webinar-digital-transformation-with-brian-solis
Download the related report: altimetergroup.com/digitaltransformation/
How Insurers Can Harness Artificial IntelligenceCognizant
Once science fiction, artificial intelligence now holds vast potential for insurers interested in reinventing their business models and transforming customer experience.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Ai in insurance how to automate insurance claim processing with machine lear...Skyl.ai
Explore more at https://skyl.ai/form?p=start-trial
About the webinar
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
AI in Insurance: How to Automate Insurance Claim Processing with Machine Lear...Skyl.ai
About the webinar
Insurance companies are looking at technology to solve complexity created by presence of cumbersome processes and presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
What you'll learn
- How Insurance companies are using ML to drive more efficiency and business gain
- Best practices to automate machine learning models
- Demo: A deeper understanding of the end-to-end machine learning workflow for car damage recognition using Skyl.ai
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
Presentation for the 2015 Life and Annuity Symposium in NY.
This presentation discusses the potential for life insurance to be disrupted by online distribution.
Visibility - How to Attract the Modern Insurance ConsumerRyan Hanley
Attracting the modern insurance consumer has everything to do about message and almost nothing to do with tactics or strategy. In this new presentation, we discuss the concept of "Visibility" and message. Attendees learn how to harness the power of storytelling, content marketing and audience building to generate new business revenue for their agency.
Dr.Assist, Artificial intelligence technology is being put to work in health care , to help cancer care professionals to discover and deliver the personalized , précised and evidences based wellness experiences through automated diagnosis and treatment options, to improve the quality of care with spot ,sense and support capabilities.
Learn 21 ways to get more policies per client and boost your agency or brokerages income easily and efficiently. You've already earned the trust, now learn how to close the 2nd, 3rd, 4th and 5th policies.
The Cloud: Why It Makes Sense for Your BusinessApplied Systems
The cloud is no longer an IT consideration alone – it is fundamentally changing the way executives across departments view and manage their business, creating new business models and providing a catalyst for companies to expand and grow. For more and more insurance agencies and brokerages, the cloud is a core strategy to improve business performance, increase data security and deliver cost savings. This report provides an overview of the cloud and presents a case for why it is an ideal business strategy for many independent agencies and brokerages.
An overview of the software license management solutions available from Agilis Software, including product activation and floating licensing. Includes case studies of actual customer implementations.
Digital Thinking to unite sales and operations - LIMRA Bangkok 2015The Digital Insurer
2015 Operational Strategies Conference
This conference is for insurance professionals primarily involved with the back office operations at financial services and life insurance companies in Asia Pacific.
Digital thinking to transform face-to-face insurance in Asia by Hugh TerryThe Digital Insurer
These are the slides presented by The Digital Insurer at the Insurancecom conference in HK at the Ritz Carlton on 2nd December 2014.
The theme of the conference was profitable strategies for growth in 2015 and this presentation focuses on the opportunity to use digital thinking and trends to create Agency 2.0 and Banca 2.0 models
The Digital Insurer speaks at AIA's inaugral bancassurance seminarThe Digital Insurer
The Digital Insurer was pleased to talk about how to think digital and transform face -to-face bancassurance models in Asia.
visit the-digital-insurer.com for more information on the conference.
Think Digital : Transform your life insurance agency model in AsiaThe Digital Insurer
This presentation by The Digital Insurer was given at IDC conference in Singapore in September 2013.
It is a strategy for digital transformation and argues that tablet toolkits are the pivotal technology for that transformation to more digital and customer centric future.
The Digital Insurer presented at this conference on 18th June 2014.
The aim of the presentation was to look at the digital trends that are impacting health insurance and to explore how digital thinking can transform face-to-face sales of health insurance in Asia as well as develop new business models.
Visit the-digital-insurer.com for more information on digital insurance in Asia
An overview of how digital is transforming the Insurance Industry. With a case study from Nest, the UK Government's pension auto enrolment scheme on how they are embracing digital and innovation to attain strategic objectives.
