Andesa Client Forum · Proprietary and Confidential to Novarica, Inc. 16 Beneficial Bots Drones, IoT, blockchain, and other new technology tools or platforms that can be leveraged

Proprietary and Confidential to Novarica, Inc.

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Andesa Client Forum

March, 2018



Insurance and Technology in 2018 and Beyond

Robert Mcisaac, FLMI, LLIFSVP, Research and [email protected]

Proprietary and Confidential to Novarica, Inc. 3

The Gates Principle of Future Disruption

“We always over-estimate the change that will occur in the next two years, and underestimate the change that will occur in the next ten.”

- Bill Gates

Preparing for change…


• iPad, iPhone, Mobile apps

• Hadoop, NoSQL

• Viable driverless cars

• “The Internet of Things”

• More things than people connected to the Internet

• Social Media (Facebook and Twitter barely a year old)

• AI outside of the lab

Things that didn’t exist:

Looking back ten years to April 2007…


• Direct online sales of commercial insurance as a viable concept

• The idea of persistent low interest rates in the United States

• Widespread use of catastrophe bonds

• Silicon Valley VCs who could spell insurance


Insurers are flipping the Gates Principle

Most insurers believe the industry will be radically different in ten years. But few believe it will be radically different in the short term.

3%

6%

8%

18%

23%

55%

58%

73%

65%

55%

42%

36%

20%

17%

22%

0% 25% 50% 75% 100%

Regulatory changes affect operating model

Digital competitors affect distribution

Cyber-Security "Day Zero" Event

Predictive analytics create material effects

Product changes driven by market or tech

Likelihood of Real Change in 2017

High Probability Possible Low Probability



IT budgets and transformation investments remain low

On average, insurers are devoting 0.81 cents of each premium dollar to IT transformation in a time of unprecedented change being driven by technology.


3.6% 3.6% 3.5% 3.5%3.8%

3.6% 3.7%

0%

1%

2%

3%

4%

5%

2011 2012 2013 2014 2015 2016 2017

Average IT Spending Ratios 2011-2017

Run, 52%

Grow, 26%

Transform, 22%

Average Run/Grow/Transform Split 2017


“Novarica Nine”

Novarica Nine for 2018

External Factors

Unbundling

InsureTech

Innovation

Technology Capabilities

Data

Digital

Core

InternalIT Management

Security

Talent

Alignment


Insurance is a simple industry.

The insurance industry has one mission: use information technology to facilitate the transfer of risk from buyers to pools of capital.

Unbundling

$$$$$$$$

RISK

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

People or Organizations with More Risk Than Capital

Pools of Capital Willing to Take On RiskFor Profit or Self-Perpetuation

PrimariesDistributors Reinsurers

Facilitate communicationPackage and analyze risk

Enable transfer of risk and money

These are all intermediaries


Technology is enabling new information flows and disrupting the model.

Each intermediary in the value chain is under increased pressure to justify its existence.

Unbundling

Cat Bonds and Other Derivatives

Distributor Programs

$$$$$$$$

RISK

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

PrimariesDistributors Reinsurers

Reinsurer-Funded InsureTechs

Alternative Distribution

Start-Up/ Reengineered

Carriers


New questions can now be asked about the structure of the product and delivery

Minimum Required Coverage

Additional

Coverage

Advice

Service

Risk Management

• Is there a reason all these things need to come from the same provider?

• Are there market segments that want some but not all of these capabilities?

• Are there easier, technology-enabled ways to deliver some of these capabilities?

• Are there other ways to monetize some of these capabilities?

