transinsure - digital insurance transformation
Post on 13-Sep-2014
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TransInsure. Digital Insurance - V1 1
Digital Insurance TransInsure.
The world is rapidly changing TransInsure.
TransInsure. Digital Insurance - V1 3
Digital technology is disrupting the Insurance business.
New business- and operating models have to be defined to
transform the traditional insurer into a Digital Insurer.
TransInsure. Digital Insurance - V1 4
Our customers are mobile, using
mobile devices to communicate
and share; We need to be DIGITAL
to continue our business, offering
Insurance and related services.
TransInsure. Digital Insurance - V1 5
Digital Insurance is offering Insurance products
and services to customers and partners using
Digital technology allows fast and easy
Insurance business and is inevitable to grow
profitable business in the future.
TransInsure. Digital Insurance - V1 6
Products and services available on any device, anywhere, anytime
Full self service functionality available in online and mobile apps
All data real time available
Full automation of all Insurance processes
Straight Through Processing
No manual workarounds
Social media integration
Fast time to market
Digital Insurance principles
Mobile/Online Devices/AppsPhone Tablet Laptop Desktop ATM
Mobile/Online Devices/AppsPhone Tablet Laptop Desktop ATM
(Potential) Customers are all individuals, families, groups of people, SME and corporate businesses that will purchase or have purchased products.
The Digital Insurance Company (DIC) will provide online portals and mobile apps for customers to purchase products, self-service their policies and communicate with DIC regarding products and services.
If necessary, for corporate businesses, straight through processing integration will be established between the corporate systems and the systems of the DIC. The DIC customer portals will be integrated with the corporate business employee portals.
The functionality available for customers: Buy products Renew and change/endorse policies Claim notification & status updates Service requests Enquiries Communication with DIC experts
Distributors are all partners, involved in selling insurance products. Distributors vary from a 1 person agency to car dealers, to global banks and broker organizations. Depending on the distributor, different digital services will be delivered by the Digital Insurance Company (DIC).
The DIC will deliver online and mobile applications for the smaller distributors with extra services such as social media integration.
For large distributors straight through processing integration will be established between the distributor systems and the systems of the DIC. The DIC customer portals will be integrated with the distributor portals.
Distributors will have full self-service functionality available in online portals and mobiles apps:
Sales & customer management
New business and renewals
Reports & dashboards
Service Partners are all partners providing Insurance related services to the DIC. The partners provide data, assessments, payments services, printing services, call centers and processing services.
The Digital Insurance Company (DIC) will provide online portals and mobile apps for Service Partners to communicate with customers and DIC staff and submit reports and assessments.
In case of data exchange and customers service delivered by Service Partners, straight through processing integration will be established between the systems of service partners and the systems of the DIC.
The functionality available for Service Partners: Underwriting and claim assessment Renew and change/endorse policies Portfolio management Claim notification, status updates & payments Communication with DIC experts
Functionality & data provided by Service Partners: Road tax information & claims history Customer verification Payment through credit cards/Paypal/etc.
Management and staff of the DIC will have the same access to online portals and mobile applications as customers and partners. However these portals and apps will have more functionality for the approval processes, product-, customer-, distributor-, portfolio and financial management, monitoring, reports & dashboards. Some functionality will remain in the Back Office for security and compliance reasons.
Management and staff will have all information needed available anywhere, anytime and on any device and will be able to bring or choose their own device (BYOD/CYOD).
Marketing and IT will be responsible for the continuous development, improvement and management of online portals, social media integration, providing big data analytics and mobile apps.
The functionality available for DIC users: Full self service portal/apps, Call center portals Underwriting and claim portals/apps Portals/Apps for Finance, HR, Product
management Management monitoring and approval
Digital Insurance Back End systemsThe Back-End Digital Insurance System environment is based on a loosely coupled component based IT architecture. The architecture comprises of the following components: Enterprise Service Bus (ESB) for component integration,
external data exchange and partner system integration Transactional database for data exchange with online and
mobile apps and partner systems Policy management systems for all product lines Claims management system Customer Relationship management system Product Management Systems and Product Rules Engine Business Process Management System Case management system Business Rules Engine Correspondence template and rules management engine Document (content) management system Finance Management System Data warehouse for Big Data analytics Management Information System/Engine Access & entitlement management system
Social media integration manager to push relevant data to
the transactional database for use in portals and apps. TransInsure.
Digital Insurance Portals & Mobile apps
Digital InsurerService PartnersDistributorsCustomers
Transformation - V115
Digital Insurance Transformation - V1
Digital Insurance transformation is changing the Insurance company from a back-office administrative oriented organization with an internal focus to a client centric service oriented organization communicating through internet and social media.
IT IS THE END OF BUSINESS AS USUALBrian Solis
Hope is not a strategy
The transformation to a Digital Insurance Company will substantially change the business model and operating model. The size of the change depends on the speed of the market changes in the coming years, the digital strategy and current readiness and capabilities of the organization.
Distributor centricity Product focused growth Single channel Rigid organization Process driven Efficiency & cost reduction Refine UW & claims guidelines Continuous improvement
Customer centricity Customer focused growth Multi channel Adaptive organization Technology driven Digital & social marketing Create life time loyalty Tailor made offers to customer Fast digital innovation
Distribution by agents Customer has minimum
insurance knowledge One product fits all All applications to be
approved by underwriters Reactive after sales support Long time to market 1 - 3 new products per year
Digital sales, distribution and service
Mobile apps and Online portals available for everyone
Distribution B2B, B2C, B2B2C Customer better informed Products aligned with
individual customer needs Focus on social influencing Pre-underwritten products Trust building Cross & up selling Data analytics and mining 1 - 2 w