Digital Transformation in Insurance – Are you ready for change?
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This document outlines an agenda for a discussion on digital transformation in the insurance industry hosted by Equinix. The agenda includes presentations on Equinix's role in connecting the global insurance market, an example of Oasis' catastrophe modeling as a shared service, and a panel debate on digital transformation. The document provides background on how insurers need interconnection to access customers through multiple channels, connect to counterparties and service providers, and power processes through technologies like analytics, blockchain and IoT. Equinix enables an interconnected architecture through its global platform of data centers and interconnection services.
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Digital Transformation in Insurance – Are you ready for change?
- 1. Confidential – © 2017 Equinix Inc. Equinix.com 1 Digital Transformation in Insurance Are you ready for change? James Maudslay, FCII – Global Head, Insurance EMEA Vertical Marketing Wednesday 19th July 2017
- 2. Confidential – © 2017 Equinix Inc. Equinix.com 2 Agenda for Today Time Topic Speaker 07:30 – 07:40 Equinix and our role in the global insurance market James Maudslay FCII, Global Head Insurance, Equinix 07:40-07:50 Digital Transformation in Insurers Tom Maleczek, Chief Technology Officer, Charles Taylor InsureTech 07:50-08:00 Oasis Success Story – Catastrophic Modelling as a Shared Service Dickie Whitaker, CEO, Oasis Loss Modelling Framework 08:00-08:25 Panel Debate – Digital Transformation in Insurance Moderator: James Maudslay FCII, Global Head Insurance, Equinix Panelists: Philip Brittain – Account Executive, Financial Services, Equinix Dave Dias – Chairman – Insurance Thought Leadership & The Innovator’s Edge David Piesse – IIS Ambassador (Asia Pacific) and Member of the Advisory Board – Guardtime Ltd
- 3. Confidential – © 2017 Equinix Inc. Equinix.com 3 Insurance & Interconnection
- 4. Confidential – © 2017 Equinix Inc. Equinix.com 4 Data standards powered by Acord Why do insurers need to Interconnect? CUSTOMERS ACCESS ROUTES MACHINE-2- MACHINE COUNTER- PARTIES Agents Brokers Clients Face-2-Face Internet Machine-2-Machine Mobile Snail Mail INTERNAL PROCESSES SERVICE PROVIDERS Automated U/W CRM Expert Systems / AI Rating Engine Policy Admin Self-service Claims Accounts Actuaries Adjusters IT Service Providers Engineers Lawyers INTERCONNECTED OMNICHANNEL INSURER Blockchain Telematics IoT Wearables Brokers Co-Insurers Reinsurers Managing General Agents (MGAs) Any type of client Access as decided by client Direct machine data input Electronic links to trading partners DATA REPOSITORY REGULATORS Partners Telephone Aggregators FinTech Payment Gateways Security Services MGA’s ANALYTICS Personal ANALYTICS Catastrophe Capital Personal Catastrophe Capital Digital Edge Digital Edge
- 5. Confidential – © 2017 Equinix Inc. Equinix.com 5 Equinix Interconnection Platform – Global Reach <10ms to 90% of the population of North America, Western Europe, Top Markets in Asia-Pacific and Brazil 175+ Data Centers 44 markets 22 countries >99.9999% uptime 9,500+ Customers 170+ Fortune 500 2,500+ Cloud and IT Service Providers 1,400+ Networks, 230,000+ Cross Connects
- 6. Confidential – © 2017 Equinix Inc. Equinix.com 6 To implement an interconnection strategy requires an Interconnection Oriented Architecture™… Interconnecting Data Interconnecting People Interconnecting Locations Interconnecting Clouds Equinix-Enabled Interconnection Oriented ArchitectureTM Architecture Component
- 7. Confidential – © 2017 Equinix Inc. Equinix.com 7 Which Enables insurers to become interconnected
- 8. Confidential – © 2017 Equinix Inc. Equinix.com 8 Keep Up To Date on News from Equinix Follow us on Twitter: @EquinixUK @RussellPooleMD @jmaudslay Follow us on LinkedIn: Equinix EMEA Subscribe to our blog: blog.equinix.com
- 9. Digital Transformation & Innovation within Insurance Equinix Breakfast Panel @ Global Insurance Forum 2017 July 2017
- 10. The small “d” Confidential © Charles Taylor InsureTech Ltd 2017 10 Business Transformation is at the heart of Digital Transformation ► Common misconception that investment in new technology and digitising today’s business constitutes digital transformation ► In the digital age, organisations need to shift focus to disrupting markets by changing products, processes and channels to market – using technology as the enabler to achieve things that were not possible before. digitisation automation transformation integration IoT
- 11. Innovation Confidential © Charles Taylor InsureTech Ltd 2017 11 The digital transformation maturity curve ideat e creat e pilot deploy exploit leverage repurpose IT be cool thought leadership because you have to build brand beat the competition create new markets create new products enter new markets keep up with the competition meet customer expectations don’t get left behind new channels improved customer experience (UX) optimise TCO stay in business increase profitability grow enter new markets expand service offerings
- 12. Innovation within Insurance Confidential © Charles Taylor InsureTech Ltd 2017 12 What will yield the great disruption and differentiation through innovation Insurers will yield returns from innovation in their: - products - processes - channels - markets
- 13. Achieving success Confidential © Charles Taylor InsureTech Ltd 2017 13 It’s more than just bright ideas and funding…
- 14. Innovation, communities and collaboration Dickie Whitaker co-founder and Chief Executive Oasis loss modelling framework
- 15. 1 5 • A flexible plug and play framework and platform • Gives users the choice of provider, method of integration and IT environment • Provides greater transparency & fuller uncertainty information • Enables users to really choose their view of risk Oasis: a software platform and a community
- 16. 1 6 • ClimateKIC • Lloyd’s • SCOR • XL Catlin • Validus • Ren Re • TigerRisk Partners • Cathedral • Novae • Zurich • Liberty • Aspen • Aon Benfield • Guy Carpenter • Willis Towers Watson • Partner Re • Allianz • AXIS • MS Amlin • Tokio Millennium Re/Kiln • Suncorp • JLT Re • GenRe • Swiss Re • Beazley • Argo • Ascot • Barbican • Sompo Canopius • CNA Hardy • R&Q • AXA • ANV • Chubb • Markel • Hannover Re • StartStone • Apollo Oasis LMF Ltd Members
- 18. Oasis Ecosystem 100+ Industry Cat model providers Industry collaboration Science Govt +
- 19. 1 9
- 20. Innovation, communities and collaboration Dickie Whitaker co-founder and Chief Executive Oasis loss modelling framework