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©TransInsure. Digital Insurance - V1 1
©TransInsure.
Digital Insurance
© TransInsure.
©TransInsure.
The world is rapidly changing
© TransInsure.
©TransInsure. Digital Insurance - V1 3
Digital technology is disrupting the Insurance business.
New business- and operating models have to be defined to
transform the traditional insurer into a Digital Insurer.
© TransInsure.
©TransInsure. Digital Insurance - V1 4
Customers and distributors are
mobile, using mobile devices to
communicate and share; We need
to be DIGITAL to continue our
business, offering Insurance and
related services.
© TransInsure.
©TransInsure. Digital Insurance - V1 5
Digital Insurance is offering Insurance products
and services to customers and partners using
digital technology.
Digital technology allows fast and easy
Insurance business and is inevitable to grow
profitable business in the future.
© TransInsure.
©TransInsure. Digital Insurance - V1 6
 Customer centricity
 Products and services available on any device, anywhere, anytime
 Full self service functionality available online and by mobile apps
 All data real time available
 Full automation of all Insurance processes
 Straight Through Processing
 Paperless processes
 No manual workarounds
 Social media integration
 Fast time to market
Digital Insurance principles
© TransInsure.
©TransInsure.
Mobile/Online Devices/Apps
Phone – Tablet – Laptop – Desktop – ATM
Mobile/Online Devices/Apps
Phone – Tablet – Laptop – Desktop – ATM
Mobile/OnlineDevices/Apps
Phone–Tablet–Laptop–Desktop–ATM
Mobile/OnlineDevices/Apps
Phone–Tablet–Laptop–Desktop–ATM
Digital Insurance
Company
Distribution
Partners
Service
Partners
Customers
© TransInsure.
©TransInsure.
Individuals &
family
Employers &
employees
SME
Corporate
 (Potential) Customers are all individuals, families, groups
of people, SME and corporate businesses that will
purchase or have purchased products.
 The Digital Insurance Company (DIC) will provide online
portals and mobile apps for customers to purchase
products, self-service their policies and communicate
with DIC regarding products and services.
 If necessary, for corporate businesses, straight through
processing integration will be established between the
corporate systems and the systems of the DIC. The DIC
customer portals will be integrated with the corporate
business employee portals.
 The functionality available for customers:
 Buy products
 Renew and change/endorse policies
 Claim notification & status updates
 Service requests
 Enquiries
 Communication with DIC experts
Customers
© TransInsure.
©TransInsure.
Distributors
Agents
Aggregators
Brokers
Banks
Car dealers
Affinity
Groups
 Distributors are all partners, involved in selling insurance
products. Distributors vary from a 1 person agency to car
dealers, global banks and broker organizations.
Depending on the distributor, different digital services
will be delivered by the Digital Insurance Company (DIC).
 The DIC will deliver online and mobile applications for
the smaller distributors with extra services such as social
media integration and lead management.
 For large distributors straight through processing
integration will be established between the distributor
systems and the systems of the DIC. The DIC customer
portals will be integrated with the distributor portals.
 Distributors will have full self-service functionality
available in online portals and mobiles apps:
 Sales, lead & customer management
 New business and renewals
 Portfolio management
 Case management
 Reports & dashboards
 Team management
© TransInsure.
©TransInsure.
Service
Partners
Workshops
TPA’s
Claims
adjusters
Payments
Road Tax
Others
 Service Partners are all partners providing Insurance
related services to the DIC. The partners provide data,
assessments, workshop services, payments services,
printing services, call centers and processing services.
 The Digital Insurance Company (DIC) will provide online
portals and mobile apps for Service Partners to
communicate with customers and DIC staff and submit
reports and assessments.
 In case of data exchange and customer service delivered
by Service Partners, straight through processing
integration will be established between the systems of
service partners and the systems of the DIC.
 The functionality available for Service Partners:
 Underwriting and claim assessment
 Renew and change/endorse policies
 Portfolio management
 Claim notification, status updates & payments
 Communication with DIC experts
 Functionality & data provided by Service Partners:
 Road tax information & claims history
 Customer verification
 Payment through credit cards/Paypal/etc.
© TransInsure.
©TransInsure.
Digital Insurer
 Management and staff of the DIC will have the same
access to online portals and mobile applications as
customers and partners. However these portals and
apps will have more functionality for the approval
processes, product-, customer-, distributor-, portfolio
and financial management, monitoring, reports &
dashboards. Some functionality will remain in the Back Office for security
and compliance reasons.