Unbundling


New questions may yield new opportunities

Minimum Required Coverage

Additional

Coverage

Advice

Service

Risk Management

Unbundling

Easy-purchase “compliance” products

Stand-alone “add-ons” like umbrella or

life product riders

Fee-only risk management

like IFAs

Premium service levels

Commercialized risk tools


• Put major insurers out of business

• Radically transform the market in the next two years

• All be in business two years from now

• Raise the bar on:

• Customer experience and process efficiency

• Usage of analytics to drive product and processes

• Show how to expand the market by profitably serving underserved segments

• Demonstrate how to incorporate emerging technology into key business processes

• Be acquired by major insurers or services providers

InsureTechs will not… InsureTechs will…

Predicting the Future of InsureTech

InsureTech


Examples from Previously Overhyped FinTech Categories

13

Decade Trend Examples What the Industry Learned What Happened?

1990’s“Internet-Only Banks”

Security First, Wingspan

People like the convenience of online banking, but online-only banks don’t have mass appeal.

Start-ups acquired by tech providers or re-absorbed into major banks that funded them.

1990’sOnline Trading

E-Trade,Ameritrade

People like online trading, bigger segment than previously understood willing to trade advice for low prices.

Some sold their tech, some merged, some stayed independent and went head-to-head with existing discount brokers.

2000’sInnovativeLending

OnDeckIt’s possible to price loans using additional data/analytics beyond credit scores.

It’s still hard to sell loans. Some banks partnered to use models.

2010Mobile-Only banks

SimpleMobile/Social banking has niche appeal

Bought by major bank.

InsureTech


The ABCs of “InsureTech”

“InsureTech” isn’t really a single category of thing. There are four main categories that serve very different purposes.

Insurers should understand the potential values and threats of each different class of players

InsureTech


Analytics Arms Dealers

Big data analytics tools, AI start-ups, and data aggregators offer insurers new ways to access and analyze information.

• Competing with traditional software and data vendors

• Likely to be acquired by them if they show traction

Carpe Data (http://carpe.io), predictive scoring for life, personal, and small commercial based on third-party and big data.

Praedicat (http://praedicat.com), data mining and modeling to improve catastrophe liability modeling.

Tyche (http://tycherisk.co), a 2015 Global Insurance Accelerator company focused on modeling litigation risk using big data.

InsureTech

http://carpe.io/

http://praedicat.com/

http://tycherisk.co/


Beneficial Bots

Drones, IoT, blockchain, and other new technology tools or platforms that can be leveraged to improve insurance processes and products.

• May change the cost basis of some key dramatically, e.g.:

• Drones and offshore oil rig inspections

• IoT and equipment monitoring

• Blockchain and… (TBD)

• Change in cost basis can change viability of pricing and products

Human Condition Safety(http://hpsafety.com), wearable technology to reduce worker injury. AIG is a strategic partner.

Meshify (http://meshify.com), industrial Internet of Things, acquired by Hartford Steam Boiler/Munich RE.

PrecisionHawk(http://precisionhawk.com), drone surveying company with insurance applications, USAA is series C investor.

InsureTech

http://hpsafety.com/

http://meshify.com/

http://precisionhawk.com/


Creative Carriers

Innovative carriers designing new products or processes starting from customer need.

• Can supplement incumbent carrier main product offerings

• Demonstrate viability of new approaches to product or market

• Often partnered with reinsurers for underwriting capacity

• Likely to be acquired if they show traction

Trov (http://trov.com), insurance for individual items. Munich RE is reinsurer, GWRE is Series C investor.

Slice Labs (http://slice.is), on-demand insurance for gig economy. Munich RE is reinsurer, Munich RE and XL Innovate are investors.

Lemonade (http://lemonade.com), direct renters and homeowners, XL innovate and Sequoia Capital are investors.

Hiscox (http://hiscox.com), direct online sales of small biz insurance.

InsureTech

http://trov.com/

http://slice.is/

http://lemonade.com/

http://hiscox.com/


Digital Distributors

New channel for incumbent insurers

• Some competition with existing channels, but more likely to be opening up new market segments than eroding current channels

• Provide examples of best practices in addressing customer needs and expectations

• May become reasonably successful distributors if they can manage growth expectations appropriately; may be acquired by major brokers or intermediaries

• e.g. Evosure acquired by IVANS

CoverHound (http://coverhound.com), online P&C broker with investment from Chubb, American Family, and others.

