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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
Our customers 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 in online and 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. Digital Insurance - V1 7
Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM
Mobile/Online Devices/Apps Phone – Tablet – Laptop – Desktop – ATM
Mo
bile
/On
line
Dev
ices
/Ap
ps
Ph
on
e –
Tab
let –
Lap
top
– D
eskt
op
– A
TM
Mo
bile/O
nlin
e Devices/A
pp
s P
ho
ne – Tab
let – Lapto
p – D
esktop
– 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.
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©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, to 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.
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 & customer management
New business and renewals
Portfolio management
Case management
Reports & dashboards
Team management
©TransInsure.
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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, 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 customers 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 Insurer Service Partners Distributors Customers
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©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.
©TransInsure.
IT IS THE END OF BUSINESS AS USUAL Brian Solis
©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.
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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.
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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 IT 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.
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
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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
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Organization transformation – cont’n IT will face a major transformation from a reactive organization managing
inflexible back end systems to pro-active 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 top 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 sill change from Back End system maintenance to technology innovation.
3
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IT Application Architecture Transformation
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IT implementation approach - Example
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GREENFIELD
Combination
4 Transformation options
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Transformation options assessment
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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
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
©TransInsure
Organization
©TransInsure.
©TransInsure.
©TransInsure
©TransInsure.
Who will take the lead?
For more information:
TransInsure.
Digital Insurance Transformation
Email: [email protected]