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Digital Insurance Enterprise
NEST Case Study – A Digital Start-up
Start-

Vinod Kachroo

Helen Dean

CTO & Global Head – Industry Solutions Managing Directore
Insurance & Healthcare
NEST Corporation
Copyright © 2011 Tata Consultancy Services Limited

1
Evolution of Business Objectives

Social Influencers
Physical to Digital
Footprint
Realize Rapidly
Extend Portfolio
Reach Everyone
Sense Demand
Business Objectives as the Enterprise Evolves
Yesterday

Today & Tomorrow

Traditional Enterprise

Digital Enterprise
2
Insurers Must Evolve into Digital Insurers
Social
media
Four generations
co-existing
Multi-channel
experiences

Global
reach

Evolving
technology

Customer
centricity

Next gen genomics, autonomous
vehicles, internet of things &
intelligent cities

Market drivers forcing evolution
Yesterday

Today & Tomorrow

Traditional Insurer

Digital Insurer
3
Shift to “Systems of Engagement”

Top executives

Decision Support

Systems of Engagement

External
Stakeholders

Consumer technology
Mobile face
SOR Integration
Middle of the
Organization

Context
Public Cloud

Systems of
Record

Transactional workers

4
Digital Forces Are Transforming The Business
Mobility & Pervasive
Computing

Channels
Cloud
AI &
Robotics

Business Processes

Five
Digital
Forces
Big Data
Analytics

Business Models

Products & Services
Customer Segments
Social
Media

Workplaces

5
Creating Innovation Assets… Making the Digital Journey Real

iAgent

Virtual
Assistant

Insurance
Quickpass

Telematics

CubuZZ

Social
CRM

Quotation
&
Illustratio
n

Fraud
Analytics
& Data
Mining

GIS
Integration

Executive
Dashboard

Knowledge
Mgmt &
Collaboration
Platform

Real Time
Integrated
Platform for
Services &
Analytics
6
The Digital Enterprise Creates New Outcomes
Characteristics of the Digital Enterprise
New Business
Models

Omni-Channel
Experience

Customer
Centric

Innovative Products
& Services

Insight Driven

Next Gen
Efficiency

Simplified
Processes

Improved
Effectiveness

Digitization of
Workplaces

Growth

Improved
Compliance

New Business Outcomes
7
NEST: A major corporate start up
Embracing innovation and digital

Helen Dean
MD Product and Operations
© NEST Corporation 2012
NEST is…
Part of a UK Government programme of auto enrolment, aimed at getting the
population saving for retirement
A trust-based statutory occupational pension scheme overseen by a Trustee
Corporation which is also a non-departmental public body
A high quality scheme designed for the ‘mass market’ including those unserved by
traditional providers
Obliged to accept any employer at a single price
Not-for-profit
Priced 1.8% on contributions, 0.3%amc
Self-funding in the longer-term, loan from Government in the shorter-term
Unprecedented take on challenge
A digital enterprise out of necessity and sustainability

© NEST Corporation 2012

9
Product Innovation - Online by default
Decided to make a virtue of the
absence of legacy business
Redrew the line between the
provider and customer
– Key administrative tasks sit with
the customer
Customers (either employers or
members) are guided towards the
online option. For employers it is
the only option.

SCALE
Millions of members
– never been done on
this scale before
Traditional paper
based model will
struggle with scale

© NEST Corporation 2012

COST

Successful
e-businesses leverage
high quality self
service capabilities to
enable scale and drive
down cost

Achieving low cost will require
straight through processing
Simple charging structure
means we can’t charge for
extra’s

QUALITY of
experience
Must be easy to use
Available outside of
core hours
High quality web
experience mitigates
channel risk
10
Product Innovation: the evolution of delegated
access

Third party
access to the
product to allow
ad hoc
translation

© NEST Corporation 2012

Different levels
of product
access for
different
customer
business units

Full third party
product
administration
access for
advisers and
intermediaries

11
Customer engagement driving innovation
Aim to be an intelligent user of quantitative and qualitative
research
Early design:
–
–
–
–

understanding market for auto-enrolment – the “unpensioned” & their specific needs
bringing the product to the market –brand, communication and engagement strategy
Research-based communications approach makes pension saving easily understood
Qualitative research into attitudes to pensions, investment risk and loss. Investment
strategy is tied directly to research findings
– Extensive product usability testing