To survive and thrive in the age of the customer,
businesses must become digital. While many
firms believe they have a digital strategy, few
are thinking about truly digitizing their business
strategy. Yet the pioneers of the digital revolution,
be they B2B or B2C firms, are driving increased
revenues through a superior digital customer
experience and are increasing efficiency and agility
through digital operational excellence. This report
outlines the driving forces behind digital business.
This is an update of a previously published report;
Forrester reviews and updates it periodically for
continued relevance and accuracy. We revised
this edition to factor in new ideas and data.
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
Surviving and thriving in the 4th Industrial Revolution means a change in culture, adoption of new technologies and an ecosystem wide collaboration. We take a look at the market and the success and improvements surrounding the 3DEXPERIENCE Platform from Dassault Systemes.
In the new omni-channel environment, retailers are facing demands for convenience, value, and connected solutions—all to create the ultimate consumer experience. The opportunity for game-changing success is stunning, but the benefits are matched by some daunting challenges. From cyber security to privacy, retail leaders must understand this revolution to reap its rewards while minimizing business threats. In this viewpoint, Booz Allen's experts explain the elements of the retail revolution as well as what retailers must do to thrive amid disruption.
4 key elements to success in the 3rd platform by Jerod Powell - CEO INFINIT ...Jerod Powell
Digital Transformation, 3rd Platform, And Disruptive IT - What You Need To Know To Be Successful: Transform Or Die, That Simple.
In this Presentation, Jerod Powell, CEO of INFINIT Consulting is going to shed some light on why some partners are highly successful in the cloud and era of the 3rd platform and why some are seemingly stuck and dying a slow death.
Nexys' vision for delievering digital solutions to businesses: By building highly customised web applications we aim to boost productivity and enhance customer and market insights.
Similar to Digital Insurance - Opportunities in India (20)
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. Hugh
Terry,
The
Digital
Insurer
Fintelekt
7th
Annual
Insurance
Technology
Summit,
Mumbai
20th
January
2016
DIGITAL
INSURANCE
–
OPPORTUNITIES
IN
INDIA?
2. Discussion
agenda
1
Why
is
digital
so
transformaEve?
2
TransformaEon
of
face-‐to-‐face
insurance
2
Digital
OpportuniEes
for
India?
3
4. The
Digital
RevoluGon:
“It
will
not
be
televised”
DIGITAL
CONVENIENCE
DIGITAL
CONNECTIVITY
DIGITAL
EXPECTATIONS
Always
on
Always
there
Universal
Almost
free
Access
to
informaEon
(Google)
Access
to
each
other
(Facebook)
Access
through
devices
(Apple)
LocaEon-‐agnosEc
(cloud
services)
Data
“on
demand”
Desire
for
clarity
&
simplicity
Dialogue
not
monologue
Easy
to
promote
a
product
..
And
complain
4
Change,
Change,
Change….
5. 55
Our
digital
world:
very
new,
addicGve
and
diverse
Source:
The
Economist,
Qmee.com
New
&
Big
AddicGve
Diverse
6. Three
digital
“Mega”
trends:
forces
beyond
our
control
Changing
consumer
behaviour
–
they
are
more
demanding
and
looking
for
a
different
experience
3
Technology
is
cheaper
and
easier
to
implement
than
ever
–
it
is
the
lever
to
meet
consumer
needs,
reduce
operaEng
costs
and
to
change
your
culture
1
6
Data
maXers–
we
are
collecEng
more
and
more
data
that
can
be
used
to
create
winning
business
models
2
7. 7
Welcome
to
digital
customers:
“they
are
mulG-‐touch”
7
Myth
#1:
Digital
is
a
new
distribuEon
channel
Reality
:
Digital
enables
customer
(&
distributor)
engagement
Online
Face
To
Face
Phone
The
mulG-‐channel
customer
is…
Becer
informed
More
demanding
Uses
mulEple
customer
touch
points
for
both
sales
&
services
Increasingly
starts
on-‐line
Will
jump
channels
at
any
point
–
catch
them
if
you
can!
