In this webinar, discover how top insurers and financial services organizations have successfully modernized their information management infrastructures.
What you’ll learn:
- Why current information management strategies make insurers less competitive
How to bridge information silos to enhance your customer experience
- Methods to improve decision-making with intelligent information
- How AI can provide greater automation and insight to claims and underwriting processes
- New ways to comply with regulations like CCPA and GDPR
Our panelists will discuss common information management challenges that legacy systems pose, and how to intelligently modernize existing systems to support digital transformation, take advantage of new cloud technologies, and gain a competitive advantage in today’s insurance market.
Today’s insurers are under tremendous competitive pressure, both from digital-native, Insuretech start-ups and Bigtech companies entering the market. Join us to learn what carriers are doing to meet the challenge.
3. Organization’s systems are not fully connected to each other
Time spent daily looking for information
See the potential of
AI to automate
mundane tasks
*Results of a November 2019 survey of UK Financial Services companies
Believe their organization
lacks the skills to
capitalize on AI
Average
number
of solutions
60% 60%
Theoldwayof
managing
content & data
isn’treally
working
anymore.
8. 8
ThePromiseof
Artificial
Intelligence
1 Recognize content types
4 Predictively deliver information
7 Identify outlying data points
2 Extract data from content
5 Analyze usage and importance
3 Enrich content metadata
6 Recognize patterns and connections
Understandcontentand
dataaswellasa
knowledgeablehuman,
butatscale.
9. Land Vehicle Vehicle Car Motor Vehicle
Transport Parking Mode of Transport Van
Automotive Tire Bumper MinivanTire
Sport Utility Vehicle Family Car
Vehicle Registration Plate
Chevrolet Tahoe
Asphalt Gas Minibus
GenericAI=GenericData
Note:Depictsactual datageneratedfromFordimagebyGoogleCloudVisionAPIservice
Demos ability of AI/ML to
apply data to assets
Generally useful in increasing
findability and reuse
Relevancy and accuracy of
the model is inherently limited
1
2
3
Model returns a set of labels
lacking business-critical data
elements
4
10. Business-SpecificAI=Information
Brand: Chevrolet
Model: Tahoe
LicenseSt.: Illinois
LicenseNo.: K24 1771
Custom models produce much
more relevant data values
1
True entity extraction enables
workflow automation
2
Business value inherently
increases with specificity of the
data generated
3
Veh.Color: Gold Mist Metallic
Brand: Dodge
Model: Ram Van
LicenseSt.: Illinois
LicenseNo.: XXX 8242
Veh.Color: Bright White
Operator: John Smith
15. DoIttheWay
UsersWant
§ Information silos are a reality of the
modern workplace
§ Content-centric apps are multiplying
and many offer rich user experiences
§ People will continue to use apps and
services that make them more
productive
§ The ECM approach was to put
everything in one repository
§ Clearly, this is not a viable approach
for modern content management
18. Contentasan
EnterpriseService
18
Applications
Content/Case
Management
Solutions
Business &
Productivity
Apps
MobileApps &
Services
…
ContentServices Platform
Content Models
& Lifecycles
Content
Delivery
Metadata
Enrichment
EnterpriseCase
Management
Data Model
Security
& Audit
Query
& Search
Ingestion
UniversalDataModel
Comprehensive API
Data & FileStorage
Legacy ECM
AmazonS3&
Glacier
EFSS …
§ Establish a common service for content,
regardless of where it is stored
⁃ Single API for access to content
⁃ Standard data model
§ Deliver information when, where and how it
is needed
⁃ Support mobile access and customer self-
service use cases
⁃ Access to content in the “context” of the
work users are performing
⁃ Rapidly develop purpose-built content &
case management applications
22. ModernCompliance
Mandates
§ General Data Protection Regulation (GDPR)
§ CaliforniaConsumerPrivacy Actof 2018
§ Insurance Conduct of Business (UK)
§ ADA, UK Equality Act, EU Codes
“GDPR went into effect in May 2018 and
requires consent from consumers
before their data may be used. Among
numerous protections, consumers will
need to be informed if their data is
moved outside the European Union,
havetherighttobe“forgotten,” and
will be given a chance to contest the use
of automated algorithms.
Violations come with serious fines—up
to 4 percent of a company’s worldwide
net sales.
-Deloitte,2019InsuranceOutlook
25. CloudShouldbe
AboutChoice
§ No longer on-premises vs. cloud
§ No “one size fits all”
§ Self-managed vs. vendor-managed
§ Hybrid configurations due to regulations
§ Need to support customer preferences
28. Architecture
Matters
28
§ Individually scalable services
§ Elastic scaling for peak volumes
§ Multi-tier archiving support
§ Serverless scalability for compute-
intensive activities
§ Edge caching and CDNs for global
delivery
§ Open architecture to support
customer preferences
30. Challenges
§ Growing volume of documents spread across different
locations & systems
§ Increasing security & regulatory compliance mandates
§ Lack of resource to develop homegrown solution
§ Rapid growth further exacerbating issues
Solution
§ Migrate 2.5B documents to Nuxeo Platform
§ Replace legacy ECM systems
§ Seamlessly integrate to existing customer service systems
Benefits
§ Substantial cost reduction
§ New mobile app for personalized statement delivery
§ Prompt response to Subject Access Requests (SARs)
§ Foundation for ongoing digital transformation (agile/DevOps)
Future-ProofApps at a
TopUKbank
31. Challenges
§ Legacy systems: expensive and difficult to maintain
§ 2 billion objects
§ 30,000 users across seven different lines of business
Solution
§ Data extraction through APIs
§ Architectural design for vendor abstraction via an API service
layer
Benefits
§ Significant TCO reduction
§ Able to manage rich media as well as documents
§ Information management team gained strategic value inside
the organization
Content as anService at
aTop-10Insurer
33. Connect Consolidate
Connect to existing data
and content sources
Migrate content and
retire legacy systems
KeyBenefits:
§ Integrate multiple repositories
§ Extend value of existingsystems
§ Rapid ROI
§ Quicklyestablishconsistent
foundationfor modernization
KeyBenefits:
§ Reduce reliance onlegacy
systems
§ Decrease total cost of
ownership(TCO)
§ Support cloud initiatives
§ Single, future-proof platform
time
ARationalApproachtoModernization
34. Read the complimentary Gartner Magic
Quadrant to help you evaluate vendors’
ability to deliver Content Services Platforms
(CSPs) that enable and empower digital
business.
https://www.nuxeo.com/resources/gartner-magic-
quadrant-content-services-platforms/