 Management and staff will have all information needed
available anywhere, anytime and on any device and
will be able to bring or choose their own device
(BYOD/CYOD).
 Marketing and IT will be responsible for the continuous
development, improvement and management of
online portals, social media integration, providing big
data analytics and mobile apps.
 The functionality available for DIC users:
 Full self service portal/apps, Call center portals
 Underwriting and claim portals/apps
 Portals/Apps for Finance, HR, Product
management
 Management monitoring and approval
portals/apps
© TransInsure.
©TransInsure.
Digital Insurance Back – End systems
The Back-End Digital Insurance System environment is
based on a loosely coupled component based IT
architecture. The architecture comprises of the
following components:
 Enterprise Service Bus (ESB) for component integration,
external data exchange and partner system integration
 Transactional database for data exchange with online and
mobile apps and partner systems
 Policy management systems for all product lines
 Claims management system
 Customer Relationship management system
 Product Management Systems and Product Rules Engine
 Business Process Management System
 Case management system
 Business Rules Engine
 Correspondence template and rules management engine
 Document (content) management system
 Finance Management System
 Data warehouse for Big Data analytics
 Management Information System/Engine
 Access & entitlement management system
 Social media integration manager to push relevant data to
the transactional database for use in portals and apps.
© TransInsure.
©TransInsure.
Digital Insurance Portals
& Mobile apps
Digital InsurerService PartnersDistributorsCustomers
© TransInsure.
©TransInsure.
© TransInsure.
©TransInsure. Digital Insurance
Transformation - V1
15
Digital Insurance
Transformation - V1
15
Digital Insurance transformation is
changing the Insurance company from
a back-office administrative oriented
organization with an internal focus to
a client centric service oriented
organization communicating through
internet and social media.
IT IS THE END OF
BUSINESS AS USUAL
Brian Solis
© TransInsure.
©TransInsure.
Hope is not a strategy
©TransInsure.
©TransInsure.
© TransInsure.
©TransInsure.
The transformation to a Digital Insurance Company will substantially change
the business model and operating model. The size of the change depends on
the speed of the market changes in the coming years, the digital strategy and
current readiness and capabilities of the organization.
©TransInsure.
© TransInsure.
©TransInsure.
Previous Strategy
 Distributor centricity
 Product focused growth
 Single channel
 Rigid organization
 Process driven
 Efficiency & cost reduction
 Refine UW & claims guidelines
 Continuous improvement
Digital Strategy
 Customer centricity
 Customer focused growth
 Multi channel
 Adaptive organization
 Technology driven
 Digital & social marketing
 Create life time loyalty
 Tailor made offers to customer
 Fast digital innovation
Strategy
Transformation
© TransInsure.
©TransInsure.
Previous principles
 Distribution by agents
 Customer has minimum
insurance knowledge
 One product fits all
 All applications to be
approved by underwriters
 Reactive after sales support
 Long time to market
 1 - 3 new products per year
Digital Principles
 Digital sales, distribution and
service
 Mobile apps and Online portals
available for everyone
 Distribution B2B, B2C, B2B2C
 Customer better informed
 Products aligned with
individual customer needs
 Focus on social influencing
 Pre-underwritten products
 Trust building
 Cross & up selling
 Data analytics and mining
 1 - 2 weeks time to market
 Social media integration
Business Model
Transformation
© TransInsure.
©TransInsure.
Previous principles
 Inaccuracy of information
 Insufficient service levels
 Paper processing
 Processing centers/sourcing
 Backlog management
 3-12 months time to market
 Manual workarounds due
to system incapability
 Large organization with
complex processes
 Bureaucratic governance
Digital Principles
 Availability of real time
information
 Full digitized self service
capabilities
 Excellent service
 Straight Through Processing
 Paperless
 Streamlined and simple processes
 Fast time to market
 State of the art IT architecture and
solutions
 Lean organization & governance
Operating Model
Transformation
© TransInsure.
©TransInsure.
Organization transformation
 Marketing will have a leading role in the Digital Insurance Company. Data of all
sorts of social and other media will be analyzed to improve the understanding of
customers and risks and push the right offer and the right time to the customer.
 Product Management will be in charge of technical product specifications, product
management tool and underwriting. The role will change as the time to market will
be short and based on Marketing data more new products and product features
will be pushed to the market.