8. 3
core
strategies
Transform
exisEng
face-‐to-‐
face
models
2
Create
or
parEcipate
in
new
models
3
Manage
exisEng
models
for
profit
1
8
10. AGENCY
MODEL
HAS
WEAKNESSES
Life
Insurance
in
India
§ New
Business
for
industry
falls
25%
in
5
years
to
2015
§ Agency
accounts
for
78%
of
total
sales
(2013-‐4)
v
90%
(2006-‐7)
§ LapsaEon
rates
remain
high
>
40%
@13months
§ Agency
salesforce
falls
30%
in
5
years
to
2015
10
2.
REGULATIONS
TIGHTEN
§ Inefficient
–
for
many
reasons
§ Difficult
to
control
–
mis-‐selling
too
common
§ Historically
biased
towards
investment
component
RECENT
PERFORMANCE
POOR
…
BUT
HOW
WILL
DIGITAL
TRENDS
IMPACT
THE
AGENCY
MODEL
GOING
FORWARD?
.
MORE
POSITIVE
OUTLOOK
§ Increased
focus
on
ProtecEon
§ Growth
returns
to
industry
in
2015
§ Foreign
capital
changes
encourage
investment
11. Trust
is
at
the
heart
of
insurance
Rely
on
agent
relaEonships
Insurance
brand
is
a
hygiene
factor
in
the
sales
process
As
customer
research
on-‐line
trust
will
need
to
be
developed
and
leveraged
on-‐line
Trust
must
be
earned
&
reinforced
at
every
interacEon/touch
point
Great
insurance
advisors
-‐
always
in
demand
Lack
of
standardizaEon
in
training,
performance
management
&
coaching
Result
:
variable
quality
of
advice
and
low
producEvity
resulEng
in
high
agent
turnover,
low
policy
persistency
When
customers
research
online
they
will
research
their
advisors
as
well….
Less
Eme
face-‐to-‐face
–
but
no
less
important
(probably
more
so)
Insurance
advisors
need
to
be
more
mobile
(digitally
&
physically)
Digital
will
transform
&
standardize
key
management
processes
Customer
service
maXers
Nearly
100%
reliant
on
the
advisor
Back
office
is
…
back
office
Mobile
technology
provides
opportuniEes
for
cost
effecEve
customer
service
differenEaEon
Push
based
communicaEons
can
be
used
to
reconnect
with
customers
Myth
#2:
Digital
changes
the
way
insurance
is
sold
Reality:
Digital
strategies
must
incorporate
the
fundamentals
Current
Agency
Paradigm
Digital
impacts
Back
to
basics:
Digital
Advisor
strategies
need
to
leverage
insurance
fundamentals
11
12. Customer
Portal
/
App
Policy
Systems
Advisor
Portal
Lead/Prospect
Management
Sales
OpportuniGes
Tablet
POS
12
Digital
Advisor
business
model
Digital
OpportuniEes
1.
More
Leads
2.
Becer
service
3.
Becer
selling
“connecGng
to
the
digital
eco
system”
13. 1. Enable
lead
management
&
analyEcs
/
PredicEve
analysis
2. Improved
compliance
to
sales
best
pracEce
(&
regulatory
requirements)
3. Back
office
producEvity
from
digital
proposals
7
OTHER
BENEFITS
AFTER
SUCCESS
POS
tablet
sales
toolkit:
easy
business
case
PRIMARY
BENEFIT
Improved
Sales
effecEveness
through
a
becer
customer
experience
MEASURED
BY:
High
tablet
usage
from
Advisors
Increased
sales
producEvity
per
month
• More
efficient
• Faster
&
more
accurate
(clean
policies
in
a
day)
4. Reduced
overheads:
premises
&
technology
costs
5. Business
intelligence
6. Recruitment
training
(and
hiring)
tool
7. Plasorm
for
more
automated
underwriEng
• Benchmarking
data
• Usage
data
• “Bigger”
data
13
14. 1. Full-‐Eme,
salaried
&
No
mulE-‐
level
hierarchy
2. Digitally
enabled
advisors
for
remote
sales
&
servicing
–
a
genuine
mobile
office
3. On-‐line
lead
generaEon
driven
by
the
insurer
using
corporate
&
sales
person
digital
connecEvity
4. Digitally
assisted
recruitment,
training
and
coaching
HOW
COULD
YOU
RADICALLY
REDEFINE
FACE
TO
FACE
SALES?
