knowledge sharing in ageas istanbul , 3 october 2013
DESCRIPTION
Knowledge sharing in Ageas Istanbul , 3 October 2013. Ageas: an international insurance Group in Europe and Asia. Bel 20 quoted company Top 20 insurer in Europe History of more than 180 years Gross inflow 2012 over EUR 21 billion ( Ageas’s part EUR 11 billion ) - PowerPoint PPT PresentationTRANSCRIPT
Knowledge sharing
in
Ageas
Istanbul , 3 October 2013
Ageas: an international insurance Group in Europe and Asia
Press Conference 27/09/2013
• Bel 20 quoted company
• Top 20 insurer in Europe
• History of more than 180 years
• Gross inflow 2012 over EUR 21 billion (Ageas’s part EUR 11 billion)
• Over 13,000 employees worldwide and another 15,000 in non-consolidated JVs
• Shareholders’ equity end 2012 at EUR 9.9 billion
Italy
Belgium
Luxembourg
Turkey
China
India
Malaysia
Hong Kong
Thailand
3
We are active under many local brands with solid market positions
Belgium
Italy
UK
Portugal
Malaysia
China
# 7 in Life
2nd largest foreign investor
India
Belgium# 1 in Life
# 2 in Non-Life
United Kingdom
# 4 in # of cars insured
# 4 Personal lines intermediary
Portugal
# 1 in Life
Italy
Malaysia
# 2 overall
Market leader in new business, Takaful & Non-Life
Thailand
# 3 in Life, # 5 in Non-Life
Turkey
# 4 Non-Life
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Company profileA solid mid-sized international insurance group based in Europe
Company Inflows FY12
Allianz
Axa
Generali
Munich Re
Zurich
Aviva
CNP*
Prudential*
Talanx
BNP Paribas Cardif
Crédit Agricole
Ageas
Mapfre
ING
Achmea (Ex-Eureko)
Aegon
Swiss Life
Groupama
Covea
Fonsai
99
85
70
52
39.27
32
30
29
27
24
23
21
20.9
20
20
19
17
14
14
10
13
15
16
14
17
18
12
1
2
3
4
5
6
7
8
9
10
11
19
20Source: Company Data
Ageas
EUR bn
5
Vision 2015
Our project to reshape Ageas started in 2009
In 2012, the work is not finished but foundations are strong to unlock the full potential of Ageas by 2015
Clear strategic choices
Increase relative proportion of capital invested
in high growth markets
Diversification in our
product & distribution mix
People make the difference
Organization built on local empowerment & knowledge transfer
Ageas vision towards 2015
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Ageas vision towards 2015Five strategic choices
To have a diversified product offering
To capture growth in mature and emerging markets in
Europe and Asia
To commit to our partners and their customers
To be where our customers want us to be
To focus on our insurance capabilities
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Ageas’s financial targets set for 2015
Press Conference 27/09/2013
Half Year 2013 at 67/33
Half Year 2013 at 97.8%
Half Year 2013 at 8.4%
Half Year 2013 at 14.8%
Ageas vision towards 2015 Six important values
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Knowledge sharing within Ageas
10
Part of our strategy, targets and values Concept of partnerships deeply embedded in DNA partners provide distribution capabilities and local knowledge, in
return Ageas brings insurance knowledge, products and expertise via its people
Part of our governance Ageas retains a significant influence in the management and
governance of partnerships and it promotes extensive knowledge transfer between partnerships across all 12 markets (adequate committees, promotion of international mobility and expat missions…)
Critical succes factors to make it happen
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• Ageas’ organisation is geared to facilitate & accelerate knowledge transfer to develop the full potential of its entities
• Strategy and business development at corporate level and in the business segments
• Focus is on in depth exchange between specialists and on dedicated areas
• Marketing & distribution; products; risk & support; IT & Ops…
Different ways leading to knowledge sharing…
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• Collaborate throughout communities gathering experts (eg claims community, HR community…)
• Share knowledge in workshops /conferences on specific topics (telematics, pricing)
