DIG INSURTECH SOLUTION - The Digital Insurer · 2019-11-05 · Digital life insurance - Latin America Connected car insurance - Benelux Customer engagement App - Italy Cross-sell

DIGINSURTECHSOLUTIONEnabling insurers and banks to leap forward and innovate at record speed using the powerful technology in DIG solutions, integrated to legacy where and when needed.

www.digitalinsurance.io Leap forward and innovate at record speed

http://www.digitalinsurance.io

Leap forward and innovate at record speed 2

Customer is KingThe anytime, anyplace, anywhere experience

Leap Forward with Confidence

Insurers, banks and brokers around the globe face similar challenges

when it comes to innovation. Technology is changing at lightning speed as

the customer experience undergoes a revolution. External demands are

changing the way business is conducted but running on very complex IT

architectures with a wide-range of legacy systems means that building new

propositions takes up a lot of time and resources.

The diverse issues faced in today’s markets are broad and far-reaching and

we at the Digital Insurance Group (DIG) know we can improve people’s lives by

giving them access to the right insurance faster, simpler, and safer. By using

the power of technology, DIG enables insurers and banks to leap forward

and innovate at record speed, integrating with legacy systems where and

when needed.

Welcome to the challenging new world of digital insurance!

Three drivers of innovative excellence:

Deep Data IntelligenceThe insights gained from analysis and learning

Open Digital Ecosystems The new collaborative technology enabling sharing and integration

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Caught in a maze - the need to collaborate

Insurers are boldly walking into a perfect digitized storm. But to survive and

prosper, firms must evaluate how best to achieve their long-term goals while

also actioning the perennial needs of growing revenue and lowering costs.

Insurers are caught in a maze. However, collaboration is the key. Only by

taking advantage of the work of insurtechs, not fighting it, can incumbent

players rise to the challenge. Insurtech solutions can help to accelerate

traditional players into a digital world while minimizing the impact of legacy

systems that would normally inhibit branching out and opening up to third

parties.

While traditional players used to be content with the yearly renewals of their

established customer base, insurtechs continuously develop or reinvent

themselves. Cooperating with insurtechs accelerates the launch of digital

end-to-end offerings from years into months. Only by combining modern

insurtech technology, underwriting, pricing and claims expertise with an

incumbent’s dominant position can the maze be successfully navigated.


Customer is king

Customers now expect smart, easy to use, one-click, mobile-based

personalized services; anytime, anyplace, anywhere. Whether deciding

to buy a new policy or switch insurers, more customers are doing their

research online than ever before.

Insurance, like other market sectors, needs to be built on better customer

insights including tools that show the extent to which customers are

insured and the ability to offer personalized and contextual products

and services that give piece of mind. All this is to increase customer

understanding of their exposure and provide the tools that give them the

control of their own financial situation.

With the right technology, a digital model can be built where increasing

sales can be achieved at a stable cost level. While disruptors have the

technology to grow already in place, they still lack volume as starting from

scratch and getting to substantial numbers takes time. This is where the

traditional players can leverage their market dominance as they have the

volume but need to find a way to serve at lower cost.


Open digital ecosystems

As with other financial sectors, insurance is experiencing the need to open-

up service offerings to a broader digital world. Application programming

interfaces (APIs) are not new but are only now beginning to make inroads

into insurance markets. By opening-up to new ways of collaborating with

customers and third-party data sources, APIs empower insurers to embed

their products seamlessly into customers’ life journeys.

Technology and emerging data sources are changing the economy in

fundamental ways but adapting to this brave new digital world demands

flexibility and adaptability. Unfortunately, many established insurers

are hampered by complex legacy infrastructure that is unbending and

unresponsive. Digitalization is changing the role of insurance, from pure

risk protection towards predicting and preventing risks.

Ecosystems are all about customer centricity; using data and solving

customer problems through an end-to-end and seamless customer

journey. Financial services now need to be available and integrated into

wider ecosystems, so they can be available whenever and wherever they

are needed – easily integrated into other products and services offered by

third parties such as travel sites, social media, auto purchasing, etc.


Deep data intelligence

The future is all about seamless and digital delivery powered by analytics,

adding new features that go beyond what can be imagined today. Artificially

intelligent systems capable of deep data analysis and machine learning

will have a radical impact on the whole value chain enabling mutually

beneficial insights, predictive behavior and a deeper understanding of

customer needs.

On the distribution side, using unsupervised machine learning and

predictive algorithms can help build profiles that can identify and suggest

well-targeted offers that match customer lifestyles. On the customer

engagement side, AI-enabled bots can take over the activities of customer

support staff and insurance agents. This can be seen in the move for

electronic car manufacturers beginning to offer group insurance services.

