Global Best Practices to Support Digital Transformation Richard Walker, Head of The Insurance Practice, Sapiens 3rd May 2018 - www.sapiens.com ...

www.sapiens.com

Global Best Practices to Support Digital Transformation

Richard Walker, Head of The Insurance Practice, Sapiens
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3rd May 2018

Where is our focus?

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Customer Engagement
and Operational
Agility: two sides of
the same coin?

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Who is Harvey Dent?

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Priorities for Insurers
Customer centricity: Changing needs, expectations, prolific data and lack of patience. Strengthen
customer engagement. Personalisation down to a market of one.
Operational and Digital transformation: Focus on expense optimisation. Support effectiveness
by greater use of digital capability, (e.g. advanced analytics; routine data collection & analysis;
process automation).
Agility & Innovation: Opportunities for nimble companies to develop products and new
business models to optimise growth opportunities.
Regulatory compliance: Increasing and ever changing requirements from the regulators
(Solvency II, GDPR, IFRS 17) and increasing penalties for non-compliance.

 “We are in a unique period where the convergence of aging legacy platforms, complex market dynamics, and a mature vendor
 landscape has made transformation a top priority for carriers of all sizes and profiles”. Source: PWC Top Insurance Issues 2017

                                                                                                                           Source: Merlin Consulting
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Customer Focus and Operational Improvements

                 • Policy holders can users to file up to two claims per year
                   with no deductible payments and without raising their
                   premiums.
                 • Removes a pain point that sours the relationship
                   between customers and insurers.
                 • In the US, home insurance companies spend more than
                   $10 billion each year on the bureaucracy of claim
                   handling alone. Someone has to pay for them.

                                                                                6

Customer Focus and Agility

              Insurance
             Companies

                Other
              Financial
            Services Firms

            Market leading
               brands

                             7

Digital Transformation:
lemming behaviour or
learning behaviour?

                          8

‘Technology will completely disrupt insurance industry’

Walter Kielholz, Chairman of Swiss Re, 2017 financial review:
• uncertainties posed by technology

•   “digitalization, big data, robotics [and] artificial intelligence” as potential threats

•   suggests they may “completely disrupt the insurance industry’s value chains

•   pose great challenges to the entire industry’s structure.”
      … avoid complacency … “agile personnel and organisational infrastructure.”
      … doing nothing is never a useful strategy …... options that will enable us to respond
        rapidly to the digital transformation and fully capitalise on its future potential.

                                                 Source:
                                                 https://www.reinsurancene.ws/technology-will-completely-disrupt-insurance-industry-warns-kielholz-swiss-re/

                                                 26th February 2018 - Author: Matt Sheehan

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Follow v’s Think, plan then act?

                                   10

Holistic approach – for your organisation

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Are digital
transformation and
outsourcing mutually
exclusive?

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Charles Handy – The Shamrock Organisation

                                            13

Focus on what is needed for the business

                                           14

Sharing best practices
and lessons learned
from around the world
to support your digital
transformation.

                          15

Some Examples

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Examples of activities by Insurers

●   Treat technology modernisation as a journey rather than a final destination
●   Strengthen customer engagement, to develop an ongoing relationship,
●   Expansion of digital multichannel distribution and service to cut costs and gain
    competitive advantages
●   Smart insurance through data analytics and AI
●   Facilitate and collaborate with InsurTech innovations by launching pilot tests and
    financing startups.

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Sapiens

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Who is Sapiens?

     Leading global provider of software
      solutions across the insurance
      industry
     400 Customers Worldwide
     DNA of technology platform &
      insurance domain expertise

     Help our clients become fully digital
      and enable them to offer a
      personalised, omni-channel
      experience that puts the customer
      in the center, whilst providing Pace
      of Change and Efficient Operations.
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www.sapiens.com

Thank You
Email:   richard.walker@sapiens.com

Website: www.sapiens.com