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Platforms for Growth: Technology Innovations in the Insurance Industry 
State Street 2014 Insurance Survey 21 October 2014 
Richard Fogarty, Head of Insurance, Asia Pacific, State Street
State Street 2014 Insurance Survey 
About the Research 
On behalf of State Street, the Economist Intelligence Unit conducted a global survey of 321 senior executives at insurance companies (June and July 2014), to examine the technology challenges facing the sector. 36% of respondents were from Europe, Middle East and Africa (EMEA), 34% from the Americas and 30% from Asia Pacific. 82% represent firms having $1 billion or more in annual revenue. 
Respondents by Type of Insurance Company 
Respondents by 
Area of the Business 
72% 
6% 
13% 
4% 
2% 
3% 
Diversified 
Health 
Life 
Property & 
Casualty 
Reinsurance 
18% 
39% 
42% 
Asset management unit 
Non-asset management 
unit 
My role spans both asset 
management and non- 
asset management
Although Innovation is Mostly Seen as “Moderate,” There are Pockets of Excellence 
How would you characterise the overall pace of innovation across the insurance industry? 
Technology-driven innovation has been evident in recent years in some areas, mainly product development and distribution: 
31% 
46% 
7% 
16% 
Rapid 
Moderate 
Sluggish 
Don’t Know 
55% of Asia Pacific respondents considered the pace ‘Rapid’ 
Examples: 
•Usage-based auto insurance 
•Interactive online needs-analysis tools 
•Mobile apps enabling users to inventory personal property, submit claims 
•Mobile imaging to capture vehicle IDs, drivers’ licenses 
But data is the next battlefield 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Platforms for Growth: Key Points 
Insurers’ foremost strategic priority is identifying and penetrating new customer segments 
This will be a major driver of technology strategy and investment over the next 3 years 
Delivering on data to generate actionable insight is the top technology challenge 
Investment priorities include social media, technology to capture new customer insights, CRM & risk management tools 
Technology strategy is not always aligned with the business objectives 
28% of global sample say there is full alignment; 41% of asset management respondents say the same 
Legacy IT issues and data silos are big impediments to transformation 
86% of global sample is affected by legacy IT Issues 
Technology-savvy market entrants will inevitably disrupt the industry – insurers cannot postpone digital transformation 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Insurers are Again Turning to Growth, With a Focus on New Customers in Existing Markets 
What is the top strategic priority for your business today? 
10% 
10% 
20% 
11% 
33% 
8% 
10% 
13% 
14% 
39% 
Optimising investment portfolio returns 
Entering new geographic markets 
Strengthening distribution model 
Enhancing product offerings 
Target new customer segments in existing markets 
Global Respondents 
APAC Respondents 
% expecting these factors will be a major driver of technology investment 
GLOBAL 
APAC 
Changing customer demands 
78% 
84% 
Growth in business volume 
75% 
81% 
Actions of competitors 
64% 
63% 
New regulation 
64% 
65% 
Unlocking new customer segments will require fresh insights from data – and significant investments in technology 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
New Technologies Enable Deeper Understanding of New Customer Segments and Innovative Product Development 
% who are prioritising for investment in next 3 years 
52% 
42% 
41% 
43% 
45% 
21% 
20% 
59% 
57% 
50% 
38% 
27% 
21% 
21% 
Improved customer relationship management systems 
Social media tools to build stronger engagement with 
customers 
Technology to capture new customer insights (e.g., from 
telematics) 
Tools to strengthen risk management 
Digital distribution and customer servicing channels, 
including mobile platforms 
Tools to improve investment decision making 
Technology to improve pricing and underwriting decisions 
Global 
APAC 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit 
Asset Managers’ Data Priority is Real-time Access to a Cross-portfolio View 
New investment strategies and increasingly complex portfolios will require better data and advanced risk and performance analytics 
% Planning to Expand Existing Investment 
GLOBAL 
APAC 
Emerging Markets 
53% 
28% 
Alternatives 
21% 
20% 
ETFs 
21% 
14% 
Asset managers need real, prime data on the composition of the portfolio – how much is in cash, how much is settled and what the current portfolio looks like. They want tools that allow them to view or model different scenarios and perform ‘what-if’ types of analysis. Most importantly, they want it online now, not when a report is produced.
Legacy Systems are a Major Impediment to Digital Transformation 
It’s a massive investment requiring probably hundreds of millions of dollars over several years. Insurers can’t just shut down the business and stop everything they are doing while they are putting technologies in place. That is a huge hurdle to modernisation. 