The wider banking industry has shown the way forward with initiatives

like the EU’s second Payment Services Directive (PSD2) and other open

banking regulation that require institutions to share customer data. A

similar approach regarding insurance products will further increase the

competitive pressure on insurers and will ultimately benefit the consumer

with more transparency and better services.


The DIG Response

DIG offers realistic solutions that grow business for existing and new clients

as the industry moves toward new business models that not only offer new

opportunities for revenue growth, but also allow them to add real value to

clients. The DIG experience enables building bridges between business and

IT that drive a new insurer-customer relationship and experience to new

levels of reciprocity.

The DIG insurance solution is the next generation technology for insurers,

banks and brokers. DIG’s client driven quote/buy and self-service portals

combine data from existing legacy systems and third parties with an

innovative insurtech solution that grows the client base at lower costs. With

the DIG API-based platform and shared front-end framework, DIG enables

insurers to build new digital propositions for web and mobile, all built on top

of existing legacy systems at record speed.


The DIG insurance solution is currently in production across the globe in

Europe, Central and South America, and East Asia.

DIG in the field

Digital life insurance - Latin America

Connected car insurance - Benelux

Customer engagement App - Italy

Cross-sell tool - UK

Wellbeing ecosystem in life - Americas

Digital broker – Europe and Latin America

DIG created a greenfield state-of-the-art online life insurance to quickly

respond to the needs of the emerging digital generations. The service gives

a seamless client journey with personalized pricing and flexible product

offerings from multiple insurers. The powerful client portal encouraged

strong engagement with customers and generated many cross-sell

opportunities. The service is set to expand across the region.

Implementation time: 6 months

We built the “insurer of the future” for an established global player. DIG

developed an auto insurance sales funnel solution using third-party

services in order to minimize customer obligation and input to just three

simple questions. Using social media integration through APIs and dynamic,

personalized pricing that monitors competitor pricing in real time, the app

proved the viability of taking a wider, more holistic view on product offerings.

In order to increase cross-sell and loyalty, a top-5 Italian direct player

used DIG to develop a visually-rich native mobile app. Integrated with the

established legacy systems through DIG API middle layer core, the service

includes a risk meter based on geolocation and smart push notifications to

increase interaction and prevention services.

Implementation time: 6 months

A major UK insurance company needed to generate more cross-sell

opportunities that were not possible with their established service level. DIG’s

insurance solution enabled them to quickly create targeted and personalized

offers that could be accepted with just one click, with agents stepping in

proactively when necessary to advise and close deals. DIG combined data

from legacy systems with analytical tools including robo-advice and a rules-

based data pipeline to improve cross-sell closure by over fifty percent.

Implementation time: 3 weeks

Launching a new life insurance product with an easy and personalised

customer journey, a pricing model and through API’s adding a wellbeing tool

to boost customer engagement and collect data on behaviour. Ready to add

new services.

We built mobile broking solutions where our client offered their customers

the overview of the policies they have, the option to upload other policies.

Enabling targeted offers, self-service and adding services like a risk meter or

gap analysis of coverage.


The DIG solution integrates seamlessly into the

existing IT infrastructure and connects to multiple

databases and legacy systems to build new, data-

driven platforms that offer a fully customized,

mobile-first insurance experiences to customers.

The DIG insurance solution is fully containerized

and can be deployed on premises to resolve any

compliance or security issues or deployed as a fully

cloud-based service.

The DIG Insurtech Solutions


Established playerscan enhance their existing service pro-position with minimal disruption.

New entrantscan build out a new service efficiently in a short time-to-market.

With the DIG insurance solution:

The DIG insurance solution is split

into two elements:

the shared DIG front-end suite

of library components and

the DIG middle-layer of core

services.

API & normalized data & business logic suite

Quote& Buy

Customer Portals / Apps

Productdbasesor API‘s

PolicyAdminSystems

Claimsdbases

Legacy Partner Systems

Third PartyAPI‘s

Module Quote & BuyModule Agent Portal

Module Customer Portal WebModule Customer Mobile App

AgentPortal

FRONT END SUITE

API LayerData normalizationInsurance Policy

Pricing tables & discount modelsProduct tablesInstant acceptance rules

API & MIDDLEWARE SUITE


The DIG solution integrates seamlessly into the existing IT infrastructure

and connects to multiple databases and legacy systems to build new,

data-driven platforms that offer a fully customized, mobile-first insurance

experiences to customers.

The DIG insurance solution is fully containerized and can be deployed on

premises to resolve any compliance or security issues or deployed as a fully

cloud-based service.

The core application manages all API connections and business logic, as well

as other ancillary services such as PDF and email creation.

• Extensive API layer to connect and normalize any third-party

service or data source

• Third-party consumer data enrichment: contextual behaviors,

PSD2, IoT, deep visual data analytics, etc.

