Digital Transformation Major tech trends through the customer lens and relationships to the Insurance Industry
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Digital Transformation Major tech trends through the customer lens and relationships to the Insurance Industry 7 core technology trends: Mobility – Data – Social - Bots – Intelligence – Visualization – Things
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Digital Transformation Major tech trends through the customer lens and relationships to the Insurance Industry
- 1. Digital Transformation Major tech trends through the customer lens and relationships to the Insurance Industry Thematix
- 2. Agenda • We live in interesting times • What is going on? • Technology Abundance • Technology Lens • Of value to the Insurance Industry • Realizing Transformation Value • Understanding what is possible and required
- 3. What’s Different Now? Network effect, Scale, and Tools
- 4. We’ve seen some things disappear this century Encyclopedia (books) Film camera Floppy disksFax machines WalkmanVHS Pay phones
- 5. Some things we’ve seen appear this century • Smartphone • Social media • Text messaging • Digital cameras • Downloadable music • On demand video • E-books and readers • Wearable tech • 3D printers • VR/AR • Self-driving vehicles • Real time traffic, maps • Same day delivery • Drones
- 6. Our companion is a tiny mobile computer to call, chat, text, play, and entertain us any time, everywhere.
- 7. Expectations On demand and fast Convenient and simple Attitudes Bombarded by options Fight for attention Access Mobile Local Experience Personal and social Real and virtual Our last best experience sets our expectations for everything Digital has transformed us into new age consumers
- 8. Software, networks, on-demand is a common thread Consumers are embracing change everywhere
- 9. There are many examples covering (boring) categories.
- 12. • Improve health outcomes • Customer Experience • Variety of health tracking apps to be developed • Health, drug alerts • Outcome: fewer Doctor visits • Real time structured data and metrics
- 13. • Variable pricing according to behavior • Good drivers do not subsidize bad • “After analysis of billions of miles in driving data, Progressive has found that key driving behaviors—like actual miles driven, braking, and time of day of driving—carry more than twice the predictive power of traditional insurance rating variables”
- 16. Seven core technology lenses Mobility – Data – Social - Bots – Intelligence – Visualization – Things
- 17. Mobility • Mobility is about being connected with access on demand • Connect to other people and any networked resource • “Mobile” is about devices, platforms and techniques • Mobility enables you to create richer relationships • Where you are (location) and what you are doing (apps) • Mobility provides many points of situational data • Date, Time, Location, Motion, Proximity • Biometrics, Sound, Climate, Activity, Interactions • Mobility is multi-modal • Voice, text, chat, web, email, video, audio, bytestreams…
- 18. Mobility for the Insurance businesses • Wearables • Big Data - situational • Advanced Analytics • Telematics • Autonomous Vehicles • Commercial UAVs (Drones) • Aerial and Digital Imagery • Location Intelligence • Agent Portal Solutions • Insurance App Stores • Mobile Claims Apps • Product Configurators • Customer Experience Management • Case Management Solutions • Real-Time Operational Intelligence
- 19. Data • Data is the new currency • Bitcoin is data as a currency • Big, Linked, Open, Structured, and Unstructured • 4 V’s: volume, velocity, variety and veracity • First, second and third-party data sources • Collect, inspect, clean, transform, model and report data • Application of Intelligence is essential to decision-making: relevance, pattern, deductions and predictions • Think all data (audio, video, biometric…) not just text or numbers • Increasingly, money and contracts are data. • Bitcoin/ blockchain – incontrovertable public ledger for private transactions
- 20. Source: IBM
- 21. Data transformations for the Insurance businesses • Algorithmic Business decisions • AI Underwriting Data Platforms • Pricing Analytics • Fraud Analytics • Insurance Data Models • Data Exchange Gateways • Multichannel Sales Platforms • Real-Time Operational Intelligence • Bitcoin and Blockchain • Muti-source collection & mining • Social Media • Telematics • Location Intelligence • Aerial and Digital Imagery • Product Configurators • Web-Based Rating Engines
- 22. Intelligence • Artificial Intelligence and Cognitive computing • IBM Watson, OpenAI • NLU vs NLP; Neat vs. Scruffy (Engineers vs. Philosophers) • Using machine learning + formal semantics • Statistical and ontological • Rules • Products include offerings in a wide variety of applications: • text analytics, text/speech translation, natural language processing, question- answering, semantic search, sentiment analysis, predictive modelling, • … and as said, big data mining and analytics
- 23. Green Fields – Blue Oceans Intelligence is going to fit in every part of your business Big data and predictive modeling are core
- 24. Things (sensors) • Networked processors and sensors are small, cheap, and easy to connect • $9 CHIP, baby cams, Nest • They collect data and metadata • They provide an instant real time view of the world • This view permits control, manual or automated • Internet of Things: Consumer and Industrial • Identity of IT and you • Interface: command, communications and control
- 26. Social • Social is all about me, we and us • Technology, software, and devices enable us to socialize • Covers nearly all virtual relationships • Characterized by • A transitive view of the individual, identifying and making search-able his/her network of people and things. • “The Social Graph” • Shared resources and information about resources • e.g., photo sharing and collaborative curation • Shared creation and market participation • Matching of supply and demand, need and fulfillment
