Cloud Computing: Helping Financial Institutions Leverage the Cloud to Improve...IBM Banking
IBM's cloud computing solutions improve capital utilization, reducing the excessive infrastructure costs associated with underutilized IT resources. They provide elastic scalability and accelerate time to value. They help increase agility and responsiveness to changing business conditions and foster innovation. IBM provides clear economic value and helps financial institutions work through the right mix of delivery models and choices (by workload) to reap the maximum benefit.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
Insurance 2020: How to prepare for digital shift & innovation in insuranceHCL Technologies
With the advent of digital disruption in eventually every business, insurance as an industry is getting embedded with technology at all stages. But with the pressure to balance both cost and business growth, there is an evident need for partnerships with the next-generation technology providers to share investments, build capabilities and outcome based models for collaboration.
When Gen Y is obsessed with “Why not”, Gen Z is growing up with a “Why not now” attitude. According to the Wiki, “Many members of Generation Z are highly “connected,” having had lifelong use of communication and media technology like the World Wide Web, instant messaging, text messaging, MP3 players, and mobile phones, earning them the nickname “digital natives”. This makes Gen Z expectation momentary or “Just-in-Time”. Considering this, what will Gen Z expect from insurance? Here are some thoughts on how it will impact an individual in 2020 and beyond
Read more about HCL’s offering for Insurance Industry at http://www.hcltech.com/financial-services/insurance-services
Big Tech winners in 2015 can be identified as FANG (Facebook/Amazon/Netflix/Google) - The new Morgan Stanley Tech theme for 2016: think SMAC (Security/Mobile/Analytics/Cloud)
Cloud Computing: Helping Financial Institutions Leverage the Cloud to Improve...IBM Banking
IBM's cloud computing solutions improve capital utilization, reducing the excessive infrastructure costs associated with underutilized IT resources. They provide elastic scalability and accelerate time to value. They help increase agility and responsiveness to changing business conditions and foster innovation. IBM provides clear economic value and helps financial institutions work through the right mix of delivery models and choices (by workload) to reap the maximum benefit.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
Insurance 2020: How to prepare for digital shift & innovation in insuranceHCL Technologies
With the advent of digital disruption in eventually every business, insurance as an industry is getting embedded with technology at all stages. But with the pressure to balance both cost and business growth, there is an evident need for partnerships with the next-generation technology providers to share investments, build capabilities and outcome based models for collaboration.
When Gen Y is obsessed with “Why not”, Gen Z is growing up with a “Why not now” attitude. According to the Wiki, “Many members of Generation Z are highly “connected,” having had lifelong use of communication and media technology like the World Wide Web, instant messaging, text messaging, MP3 players, and mobile phones, earning them the nickname “digital natives”. This makes Gen Z expectation momentary or “Just-in-Time”. Considering this, what will Gen Z expect from insurance? Here are some thoughts on how it will impact an individual in 2020 and beyond
Read more about HCL’s offering for Insurance Industry at http://www.hcltech.com/financial-services/insurance-services
Big Tech winners in 2015 can be identified as FANG (Facebook/Amazon/Netflix/Google) - The new Morgan Stanley Tech theme for 2016: think SMAC (Security/Mobile/Analytics/Cloud)
Insurance companies face several challenges like industry consolidation, regulatory pressures, shrinking margins, and along with that, demands from shareholders and stakeholders are quite high to stay competitive. In order to stay competitive, they need to transform their processes and operations, improve profitability, reduce cost and meet the ever growing need for improved customer service.
See how MphasiS utilizes various technology resources to improve the insurance industry's operations.
Insurance industry trends 2015 and beyond: #4 Telematics Euro IT Group
Telematics explained
Telematics use cases
Telematics drivers
Changes in the insurance industry
Deploying cloud computing in insurance
What can be done by using vehicle OBD?