Insureon (http://insureon.com), online broker for small commercial insurance.

AskKodiak (http://askkodiak.com), appetite marketplace for underwriters and carriers.

Quilt (http://getquilt.com), online agency with simple UI centered around policyholder POV.

InsureTech

http://coverhound.com/

http://insureon.com/

http://askkodiak.com/

http://getquilt.com/


Innovation and InsureTechs

Insurers have many options for engaging with InsureTech and emerging technology…including doing nothing.

Partnering Direct InvestingSeeded

Start-UpsInnovation Labs

Do Nothing

Pros Low cost/risk

Some control

Influence

Market access

Control

Connection

Learning

Focused R&D

Relevance

Team engagement

Inexpensive

Avoids management

distraction

ConsLack of control

Expense

Limited control

Expensive

Politically sensitive

Expensive

Limited capacity

Potential lack of fresh thinking

Missing learning

opportunities

Examples

AXA partnering

with Trov in Europe

XL Innovate

HSB Ventures

AssureStart

HavenLife

AmFam Ventures

QBE Digital Innovation Lab

Most midsize insurers

Innovation


Innovation

• Innovation groups and initiatives are growing.

• CEO and BU investment, and willingness to innovate is primary determinant between operationalizing innovation and performing “innovation theater.”

26% 28% 31% 33%

37%

17%23% 17%

5%

14%

23%

8%

32%41%

23%

42%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large P/C Midsize P/C Large L/A Midsize L/A

Formal Innovation Programs at Insurers

Maintain Expand Launch No Plans

Innovation


Approaches to Innovation

Education and Evangelism

Research and Development

Venture Capital/Investing

Data Science

GoalBring in new ideas

Coach adoptionPrototype and pilot Innovative partners Find opportunities

Organization Small expert teamEngineering,

product, SMEsSmall expert team Small expert team

Spend Level Medium HighMedium OpEx,

Medium/High AUMMedium/High

depends on size

ProsHigh engagement,

high ownershipGenerate

preliminary resultsBroad exposure

Potential immediate tactical value

ConsLimited ability to

executeHigh failure rate

must be tolerableLimited control

Can be challenging to implement

RisksBUs tend to tactical

over strategicLack of adoption

Conflict of IRR and tool value

Over-focus on tactical value

Risk MitigationTeam focus on

pushing boundariesPersuasivechampion

Clear and separate goals

Ring-fenceexploration

Innovation


InnovativeBusiness Practices

DataSources

Analytics

DigitalChannels Processes Core

Modern Applications

22

Data, Digital, and Core



Sample “Novarica New Normal 100” Capabilities in Each Area

Data Digital Core

Product DevelopmentImpact analysis in rate

designAutomated rate/

form filingAssemble from

component coverages

MarketingCustomer behavior

modelingTrack website visitors

in CRMN/A

DistributionExtensive use of

pre-fill dataMobile optimized

portalImmediate

commissions payment

Underwriting Predictive scoringPaperless UW

WorkflowSkills-based routing

Customer EngagementAnalytics-driven

service tiersCustomized online

videoN/A

BillingAnalytics to prevent

premium leakageEBPP

Consolidated bill across product lines

ClaimsPredictive fraud

scoringMobile adjuster/

case managerTriaged STP

Finance/OperationsEnterprise-widecustomer value

Self-service HR systems

Automated budgeting/forecasting



Data, Digital, and Core Spending Priorities

Data and digital spending commands are larger portion of grow and transform spending.