- 27. Social transformations for the Insurance businesses • Social Media platforms • Customer Experience Management • Web-Based Rating Engines • Next-Generation Portals • Wearables • Location Intelligence • Telematics • Connected Home • Big Data • Bitcoin and Blockchain • Agency CRM SaaS • Multichannel Sales Platforms • Insurance App Stores • Mobile Claims Apps • Product Configurators • Mobile Agent Applications Opportunities
- 28. Bots, Smart Agents, and Sims • Bots act autonomously using rules and AI • People are using messenger apps more than they are using social networks. • Chatbots: Alice, Microsoft TAY and Xiaoice, Facebook • Self-driving vehicles • May or not have a physical body • Will live as Cloud software • Static and dynamic interactions • Ethics and creepiness
- 29. Bots, Smart Agents, and Sims • A Smart Agent can build models and learn about the world. • Machine learning • Neural networks • Cognitive computing • Supervised vs. unsupervised learning • Specialized vs. general purpose
- 30. Bots, Smart Agents, and Sims • Customized to my needs and preferences • Project VRM • Privacy • Negotiates and converses with other bots • Gatekeeper • Proxy for certain activities • Agency • Robots • Echo, Pepper, Jibo
- 31. Bot transformations for the Insurance businesses • Chatbots • Customer service • Social, Facebook • Sales • Wearables • Multichannel Sales Platforms • Sims for Agents • Multi-lingual • Big Data • Real-Time Operational Intelligence • Customer Experience Management • Agency CRM SaaS • Sales Force Automation • Web-Based Rating Engines
- 32. Visualization • Pictures worth a thousand words • ImageNet competition: computers better than humans at recognition • Facial recognition • Linked Open Data • Virtual & Augmented Reality • Google Cardboard, Magic Leap, Oculus, • Pokemon Go! • Outlets • Facebook, Instagram, Pinterest and cloud storage
- 35. Virtual Reality (VR) and Augmented Reality
- 36. Digital Transformation Where to begin?
- 37. The Business Challenge • Work with IT • Complex overlapping systems: • Organization, Operations, Markets, Regulatory, Products • Incremental vs. Global initiatives • Small “quick wins” versus renovation
- 38. The Technology Challenge Marketing technologies - 3874 Companies in 6 Top Level Categories with 49 Sub-Categories Insurance tech over 1,000 companies’ offerings • Technological change is vast • Almost 200 emerging insurance technology instances in our lenses • Even in “stable” domains, like insurance and marketing technology, the array of choices is vast and the combinations overwhelming • It will change in a couple of years
- 39. How can we successfully think about this? • Let’s get ‘out of the weeds’ in both technology and business • Abstract from particulars to reveal general concepts • Abstract from day-to-day business and get value streams and capabilities • Get everyone on the same page talking the same language (vocabulary) • Align to the principal stakeholder: the customer
- 40. Develop a transformational map • Start with the customer, then the business – not technology • How do we deliver value to our stakeholders? • What are our capabilities? • What is the effect of technology? • Does it enhance existing capability? • Does it change how capabilities are executed? • Does it enable new capabilities?
- 41. Possible Customer-Facing Insurance Value Streams • Value streams are activities the company undertakes to deliver value to stakeholders • They show how the business assembles capability and information to deliver value • They are an elementary concept in business architecture and a good way of exploring technology impacts New Product Development Sales Management Customer Relationship Management Risk Analysis Underwriting & Claims Management
- 42. Show how business and IT transform from as-is to to-be
- 43. Alignment occurs through requirements
- 44. Align the Inside the Outsidewith The Organization The Customer • Needs • Expectations • Motivations • Experience • Brand Experience • Desired Outcomes • Substitution • Service Quality • Delights • Value streams • Capabilities • Processes • People • Process • Technology • Brand Promise • Offerings • Metrics =
- 45. Continue the conversation and dig deep • Larry W. Smith • Mobile: 917-754-3904 • E-mail: lsmith@liveidea.com • Twitter: @lwsmith10011 • Career: linkedin.com/in/lwsmith10011 • Writing: larrysmith.contently.com
Notes de l'éditeur
- We’re going to surf https://en.wikipedia.org/wiki/Thirty-six_Views_of_Mount_Fuji
- We’re going to surf https://en.wikipedia.org/wiki/Thirty-six_Views_of_Mount_Fuji
- GE: transforming a giant ship while making way. $260B market cap Founded 1892 – 124 years
- Simple strategy with many moving pieces
- https://en.wikipedia.org/wiki/Thirty-six_Views_of_Mount_Fuji We think most specific technologies can be “located” within these themes.
- Note: it is important that this not be understood purely in terms of mobile phones – the particular form that mobility takes today. Mobility is connectivity distributed over space. It should include any kind of network-connected devices, including IoT things. Bullet 1: e.g., think Siri and Google, mapping, etc. Supercomputers.
- Policies in both senses; a routine way of handling something and an insurance policy The 1:1, Object-to-Concept relationship between things and their breaking down. Money is data, Contracts are data, Policies are data, Records are data, Work product is data
- Short descriptions for each: New Product Development: Researching, Conceiving, Designing, Releasing new insurance products. Sales Management: Identifying and selling to new customers and retaining existing customers. Customer Relationship Management: managing customer lifecycle from onboarding to termination. Managing customer communications and claims. Risk Analysis: research and assessment of loss risk in product offerings Underwriting and Claims: evaluate risk and exposure for customer. Resolve claims.