Smartphone applications for telematics & challenges
Specific use case
Top 3 Trends that will Dominate the Banking Industry in 2021Nandita Nityanandam
Embracing top trends in banking can help overcome traditional banking challenges, improve back-office efficiencies, accelerate delivery of digital products/services, reduce costs, and improve risk management. Go through this presentation to uncover top trends in the banking industry.
Participated in Razer Fintech Inaugural digital hackathon from 15 - 17 May 2020. Competed with a crowd of 300 (100 teams) to emerge as top 20. Proposed a community-focused Insure tech solution, utilising gamification, rewards and community spirit to increase uptake of insurance products.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Challenges in Insurance: Customer Clarity in ClaimsPrecisely
In insurance, the claims process and risk of customer churn always go hand in hand. According to Forrester, more than 30% of customers who endured a bad claims experience switched insurers within one year of the incident. This churn due to declining loyalty and poor customer experiences can represent as much as $470 billion in Life, Property, and Casualty premiums globally. Not to mention the cost to your staff and time spent working through claims inquiries.
What if there was a way to reduce costs, to reduce second and subsequent calls to your claims center, and to drive digital adoption…all while increasing your claimant’s satisfaction throughout the experience?
Watch our on-demand webinar as we discuss some of today’s toughest challenges in the insurance industry.
With more than 30 years of experience in the insurance industry, SAS can help you achieve long-term success and obtain peace of mind. Integrated and extensible insurance solutions built on a flexible business analytics framework and insurance-specific data model speed up both implementation and results, giving you a fast track to significant ROI.
Insurance Industry Trends in 2015: #2 Mobility Euro IT Group
Content:
- Insurance facts
- Insurance mobility facts
- Mobile opportunities for insurance processes
- Mobile apps in insurance – facts and benefits
- Customer centricity
- Sales mobility & process
- Security
- Use cases – how large insurance use mobile apps today?
- Leverage sales mobility
Information technology uses in insurance industrySujay Kumar
Purpose
Efficiency
Convenience
Information technologies' role in General Insurance
How Is Information Technology Used inLife Insurance?
Challenges Faced
What needs to be done?
IBM Solutions..
Insurance companies face several challenges like industry consolidation, regulatory pressures, shrinking margins, and along with that, demands from shareholders and stakeholders are quite high to stay competitive. In order to stay competitive, they need to transform their processes and operations, improve profitability, reduce cost and meet the ever growing need for improved customer service.
See how MphasiS utilizes various technology resources to improve the insurance industry's operations.
Insurance industry trends 2015 and beyond: #4 Telematics Euro IT Group
Telematics explained
Telematics use cases
Telematics drivers
Changes in the insurance industry
Deploying cloud computing in insurance
What can be done by using vehicle OBD?
Smartphone applications for telematics & challenges
Specific use case
Top 3 Trends that will Dominate the Banking Industry in 2021Nandita Nityanandam
Embracing top trends in banking can help overcome traditional banking challenges, improve back-office efficiencies, accelerate delivery of digital products/services, reduce costs, and improve risk management. Go through this presentation to uncover top trends in the banking industry.
Participated in Razer Fintech Inaugural digital hackathon from 15 - 17 May 2020. Competed with a crowd of 300 (100 teams) to emerge as top 20. Proposed a community-focused Insure tech solution, utilising gamification, rewards and community spirit to increase uptake of insurance products.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Challenges in Insurance: Customer Clarity in ClaimsPrecisely
In insurance, the claims process and risk of customer churn always go hand in hand. According to Forrester, more than 30% of customers who endured a bad claims experience switched insurers within one year of the incident. This churn due to declining loyalty and poor customer experiences can represent as much as $470 billion in Life, Property, and Casualty premiums globally. Not to mention the cost to your staff and time spent working through claims inquiries.
What if there was a way to reduce costs, to reduce second and subsequent calls to your claims center, and to drive digital adoption…all while increasing your claimant’s satisfaction throughout the experience?