69%

53%

38%

9%

22%

36%

11% 14% 17%

11% 11% 9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Run Grow Transform

Run/Grow/Transform Breakdown: Large L/A Insurers

Core Applications Digital

Data and Analytics Security

60%52% 51%

10%16% 18%

18% 22% 23%

12% 10% 7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Run Grow Transform

Run/Grow/Transform Breakdown: Large P/C Insurers

Core Applications Digital

Data and Analytics Security


Core Systems Map


Policy Administration

System

RatingEngine

UnderwriterWorkbench

Claims System

Billing

GeneralLedger

and Financial

Management

ReinsuranceManagement

AgentPortal

Document Creation/CCM

Business Intelligence: Repository

CRMCustomer

Portal

Distribution/Comp. Mgt.

SpecializedComponents

Business Intelligence:

Analytics and Reporting

Workflow/BPM

Document Management/ECM


What is “Predictive Analytics”?

While actuarial models predict risk across a book, predictive models are used to make specific determinations about individual cases (risks, claims, customers, etc.).

• Typically generate a score used to assess risk, indicate customer profitability, claim severity, or any other area.

• “Predict” both the future (underwriting risk) and the likelihood of pattern match (fraudulent claims).

• Current trends and attributes:

• Increased complexity and sophistication of modeling techniques;

• Breadth and depth of both internal and external data sources; and

• The use of a single "score" as the output of the analysis that can be used to guide decision-making – human or machine.

• Can be coupled with machine learning to improve models in real-time.

Data and Analytics


Predictive Analytics Deployment Rates

There is a predictive analytics gap between large and midsize insurers. Midsize insurers are conducting more pilots, but large insurers continue to invest to maintain their leads.

18% of insurers believe there is a high probability that predictive analytics will create material affects this year.

Predictive Analytics Capabilities in the Novarica New Normal 100:

• Underwriting scoring using third party data (pictured)

• Predictive fraud scoring (pictured)

• Underwriting scoring using internal data

• Predictive severity scoring

Data and Analytics

40%

30%

50%

48%

32%

66%

55%

80%

30%

19%

19%

43%

17%

20%

20%

0% 25% 50% 75% 100%

Claims

UW

Midsize L/A

Claims

UW

Large L/A

Claims

UW

Midsize P/C

Claims

UW

Large P/C

Current Usage Rate of Predictive Analytics for Underwriting and Claims Fraud

Current Capabilities Pilot Program


Big Data

Few insurers use real “Big Data” data sets, but use of Big Data Technology to solve enterprise data problems is becoming more common.

Dist. Data No-SQL Columnar Appliance

Potential

Uses

Extremely

large data

intake.

Analysis

across TBs of

data.

Rapid, real-

time capture

of large data

sets

Data

warehouse

for analysis

Vendor-

managed

approach to

many of the

other use

cases

Industry

examples

Analysis

across

business to

develop

predictive

models

Agent and

consumer

portal click-

stream

capture

Policy,

claims, and

billing

warehouse

Fast

replacement

of a failing

data

warehouse

Pitfalls

Complex

engineering

required;

quickly

evolving

technology

Cannot use

SQL or can

only use

limited SQL

Slower

import/

export; poor

transaction

support

Expensive

over time;

less flexibility

and control

Providers Hadoop MongoDB,

Cassandra

Vertica,

SAP HANA

IBM Netezza,

Teradata,

Oracle

Appliance

Data and Analytics

Deployed in some

areas12%

Active or planned

pilot project

29%

Still trying to

understand value

37%

Decided this does not apply to us in

201722%

Big Data Usage and Plans at Insurers 2017


Artificial Intelligence

Machine learning is the next stage of predictive analytics

• 10-20% of insurers report using machine learning to improve rating algorithms.

• Machine vision offers potential for property underwriting and claims.

• Natural Language Processing virtual assistants have some application as chatbots, but insurers must beware the uncanny valley in voice systems.

Data and Analytics


Continued Lack of Clarity Around “Digital Strategy”

“Digital” is not a thing, it’s an orientation. It’s about rethinking the relationship between data accessibility, transactional capability, users, and process in a digital world.

