Insurance Technology Trends

Kalpesh Desai
CEO, Agile Financial Technologies
kalpesh.desai@agile-ft.com YOUR LOGO
www.agile-ft.com
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 Agenda

1 Where are we today

2 Technology trends that will impact business

Insurance
Technology
3 Technology as an enabler of business agility

4 About Agile Financial Technologies

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 Agenda

1 Where are we today

2 Technology trends that will impact business

Insurance
Technology
3 Technology as an enabler of business agility

4 About Agile Financial Technologies

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 The landscape today

§  Regulatory reforms trigger structural changes

-  Stricter financial viability and capital adequacy norms
-  Less money for business operations, customers, and channels

§  Post-crisis business sustainability pressures have taken their toll on

your clients
§  Technology has impacted social habits, and the way your clients
interact socially, thus requiring you to re-look at your go-to-market
strategy
§  Technology has evolved sufficiently to impact the entire insurance
value chain

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 Get to know your new-age customers

§  Prefer technology over face-to-face interactions

§  Chose what they use
§  Always “on”
§  Expect instant access
§  Oblivious to policies

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 "In a time of accelerating turbulence, the
valuation of a company will be strongly
affected by how it executes change."

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 The (r)evolution

As needs evolve
§  Demand for a flexible technology deployment model evolves
§  Flexibility in processes becomes a must
§  The infrastructure should be conducive to enable innovation
§  You should be able to evolve new user experiences
§  Implement new pricing models
§  Effect change in organization structures and management through
effective decision making

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 Evolution of IT Services Delivery

More complex services

Utility Computing
Point Services

Global Sourcing
BPO &
Managed Full IT Horizonta
‘Packaged’ Services Outsourcing l
Storage Services (flexible
services (2 or more
outsourcing)
point services)
Hardware Software Security
support support services

0% % of IT infrastructure outsourced 100%

Evolution of IT Services Delivery

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 Business Expectation and IT Implications

IMPROVE
CUSTOMER GENERATE
SERVICE GROWTH

ENHANCE LOWER
PRODUCTIVITY COST

MORE VALUE
FOR LESS
MONEY

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 Agenda

1 Where are we today

2 Technology trends that will impact business

Insurance
Technology
3 Technology as an enabler of business agility

4 About Agile Financial Technologies

Confidential Page § 10
 Technology Trends impacting your landscape

Internet computing

Analytics Mobile Computing

Collaborative Security and

Communication Sustainability

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 Internet Computing : When “IT”s all out there

Software as a Service

Platform as a Service Storage as a Service

Grid Computing

Database as a Service Virtualization

Utility Computing Application Hosting

Infrastructure as a Service

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 Internet Computing

§  Speed to market utilizing the Cloud or Virtualization

§  Eliminate or reduce infrastructure infrastructure capital and ramp-up
§  Enhanced user experience for customers, agents and brokers for
new business and client servicing
§  Exciting and easy to use experience to draw customers to Internet
presence for quotes, comparison quotes, new business
§  Enhanced channels for interaction with the value chain – brokers,
agents, re-insurers, marketplaces, other medium of sales and
service
§  Ability to move core and niche areas of the insurance business to
BPO models

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 Internet Computing

•  Minimize
•  Increase compliance and
protection, security
transparency
challenges
•  Increase entry
•  Risk &
barriers for compliance
competition systems include
•  Increase corporate
customer
retention, &
Costs actions, approval Opportunities
workflows,
personalization compliance and
anti-money •  Enhance
•  Predictable laundering service levels
Clients •  Sustainable checks
•  Matched to Risks •  Focus on core
competency
cash flows
•  Launch new
•  Reduced products and
Implementatio services
n timeframes

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 The possibilities

Actuarial Mobile 3rd Party

POS
Modeling Insurance Transactions

Remote Claims
E-Quotes POS
Adjusting

Database
KIOSKS CRM
Uniformity

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 Examine deployment models

Higher return on Software as Service

IT investments Entire computing capacity is outsourced
to third party/ solution provider
Competitive
costing
Platform as Service
Service to create, operate and run applications