• Easily integrate into existing legacy systems and front ends

• Implement B2B2C white label services through full API integration

• Choose exclusively or broker for all bancassurance models

• Launch new, customized or standardized products quickly

The DIG middle-layer core


Quote& Buy



PolicyAdminSystems

Claimsdbases


Third PartyAPI‘s



AgentPortal

FRONT END SUITE




The internal resource builder enables the speedy incorporation of

multiple external systems and services, adjusted and extended

by conditional internal data. Integrating with existing legacy systems is effortless using flexible connectors, normalization

and caching technology.

The API layer enables access to ecosystems like telematics, wellbeing

partners and IoT. Increasing engagement with clients and getting additional

data to personalise the experience.


The DIG front-end suite

The transactional tools service covers fraud and risk scores, quotation,

personalized pricing, buying and customized products. Based on individual

customer profiles, DIG calculates a recommendation for the most suitable

policy cover including add-ons where applicable.

Product pricing is dynamically based on customer input. The shared front-

end framework allows for new services to be launched quickly for web or

mobile (iOS or Android).


Quote& Buy



PolicyAdminSystems

Claimsdbases


Third PartyAPI‘s



AgentPortal

FRONT END SUITE




Quote and buy tools

• New products live in record speed

• Easy and attractive online transactions

• Start new business models

• DIG is fully integrated with credit score providers for identity

confirmation and fraud checks

• Extended and customizable questionnaires for higher value policies

• API interfaces to external data source for additional client data Full

integration with payment provider for easy payment initiation and

tracking

• Ability to download and send policy documentation on payments

The DIG insurance solution offers a complete and simple-to-use digital transaction tool. DIG operates in a customer-friendly

manner with a responsive chat-style tool for mobile and web to

make it easy to buy and manage insurance coverage for all markets.


Customer portal and wallets

• Easy access and self service

• Wellbeing ecosystems

• Telematics, IoT and prevention

• Overview of policies and coverage (running and expired)

• See all chosen add-ons, invoices, payments and beneficiaries

• View and edit policy information

• Change payment method, frequency and beneficiaries

• First notification of loss

• Add existing policies

• OCR technology to upload documents

• Risk assessment tools

• Telematics

• Wellbeing systems

• Prevention services

• Flexible omni-channel support tools

• Push notifications

• Supervised robo-advice service

The responsive mobile and web application enables policy holders to

manage their portfolios of insurance products at their convenience. With a

comprehensive overview of all products held along with the full transaction

history, the portal promotes self-service for maintaining customers’ personal

information and beneficiary lists.

Policy Management

Sales and Onboarding

Ecosystem support

Customer support


Agent portal

• Support the client on all journeys

• Make personalized offers based on client data

• Overview of all policies, customers and opportunities

• Functionality to view and manage customer details

• User and role management

• Profile overview of the agent

• Bilingual user interface

• Reporting options

• Flexible omni-channel ERP and CRM tools

A full-functionality desktop web application allows agents to manage and

support clients with deep insight into all policies, customers and potential

opportunities. Agents can review their client base and step in to clarify and

assist customers through the process with personal and timely interaction,

including identifying new sales and service opportunities.

The simplified sales funnel is implemented through a chat-style sales process.

This process is easy and greatly simplified in order to return increased

conversion that enables clients to easily buy online from one or many insurer

portfolios.


How we work

Across all our engagements, we work Agile and use the Scrum framework

where we focus on continuously delivering value to our customers and

their user base. We deliver working software from the first release onwards

because we believe that no matter how good the design is on paper, you will

not get it right until you have the real deal.

By delivering fast and often we launch projects that succeed, add value to

the business and drive a compelling experience with all users.

In every project we have proven that we deliver on time, on budget and

exceed expectations for our customers.

A multidisciplinary, cross-functional Scrum team is dedicated to each

engagement. In addition, a project manager, product owner and scrum

master will also be assigned to the team.

ProductBacklog

1 ScrumTeam

SprintPlanning

SprintBacklog

SprintRetro-

spective

SprintReview

Increment

Daily Scrum


The Digital Insurance Group

The mission of DIG is to positively impact the lives of millions of people by giving them access to the right insurance and peace

of mind – in a truly digital way. DIG enables insurers to build new propositions from scratch or on top of their existing systems,

with a unique short time-to-market by leveraging over ten years of insurtech experience and the use of DIG’s existing library of

extendable components.

DIG has experience with insurers, brokers and bancassurance players in multiple global markets. DIG currently works with many

key global players, all built on initial digital experience gained in the most mature European markets. DIG aims to work closely

with our clients’ project teams in order to validate the solution choices based on project experience from around the world to

make the solution the best in class.

Ingo WeberCEO Digital Insurance Group

[email protected]



Documents

DIG INSURTECH SOLUTION - The Digital Insurer · 2019-11-05 · Digital life insurance - Latin America Connected car insurance - Benelux Customer engagement App - Italy Cross-sell