 Sales & Distribution will reduce a little as more new business (simple products) will
be purchased online and on mobile devices directly by the customer.
1
© TransInsure.
©TransInsure.
Organization transformation – cont’n
 Operations will be reduced largely as processing and claims departments will have
less processing work due to straight through processing and automated business
rules replacing manual work. Furthermore the operational business will be more
efficient and effective due to the use of BPM, BRE, Case management, MIS and
Data management tools.
 Finance will be reduced as financial processing will be STP automated, monitoring
and reporting will fully automated and reduce the manual work in Finance.
 HR and General support will be reduced as less personnel is required in the Digital
Insurance Company.
2
© TransInsure.
©TransInsure.
Organization transformation – cont’n
 IT will face a major transformation from a reactive organization managing
inflexible back end systems to pro-active agile organization closely working with
Marketing to push the right technology innovation to the market.
 IT will be reduced as part of today's work will move to the business, for example
product development will be done by Product Management with Product
Management Tools. Process improvement will be done directly by Operations in
the BPM/BRE/MIS/Case and data management tools.
 IT technology budget will increase as more systems/tools are necessary to run the
Digital Insurance Business but this should not result in more IT staff. Staff profile
will change from Back End system maintenance to technology innovation.
3
© TransInsure.
©TransInsure.
IT Application
Architecture
Transformation
© TransInsure.
©TransInsure.
IT implementation approach - Example
©TransInsure.
© TransInsure.
©TransInsure.
GREENFIELD
Combination
4 Transformation options
©TransInsure.
© TransInsure.
©TransInsure.
Transformation options assessment
Transformation approach
 The market will not wait until an internal transformation is finalized, a long lasting
internal transformation with high risk of not delivering is not advisable.
 A Greenfield approach where is a fast method to deliver Digital Insurance without
jeopardizing the current business and resistance of the current organization.
 Outsourcing is a good option providing the quality of the provider(s). Outsourcing
however needs a lot of management attention as it creates internal resistance.
 A combination of a Greenfield, outsourcing and internal transformation is a good
compromise however it will take more time to finalize the transformation.
© TransInsure.
©TransInsure. 28
Digital Insurance
Implementation
Methodology
Challenges &
Constraints
Digital Transformation
Digital Strategy
Manual
& Paper
Full
Digital
Today
Manual
& Paper
Full
Digital
World Class Digital
Enterprise Model
For Insurance
Organization
© TransInsure.
©TransInsure.© TransInsure.
©TransInsure.© TransInsure.
©TransInsure.
Who will take the lead?
For more information:
TransInsure.
Digital Insurance Transformation
Email: info@transinsure.net

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Digital Insurance Transformation

  • 1. ©TransInsure. Digital Insurance - V1 1 ©TransInsure. Digital Insurance © TransInsure.
  • 2. ©TransInsure. The world is rapidly changing © TransInsure.
  • 3. ©TransInsure. Digital Insurance - V1 3 Digital technology is disrupting the Insurance business. New business- and operating models have to be defined to transform the traditional insurer into a Digital Insurer. © TransInsure.
  • 4. ©TransInsure. Digital Insurance - V1 4 Customers and distributors are mobile, using mobile devices to communicate and share; We need to be DIGITAL to continue our business, offering Insurance and related services. © TransInsure.
  • 5. ©TransInsure. Digital Insurance - V1 5 Digital Insurance is offering Insurance products and services to customers and partners using digital technology. Digital technology allows fast and easy Insurance business and is inevitable to grow profitable business in the future. © TransInsure.
  • 6. ©TransInsure. Digital Insurance - V1 6  Customer centricity  Products and services available on any device, anywhere, anytime  Full self service functionality available online and by mobile apps  All data real time available  Full automation of all Insurance processes  Straight Through Processing  Paperless processes  No manual workarounds  Social media integration  Fast time to market Digital Insurance principles © TransInsure.
  • 7. ©TransInsure. Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM Mobile/OnlineDevices/Apps Phone–Tablet–Laptop–Desktop–ATM Mobile/OnlineDevices/Apps Phone–Tablet–Laptop–Desktop–ATM Digital Insurance Company Distribution Partners Service Partners Customers © TransInsure.