Agency
of
the
future:
Who
will
move
first?
14
<
200,000
Full-‐Eme
advisor
>
15
policies
per
month
per
advisor
>50%
of
lead
generated
on-‐line
>50%
of
sales
executed
virtually
WHAT
WOULD
A
DESIRABLE
END
STATE
BE
FOR
AGENCY…?
How
can
we
radically
transform
face-‐to-‐
face
models?
Q.
Will
an
exisEng
insurer
adopt
radical
transformaEon
–
or
new
entrants?
16. There
are
untapped
opportuniGes
around
the
world
Seriously
shopped
but
didn’t
buy
life
insurance
(10%)
Didn't
shop
for
life
insurance
(78%)
Seriously
shopped
and
bought
life
insurance
(12%)
Buyers
and
non-‐buyers
of
life
insurance,
US
households(%),
2011
Can
digital
strategies
change
the
paradigm
that
“life
insurance
is
sold
not
bought”?
Chart
Source
:
To
Buy
not
to
buy
life
insurance,
LIMRA
2011.
Extracted
from
Swiss
Re
Sigma
06/13
.
*Swiss
Re
Asia
Pacific
Mortality
ProtecEon
gap
2015
16
78%
12%
10%
US$55
trillion
ProtecEon
gap
in
Asia.
India
:
US$8.5
trillion*
17. Digital
OpportuniGes
for
India
CreaEng
a
profitable
motor
porsolio
2
Digital
life
“ecosystem”
proposiEon
3
Redefining
Employee
Benefits
1
17
18. Employee
Benefits
18
OPPPORTUNITIES?
1. Affinity
–
the
employee
2. Group
like
pricing
for
the
individual
3. SME’s
not
well
served
4. Employee
benefits
is
archaic
–
easy
to
improve
19. Commentary
&
insights
Excellent
example
of
“service
for
Free”
model
disrupEng
two
industries
(HR
soyware
and
employee
benefits)
Window
of
opportunity
was
Affordable
Care
Act
that
simplified
raEng
for
health
insurance
for
small
companies
Not
so
“Zen”
–
very
public
argument
regarding
use
of
ADP
payroll
accounts
Suite
of
HR
services
Background
Fastest
growing
SaaS
business
ever
Offering
free
HR
soyware
plasorm
and
integraEon
to
third
party
services
in
return
for
insurance
on
employee
benefits
Focused
on
SME’s
Just
raised
US$500
million
on
US$4.5
billion
valuaEon
Revenue
target
of
US$100
million
by
Jan
2016
Region:
North
America
Broker
Model:
Zenefits
1919
20. Crystal
clear
and
compelling
proposiGon
TesGmonials
Online
employee
filing
cabinet
100%
paperless
benefits
enrolment
Automated
onboarding
Zenefits:
customer
focus
reaps
rewards
2020
Q.
Is
there
an
opportunity
for
a
Zenefits
in
India?
21. Motor
Insurance
21
OPPPORTUNITIES?
1. Profitable
niches
using
telemaEcs
2. Rewards
based
structures
to
reduce
pricing
sensiEvity
3. New
customer
acquisiEon
strategies
22. Vitalitydrive
–
holisGc
rewards
programme
Immediate
Fuel
Rewards
&
safety
features
Drive
well
to
earn
points
Maintain
and
improve
Vitalitydrive
status
Enjoy
the
rewards
App
giving
driving
performance
and
reward
profit
Q.