Watch our on-demand webinar as we discuss some of today’s toughest challenges in the insurance industry.
With more than 30 years of experience in the insurance industry, SAS can help you achieve long-term success and obtain peace of mind. Integrated and extensible insurance solutions built on a flexible business analytics framework and insurance-specific data model speed up both implementation and results, giving you a fast track to significant ROI.
Insurance Industry Trends in 2015: #2 Mobility Euro IT Group
Content:
- Insurance facts
- Insurance mobility facts
- Mobile opportunities for insurance processes
- Mobile apps in insurance – facts and benefits
- Customer centricity
- Sales mobility & process
- Security
- Use cases – how large insurance use mobile apps today?
- Leverage sales mobility
Information technology uses in insurance industrySujay Kumar
Purpose
Efficiency
Convenience
Information technologies' role in General Insurance
How Is Information Technology Used inLife Insurance?
Challenges Faced
What needs to be done?
IBM Solutions..
Innovation in the insurance industry is progressing each day. The Fintech boom will disrupt insurance just as it has other parts of financial services. Anticipating and being at the fore of this innovation is what this presentation is about.
Platforms for Growth:Technology Innovations in the Insurance IndustryState Street
On behalf of State Street, the Economist Intelligence Unit conducted a global survey of 321 senior executives at insurance companies (June and July 2014), to examine the technology challenges facing the sector.
The insurance industry is witnessing a slow but certain evolution due to disruptive technologies, external market forces, and their consequent impact on insurance business and operating models.
This Slideshare deck has the overview of the top 10 insurance trends that will be strategic for firms in the near term.
Strategies for capability modelling: analysis based on initial experiencesCaaS EU FP7 Project
Businesses need a way to efficiently adapt not only their services but also the IT infrastructure for delivering them.
One of the key features is to explicitly capture the delivery context of customer services and to provide mechanisms for configuring or generating its delivery
Authors: Sergio España, Janis Grabis, Martin Henkel, Hasan Koç, Kurt Sandkuhl, Janis Stirna, Jelena Zdravkovic
Research has shown that the Saville Consulting Wave™ Types are powerful predictors of performance in a range of key areas. Saville Consulting Wave™ Types have implications for behavior in leadership roles, team/peer interaction, change management and synergies with various organizational cultures.
Three Strategies to Maximize Your Insurance Distribution ChannelVlocity
Slides from Vlocity webinar hosted with AITE Research, ABD Insurance for Insurance Carriers, Agents and Brokers.
Brent Rineck, the CIO of ABD Insurance will discussed how they are successfully using Vlocity Insurance and Salesforce to gain a single view into their customer's insurance product portfolios to provide household level marketing, selling, and relationship management.
Jamie Bisker, Senior Insurance Analyst, AITE Research discussed how to build the insurance distribution workforce of the future; retaining and recruiting a new generation of talent.
Indusa recently conducts a Webinar on "Proven strategies for powerful B2E mobile apps: Industry, security, and ERP considerations". This webinar discussed how enterprise mobility brings both benefits and concerns to a business. It also highlighted the use of IBM Worklight and the reasons clients are investing in it. The webinar then showcased some use cases on how organizations who have adopted enterprise mobility and benefits they reaped. The session included a walk through on Field Service ROI and see how a field service mobile app built on a cross platform can increase your ROI.
Empowering intelligent customer operations through Lean DigitalGenpact Ltd
Genpact's Lean Digital approach has the potential to transform multi-channel customers services and improve customer loyalty, reduce costs, increase cross-sell propensity and drive business agility.
Mobile cannot be ignored. The time spent on mobile devices continue to increase substantially over time. Ted McNulty, Director of Performance Advertising at Jumptap, walks through the essential elements of a successful mobile campaign at the 2013 Marketing Technology Summit in Boston, MA.
