Insurance summit making the shift from product to customer centric
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Why insurance must make the shift to customer centric. Addressing the data quality challenges Opening new opportunities through customer cntricity
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Insurance summit making the shift from product to customer centric
- 1. MAKING THE SHIFT FROM PRODUCT TO CUSTOMER CENTRIC Gary Allemann @mdm_za
- 2. • Modernisation • Regulatory development • Disruptive market conditions • Operational change • Tax Top insurance industry issues (2015) Source: PWC
- 3. • Adapting strategy and business model • Market segment challenges and opportunities • Risk and Regulatory Complexity • Process and Systems Improvement • Tax Top insurance industry issues (2016) Source: PWC
- 4. • Adapting strategy and business model, and supporting IT infrastructure How do we adapt our business model to support new business opportunities? How do we reduce costs? Modernisation
- 5. • Taking advantage of new analytics models Modernisation
- 6. • IoT, Cyber insurance, Commercial lines, terrorism Disruption
- 8. DESTROYCREATE STORE USE ARCHIVE ACCOUNTABILITY PROCESSING LIMITATION SPECIFIED PURPOSE LIMITATION ON FURTHER PROCESSING INFORMATION QUALITY SECURITY SAFEGUARDS PARTICIPATION OF DATA SUBJECT OPENNESS
- 9. But….
- 10. Enterprise Information Companies prefer to see their situation as….
- 11. Information assets developed in silos Duplication of data services (i.e. building the same integrations over and over again) Approach to regulatory and compliance and security is inconsistentInflexible, fragmented infrastructure Duplicated Data Demand and requirements management is ad-hoc and unstructured Lack of cross- organisational governance Concerns over data qualityMany localised, personal copies of “Information Assets” Data lineage difficult to determineSingle version of the truth is hard to find Competency gaps and heavy reliance on external partners Enterprise Information But it‘s really more like…. DQ
- 13. Data domains vs Business Processes
- 14. Name ID Telephone Address 1 Address 2 Address 3 Mr & Mrs Bob Hope 3807160123081 +27(0)731515511 PO Box 1752 Johannesburg 2000 Robert P. Hope 3705155018081 073-151-5512 Posbus 1752 2000 Donald Duck 3705155018081 n/a 12 Disney Street Randpark Ridge 2156 Donnie Duck A0515248 Disneystraat 12 Randparkrif 2169
Editor's Notes
- The central role of advanced analytics in modernizing business models and operations; how new metrics can increase efficiency, lower costs, and lead to better analytics; and recent developments in insurance contracts accounting and reserving that are helping to drive the modernization agenda. Recent, pending, and potential regulatory developments that insurers will be addressing in the coming year and beyond. Market and business developments that have affected or will affect insurers' business strategy, including autonomous vehicles and their potential impacts on auto insurance; group insurance and the rise of exchanges; and the deals environment. Operational change, including the state of P&C core systems transformation and managing talent strategy in a time of profound change. Recent, pending, and potential developments in insurance taxation.
- Creating an effective strategy, including innovation, technology, business models, and deals. Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance. Managing risk and regulatory complexity. Process and systems improvement. Tax
- Creating an effective strategy, including innovation, technology, business models, and deals. Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance. Managing risk and regulatory complexity. Process and systems improvement. Tax
- Creating an effective strategy, including innovation, technology, business models, and deals. Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance. Managing risk and regulatory complexity. Process and systems improvement. Tax
- Creating an effective strategy, including innovation, technology, business models, and deals. Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance. Managing risk and regulatory complexity. Process and systems improvement. Tax
- Promotion of Access to Information PAIA 2000 Financial Intelligence Centre Act FICA 2001 Regulation of Interception of Communications Act RICA 2003 National Credit Act NCA 2005 new Companies Act 2008 Consumer Protection Act CPA 2008 Electronic Communications and Transactions Act ECT 2008 King III – corporate responsibility guidelines 2009 Protection of Personal Information Bill PoPI 2013 Solvency & Assessment management SAM ???
- Accountability Responsible party to ensure conditions for lawful processing Processing Limitation Lawfulness of processing Minimality Consent, justification and objection Collection directly from data subject Purpose Specification Collection for specific purpose Retention and restriction of records Further Processing Limitation Further processing to be compatible with purpose of collection Information Quality Quality of information Openness Documentation Notification to data subject when collecting personal information Security Safeguards Security measures on integrity and confidentiality of personal information Information processed by operator or person acting under authority Security measures regarding information processed by operator Notification of security compromises Data Subject Participation Access to personal information Correction of personal information Manner of access
- Rob
- Rob