highly confidential – do not copy · highly confidential – do not copy 8. highly confidential...

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DIGITAL TRANSFORMATION THEMES

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BGA Forwards Appto Carrier and orders Paramed

AgentMeets with Customer

Paramedschedules & completes exam

Agent Runs Quote

Agent Completes Application

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8

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Carrier Receives Exam

1

2

3

4

5

6Agent Forwards to BGA

Carrier Orders Doctor Reports

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Carrier Completes Underwriting and Issues Policy

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11

12

13

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Carrier Forwards Policy to BGA

BGA Forwards Policy to Agent

Agent Delivers Policy to Customer

Agent Collects Delivery Requirements from Customer

Agent Forwards Back to BGA

BGA Forwards Delivery

Requirements to Carrier

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ROBOTICS

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CLOUD HOSTING SERVICEENABLEMENT

BIG DATAANALYTICS

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REAL TIME DATA

“PIZZA TRACKER”

SELFSERVICE CLAIMS ePOLICY

DRIVING BENEFITS ACROSS THE LIFE CYCLE

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Flexible/Scalable technologyRationalize product portfolio

Automate processing

ConsolidateOptimize cost

De-risk

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THE STRATEGY

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in TERM LIFE*

OVERALL IN THE US*

DOUBLE DIGIT

SALES GROWTHANNUALLY

NEARLY

POLICIES IN FORCE7MILLION

OVER

$2.2 BillionPaid

IN CLAIMS IN 2018

FAMILIES & BUSINESSES

PROTECTED WITH NEW POLICIES

IN 2018

*SOURCE: LIMRA 4Q 2018 DATA

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OPERATINGCOMPANIES PRODUCTS CHANNELS

POLICYADMINISTRATION

SYSTEMS

COMPENSATIONSYSTEMS

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THE CHALLENGE WITH LEGACY INFORCE

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TECHNOLOGYPLATFORMS

PRODUCTS TO MAINTAIN

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- High volume- Lower complexity

products- Common operations

- Complex products/ platforms

- No longer in the distribution channel

- Subject matter expertise

THE APPROACH

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• Modified platform

• Value mapping• Traunches• 3 day weekends

• 3 PAS to 1• 2 million policies• 70 integrations

• Dress rehearsals• Command Center• Methodology• Conversion

expertise• Code performance

• Appreciation for level of change required

• Functional testing• Finance

integration

LEGACY INFORCE – CONVERSION

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• Feasibility study• Methodology• Lift and shift• Operating

guidelines• Dedicated team

• 6 PAS• 17 other systems• xxx resources

• Risk mitigation• Sustained SLA’s• Predictable unit

costs

• Transition took longer and was more difficult than anticipated

• Initial service• Internal

governance

LEGACY INFORCE – OUTSOURCE

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BEFORE:• Random

10% checked• 2 FTE

NOW:• 100%

checked• .5 FTE

checking problems only

BEFORE:• 3+ FTE

NOW:• .5 FTE• 100% checked

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ROBOTICS

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VALIDATION

FULLY DIGITAL PARTIAL TICKETMANUAL

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DIGITIZING LIFE INSURANCE

VALIDATION

FULLY DIGITAL PARTIAL TICKETMANUAL

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Leveraging technology to convert to a digital form50%

of applications received are image or paper

50%

DIGITIZING LIFE INSURANCE

VALIDATION

FULLY DIGITAL PARTIAL TICKETMANUAL

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Leveraging technology to convert to a digital form50%

of applications received are image or paper

50%Impact to AHT and Quality

80% accuracy on handwritten

95+% accuracy on type

$2m/yearsavingsin FTE cost

4510

mins

mins

DIGITIZING LIFE INSURANCE

FULLY DIGITAL PARTIAL TICKETMANUAL

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Data Analytics

Distributor IndexUnitCost

PlacementProbability

ADDITIONAL UWINFORMATION

• MVR• RX• MIB• EHR• ARIA

AUTODECISIONING

VALIDATION

WHAT DO I HAVE?WHAT ELSE DO I KNOW?

DIGITIZING LIFE INSURANCE

FULLY DIGITAL PARTIAL TICKETMANUAL

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VALIDATION

WHAT DO I HAVE?WHAT ELSE DO I KNOW?WHAT DO I DO WITH IT?DATA

ENRICHMENTADDITIONAL UWINFORMATION

AUTODECISIONING

DIGITIZING LIFE INSURANCE

FULLY DIGITAL PARTIAL TICKETMANUAL

DATAENRICHMENT

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COMMUNICATION/STATUS

DASHBOARD

VALIDATION

WHAT DO I HAVE?WHAT ELSE DO I KNOW?WHAT DO I DO WITH IT?

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ADDITIONAL UWINFORMATION

AUTODECISIONING

DIGITIZING LIFE INSURANCE

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