Please indicate the extent to which you agree or disagree: “We spend little or no time addressing legacy IT issues” 
3% 
11% 
26% 
18% 
41% 
Strongly agree 
Somewhat agree 
Neutral 
Global respondents 
However … legacy issues are less of an issue on the asset management side of the business 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Data Silos – a By-product of Disparate Legacy Platforms 
Overall, how effective is your business today at turning multiple data sources into actionable insight? 
37% 
53% 
6% 
4% 
Asia Pacific Respondents 
Very effective 
Somewhat 
effective 
Not effective 
Don’t know 
Total 
Just 41% of the overall sample strongly agree that all departments share relevant data with one another. 35% of asset management respondents say the same. 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Legacy Systems and Silos Need Not Paralyse Insurers 
Some options advanced by practitioners for overcoming, or circumnavigating, these bottlenecks: 
Legacy Systems 
Data Silos 
•Modernise in small pilots, or a series of “small bets” 
•Invest in new businesses to innovate “outside the core” 
•Use a private cloud to pursue selected initiatives 
•Prioritise interoperability over integration; only integrate where absolutely necessary 
•Leverage external data (e.g. from social media and governments) to reduce dependence on internal data 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Technology and Business Managers Do Not Always See Eye-to-Eye 
How Non-Tech Roles View 
Technology Managers: 
How Technology Managers View 
Non-Tech Roles: 
Not Flexible Only 36 percent of non-tech respondents strongly agree that technology managers are flexible in the face of changing business needs 
Not Innovative Only 22 percent of non-tech respondents strongly agree that technology managers are proactive in proposing new, innovative solutions 
Not Capitalising On Technology Only 26 percent of tech respondents strongly agree that business managers readily take advantage of new technologies 
No Senior Buy-In Only 18 percent of tech respondents strongly agree that senior leaders in their company give technical initiatives the priority they deserve 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
Technology Strategy is Not Always Aligned With the Business Objectives 
But alignment is better on the asset management side of the business … 
Thinking about the top business priority you selected, how aligned do you believe your firm’s current technology strategy is to support that objective? 
Only 36% of Asia Pacific respondents believe there is complete alignment between their technology strategy and the top strategic priority of their business 
41% 
24% 
28% 
Asset management 
unit 
Non-asset 
management unit 
All respondents 
Failure to fully align IT and the business will weaken carriers’ ability to counter the threats certain to come from nimble, technology- and data-savvy rivals 
Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
“Technology Leaders” Stand Out When It Comes to Innovation and Alignment 
APAC RESPONDENTS 
Technology Leaders* 
Total Sample 
85% 
55% 
80% 
43% 
70% 
23% 
65% 
31% 
65% 
26% 
50% 
29% 
•Characterise the pace of innovation at their firm as rapid 
•Strongly agree their technology strategy is aligned with the business objectives 
•Strongly agree their technology managers are proactive in proposed new, innovative solutions to the business 
•Strongly agree their technology managers are flexible in responding the needs of the business 
•Strongly agree their business managers readily take advantage of new technologies 
•Strongly agree they regularly mine data to extract relevant information that informs operations and strategy
Steps Some Insurers are Taking to Achieve Technology Leadership 
Recruiting CIOs and other senior technology managers from outside the industry, to bring new ideas and help accelerate cultural change 
Hiring data specialists in from other industries, to provide new ways of analysing insurance data and generating insight 
Prioritising data visualisation (because, when it comes to analytics, visualisation is almost as important as the analysis itself) 
Striving for interoperability rather than integration of systems in order to ease legacy modernisation pains 
Exploring the cloud and investment in new businesses as other means of innovating outside of the core legacy systems 
Leveraging external data to help to overcome data silos within the company 
Increasing the coordination of technology strategy between the asset management and customer- facing sides of the business.
This document is for marketing and/or informational purposes only, it does not take into account any investor's particular investment objectives, strategies or tax and legal status, nor does it purport to be comprehensive or intended to replace the exercise of a clients own careful independent review regarding any corresponding investment decision or review of our products and services prior to making any decision regarding their utilization. This does not constitute investment, legal, or tax advice and is not a solicitation to for products or services or intended to constitute any binding contractual arrangement or commitment by State Street and/or any subsidiary referenced herein to provide securities services. State Street hereby disclaims all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs arising, either direct or consequential, from or in connection with the use of this document and/or the information herein. This document contains certain statements that may be deemed forward-looking statements, which are based on certain assumptions and analyses made in light of experience and perception of historical trends, current conditions, expected future developments and other factors believed appropriate in the circumstances. 
