- 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 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. 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 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. 7. TransInsure.
Digital Insurance - V1 7 Mobile/Online Devices/Apps Phone Tablet
Laptop Desktop ATM Mobile/Online Devices/Apps Phone Tablet Laptop
Desktop ATM Mobile/OnlineDevices/Apps PhoneTabletLaptopDesktopATM
Mobile/OnlineDevices/Apps PhoneTabletLaptopDesktopATM 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. 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
10. TransInsure. TransInsure Service Partners Workshops TPAs 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. 11. 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 12. 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. 13.
TransInsure. TransInsure Digital Insurance Portals & Mobile
apps Digital InsurerService PartnersDistributorsCustomers 14.
TransInsure. 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. TransInsure. IT IS
THE END OF BUSINESS AS USUAL Brian Solis 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. 18. 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 19. 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 20. 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 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 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 contn 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 contn 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 TransInsure. 24. TransInsure. IT
Application Architecture Transformation TransInsure. 25.
TransInsure. IT implementation approach - Example TransInsure. 26.
TransInsure. GREENFIELD Combination 4 Transformation options
TransInsure. 27. TransInsure. Transformation options assessment
TransInsure. 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 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 TransInsure Organization 29.
TransInsure. 30. TransInsure. TransInsure 31. TransInsure. Who will
take the lead? For more information: TransInsure. Digital Insurance
Transformation Email: [email protected]