Digital

29%

31%

45%

53%

66%

73%

37%

47%

35%

37%

25%

14%

33%

22%

19%

5%

8%

11%

0% 20% 40% 60% 80% 100%

Enterprise DataManagement

Analytics

Digitizing and OptimizingInternal Business Processes

Corporate Siteand Online Marketing

Policyholder e-Business

Agent e-Business

“What does ‘digital strategy’ mean in your organization?”

Definitely this This too Not this

Integrated with everything we do, 2%

Well understood, and widely deployed

11%

Deployed in some areas

32%Active or planned

pilot project31%

Still trying to understand

value15%

Decided this does not apply to us in 2017

9%

“Digital” or “Digital Strategy” at Insurers


Digital Capabilities Assessment and Investment Activities

Agent Portal projects tend to be enhancements of existing environments rather than replacements; CCM and life customer portals are more evenly split

between replace and enhance.

Digital

0% 25% 50% 75% 100%

Midsize L/A

Large L/A

Midsize P/C

Large P/C

Percentage of Insurers That Rate their Own Capabilities as Strong or Very Strong

Agent Portals Customer Portals Documents/CCM

0% 25% 50% 75% 100%

Midsize L/A

Large L/A

Midsize P/C

Large P/C

Percentage of Insurers Planning Replacements or Major Enhancements

Agent Portals Customer Portals Documents/CCM

Fewer than 50% of insurers are enthusiastic about their basic digital capabilities. Investment in enhancing agent and customer portals is widespread.


Mobile

About 1/3 of insurers have some mobile capabilities, and about a 1/3 of those who don’t are planning pilots.

• “3Cs of Mobile”

• Camera

• Convenience

• Coordinates

• Millennials

• 30% cite mobile as a preferred channel when researching providers

• App v. Mobile Web is an evolving discussion

Digital

4%10% 7%

4%

21%29%

24%

22%23%

23%

0%

20%

40%

60%

80%

100%

For Distributors For Policyholders ForAdjusters/OtherExternal Users

Mobile Usage and Plans at Insurers 2017

Active or planned pilot project



Integrated with everything we do


Don’t Forget about Email

Heavy volumes of “digital” communication with distributors are still via email.

Digital

51%37% 40% 44% 38% 40%

52%46%

33%50%

53% 42%43%

50%35%

21%

5%5%

6%3% 9%

2%

11% 7% 13% 17%8% 2%

31%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Appetite AppSubmission

Quote Add'l UWReqs

UW Decision Policy Docs Commissions General

Distributor Digital Channel Usage By Function: Small Commercial(Average Percentage of Communications Volume/Channel/Purpose)

Email Portal Other Digital Offline


Cloud

Some use for ancillary applications is widespread, and core application use is growing, especially for expansion lines.

14% 47%

11%

20%

13%

27%

26%

0% 20% 40% 60% 80% 100%

SaaS for ancillary applications

SaaS for core applications

IaaS or PaaS

Cloud Usage and Plans at US Insurers 2017

Integrated with everything we do



Active or planned pilot project

• Variable cost is increasingly attractive

• Eliminating data center/hardware management and cost overhead

• Maturity of solution providers and awareness of own limitations is mitigating security concerns

Core


Security Requires Investment in Practices as well as Technology

Security continues to consume about 10% of IT budget with no end in sight.

Additional investments in…

• Device security

• Data encryption

• Intrusion detection

• Application security

Additional regulatory and compliance pressure to certify procedures, formal CISO requirements.

Security

0% 10% 20% 30% 40% 50%

SSE-CMM FrameworkAdoption

NIST FrameworkAdoption

Audits andProcedures

Current and Planned Development for Audits and Procedures, NIST Framework Adoption, and SSE-CCM

Framework Adoption

Grow existing capabilitiessignificantly

Enhance existingcapabilities

Launch capabilities in thisarea for the first time

Pilot/Test capabilities


Insurer IT Groups are Struggling to Find and Retain Talent

A boom in analytics and digital across multiple industries is making it harder for insurers. CIOs cite talent as their top challenge.