© 2014 State Street Corporation CORP-1099

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AIST Presentation: Platforms for Growth: Technology Innovations in the Insurance Industry

  • 1. Platforms for Growth: Technology Innovations in the Insurance Industry State Street 2014 Insurance Survey 21 October 2014 Richard Fogarty, Head of Insurance, Asia Pacific, State Street
  • 2. State Street 2014 Insurance Survey About the Research On behalf of State Street, the Economist Intelligence Unit conducted a global survey of 321 senior executives at insurance companies (June and July 2014), to examine the technology challenges facing the sector. 36% of respondents were from Europe, Middle East and Africa (EMEA), 34% from the Americas and 30% from Asia Pacific. 82% represent firms having $1 billion or more in annual revenue. Respondents by Type of Insurance Company Respondents by Area of the Business 72% 6% 13% 4% 2% 3% Diversified Health Life Property & Casualty Reinsurance 18% 39% 42% Asset management unit Non-asset management unit My role spans both asset management and non- asset management
  • 3. Although Innovation is Mostly Seen as “Moderate,” There are Pockets of Excellence How would you characterise the overall pace of innovation across the insurance industry? Technology-driven innovation has been evident in recent years in some areas, mainly product development and distribution: 31% 46% 7% 16% Rapid Moderate Sluggish Don’t Know 55% of Asia Pacific respondents considered the pace ‘Rapid’ Examples: •Usage-based auto insurance •Interactive online needs-analysis tools •Mobile apps enabling users to inventory personal property, submit claims •Mobile imaging to capture vehicle IDs, drivers’ licenses But data is the next battlefield Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 4. Platforms for Growth: Key Points Insurers’ foremost strategic priority is identifying and penetrating new customer segments This will be a major driver of technology strategy and investment over the next 3 years Delivering on data to generate actionable insight is the top technology challenge Investment priorities include social media, technology to capture new customer insights, CRM & risk management tools Technology strategy is not always aligned with the business objectives 28% of global sample say there is full alignment; 41% of asset management respondents say the same Legacy IT issues and data silos are big impediments to transformation 86% of global sample is affected by legacy IT Issues Technology-savvy market entrants will inevitably disrupt the industry – insurers cannot postpone digital transformation Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 5. Insurers are Again Turning to Growth, With a Focus on New Customers in Existing Markets What is the top strategic priority for your business today? 10% 10% 20% 11% 33% 8% 10% 13% 14% 39% Optimising investment portfolio returns Entering new geographic markets Strengthening distribution model Enhancing product offerings Target new customer segments in existing markets Global Respondents APAC Respondents % expecting these factors will be a major driver of technology investment GLOBAL APAC Changing customer demands 78% 84% Growth in business volume 75% 81% Actions of competitors 64% 63% New regulation 64% 65% Unlocking new customer segments will require fresh insights from data – and significant investments in technology Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 6. New Technologies Enable Deeper Understanding of New Customer Segments and Innovative Product Development % who are prioritising for investment in next 3 years 52% 42% 41% 43% 45% 21% 20% 59% 57% 50% 38% 27% 21% 21% Improved customer relationship management systems Social media tools to build stronger engagement with customers Technology to capture new customer insights (e.g., from telematics) Tools to strengthen risk management Digital distribution and customer servicing channels, including mobile platforms Tools to improve investment decision making Technology to improve pricing and underwriting decisions Global APAC Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 7. Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit Asset Managers’ Data Priority is Real-time Access to a Cross-portfolio View New investment strategies and increasingly complex portfolios will require better data and advanced risk and performance analytics % Planning to Expand Existing Investment GLOBAL APAC Emerging Markets 53% 28% Alternatives 21% 20% ETFs 21% 14% Asset managers need real, prime data on the composition of the portfolio – how much is in cash, how much is settled and what the current portfolio looks like. They want tools that allow them to view or model different scenarios and perform ‘what-if’ types of analysis. Most importantly, they want it online now, not when a report is produced.
