transinsure - digital insurance transformation

Download TransInsure - Digital Insurance Transformation

Post on 13-Sep-2014

835 views

Category:

Business

2 download

Embed Size (px)

DESCRIPTION

 

TRANSCRIPT

  • TransInsure. Digital Insurance - V1 1

    TransInsure.

    Digital Insurance TransInsure.

  • 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.

  • 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.

  • TransInsure. Digital Insurance - V1 5

    Digital Insurance is offering Insurance products

    and services to customers and partners using

    digital technology.

    Digital technology allows fast and easy

    Insurance business and is inevitable to grow

    profitable business in the future.

    TransInsure.

  • TransInsure. Digital Insurance - V1 6

    Customer centricity

    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

    Paperless processes

    No manual workarounds

    Social media integration

    Fast time to market

    Digital Insurance principles

    TransInsure.

  • TransInsure.

    Mobile/Online Devices/AppsPhone Tablet Laptop Desktop ATM

    Mobile/Online Devices/AppsPhone Tablet Laptop Desktop ATM

    Mo

    bile

    /On

    line

    Dev

    ices

    /Ap

    ps

    Ph

    on

    e

    Tab

    let

    Lap

    top

    D

    eskt

    op

    A

    TM Mo

    bile/O

    nlin

    e Devices/A

    pp

    sP

    ho

    ne

    Tablet

    Lapto

    p

    Deskto

    p

    ATM

    Digital Insurance

    Company

    Distribution

    Partners

    Service

    Partners

    Customers

    TransInsure.

  • TransInsure.

    Individuals &

    family

    Employers &

    employees

    SME

    Corporate

    (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

    Customers

    TransInsure.

  • TransInsure.

    Distributors

    Agents

    Aggregators

    Brokers

    Banks

    Car dealers

    Affinity

    Groups

    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

    Portfolio management

    Case management

    Reports & dashboards

    Team management

    TransInsure.

  • TransInsure.

    Service Partners

    Workshops

    TPAs

    Claims

    adjusters

    Payments

    Road Tax

    Others

    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.

    TransInsure.

  • TransInsure.

    Digital Insurer

    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

    portals/apps TransInsure.

  • TransInsure.

    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.

  • TransInsure.

    Digital Insurance Portals & Mobile apps

    Digital InsurerService PartnersDistributorsCustomers

    TransInsure.

  • TransInsure.

    TransInsure.

  • TransInsure.Digital Insurance

    Transformation - V115

    Digital Insurance Transformation - V1

    15

    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

    TransInsure.

  • TransInsure.

    Hope is not a strategy

    TransInsure.

    TransInsure.

    TransInsure.

  • TransInsure.

    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.

    TransInsure.

    TransInsure.

  • TransInsure.

    Previous Strategy

    Distributor centricity Product focused growth Single channel Rigid organization Process driven Efficiency & cost reduction Refine UW & claims guidelines Continuous improvement

    Digital Strategy

    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

    StrategyTransformation

    TransInsure.

  • TransInsure.

    Previous principles

    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 Principles

    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

Recommended

View more >