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BUSINESS ARCHITECTURE ESUMMIT - IASAP&C Insurance – Building digital solutions for the industry
Professional BackgroundFunctional Expertise:
Insurance Expertise:
• Digital Transformation
• Innovation Management & Strategy
• Large Program Management
• Product Management
• Insurance Industry SME
• Agile Delivery
• Lean Startup
• Commercial Lines
• Personal Lines
• Excess and Surplus Lines
• Specialty Lines
• Global Insurance
• Direct to market
• Independent agents
• MGAs
• Brokers
• Lloyds markets
Insurance SME and Tech Innovator. Drove insurance (and other) enterprises online, 1996 through 2010. Major core transformation programs helped grow premiums, cut down losses for over 20 bn dollars in written premium across several carriers. Implemented a growth strategy for carriers, starting 2010 to leverage low code systems of engagement that helped connect underwriters and brokers more effectively. Since 2014, I have been focused on the subjects of RPA, AI and behavioral analytics to reimagine the art (and science) of underwriting and distribution, to truly improve the overall human (customer, underwriter and broker) experience for carriers all around the world
Rajesh Narayan CPCU LSSBB Digital Transformation Leader – Insurance
LinkedIn: https://www.linkedin.com/in/rnarayan/Email: [email protected]
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© 2017 Copyright Genpact. All Rights Reserved.
THERE ARE DIFFERENT FOCUS AREAS FOR DIFFERENT MARKET SEGMENTS THAT SHOW DIFFERENT CHARACTERISTICS RELEVANT TO DEFINING BUSINESS OUTCOMES (AND ARCHITECTURE)
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International / Major
brokers
Affinity Groups /
Schemes/MGAs
Regional / Small
Brokers
Independent /
Exclusive agents
Direct
Marketing
Personal Small Commercial Middle Market Specialty Fortune 1000s
Insured is the customer
Self Service ConsiderationsBroker Serviced Business
Intermediary is the customer
Delegated Underwriting
Electronic Data Feeds
Large Risks - Specific and Custom
White Glove Service / Syndicated
Dis
trib
uti
on
Ch
ann
el
Customer Segment
© 2017 Copyright Genpact. All Rights Reserved.
SOLUTION APPROACH TO COMPLEMENT THE CLIENT’S UNDERWRITING STRATEGY THAT DELIVERS BETTER BUSINESS OUTCOMES
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Overall Strategy
Higher growth
Enhanced customer experience
Expense management
U/W drivers
Quality submissions
High retention
Streamlined workflow
Quality data to drive insights
Less time sourcing information and more time
underwriting
Enhanced customer experience
Broker expectations
Clear appetite definition
Quick turnaround on submissions
Fewer asks on more information to provide a
quote
Competitive quotes
Superior claims experience
Client – Underwriting Drivers
Legacy Systems of Record
Collaboration with the business units to enable and accelerate Strategy
© 2017 Copyright Genpact. All Rights Reserved.
DIGITAL TECHNOLOGIES CREATE AN INTELLIGENT AND AGILE SYSTEMS OF ENGAGEMENT LAYER
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Business
Process
People Stack
Systems of
Engagement
ER
P
BI To
ols
Oth
ers
Systems of
Records
Genpact Cognitive platform is the foundation on which
Systems of Engagements are built
Leverage legacy applications by efficiently filling in the “whitespaces” with digital
Cla
ims
Pla
tfo
rm
Rep
ort
ing
To
ols
UW Platform
Cognitive
Analytics
OCR NLP NLG ML
Dynamic Workflow
A API/
RoboticsA
© 2017 Copyright Genpact. All Rights Reserved.
Risk Selection and RoutingRisk Assessment &
QuoteQuality assurance Automated Policy Servicing
IMPROVING THE CUSTOMER JOURNEY FOR INSURERSBY LEVERAGING A DIGITIZED OPERATIONS DELIVERY MECHANISM
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Commercial Lines Customer Journey
UW StrategyInfo Gathering
/ Risk Selection
Risk
Assessment
Account
Structure &
coverage
Rating Pricing Negotiation IssuancePolicy
Servicing
Automated
Submission Handling
LEGEND:
Set up/
Data Exception/
missing info
Exception
processing by
UWA/Ops
Work
Allocation
Use SOPs,
guidelines, FAQs
for standardization
Quality audit,
Sampling & defect
free operations
Operations
Dashboards and
Reporting
Cognitive
/ Machine LearningRobotics Analytics Integrated Workflow
Management
Information design/
reporting
Digital Operations Delivery
Digital Operations
Governance
Customer
Interface