  • 8. Legacy Systems are a Major Impediment to Digital Transformation It’s a massive investment requiring probably hundreds of millions of dollars over several years. Insurers can’t just shut down the business and stop everything they are doing while they are putting technologies in place. That is a huge hurdle to modernisation. Please indicate the extent to which you agree or disagree: “We spend little or no time addressing legacy IT issues” 3% 11% 26% 18% 41% Strongly agree Somewhat agree Neutral Global respondents However … legacy issues are less of an issue on the asset management side of the business Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 9. Data Silos – a By-product of Disparate Legacy Platforms Overall, how effective is your business today at turning multiple data sources into actionable insight? 37% 53% 6% 4% Asia Pacific Respondents Very effective Somewhat effective Not effective Don’t know Total Just 41% of the overall sample strongly agree that all departments share relevant data with one another. 35% of asset management respondents say the same. Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 10. Legacy Systems and Silos Need Not Paralyse Insurers Some options advanced by practitioners for overcoming, or circumnavigating, these bottlenecks: Legacy Systems Data Silos •Modernise in small pilots, or a series of “small bets” •Invest in new businesses to innovate “outside the core” •Use a private cloud to pursue selected initiatives •Prioritise interoperability over integration; only integrate where absolutely necessary •Leverage external data (e.g. from social media and governments) to reduce dependence on internal data Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 11. Technology and Business Managers Do Not Always See Eye-to-Eye How Non-Tech Roles View Technology Managers: How Technology Managers View Non-Tech Roles: Not Flexible Only 36 percent of non-tech respondents strongly agree that technology managers are flexible in the face of changing business needs Not Innovative Only 22 percent of non-tech respondents strongly agree that technology managers are proactive in proposing new, innovative solutions Not Capitalising On Technology Only 26 percent of tech respondents strongly agree that business managers readily take advantage of new technologies No Senior Buy-In Only 18 percent of tech respondents strongly agree that senior leaders in their company give technical initiatives the priority they deserve Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 12. Technology Strategy is Not Always Aligned With the Business Objectives But alignment is better on the asset management side of the business … Thinking about the top business priority you selected, how aligned do you believe your firm’s current technology strategy is to support that objective? Only 36% of Asia Pacific respondents believe there is complete alignment between their technology strategy and the top strategic priority of their business 41% 24% 28% Asset management unit Non-asset management unit All respondents Failure to fully align IT and the business will weaken carriers’ ability to counter the threats certain to come from nimble, technology- and data-savvy rivals Source: State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit
  • 13. “Technology Leaders” Stand Out When It Comes to Innovation and Alignment APAC RESPONDENTS Technology Leaders* Total Sample 85% 55% 80% 43% 70% 23% 65% 31% 65% 26% 50% 29% •Characterise the pace of innovation at their firm as rapid •Strongly agree their technology strategy is aligned with the business objectives •Strongly agree their technology managers are proactive in proposed new, innovative solutions to the business •Strongly agree their technology managers are flexible in responding the needs of the business •Strongly agree their business managers readily take advantage of new technologies •Strongly agree they regularly mine data to extract relevant information that informs operations and strategy
  • 14. Steps Some Insurers are Taking to Achieve Technology Leadership Recruiting CIOs and other senior technology managers from outside the industry, to bring new ideas and help accelerate cultural change Hiring data specialists in from other industries, to provide new ways of analysing insurance data and generating insight Prioritising data visualisation (because, when it comes to analytics, visualisation is almost as important as the analysis itself) Striving for interoperability rather than integration of systems in order to ease legacy modernisation pains Exploring the cloud and investment in new businesses as other means of innovating outside of the core legacy systems Leveraging external data to help to overcome data silos within the company Increasing the coordination of technology strategy between the asset management and customer- facing sides of the business.
  • 15. This document is for marketing and/or informational purposes only, it does not take into account any investor's particular investment objectives, strategies or tax and legal status, nor does it purport to be comprehensive or intended to replace the exercise of a clients own careful independent review regarding any corresponding investment decision or review of our products and services prior to making any decision regarding their utilization. This does not constitute investment, legal, or tax advice and is not a solicitation to for products or services or intended to constitute any binding contractual arrangement or commitment by State Street and/or any subsidiary referenced herein to provide securities services. State Street hereby disclaims all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs arising, either direct or consequential, from or in connection with the use of this document and/or the information herein. This document contains certain statements that may be deemed forward-looking statements, which are based on certain assumptions and analyses made in light of experience and perception of historical trends, current conditions, expected future developments and other factors believed appropriate in the circumstances. © 2014 State Street Corporation CORP-1099