insurance industry trends in 2015: #1 big data and analytics
TRANSCRIPT
What’s Hot in Insurance in 20151.Big Data and
Analytics2. Mobile
3. Cloud Computing
4. Collaboration
5. Telematics/IoT
Insurance Facts• 86% of insurance CEOs believe technological advances will
transform their business in the next 3-5 years (PwC 2014 CEO Survey)
• More than half of IT budgets are still spent on maintenance• Heavy investments in 2015 in data quality, optimization of
existing tools, data science, improved processes and governance
• Only a few executives are seriously considering incorporating IT into strategic planning and thinking
• Shift towards digital -> by 2018….– 1/3 of the insurance industry’s business is expected to occur
digitally• 20% of insurance business will be generated through internet • 11% via mobile channels
(World Insurance Report, 2014)
External Forces Impacting Insurers in 2015
Technologies evolving too rapidly
Increasing customers needs and expectations
Regulations
Natural catastrophes
Competitive pressures on pricing
Insurers Business DriversPlease rank in order the following business drivers facing your organization through 2020
2015 Global Insurance Outlook
Some figures…• 90% of insurance firms yet to
implement a company-wide big data strategy as they flounder in a ‘vicious cycle’
• 82% of household insurance providers think they have to capture and analyze big data to remain competitive
• 80% of claims data is unstructured• 82% of insurance executives cite data
and analytics as key strategic priority• 81% intend to increase spending on
data initiatives• 25% of large organizations will have
adopted big data analytics for at least one security or fraud use case by 2018
Big Data and Analytics
2014 Deloitte Development LLC; Ordnance Survey & the UK Chartered Institute of Loss Adjusters
What for?• Manage the business
• Gain operational visibility• Advanced Reporting• Optimize core processes• Fraud management• Avoid other business risks
• Grow the business• Improve customer relationships• Offer personalized offers and pricing• Optimize distribution channels• Up-sell and cross-sell• Increase market penetration
• Keep pace with competitors
2015 Novarica
How Do Insurers Currently Use Big Data?
2014 Deloitte Development
Applying big data in insurance Telematics
Visualizations
Advanced Analytics
Claims Analytics
Who Invests in Big Data?
Percent of North American Insurers Investing in Big Data InitiativesSource: SMA Research, Data and Analytics 2014
A Smarter Future: the Five Pillars of Successful Big Data and Smart Analytics
BearingPoint asked insurance executives to rate the importance of the below five pillars to successfully implement Big Data & Advanced Analytics in their company
Insurers’ Future Needs• Improved financial reporting and control systems • Stronger digital capabilities complemented by new skills,
refined metrics, upgraded tools and an innovation culture• Ability to adjust their business model fast to new trends • Predictive analytics and modeling methods tools to manage,
synthesize, analyze and leverage massive data volumes (eg: public information about customers’ lifestyles and online experiences mixed with internal data)
• Programs and systems that ensure structured and disciplined governance of key risks and functions to be regulatory compliant
• Enhanced data security systems and tools (cybersecurity has become a strategic issue for insurers)
Insurance Startups• MetroMile offers “pay as you go” car insurance -> drivers pay by
the mile. • A device tracks the mileage and customers are billed monthly
according to how far they have driven. • The company claims that this saves low-mileage drivers an average
of $500 a year.
• Oscar Health Insurance, currently available only in New York, claims to be built on big data from the ground up.
• It uses big data, modern apps and web interfaces, enabling customers to get real-time information on which doctors and medicines are available to them in their area and to have a 360 view on each customer
Insurance Solution - Functionalities
Integrated
Core Business system for life and
non-life lines of business
SalesDirect sales &
partners
CRMRetail &
corporate
OnlinePolicy sales, marketing and customer
service
Claims Traditional &
online channels
BI reports &
dashboards
CollaborationDocument management,
enterprise intranet, e-learning
Insurance – Core Business
Product Management
Underwriting
Accounts & intermediaries
Actuarial reports
Financial Accounting
Policy Management
ReinsuranceBilling and collection
Insurance – Core Business: Brokerage
Product Management
Agents and commissions
Insurers product integration
Financial & Accounting ASF Reports
Policy Management
Insurers Reports
Billing & collection
Insurance – Technical Solution
Built on
Highly Extensible platform with excellent TCO
and time to market
100%integrated
Modular architecture
Web and mobile Accessible UI on laptops, phones and
tablets
On Premises & Cloudavailable deployments
SAP, Microsoft, OracleBi-directional integrated
CONTRIBUTION:Our team has a long term partnership with the customer, delivering in the last 5 years various solutions and services, enabling them to become the first insurance company in Romania to offer its customers the possibility to notify claims online.
