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Insurance Industry Trends in 2015: #1 Big Data and Analytics

  2. 1. Big data & analytics 2. Mobility 3. Cloud computing 4. Telematics/IoT What’s hot in insurance
  3. Content: • Insurance facts • External forces impacting insurers in 2015 • Insurers business drivers • Big data and Analytics • Why big data is a challenge for insurance execs? • How do insurers currently use big data? • Who invests in big data? • A smarter future • Insurers future needs • Insurance startups • Our insurance value proposition Big data in insurance
  4. Insurance Facts 86% of insurance CEOs believe technological advances will transform their business in the next 3-5 years (1) >50% of IT budgets are still spent on maintenance £££ spend in 2015/2016 on: data quality, tool optimization, data science, improved processes Very few executives are seriously considering incorporating IT into strategic planning and thinking 1/3 of the insurance industry’s business is expected to occur digitally by 2018 20% of insurance business will be generated via the internet by 2018 11% of business will be generated via mobile channels by 2018 (2) 50% of Insurers consider social and mobile to be a priority (3) 86% of mid to large insurance companies, life and annuity providers already have a BYOD strategy (4) 250 : 1 the prediction for digital vs face-to-face interactions with financial services companies by 2016 30 : 1 the predicted number for mobile interactions vs calls 15 - 20 years Age of a typical Policy Administration system Source 1) PwC 2014 CEO Survey 2) World Insurance Report, 2014 3) Cap Gemini 4) Celent Research
  5. Big data for insurance Technologies evolving too rapidly Increasing customers needs and expectations Regulations Natural catastrophes Competitive pressures on pricing
  6. Please rank in order the following business drivers facing your organization through 2020 2015 Global Insurance Outlook Insurance business drivers
  7. Big data & analytics 90% of insurance firms yet to implement company wide big data strategy 25% of large organizations will have adopted big data analytics for at least one security or fraud use case by 2018 82% of household insurance providers think they have to capture and analyze big data to remain competitive 81% Intend to increase spending on data initiatives 80% of claims data is unstructured 82% Of insurance executives cite data and analytics as key strategic priority What for? • Manage the business • Gain operational visibility • Advanced Reporting • Optimize core processes • Fraud management • Avoid other business risks • Grow the business • Improve customer relationships • Offer personalized offers and pricing • Optimize distribution channels • Up-sell and cross-sell • Increase market penetration • Keep pace with competitors
  8. Why is big data a challenge for executives?
  9. How do insurers currently use big data? 2015 Novarica 2014 Deloitte Development Applying big data in insurance Telematics Visualizations Claims Analytics Advanced Analytics
  10. Percent of North American Insurers Investing in Big Data Initiatives Source: SMA Research, Data and Analytics 2014 Who invests in big data? Percent of North American Insurers Investing in Big Data Initiatives Source: SMA Research, Data and Analytics 2014
  11. A smarter future BearingPoint asked insurance executives to rate the importance of the below five pillars to successfully implement Big Data & Advanced Analytics in their company The Five Pillars of Successful Big Data and Smart Analytics
  12. Insurance future needs Improved financial reporting and control systems Stronger digital capabilities complemented by new skills, refined metrics, upgraded tools and an innovation culture Ability to adjust their business model fast to new trends Predictive analytics and modeling methods tools to manage, synthesize, analyze and leverage massive data volumes (eg: public information about customers’ lifestyles and online experiences mixed with internal data) Programs and systems that ensure structured and disciplined governance of key risks and functions to be regulatory compliant Enhanced data security systems and tools (cybersecurity has become a strategic issue for insurers)
  13. Insurance Startups • MetroMile offers “pay as you go” car insurance -> drivers pay by the mile. • A device tracks the mileage and customers are billed monthly according to how far they have driven. • The company claims that this saves low-mileage drivers an average of $500 a year. • Oscar Health Insurance, currently available only in New York, claims to be built on big data from the ground up. • It uses big data, modern apps and web interfaces, enabling customers to get real-time information on which doctors and medicines are available to them in their area and to have a 360 view on each customer
  15. • Broad experience in delivering complex services and solutions that integrate sales, marketing, customer service and other processes to large insurers and brokers • We have developed and successfully deployed a complete insurance solution, with modular architecture, available on premise & on Cloud, bi-directional integrated with SAP, Microsoft & Oracle Insurance expertise INSURANCE EXPERTISE • Website/intranet development • Self service portals • Online policy selling • Online claims management • Enterprise e-learning and intranets • Employee management & training • operations support systems development and deployment • Mobility: • Mobile apps development, SFA, document management • Big data and BI solutions • CRM/ Sales Force Automation • Business Process Management EITG SOLUTION • Product management • Policy Management • Accounts & intermediaries • Underwriting • Actuarial reports • Billing and collection • Financial Accounting • Reinsurance
  16. Value proposition
  18. Euro IT Group Triple Expertise