Strategies:

• Enabling remote employees

• Reconfiguring workspaces

• Partnering with universities to attract digital and analytics talent

• Partnering with community colleges for skills development

• Developing bimodal IT organizations

• Improving ease of employee return

• Business unit rotational programs

Talent


Alignment and Governance are More Critical Than Ever

With so many areas demanding investment, 40% of insurers are improving governance to make sure resources are allocated effectively and aligned with strategy.

Project and spending transparency

Clear decision-making process

Shared objectives

Shared understanding

Alignment


Related Novarica Research

• Managing Innovation in Insurance

• Enabling Innovation: Lessons Learned from Silicon Valley

• Insurance IT Talent Management

• Artificial Intelligence: Insurance Application and Use Cases

• Insurance IT Practices and Disciplines

• IT Security Update: 2017 Plans

• “Hot Topics” for Insurers: Social, Mobile, Analytics, Big Data, Cloud, Digital, and IoT/Drones

• Five Potential Changes in 2017 for Insurance

• ABCs of InsureTech for Incumbent Insurers

• Insurer IT Budgets and Projects 2017

• The Novarica New Normal For Insurers: 100 Data, Digital, and Core Capabilities

• Property/Casualty

• Life/Annuity

References

https://novarica.com/managing-innovation-in-insurance/

https://novarica.com/silicon-valley-2017/

https://novarica.com/insurance-it-talent-management/

https://novarica.com/ai-in-insurance/

https://novarica.com/it-practices-2017/

https://novarica.com/it-security-2017/

https://novarica.com/hot-topics-for-insurers-in-2017/

https://novarica.com/five-potential-changes-in-2017/

https://novarica.com/abcs-of-insuretech/

https://novarica.com/insurer-it-budgets-and-projects-2017/

https://novarica.com/novarica_new_normal_100_pc/

https://novarica.com/novarica_new_normal_100_pc/

https://novarica.com/novarica_new_normal_100_la/


About Novarica

39

Novarica provides technology strategy research, advisory services, and consulting to more than 90 property/casualty and life/annuity insurers.

Novarica’s research covers trends, benchmarks, best practices, case studies, and vendor solutions, drawing on the expertise of its senior team and relationships with nearly 400 insurer CIO members of the Novarica Insurance Technology Research Council.

Through its advisory services, Novarica’s expert team becomes an adjunct member of its clients’ strategy and planning functions, providing a force-multiplier that facilitates faster, better, more informed decisions.

Novarica’s consulting services focus on vendor selection, custom benchmarking, project assurance, and IT strategy, leveraging its proven methodologies, extensive knowledgebase, and broad network to rapidly deliver actionable insights and recommendations.

Contact us at:

Novarica, Inc.175 Federal St, Suite 510Boston MA [email protected]

About Novarica

mailto:[email protected]

http://www.novarica.com/


Rob McIsaac is a SVP in the insurance practice at Novarica with expertise in IT leadership and transformation as well as technology and business strategy for life, annuities, wealth management, and banking. He has broad experience in IT strategy and management in the insurance and financial services industries. Prior to joining Novarica, he served in a series of senior technology management positions including leading the Business Transformation Office at Nationwide Insurance and as the CIO for First Citizens Bank, a rapidly growing regional firm based in Raleigh, NC. Rob spent the majority of his career at Guardian Life, where he was the Divisional CIO responsible for annuity, distribution and broker dealer operations and at Prudential Insurance, where he held a variety of positions including leading e-Business development efforts. Rob holds a BA in Economics from Montclair State University, an MBA in Information Systems from Seton Hall University and has received a number of business and technical designations including FLMI and LLIF. He can be reached directly at [email protected].

About Novarica

mailto:[email protected]

novarica.com