Now focused on:
– tracking member’s and employers experiences of the scheme and NEST
– tracking behaviour of NEST members over time – making fund choices, engagement
with NEST communications, ceasing contributions etc
– evaluating impact of engagement strategies on member behaviour

All including continuing use of insights from behavioural economics

© NEST Corporation 2012

12
Affordability message
targets procrastination
bias

© NEST Corporation 2012

13
Wording targets loss
aversion

© NEST Corporation 2012

14
Future innovation - NEST’s data should tell the
story of automatic enrolment
Collecting a mass of data through MI – basic analysis underway –
more advanced work to come
– Main question for us is how to use it in the interests of the membership and
in the context of widespread academic interest

Very difficult to encourage engagement with the product – and
hence capture more sophisticated information
– Only 4 per cent register online
– Key question for NEST is how to exploit that in the context of a product
predicated on inert consumers

© NEST Corporation 2012

15
Start with “USER”: Unify, Simplify, Engage & Respond
Unify: Ability to provide a consistent customer
experience across brands, products, and channels
• Omni channel customer experience
• Matching & mapping of enterprise customer & social persona into
SocialCRM

Simplify: Ability to achieve operational
excellence in both business and IT
• Process simplification
• Application portfolio simplification

E R

Engage: Ability to create and
sustain customer engagement
•
•
•
•
•
•

Improved stickiness
Advocacy
Collaboration
Rewards
Value added productivity tools
Gamification

Respond: Ability to sense and
react to customers timely
• Anytime anywhere
• Real-time systems integration
• Insight driven next best action
recommendations

Engage

S
U

Respond

Simplify

Unify

16
Think Holistic, Plan Incremental
Holistic Digital Strategy

Integrated insurance
digital experience
platform vision

Business
prioritization

Single executive
sponsor / owner

Small projects with continuous business value delivery
•
•
•
•

Web / portal redesign & consolidation
Web content migration & management
Insurance forms modernization
Multi-channel analytics & Voice of customer

•
•
•
•

Social data leverage & big data analytics
Backend service & data integration
Incremental legacy modernization
Infrastructure & availability optimization

17
Common myths about being a digital insurer:
Myth

Direct to
consumers
only
Customer
segment of
one
“It’s all
about big
data”

Myth Buster
•

Omni-channel

•

Flexibility for customer to use preferred channel

•

Ability to switch between channels without losing
context

•

It will never be for “1”

•

Better customer insight for finer segmentation

•

Contextualized offers & next best action
recommendation

•

Use both structured & un-structured data

•

Use externally available data wherever it makes
sense

•

Use data from social to complement internal CRM
data

18
Thank You

19

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Digital Insurance Enterprise: The Nest Case Study