Selected Reference: Online sales, e-learning and BI tools The customer is one of the leading insurance services companies in Romania and member of a large International Group, having over 200 agencies and 2000 employees in Romania only
•Policy data management•Policy lifecycle administration•Policy underwriting•Product management•Life product development•Risk Assessment Analysis
Core business
Claims Management
• Online claims management• Corporate website• Online customer portal• Online policy sales
Online solutions
• Sales Activity Management Portal
• Leads Management Portal
CRM
• Data Warehouse• BI Portal• Customer Analytics• Life/non-life agents
commissions
BI
• Mobile Agents Portal with OCR solution
• Mobile Claims Resolution Portal
Mobility
• Document Management• Enterprise Intranet• e-learning
Collaboration
CONTRIBUTION:Our team has a long term partnership with the customer. In the last 5 years we delivered collaborated on various projects, implementing a industry tailored core business system and providing business consultancy
Selected Reference: Core business systems and business consultancyOur customer has been designated the Best Broker 2015 in Romania and is a subsidiary of a large international Group, world leader in insurance and reinsurance brokerage, and human resources consultancy
BI• BI Portal• Agents commissions Collaboration
• Document Management• Enterprise Intranet• e-learning
• Policy management• Product management• Risk Assessment Analysis• Financial & Accounting
Solutions• ASF Reports
Core business
• Corporate website• Online customer portal• Online policy sales
Online solutions
• Sales Activity Management Portal
• Leads Management Portal
CRM
• BI Portal• Agents commissions
BI• Mobile Agents Portal with OCR
solution
Mobility
• Document Management• Enterprise Intranet• e-learning
Collaboration
Integration with brokers platforms & solutions
CONTRIBUTION:Our technical and business expertise was used to build and develop their life core-systems, as well as maintaining the collaboration portal used by over 450 employees and 4000 tied agents.
Selected References: Business applications and business consultancyOur customer is one of the worldwide top players in the Insurance market + 77.000 employees over 65 million customers + 66 billion euro turnover
• Policy Data management• Financial & Accounting
Solutions• Policy lifecycle administration• Policy underwriting• Life product development
• Sales Activity Management Portal
• Leads Management Portal
Claims ManagementBI
• BI Portal• Customer Analytics• Life/non life Agents
Commissions
Core business
CRM
BI
CONTRIBUTION:We developed and launched the 1st insurance online sales portal, dedicated to the direct sales of MTPL , travel and household policies or combined packages with extensive benefits for its customers
Selected References: Online sales portal and business consultancyThe company is one of the top regional players in the Insurance market and a niche player on the MTPL segment for Eastern Europe.
• Policy Data management• Financial & Accounting
Solutions• Policy lifecycle administration• Policy underwriting
• Sales Activity Management Portal
BI• Online customer portal• Online policy sales
Core business
CRM
Online solutions
CONTRIBUTION:Our solution helped them to monitor the sales force activity and pipeline and covers now the entire operational flows of the company. We have also implemented a communication tool and customer portal to engage with their customers crosschannels.
Selected References: Online sales, e-learning and BI tools The customer is an important broker covering both retail and corporate customer segment with dedicated insurance products and services
Integration• Integration with brokers’
platforms and solutions
• Policy management• Product management• Risk Assessment Analysis• Financial and Accounting
solutions• ASF Reports
Core business
• Corporate website• Online customer portal• Online marketing solution:
multichannel communication
Online solutions
• Sales Activity Management Portal
• Leads Management Portal
CRM
• Document Management• Enterprise Intranet• e-learning
Collaboration
• BI Portal• Agents commissions
BI
Integration with brokers platforms & solutions
EITG Big Data Quick Wins
&
Understanding Benefits of ImplementingBig Data with Hadoop
Immediate Business Results • Generate new insights • Enabling short term business
benefits• Measurable results
• Test Hadoop Technologies • Complement traditional BI / DWH
infrastructure with innovative solutions.