• Transfer expertise trough expat missions (long and short term)
• (Project management) support in the local business in a specific area (health…
Knowledge sharing in practice…
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• Life Product Development • BluFamily XL & BluCasa • Ageing Population Conference • Regional Rollout Over 50s Product - DRTV Campaign at MTL • Telematics seminar
• Agency Channel Transformation • Bancassurance Channel • Pricing Programme • Agency Transformation at Etiqa • Agency Orphan Policy Programme at Tai Ping Life • Bancassurance optimization at MTL • SENLI Toolkit
• Preparation Motor de-tariffcation Etiqa • Towards a value adding partnership in Investment
Management • Actuarial and Pricing Support
Marketing & Distribution Risk & Support
Products• Workload Management Aksigorta • P&C Target Operating Model in Italy • Core General System implementation in Malaysia • Claims Community • LEAN Toolkit
IT & Operations
IT & OPS : Claims community
The challenge
CE
• Different claims improvement initiatives in Opcos but no global approach nor structured sharing
• Contacts and sharing on ad hoc basis
• The “Master of Claims” transformation program at Aksigorta created the need for structural exchange and showed improvement areas when aiming for excellence in claims management
IT & OPS : Claims community
The solution
• Different dynamics• Generic workshop Targeted workshops Bilateral & virtual discussions
Targeted initiatives• All Ageas Non-Life companies connected : PEOPLE ARE CONNECTED
CE
• Actions: a lot of actions taken and planned by the operating entities with the Claims Community as catalyser
• Enriching local initiatives, eg:• Transferring the «funnel» approach on Fraud detection from
ITALY to Aksigorta• Empowering Aksigorta in streamlining the repair shop network
based on UK experience• Triggering new actions, eg:
• Following the Fraud workshop, ITALY decided to expand the fraud detection programme to other LoB
• ITALY will copy the CFR tool from Mbcp Ageas / PORTUGAL
OPS & IT : Claims community
The results : Measuring the local iniatives.
KPIs and achievements
Fraud: increased detection levels• Aks: over 3M TL (6.5 months)• UBIA: over 1M € (1,5 year)
Network management• Aks: from 1600 to 1000 repair shops• MbcpA: Increased usage of preferred network from
31.6% in 2011 to 38.3% in Nov 2012
Claims segmentation• Aks: Introduction of once and done MOD claims;
outsourcing small fire claims (expected gain of 120K TL)
• UBIA: Dedicated management of simple MTPL claims within Convention, 80% of volume)
Cost containment • Aks: average claims cost for MOD stable • UBIA: call center cost reduction (minus 500K in 2
years)
Process improvements
Fraud Detection • Implementation of a fraud detection
process in the claims handling areas of all CE opcos encompassing different lines of business
Closed File Review• Implementation of regular processes of
Closed File Review • Improvement of the current processes
(new tools, better reporting, new methods, etc.)
Streamlining claims organization• Creating critical mass by centralizing units
Redesign role of call center in all Opcos• Evolution towards paperless environment
CE
PRODUCTS : Telematics seminar
The challenge
• Within the Ageas Leadership Programme (TALENT DEVELOPMENT PROGRAM) a study was dedicated to Telematics which was the basis for setting up an Ageas seminar on this topic.
• The seminar was co-organised by Ageas UK and CE :
• representatives from Ageas in Belgium,Italy, Portugal, Hong Kong and the UK.
• Several external speakers
UK CE
PRODUCTS : Telematics seminar
The solution
• All Ageas representatives at the workshop explained the assessments they had made of the telematics opportunity in their local markets:
• AGEAS UK and their partners explained • The telematics proposition • The deployment of the technology into customer vehicles• The Data usage to manage the claim experience.
• ITALY : explained how they were addressing the new obligation on Italian insurers to provide a telematics based insurance product.
