IFAA Conference 3rd May 2019

John Pyall

Challenges and Opportunities of Insurtech

in Claims Management

Instant Everything

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https://www.youtube.com/watch?v=flSLI2JmWVE

Where is the focus of Insurers

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Where is the focus of Insurtechs

18/06/2019 4 Title of presentation and name of speaker Willis Quarterly Insurtech Briefing 4q 2017

• 61% of InsurTech companies aim to enable

the value chain

• 30% are attempting to disintermediate

incumbents from customers

• 9% are targeting full scale value chain

disruption

• Majority focused on Product and distribution

• Little emphasis on Claims

What are the new Insurtech companies offering.

• A seamless customer experience

• Increased processing speed

• Decreased cycle times

• Decreased costs

• Increased customer satisfaction?

5

What Areas Are Insurtech looking at?

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What Can Insurtechs offer to existing Insurers

Enhanced Connectivity & User Experience

• Quicker customer response e.g AI, chatbots and automation

• More effective customer engagement using AI and machine learning

• Communication mediums, better and more engaged used of social media

• Increased customer satisfaction by digitizing traditional customer pain points reducing claim cycle time

Consumer Responsive Product Development

• Tailored products targeting emerging risks and underserved niche markets

Data-Driven Decision Making & Insights

• Access to diverse sources of data incorporated in underwriting and claims management processes

• Efficient data capture and organization enables more informed and efficient decision making

Disconnected Experimentation & Innovation

• New ventures, unencumbered by costs and legacy infrastructure of incumbents, can afford to take more

risks, adapting business models and product concepts to identify pockets of value within the insurance

value chain

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How Well is the Existing Market Embracing Change?

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Culture eats strategy for

breakfast PeterDrucker

How does the claims process differ for these new

digital insurers and the more traditional insurers?

• Focus on front end supply chain

• High customer focus

• Flexibility

• Likelihood of developing back end systems with flexibility

• Low costs alternatives

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Insurer Administered

Insurer Assisted

Customer Managed

Strategies for Success

• Digital customers expect a digital response

• ‘Internet of Me’ – tailored solutions

• But not all?

• Customer satisfaction, customer retention and customer experience are not

limited to single touchpoints or interactions

• Look at the ‘right’ option for your customer base

• Balance digital and analogue

• Look External not Internal

• Metrics responding to customer needs

• Flexibility over process

• Broad dynamic response including distribution channels

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The biggest innovations in insurance over

the next three years will not be in the

technology tools themselves, but in how

we design them with employees,

customers, intermediaries and other

human partners in mind

Accenture Technology Vision for Insurance

2017.

And Finally – Any Questions

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