Faisal Yahya's Presentation slide during The Long Awaited Cloud Solution for Insurance & Financial Service Industry

1. How Cloud Computing benefits
Insurance & FSI
Faisal Yahya, Dr. Cand., AAAIK, CISSP, CCSK, PRINCE2, ITIL v3, PSM I, PSPO I
Head of IT - CyberSecurity and Insurance Enterprise Architect

2. Transformation: Digitalization are Expanding
• The Industrial Revolution valued
physical assets, such as factories,
machinery, and other property.
• The Technological Revolution has seen
companies harness the importance of
big data and operational efficiencies
through advanced IT systems.

3. Insurance is challenged to evolve their Business Model
% of customer needs met
Traditional Insurer
Risk Manager
Life Advisor
Enterprise
-focus
Customer-
focus
Innovation 

4. The complexity of
common insurance
products as a very
finely tuned balance
between:
price vs coverage
Want it more
cheaper?
Make it more
complex
Want it
more
simpler?
Up the price
This is where the
Disruptive coming

5. Technology makes lifestyle-
integrated interactions possible
• Traditional Insurance Business has long depended on
two customer touchpoints: at the time of sale and at
the time of claim.
• As the customers get increasingly connected, the
current data void between these two customer
touchpoints is about to be filled.
• Insurance firms are embracing connected technologies
to offer personalized and dynamic insurance premiums
to their customers.
Data rich but Information poor

6. Machine learning for
insurance pricing
optimization
• Big data, analytics and other tools employed by
insurers can unlock powerful insights that can be
used to understand the customers better and
provide the appropriate connections within the
connected ecosystem.
• That information generated or gathered can then be
used to improve underwriting decisions and
improve pricing for targeted customer segments, as
opposed to one, the blended generic rate for all.

7. InsurTech – AI, IoT, and Big Data Analysis
Visualize that you get into a self-driving car of the future. The car’s
open-up monitor issues an alert:
“I sense that you’ve been drinking. I apparently don’t need your driving
assistance, but there’s always a small chance I may, in the case of an
emergency. If you want to navigate this car under the influence of
alcohol, your insurance rate for the next 6 hours, or until you arrive at
your destination, will increase to $2 per hour.“
to accept this increase in your insurance.
Press
Here
Motor Vehicle Autonomous Driving Mode (Driverless Car)

8. Challenges
1. Insurers are working with separated information silos of brokers,
agents, underwriters and loss adjusters.
2. Insurers are increasingly under tension from new business entrants
who have none of those legacy problems and can afford to play on
a cost basis.
3. In this agile industry, true differentiation lies in delivering value and
unique experience (connects staff, agents, and brokers with the
resources they need) to puts the client at the center.

9. Disruptive -- Demand for new ways of
Purchasing Insurance & Managing Risk
Plasticity.
Connectedness.
Data-driven for personalization.
On-demand services.
So many other industries, these game
changers are reshaping the connection
between insurers and their customers.
https://www.trov.com/
https://www.lemonade.com/
Two-thirds of all venture capital funding in
insurance is going into distribution start-ups.
(source: Accenture)

10. InsurTech – AI, IoT, and Big Data Analysis
P2P Insurance
Lemonade Website

11. InsurTech – AI, IoT, and Big Data Analysis
Telematics Insurance type
Vodafone Automotive Insurance Website
Usage-based insurance is
transforming the automotive
insurance market. Globally, there
are already 12 million* drivers with
a black box in their car, storing and
sending data.
By 2023 the figure is expected to
be 142 million.
* Source here

12. InsurTech – AI, IoT, and Big Data Analysis -- more ….
InsurTech focus from underwriting operations up to delivering insurance in new
ways. This caused varying experimentation and growth.

13. Potential Future Ecosystem
Benefit the consumer in two key ways: value and experiencNice review about Blockchain [here in this link]

14. 7 Benefits for using Cloud Computing
for Insurance and FSI
total costs of IT ownership and operationReduce
customer data, enabling customer-centricityUnify
new business and engage customers more effectively through new distribution modelsDrive
peaks in demand more easily and at lower cost [Elastic Computing]Handle
speed to market and drive new business opportunitiesReduce
a move to a service-oriented model and new innovation in systems designForce
integration of third party systems/agency management systems.Support

15. Cloud Computing is beyond Cost-Saving
Building a
frictionless and
flexible
ecosystem
1
Consumer cloud
computing
2
Applications
when you need
them (and
anywhere)
3
More powerful
and pervasive
analytics
4

16. Wrap Up
Cloud
Computing
Business Value
• Flexibility
• Market savings
• Increase Capacity
• Leverage business operations
and initiatives excellences.
Reduced Risk
• Lower up-front costs
• More secure
• Diminishing lost revenue
and additional expenses
** source: Cisco