• External providers of telematics solutions shared some insight on the different possible approaches and services for launching a telematics solution (blackbox types, data ownership,...).
• Other Ageas representatives explained their analyses of the telematics opportunities. Generally they had concluded (for the moment) that their market’s low average premiums (even for younger drivers) did not support the relatively high cost of telematics devices and installation.
UK CE
PRODUCTS : Telematics seminar
The results
• UK will launch the Telematics product for 1 of its retail brands.
• UK’s experience enriched especially Italy which is obliged to launch a new motor product based on Telematics. UK -> Italy
• The seminar contributed to enlighten other ways of usage of Telematics devices
UK CE
Marketing and Distribution : Bancassurance Channel
The challenge (2011)
CETurkey
• Untapped bancassurance potential / Aksigorta lagging behind
• Shareholders (Ageas & Sabanci) strongly supportive to focus on bancassurance
• Increase the effectiveness of the organization => need to work on all aspects of value chain (from products, over operations to sales)
Marketing and Distribution : Bancassurance Channel
The solution
• Workgroup with specialists on Bancassurance of Italy, Belgium, Portugal was put in place.
• Discovery & clarification Design & master plan• Combined with Akbanks’ request -> ‘Next’ transformation programme
• "Next" project & roadmap• Boost multichannel capabilities in BC innovated channel use
• Optimise product factory simplify product catalogue
• Optimise & centralise Back Office increase renewal and keep collection rate
• Align target & performance management optimise budget cycle and commercial reporting
• Restructure joint Corporate Governance set up aligned marketing committees
CETurkey
Marketing and Distribution : Bancassurance Channel
The results
KPIs and achievements
GWP growth• +36%• 15% of Aksigorta GWP, coming from
12.8%
Increased renewal ratio• From 55% (2011), over 60% (2012)
Loss ratio• Improves by 2.3%
Profits• Positive evolution net underwriting result :
+41%
Process improvements
Sales Support Team in place• Clear roles & responsibilities• Monitoring in place
Product mix implementation plan completed• With reduction of number of products,
regrouped in 5 product groups & first steps towards family package
• Quick wins on product mix f.i. Launch of ‘wings’ travel health
Process redesign for collection and Renewals
Alternative Channels are developped
Governance with different committees is in place.
CETurkey
Q3 2012 numbers
RISK and SUPPORT : Actuarial and Pricing Support
The challenge
UK / CE
• Different needs on pricing improvements in the countries. Local iniatives without overview on global knowledge/ experience.
• Different levels of need : need for customizing
Lead to
• Series of visits to Turkey, Portugal and Brussels arranged to support local pricing initiatives and share experience.
RISK and SUPPORT : Actuarial and Pricing Support
The solution• Turkey : UK specialists and AGEAS CE team visited Turkey to give assistance in
the implementation of a new pricing Tariff based on a recent Emblem exercise. The areas covered were:
• Review and advise to improve • Models• Monitoring techniques• Premium structure and underwriting rules
• Portugal : UK specialist visited Portugal. • More general approach as in terms of the expertise this company was behind Turkey in its
modelling experience. • Support on modelling techniques, model building • Support in understanding the impact and ensuring a simple but effective initial model to go to
the market.
• Brussels• UK has been asked to present to a marketing team in Brussels on how to use External data to
add value. • 1 day workshop to exchange the best practices..
UK/ CE
RISK and SUPPORT : Actuarial and Pricing Support
The results
In Turkey, specific areas picked up in more detail by the local team were as follows:• Reviewing emblem MOD models
• Studying impact analysis & elasticity assumptions
• Setting alternatives for implementation
• Evaluating monitoring performance indicators after implementation
• Scheduling the implementation process
In Portugal : • In depth analysis of the AGEAS CE Team is ongoing.
UK/CE
Conclusion
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Effective Knowledge sharing is key to remain
attractive for our partners and their clients
Connect for idea generation
Convert ideas in Value