Could
a
motor
rewards
scheme
work
in
India?
23. Vitality
driving
challenge
–
App
only
Discovery
Insure
driving
challenge
app
combines
mobility
and
behavioural
science
to
improve
road
safety
independent
of
the
telemaEcs
device.
Excellent
for
customer
acquisiEon.
24. Digital
Life
Insurance
24
OPPPORTUNITIES?
1. Valued
added
term
insurance
2. Lead
generaEon
mechanisms
for
face-‐to-‐face?
25. Region:
United
Kingdom
Managing
Agent
Model:
Beagle
Street
2525
Background
8%
of
new
business
in
UK
from
this
company
Online
recommendaEons
for
customers
Relevant
value
added
services
Term
Life
with
great
experience
Q.
Do
we
have
enough
focus
in
India
on
customer
experience?
“The
larger
part
of
our
success,
however,
comes
down
to
our
single-‐
minded
focus
on
innovaEon.
We
recognized
early
on
that
major
change
was
coming
in
the
way
life
insurance
was
being
distributed
and
so
we
focused
our
acenEon
onto
innovaEng
at
the
distribuEon
level
and
invesEng
heavily
into
improving
the
way
that
life
insurance
is
sold.”
-‐
MaXhew
Gledhill,
CEO
of
Beagle
Street
26. Region:
Asia
(Singapore)
Agent
Model:
AIA
Vitality
2626
Background
Points
for
Wellness
acEviEes
including
tracking
Comprehensive
rewards
Science
based
programme
5
million
members
around
the
world
Wellness
Rewards
Q.
How
quickly
will
this
programme
expand
to
other
countries?
27. Region:
Asia
(Hong
Kong)
Agency
Model
:
Move
(from
Manulife)
2727
Background
Free
tracker
for
qualifying
products
Up
to
10%
discount
on
premiums
TelemaEcs
for
agency
sales
Q.
Will
this
become
mainstream?
28. Region:
North
America
(US)
Managing
Agent
Model:
Sureify
2828
Background
Lifestyle
opEon
Discounts
for
healthy
lifestyle
Term
Life
+
telemaEcs
Q.
How
long
before
we
use
telemaEcs
with
term
life
insurance
in
Asia?
29. Digital
innovaGon
in
insurance:
what
ingredients
are
needed?
29
• Customer
at
the
heart
of
the
process
• “Outside-‐in”
approach
to
iniEaEves
• Respect
customer
choice
• DistribuEon
partners
• Tech
partners
• MarkeEng
partners
• Eco-‐system
models
1.
Customer
Centric
2.
CollaboraGve
ü
ü
5.
Data
centric
&
scalable
operaEng
models
leveraging
technology
plasorms
4.
New
challenger
brands
–
disrupt
own
business
if
necessary
3.
Agile
frameworks
and
mindsets
6.
Strong
internal
support
for
a
clear
plan
with
risk
miEgaEon
via
piloEng
Enablers
30. 30
30
Transforming
insurance:
Acknowledging
innovaGon
Source:
Transforming
Insurance,
KPMG
InternaEonal,
2014
&
The
Insurance
InnovaEon
ImperaEve,
KPMG
InternaEonal
2015
30
Acknowledge
the
challenges
Seize
the
opportunity
65%
Regulations high costs &
margin erosion
45%
48%
83%
future success =
ability to
innovate
business models
disrupted
31. 31
31
Our
industry
is
on
the
move
Source:
Survey
of
280
global
C
Suite
execuEves
for
«
A
New
World
of
Opportunity:
The
Insurance
InnovaEon
ImperaEve,
KPMG
2015
31
How
fast
can
we
innovate?
At
our
fastest
is
it
sEll
too
slow?
GOOD
LUCK
WITH
YOUR
OWN
DIGITAL
ADVENTURES
!
32. 32
About
The
Digital
Insurer
Contact
The
Digital
Insurer:
hugh.terry@the-‐digital-‐insurer.com
32
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