Insurance 2020: How to prepare for digital shift & innovation in insurance
With the advent of digital disruption in eventually every business, insurance as an industry is getting embedded with technology at all stages. But with the pressure to balance both cost and business growth, there is an evident need for partnerships with the next-generation technology providers to share investments, build capabilities and outcome based models for collaboration. When Gen Y is obsessed with “Why not”, Gen Z is growing up with a “Why not now” attitude. According to the Wiki, “Many members of Generation Z are highly “connected,” having had lifelong use of communication and media technology like the World Wide Web, instant messaging, text messaging, MP3 players, and mobile phones, earning them the nickname “digital natives”. This makes Gen Z expectation momentary or “Just-in-Time”. Considering this, what will Gen Z expect from insurance? Here are some thoughts on how it will impact an individual in 2020 and beyond Read more about HCL’s offering for Insurance Industry at http://www.hcltech.com/financial-services/insurance-services
Insurance 2020: How to prepare for digital shift & innovation in insurance
- 1. Copyright © 2014 HCL Technologies Limited | www.hcltech.com Insurance 2020 and beyond, are Insurers ready? How to prepare for digital shift & innovation in insurance
- 2. 2 Copyright © 2014 HCL Technologies Limited | www.hcltech.com Insurance in 202X- A time machine view in the future Time bound real time insurance products & services Dynamic premium pricing enabled by advanced analytics Reduction in contract complexity with standardized products & services Simple & faster tracking of insurance transactions Ability to gift/share insurance credits like tangible materials based on need Omni channel for insurance with collaboration between service providers across the globe
- 3. 3 Copyright © 2014 HCL Technologies Limited | www.hcltech.com Differentiator between the winners & the losers of tomorrow- 3 Focus Areas IT Transformation Integrated IT systems and process across the business value chain Data center consolidation Operation outsourcing Advanced analytics for efficient products/services Probabilistic models for effective pricing – Telematics, etc. Actuarial services Next generation technology partnerships Partnerships to proactively support, share investments, building capabilities & capacities Creation of integrated engagement models (Asset monetization, Data super markets, etc.) Defined frameworks for evaluating vendors and technology partners Business prioritization Integrated product offering (cross-sell capabilities) Uniform customer experience management (Digitalization of services) Agents consolidation Omni-channel initiatives Business Problems- Top 3 issues and differentiators for future! Cost pressure & business growth balance Evaluate & engage with the next gen technology partner Define & re- align the business priorities
- 4. 4 Copyright © 2014 HCL Technologies Limited | www.hcltech.com Key Attributes of a Transformed Organization But in order to reap this transformed organization structure the insurance companies will need a robust target operating model Transformed organization structure will enable consumers to receive customized insurance services Insurance procurement & claims with different platforms will be highly agile & lean Data interaction layer with outsourced service providers will offer a 360 degree view of data & easy integration Insurance Company in 202X- Transformed Organization Structure
- 5. 5 Copyright © 2014 HCL Technologies Limited | www.hcltech.com CLICK TO DOWNLOAD THE WHITE PAPER With the advent of digital disruption in eventually every business, insurance as an industry is getting embedded with technology at all stages. But with the pressure to balance both cost and business growth, there is an evident need for partnerships with the next-generation technology providers to share investments, build capabilities and outcome based models for collaboration. This is resulting in CIOs, IT leaders and business managers ask questions: 1. How will the technology & digital disruption effect insurance as a business? 2. What are the frameworks through which existing vendors/strategic technology partners can be evaluated? 3. What will be the integration engagement model when collaborating with the next generation technology partners 4. What will be the next level operating models & structures for a transformed insurance service provider? White Paper – Insurance in 2020 and beyond, are the insurers ready?