  • 8. ©TransInsure. Individuals & family Employers & employees SME Corporate  (Potential) Customers are all individuals, families, groups of people, SME and corporate businesses that will purchase or have purchased products.  The Digital Insurance Company (DIC) will provide online portals and mobile apps for customers to purchase products, self-service their policies and communicate with DIC regarding products and services.  If necessary, for corporate businesses, straight through processing integration will be established between the corporate systems and the systems of the DIC. The DIC customer portals will be integrated with the corporate business employee portals.  The functionality available for customers:  Buy products  Renew and change/endorse policies  Claim notification & status updates  Service requests  Enquiries  Communication with DIC experts Customers © TransInsure.
  • 9. ©TransInsure. Distributors Agents Aggregators Brokers Banks Car dealers Affinity Groups  Distributors are all partners, involved in selling insurance products. Distributors vary from a 1 person agency to car dealers, global banks and broker organizations. Depending on the distributor, different digital services will be delivered by the Digital Insurance Company (DIC).  The DIC will deliver online and mobile applications for the smaller distributors with extra services such as social media integration and lead management.  For large distributors straight through processing integration will be established between the distributor systems and the systems of the DIC. The DIC customer portals will be integrated with the distributor portals.  Distributors will have full self-service functionality available in online portals and mobiles apps:  Sales, lead & customer management  New business and renewals  Portfolio management  Case management  Reports & dashboards  Team management © TransInsure.
  • 10. ©TransInsure. Service Partners Workshops TPA’s Claims adjusters Payments Road Tax Others  Service Partners are all partners providing Insurance related services to the DIC. The partners provide data, assessments, workshop services, payments services, printing services, call centers and processing services.  The Digital Insurance Company (DIC) will provide online portals and mobile apps for Service Partners to communicate with customers and DIC staff and submit reports and assessments.  In case of data exchange and customer service delivered by Service Partners, straight through processing integration will be established between the systems of service partners and the systems of the DIC.  The functionality available for Service Partners:  Underwriting and claim assessment  Renew and change/endorse policies  Portfolio management  Claim notification, status updates & payments  Communication with DIC experts  Functionality & data provided by Service Partners:  Road tax information & claims history  Customer verification  Payment through credit cards/Paypal/etc. © TransInsure.
  • 11. ©TransInsure. Digital Insurer  Management and staff of the DIC will have the same access to online portals and mobile applications as customers and partners. However these portals and apps will have more functionality for the approval processes, product-, customer-, distributor-, portfolio and financial management, monitoring, reports & dashboards. Some functionality will remain in the Back Office for security and compliance reasons.  Management and staff will have all information needed available anywhere, anytime and on any device and will be able to bring or choose their own device (BYOD/CYOD).  Marketing and IT will be responsible for the continuous development, improvement and management of online portals, social media integration, providing big data analytics and mobile apps.  The functionality available for DIC users:  Full self service portal/apps, Call center portals  Underwriting and claim portals/apps  Portals/Apps for Finance, HR, Product management  Management monitoring and approval portals/apps © TransInsure.
  • 12. ©TransInsure. Digital Insurance Back – End systems The Back-End Digital Insurance System environment is based on a loosely coupled component based IT architecture. The architecture comprises of the following components:  Enterprise Service Bus (ESB) for component integration, external data exchange and partner system integration  Transactional database for data exchange with online and mobile apps and partner systems  Policy management systems for all product lines  Claims management system  Customer Relationship management system  Product Management Systems and Product Rules Engine  Business Process Management System  Case management system  Business Rules Engine  Correspondence template and rules management engine  Document (content) management system  Finance Management System  Data warehouse for Big Data analytics  Management Information System/Engine  Access & entitlement management system  Social media integration manager to push relevant data to the transactional database for use in portals and apps. © TransInsure.
  • 13. ©TransInsure. Digital Insurance Portals & Mobile apps Digital InsurerService PartnersDistributorsCustomers © TransInsure.
  • 15. ©TransInsure. Digital Insurance Transformation - V1 15 Digital Insurance Transformation - V1 15 Digital Insurance transformation is changing the Insurance company from a back-office administrative oriented organization with an internal focus to a client centric service oriented organization communicating through internet and social media. IT IS THE END OF BUSINESS AS USUAL Brian Solis © TransInsure.
  • 16. ©TransInsure. Hope is not a strategy ©TransInsure. ©TransInsure. © TransInsure.
