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CWIN17 New-York / insurance spotlight building the digital core

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CWIN17 New-York / insurance spotlight building the digital core

  1. 1. Insurance Spotlight: Building The Digital Core Mahendra Nambiar` NY, September 24th #CWIN17
  2. 2. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 2 2 The insurance industry is in a moment of profound transformation. Everything that we formerly accepted as gospel – our products, customer experiences, partners and processes – is being challenged by new technologies, new customer expectations and emerging demographics, and by new business models.
  3. 3. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 3 The World Insurance Report 2017 8,000+ 100+ Customer responses data points Executive insurance interviews 10 th Year of publication  Digital Collaboration Redefines Insurance  Navigating the Innovation Conundrum 21 Insurance markets covered (VoC survey + Executive interviews) Report Themes Produced with Efma 2
  4. 4. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 4 The primary theme from the WIR 2017 is that today’s customers demand quality digital touch points from insurers Convenience Agility Personalization  Small Commercial customer satisfaction declined 18 points among (five-10 employees size) compared to 2016. The preference for self-service has grown by 28% since 2015.  31.4% of respondents are using at least one non-traditional Insurance firm, per WFTR 2016.  The demographic of small business owners is shifting with GenY becoming an important constituent to consider when designing customer interactions  Small Business Owners view their business in very personal terms – to support Personalization to support CAP. While Customer Expectations grow .. Traditional Insurers are not effectively coping with rapidly evolving business models and InsurTechs.. Traditional insurers are struggling to realize competitive advantage from technology investments..
  5. 5. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 5 Digital Insurers and InsurTech are focusing on four key dimensions to fuel market differentiation and deliver CAP 5 • Insights drive differentiation opportunities • Cloud based systems enable speed to market • New Partnership Ecosystems • Increased STP • Greater Consistency • Improved Compliance Improved Operational Efficiency • Intuitive, simple, data- driven experiences • Mutual value exchange • Collaborative, Intelligent Workbenches • Improved Data Management / Governance • Incorporation of 3rd Party (including IoT) Data • Robust analytics Better Customer, Agent, and Employee Experience Industry Predictions for 2018 $6.6 billion+ expected to be spent to enhance the total customer experience $3.7 billion+ expected to be spent on cognitive software Insurance data volume will grow 94% 33% of insurers will have more than half of their new application infrastructure projects in the cloud 84% of the data will be unstructured Omni-engagement levels will become a barometer of customer profitability Source: Turbo-charged transformation: How cognitive underwriting is revolutionizing the insurance industry url: https://assets.sourcemedia.com/4e/48/7571fba8407a8af87c371b94e990/gbw03372usen.PDF: Source: Three ways Digital is Changing Core Systems Transformation url: https://www.dig-in.com/opinion/3-ways-digital-is-changing-core-systems-transformation What will it take to create competitive advantage in the Marketplace? Improved Data and Analytics New Products, Services, Offerings and Markets
  6. 6. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 6 Our research and experience shows that meeting these customer demands requires a “digital insurer” mindset A mindset that promotes innovative ecosystem, operates on hyper efficient & adaptive core business capability and leverages data to provide convenience, agility and personalized customer experience for sustainable & profitable growth.  Embraces Transformation As The New Normal  Treats Experience As The Product  Recognizes that Data Is The Differentiator  Treats the Core As The Coeur “Digital Insurers” are performing better and will more effectively ‘future-proof’ their business against these competitive threats
  7. 7. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 7 A “digital insurer” mindset brings out the following core organizational competencies..  Customer Experience As The New Product  Improved digital experience across omnichannel touchpoints  Enhanced and more frequent engagement delivered through valuable interactions Drive Premium Growth And Retention 1 2 Improve Profitability  Data driven risk selection and pricing to be highly responsive to market changes  Leverage all available insights to drive efficient claim outcomes  Ability to leverage internal and external data efficiently on demand  Magnified impacts from automating insights via analytics  Enabling intelligent automation  Enterprise wide process and desktop automation  Machines learning for intelligent routing and document ingestion Lower Expense Ratio4 3 Increase Market Share and Reduce TCO  Operating model agility to reduce friction  Agility in technology delivery: Speed to market with Cloud First MVP  Continuous transformation as the new normal  Agility across the business value chain  Culture of innovation  Rapid product design and deployment
  8. 8. Building The Digital Core | 9/25/2017 Copyright © 2017 Capgemini and Sogeti. All rights reserved. 8 Capgemini’s Digital Core is an integrated solution to rapidly acquire the Digital Insurer competencies and deliver high business value Digital CX CloudChoice Insights & Analytics Next Gen IT DeliverySmart Automation Leading Technology Co-Innovation Business Services Your business gains“Digital Core” builds the competencies Retention Growth Profitability Your Customers experience “CAP” Higher Customer Value Prop Insight Driven Organization Continuous Business Agility Hyper Efficiency Leading Digital capability Quicker Idea-to-Market Improved quality & TAT from Automation Continuous Improvement on KPIs Transparent utility price Cultural Shift towards Innovation Collaborative Governance Unique personalized engagement Quickly responding to evolving market Improved UW & Operational efficiency Capgemini Power of One™
  9. 9. www.capgemini.com The information contained in this presentation is proprietary. Copyright © 2017 Capgemini and Sogeti. All rights reserved. Rightshore® is a trademark belonging to Capgemini. www.sogeti.com About Capgemini and Sogeti With more than 180,000 people in over 40 countries, Capgemini is one of With more than 190,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2016 global revenues of EUR 12.5 billion. Together with its clients, Capgemini creates and delivers business, technology and digital solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model. Sogeti is a leading provider of technology and software testing, specializing in Application, Infrastructure and Engineering Services. Sogeti offers cutting-edge solutions around Testing, Business Intelligence & Analytics, Mobile, Cloud and Cyber Security. Sogeti brings together more than 23,000 professionals in 15 countries and has a strong local presence in over 100 locations in Europe, USA and India. Sogeti is a wholly-owned subsidiary of Cap Gemini S.A., listed on the Paris Stock Exchange.

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