highly confidential – do not copy · highly confidential – do not copy 8. highly confidential...
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HIGHLY CONFIDENTIAL – DO NOT COPY 1
HIGHLY CONFIDENTIAL – DO NOT COPY
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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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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