  • 17. ©TransInsure. The transformation to a Digital Insurance Company will substantially change the business model and operating model. The size of the change depends on the speed of the market changes in the coming years, the digital strategy and current readiness and capabilities of the organization. ©TransInsure. © TransInsure.
  • 18. ©TransInsure. Previous Strategy  Distributor centricity  Product focused growth  Single channel  Rigid organization  Process driven  Efficiency & cost reduction  Refine UW & claims guidelines  Continuous improvement Digital Strategy  Customer centricity  Customer focused growth  Multi channel  Adaptive organization  Technology driven  Digital & social marketing  Create life time loyalty  Tailor made offers to customer  Fast digital innovation Strategy Transformation © TransInsure.
  • 19. ©TransInsure. Previous principles  Distribution by agents  Customer has minimum insurance knowledge  One product fits all  All applications to be approved by underwriters  Reactive after sales support  Long time to market  1 - 3 new products per year Digital Principles  Digital sales, distribution and service  Mobile apps and Online portals available for everyone  Distribution B2B, B2C, B2B2C  Customer better informed  Products aligned with individual customer needs  Focus on social influencing  Pre-underwritten products  Trust building  Cross & up selling  Data analytics and mining  1 - 2 weeks time to market  Social media integration Business Model Transformation © TransInsure.
  • 20. ©TransInsure. Previous principles  Inaccuracy of information  Insufficient service levels  Paper processing  Processing centers/sourcing  Backlog management  3-12 months time to market  Manual workarounds due to system incapability  Large organization with complex processes  Bureaucratic governance Digital Principles  Availability of real time information  Full digitized self service capabilities  Excellent service  Straight Through Processing  Paperless  Streamlined and simple processes  Fast time to market  State of the art IT architecture and solutions  Lean organization & governance Operating Model Transformation © TransInsure.
  • 21. ©TransInsure. Organization transformation  Marketing will have a leading role in the Digital Insurance Company. Data of all sorts of social and other media will be analyzed to improve the understanding of customers and risks and push the right offer and the right time to the customer.  Product Management will be in charge of technical product specifications, product management tool and underwriting. The role will change as the time to market will be short and based on Marketing data more new products and product features will be pushed to the market.  Sales & Distribution will reduce a little as more new business (simple products) will be purchased online and on mobile devices directly by the customer. 1 © TransInsure.
  • 22. ©TransInsure. Organization transformation – cont’n  Operations will be reduced largely as processing and claims departments will have less processing work due to straight through processing and automated business rules replacing manual work. Furthermore the operational business will be more efficient and effective due to the use of BPM, BRE, Case management, MIS and Data management tools.  Finance will be reduced as financial processing will be STP automated, monitoring and reporting will fully automated and reduce the manual work in Finance.  HR and General support will be reduced as less personnel is required in the Digital Insurance Company. 2 © TransInsure.
  • 23. ©TransInsure. Organization transformation – cont’n  IT will face a major transformation from a reactive organization managing inflexible back end systems to pro-active agile organization closely working with Marketing to push the right technology innovation to the market.  IT will be reduced as part of today's work will move to the business, for example product development will be done by Product Management with Product Management Tools. Process improvement will be done directly by Operations in the BPM/BRE/MIS/Case and data management tools.  IT technology budget will increase as more systems/tools are necessary to run the Digital Insurance Business but this should not result in more IT staff. Staff profile will change from Back End system maintenance to technology innovation. 3 © TransInsure.
  • 25. ©TransInsure. IT implementation approach - Example ©TransInsure. © TransInsure.
  • 27. ©TransInsure. Transformation options assessment Transformation approach  The market will not wait until an internal transformation is finalized, a long lasting internal transformation with high risk of not delivering is not advisable.  A Greenfield approach where is a fast method to deliver Digital Insurance without jeopardizing the current business and resistance of the current organization.  Outsourcing is a good option providing the quality of the provider(s). Outsourcing however needs a lot of management attention as it creates internal resistance.  A combination of a Greenfield, outsourcing and internal transformation is a good compromise however it will take more time to finalize the transformation. © TransInsure.
  • 28. ©TransInsure. 28 Digital Insurance Implementation Methodology Challenges & Constraints Digital Transformation Digital Strategy Manual & Paper Full Digital Today Manual & Paper Full Digital World Class Digital Enterprise Model For Insurance Organization © TransInsure.
  • 31. ©TransInsure. Who will take the lead? For more information: TransInsure. Digital Insurance Transformation Email: info@transinsure.net