• Expertise and Know How
Approaching big data in small steps
Domain Specialists
Big Data Professionals
• Ensures results are matching expectations.
• Peers with operator marketing team.
• Integrates multiple data sources• Develops or customize real-time
and batch processing big data jobs.
• Complex statistical data analysis requested by the marketing specialist.
Big Data Specialized Delivery Team
Data Scientist
Software Engineers
Marketing Specialist
Euro IT Group Expertise
•Business analysis•Consultancy•System integration•Software development•Software testing•Information security •Web and mobile apps •Enterprise mobility•Cloud strategy•BI•Big data •CRM and loyalty•Ecommerce development
• Conventional (.NET, Java, PHP/LAMP, C/C++)
• Cloud/big data (Amazon, Windows Azure, Salesforce)
• Mobile (IoS, Android, Windows Phone, Blackberry, HTML5)
• Other (Ruby on Rails, Python, embedded software, Databases)
• SAP, Microsoft, Oracle, other technologies
•Telecom•Financial•Healthcare•Media •Retail & distribution•Insurance
Services and Solutions
Technologies Industries
Technologies We Master
JAVA: Apache Tomcat, JBoss AS, Jetty, IBM WebShere, Oracle, Application Server, WebLogic, Windows Server
IIS, Nginx, NetWeaver)
PHP: CodeIgniter, CakePHP, Zend, Yii, Kohana, Wordpress, Joomla,
Drupal, MODX, Magento, Prestashop, IPBoard, Smarty
ASP.NET, Visual Basic, ASP.NET AJAX, ASP.NET MVC, Remoting, Reflection,
ADO.NET, Entity Framework
MICROSOFT: C++, C#, ASP.NET,
ASP.NET MVC, Silverlight
MOBILE: Android, IOS, Windows 8, iPhone SDK,
Android SDK, JQuery Mobile, Flash Lite, J2ME,
Symbian, XMPP, SMS, WAP
BIG DATA: Hadoop, Hadoop Map reduce, Spark, Storm, Mahout,
Apache Pig, Apache Hive, Elastic Search, Cassandra, Apache HBase
CLOUD: Amazon web services, Amazon EC2,
Windows Azure
Technologies We Master
OTHERS:• Web Services: Apache CXF, Axis, SOAP, WSDL, JAXB, JAX-WS• Web technologies: XHTML, HTML5, XML, XSL, XSL-FO,XSLT, CSS, XPath, XQuery, SAX,
DOM, StAX, Xerces, Flash, Flex• Content Management Systems: Stellent• Messaging Middleware: ActiveMQ, IBM MQ Series, Fiorano, MQSonic, TIBCO
rendezvous
WEB: HTML5, XML, XHTML, XSLT, DHTML, CSS, XSLT, Javascript, jQuery,
PHP
BUSINESS INTELLIGENCE: Pentaho BI, crystal
Reports, Microsoft BI
Microsoft Visual Studio, Windows API, ActiveX, XCode, wxWidgets,
STL, WinDDK, Qt Framework, Microsoft CRM
AJAX & JAVASCRIPT: JQuery, YUI, ExtJS, JSON,MooTools,
Prototype JS, Dojo, YUI, Scriptacoulous, ASP.NET Ajax
control Toolkit, etc.
Why us?
• Proven track record in delivering complex projects• We offer a well balanced blend of technology skills, domain knowledge, hands
on experience, effective methodologies, complex language skills and a great passion for converting business ideas into technical products
• Western business culture, excellent English language skills, French, German, Italian, Hungarian speaking resources
• Convenient locations and favorable time zones• Proof of capability based on low cost pilot projects• Capability for fast project initiation and delivery• Well defined and documented software development process• High focus on staff trainings, employee satisfaction and an effective
recruitment process – stable qualified teams
Want to talk to one of our insurance experts or our data scientists?
www.euroitgroup.com Contact us: [email protected]
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