Expense Control
Infrastructure as Service
Fully outsourced infrastructure and application
environment

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 Mobile Computing

Voice

Social
Messaging
Networks

Storage
Mobile Web

Device
Access

Touch Location

Bluetooth

Rapidly becoming the interface to the world

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 Mobile Computing

§  Mobile channels can become a highly differentiated channel for

core business
§  Immediate impact as common transactions such as payments,
alerts, loss submission, emerge as competitive differentiators
§  Carriers can rapidly reach emerging markets where mobile devices
and coverage exceed traditional connectivity
§  Mobile features for agents and brokers becomes a mandatory tool to
differentiate and to capture/retain distribution channel resources
§  Empowering agents and brokers with just-in-time account and
product information will enable a tailored coverage experience when
interacting with customers while in the field
§  The mobile device feature set will enable new applications to lower
loss-costs and improve underwriting data

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 Doorstep Insurance

Instant Instant
Capture Payments

Instant
Service
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 Data Analytics

Islands of information

Do not enable collaboration

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 Data Analytics

§  BPM & analytics will result in adaptive BI to support automated

decision making and IT process change in response to data

§  Data governance and business process management (BPM) will

receive increased attention from your ICT teams

§  Data “outsourcing” will be a growing business especially with data

de-duplication, cleansing and farming

§  Traditional BI tools that focused consolidating data centrally will

cease to exist giving way to tools that will interface with your
operational work-flows and performance management systems

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 Data Analytics

§  Product Definition and Underwriting Excellence through rule and

analytics based decision-making
§  “Discovery” of new markets, products, segments through analytics
of product, policy, and claim data
§  Segmentation of claims for optimized assignment, routing, and
straight through processing
§  Fraud Detection for real-time fraud scoring outcomes
§  Product, Pricing, and Customer Profiles are combined to provide a
custom product and buying experience to the customer
§  Increasingly data will be used to drive the behavior of systems and
users

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 Collaborative Communication

§  The way we communicate has changed

-  Social media
-  Community forums
-  Collaborative tools
-  Content dissemination

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 Collaborative Communication

§  Insurers to provide innovation programs and social networking tools

as part of their communication and collaborative process
§  A collaborative communication framework can enable the movement
of highly skilled adjusters and agents to a centralized model
allowing lower-cost field resources to tap into their knowledge base
§  Collaboration enables accuracy in underwriting decisions, loss
decisions, and more interactive customer servicing models
§  The distribution channel extends beyond traditional media channels
and social networks are used to promote and capture new business

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 Do Not Ignore Social Computing

Organization
Insurance Core

Employee/ Employee /
Customer
Customer
Social
Mobile Networking
Devices Accounts

Portals

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 Security Imperatives In The New Era

Compliance
Portable
and
Devices
Regulation

Cyber
Outsourcing
Threats

The rise of
Cloud Security social
Computing Imperatives networks

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 Agenda

1 Where are we today

2 Technology trends that will impact business

Insurance
Technology
3 Technology as an enabler of business agility

4 About Agile Financial Technologies

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 BUSINESS AGILITY

!! NOT A LUXURY !!

The ability of a business to adapt

rapidly and cost efficiently in
response to changes in the
business environment.…

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 Technology as an enabler of business agility

Increased o  Create value for your customers

Response
Levels
o  Improve experience for
distributors, partners and
Increased Employees
Revenues
o  Reduce the sales cycle

Cost o  Enhance interoperability

Efficiency between systems

o  Shift to holistic integrated

systems from islands of
Scalability
disparate information

o  Provide integrated view of

Integrated/ customer information
Aligned across various products
Processes
o  Improve information-sharing
practices

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 Thank you
Kalpesh Desai

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