  • 1. Digital Insurance Enterprise NEST Case Study – A Digital Start-up Start- Vinod Kachroo Helen Dean CTO & Global Head – Industry Solutions Managing Directore Insurance & Healthcare NEST Corporation Copyright © 2011 Tata Consultancy Services Limited 1
  • 2. Evolution of Business Objectives Social Influencers Physical to Digital Footprint Realize Rapidly Extend Portfolio Reach Everyone Sense Demand Business Objectives as the Enterprise Evolves Yesterday Today & Tomorrow Traditional Enterprise Digital Enterprise 2
  • 3. Insurers Must Evolve into Digital Insurers Social media Four generations co-existing Multi-channel experiences Global reach Evolving technology Customer centricity Next gen genomics, autonomous vehicles, internet of things & intelligent cities Market drivers forcing evolution Yesterday Today & Tomorrow Traditional Insurer Digital Insurer 3
  • 4. Shift to “Systems of Engagement” Top executives Decision Support Systems of Engagement External Stakeholders Consumer technology Mobile face SOR Integration Middle of the Organization Context Public Cloud Systems of Record Transactional workers 4
  • 5. Digital Forces Are Transforming The Business Mobility & Pervasive Computing Channels Cloud AI & Robotics Business Processes Five Digital Forces Big Data Analytics Business Models Products & Services Customer Segments Social Media Workplaces 5
  • 6. Creating Innovation Assets… Making the Digital Journey Real iAgent Virtual Assistant Insurance Quickpass Telematics CubuZZ Social CRM Quotation & Illustratio n Fraud Analytics & Data Mining GIS Integration Executive Dashboard Knowledge Mgmt & Collaboration Platform Real Time Integrated Platform for Services & Analytics 6
  • 7. The Digital Enterprise Creates New Outcomes Characteristics of the Digital Enterprise New Business Models Omni-Channel Experience Customer Centric Innovative Products & Services Insight Driven Next Gen Efficiency Simplified Processes Improved Effectiveness Digitization of Workplaces Growth Improved Compliance New Business Outcomes 7
  • 8. NEST: A major corporate start up Embracing innovation and digital Helen Dean MD Product and Operations © NEST Corporation 2012
  • 9. NEST is… Part of a UK Government programme of auto enrolment, aimed at getting the population saving for retirement A trust-based statutory occupational pension scheme overseen by a Trustee Corporation which is also a non-departmental public body A high quality scheme designed for the ‘mass market’ including those unserved by traditional providers Obliged to accept any employer at a single price Not-for-profit Priced 1.8% on contributions, 0.3%amc Self-funding in the longer-term, loan from Government in the shorter-term Unprecedented take on challenge A digital enterprise out of necessity and sustainability © NEST Corporation 2012 9
  • 10. Product Innovation - Online by default Decided to make a virtue of the absence of legacy business Redrew the line between the provider and customer – Key administrative tasks sit with the customer Customers (either employers or members) are guided towards the online option. For employers it is the only option. SCALE Millions of members – never been done on this scale before Traditional paper based model will struggle with scale © NEST Corporation 2012 COST Successful e-businesses leverage high quality self service capabilities to enable scale and drive down cost Achieving low cost will require straight through processing Simple charging structure means we can’t charge for extra’s QUALITY of experience Must be easy to use Available outside of core hours High quality web experience mitigates channel risk 10
  • 11. Product Innovation: the evolution of delegated access Third party access to the product to allow ad hoc translation © NEST Corporation 2012 Different levels of product access for different customer business units Full third party product administration access for advisers and intermediaries 11
  • 12. Customer engagement driving innovation Aim to be an intelligent user of quantitative and qualitative research Early design: – – – – understanding market for auto-enrolment – the “unpensioned” & their specific needs bringing the product to the market –brand, communication and engagement strategy Research-based communications approach makes pension saving easily understood Qualitative research into attitudes to pensions, investment risk and loss. Investment strategy is tied directly to research findings – Extensive product usability testing Now focused on: – tracking member’s and employers experiences of the scheme and NEST – tracking behaviour of NEST members over time – making fund choices, engagement with NEST communications, ceasing contributions etc – evaluating impact of engagement strategies on member behaviour All including continuing use of insights from behavioural economics © NEST Corporation 2012 12
  • 14. Wording targets loss aversion © NEST Corporation 2012 14
  • 15. Future innovation - NEST’s data should tell the story of automatic enrolment Collecting a mass of data through MI – basic analysis underway – more advanced work to come – Main question for us is how to use it in the interests of the membership and in the context of widespread academic interest Very difficult to encourage engagement with the product – and hence capture more sophisticated information – Only 4 per cent register online – Key question for NEST is how to exploit that in the context of a product predicated on inert consumers © NEST Corporation 2012 15
  • 16. Start with “USER”: Unify, Simplify, Engage & Respond Unify: Ability to provide a consistent customer experience across brands, products, and channels • Omni channel customer experience • Matching & mapping of enterprise customer & social persona into SocialCRM Simplify: Ability to achieve operational excellence in both business and IT • Process simplification • Application portfolio simplification E R Engage: Ability to create and sustain customer engagement • • • • • • Improved stickiness Advocacy Collaboration Rewards Value added productivity tools Gamification Respond: Ability to sense and react to customers timely • Anytime anywhere • Real-time systems integration • Insight driven next best action recommendations Engage S U Respond Simplify Unify 16
  • 17. Think Holistic, Plan Incremental Holistic Digital Strategy Integrated insurance digital experience platform vision Business prioritization Single executive sponsor / owner Small projects with continuous business value delivery • • • • Web / portal redesign & consolidation Web content migration & management Insurance forms modernization Multi-channel analytics & Voice of customer • • • • Social data leverage & big data analytics Backend service & data integration Incremental legacy modernization Infrastructure & availability optimization 17
  • 18. Common myths about being a digital insurer: Myth Direct to consumers only Customer segment of one “It’s all about big data” Myth Buster • Omni-channel • Flexibility for customer to use preferred channel • Ability to switch between channels without losing context • It will never be for “1” • Better customer insight for finer segmentation • Contextualized offers & next best action recommendation • Use both structured & un-structured data • Use externally available data wherever it makes sense • Use data from social to complement internal CRM data 18