The future of shopping with your mobile phoneresimpa
This is a presentation from a research programme looking at the future role of mobile phones in retail prepared for the Direct Marketing Association and Empirix
2. Agenda
Insurance Market: Insights & Opportunities
Mobile Technology opportunities
• Mobile CRM
• Mobile Claim
• Mobile Content Manager
• Mobile Scheduler
Way Forward
4. P&C Industry at glance
Motor vehicle registrations declining
Home ownership rate declining
5. Distribution Channel Mix
Channel Mix FY07 for General Insurance
Referral Other/Internet
6% 2%
Corporate Agency
15%
Broker Agents
17% 60%
*Channel mix based on commission paid to each channel
Source Ernst & Young Insurance trend 09
Agent channel is critical (60%).
Cost saving in this have huge impact in profits
6. Distribution Channel
Largest element of insurer cost
Strongly influence product design in insurance
Direct impact on marketing image of insurer
Integrity of distribution channel key concern of regulatory
mechanism
7. Mobile Technology Opportunities
US Insurance Industry Spending on MobileTechnology
In Millions
$ 40
$ 35
$ 30
$ 25
$ 20
$ 15
$ 10
$5
$0
2001 2003 2005 2007 2009
Annual spending increasing at CAGR 17.8%
Mobile solutions can drive channel efficiency gain of up to
30%
*Source: Tower Group Research
9. Mobile CRM
Transform host applications and
packaged enterprise applications into
Web-based mobile applications
• Provide agents access to the information- any
time, any place
• Deliver mobile access to time-critical applications
and resources (Customer data, Policy
information, claim file information, estimating
tools, preferred vendor networks, claim experts
and supervisors)
• Nurturing customer relationships
• Acquiring or maintaining customers
• Support marketing, sales or services processes
10. Mobile CRM Advantage
Mobile CRM will be 20% of total CRM market by 2011
Increase in New Business in first year - 20%
Increase usage of CRM – 82%
Improved relationship with customer
• Order management
• Sales information for customer
• Competitive intelligence
• Customer intelligence
Help agents make faster, more accurate decisions
• Agent serve customer better
*Source: IBISworld.com
12. Mobile Claim Advantage
Claim represent largest cost for Insurer - Detecting and preventing
fraud claims due to fast claim processing
Increased claim capacity by 40% without adding staff
Improve customer satisfaction – faster claim settlement
Enable agents to be more productive
Better work load balancing
13. Mobile Content Management
Multi-channel content delivery
capabilities
Allow users to manage a central
content repository
Content delivery to desktop web
browsers, mobile phones and
other devices.
Location-based content delivery
14. Mobile Content Management Advantage
40% increase in activities recorded to contact management system
400% improvement in efficiency
Response to 95% of customer inquiries on the first call
Reduced decision-making time from 7 days to 7 minutes
Enhanced examiner productivity from 15 – 30%
*Source: Survey done by Hartford
15. Mobile Scheduler Application
• Customer call “Call-center” to book appointment
• Call center forward request to nearest available agent
• Agent check his schedule and book appointment
• Confirmation given to customer
• For existing customer request forward to initial agent to
maintain relationships
• Agent may receive a lead form generated from Web site.
Agent book appointment directly with customer.
16. Mobile Scheduler Advantage
Improved relationship with customer
• Schedule appointments at customer convenience
• Helps to cross sell
• Agent can obtain new accounts through referrals
Agent can cover wider area
Gives agent more control over their time and schedules
17. WAY FORWARD & CONCLUSION
CAPITALIZE ON THE
OPPORTUNITY
18. Way forward.. monetize NOW!
IMMEDIATE GOAL: Monetize
the Mobile Technology
opportunity
Evolve with
market
Further build • Continuous
• Enhance for Enhancements
other Mobile
Enhance Devices
• Mobile CRM
• Mobile Claim
• Mobile
Content
Launch with: Manager
• Mobile
Scheduler
• Mobile Mail
• Global
Positioning
3- 6 months 6-9 months 9-12 months