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INSURANCE INDUSTRY TRENDS
#2 MOBILITY
1. Big data & analytics
2. Mobility3. Cloud computing
4. Telematics/IoT
WHAT’S HOT IN INSURANCE
Content:
• Insurance facts
• Insurance mobility facts
• Mobile opportunities for insurance processes
• Mobile apps in insurance – facts and benefits
• Customer centricity
• Sales mobility & process
• Security
• Use cases – how large insurance use mobile apps today?
• Leverage sales mobility
MOBILITY IN INSURANCE
INSURANCE FACTS
86% of insurance CEOs believe technological advances will transform their business in
the next 3-5 years (1)
>50% of IT budgets are still spent
on maintenance
£££ spend in 2015/2016 on:data quality, tool
optimization, data science, improved processes
Very few executives are seriously
considering incorporating IT into strategic planning
and thinking
1/3of the insurance industry’s business is expected
to occur digitally by 2018
11% of business will be
generated via mobile channels by 2018 (2)
50% of Insurers consider social and mobile to be a priority
(3)
86% of mid to large insurance
companies, life and annuity providers already have a BYOD strategy (4)
250 : 1 the prediction for digital vs
face-to-face interactions with financial services companies by 2016
30 : 1 the predicted number for
mobile interactions vs calls
15 - 20 yearsAge of a typical Policy Administration system
Source1) PwC 2014 CEO Survey2) World Insurance Report, 20143) Cap Gemini4) Celent Research
MOBILE OPPORTUNITIES FOR INSURANCE INDUSTRY
Revenue increase/more sales by providing anytime/anywhere access to enterprise data and back office systems in real time
Cost savings due to a paperless working environment, significant time saving for the sales force by enabling risk adjusted rates
Happy customers – Omnichannel customer communication + support for the customer decision process, by providing easy to understand graphical interfaces that enable customers to understand their options and make a faster purchase
Increased employee collaboration & productivity
Better quality of service for all sales force, including agents, independent agents, brokers & advisors. This leads to increased customer satisfaction and loyalty
Better security - Introducing BYOD stimulates IT departments to develop better security measures
BENEFITS OF ENTERPRISE MOBILITY
Customer Centricity
Omni-‐channelcommunication
Access to information
from anywhere, anytime
Mobile Moments for
loyalty
Understandclients “on
the go” needs
Learn how to drive business outcomes through enhanced mobile experience
Sophisticated customers demand exquisite custom experience
Sophisticated customers demand a consistent approach across all channels
Context ruled by mobility enable financial companies to stay connected with customers anytime
CUSTOMER CENTRICITY
MOBILE APPLICATIONS
The implementation of a mobility strategy focused on improving the sales process provides the following benefits:
SALES MOBILITY
How does mobility improve the sales process?
Sales Process
1 -‐ Source: Ed Tittel articleBYOD – Bring your own device
99.9% of employees practice BYOD safely, it's that 0,1% that can kill you.”Dave Trigo, VP & CIO at The Hanover Insurance Group (1)“
SECURITY
Recommendations
Use anti-malware software
Encrypted, secure mobile communication; use VPNs to communicate between mobile devices
& web/cloud based systems
Strong authentication/user password, beyond possession of a device
eg: 10 failed login attempts = delete internal storage
Ask employees to log into a remote virtual work
environment when using work applications
Create separate, secure mobile gateways, with customized firewalls
For BYOD require access through secure wireless
connections & hide bluetooth from discovery
Perform regular security audits
HOW INSURERS USE MOBILE?
SecurityCyberAge: Keeps users current on cyber-security, with updates on cybernews, reported data breaches, risk analysis, and industry opinions.
Child safety
Make Safe Happen: Allows users to record the age of each child then access a safety checklist and specific advice for each room in the house (kitchen, living room, bedroom, stairway, and bathroom.
Travel safety
Infinity: enables users to record and share photos of milestones, vacations, or everyday life with people who will always be able to access them; also provides cloud storage for critical information/documents
Driving safety
Driver Feedback: helps people improve their dangerous driving habits by measuring braking, acceleration, and cornering for each trip based on smartphone;s accelerometer and GPS locator
HomeHome Gallery: helps users record a virtual inventory of their personal property. Capture photos and scan bar codes of items throughout the home and keep a full record of belongings + receipts
MOBILITY - RECOMMENDATIONS
Mobilize and empower your sales agents and brokers to upsell, sell faster and easier & to
perform “what if”/best option simulations
Provide downloadable sales apps to employees,
agencies, brokers, customers to enhance user experience and boost sales
Replace hard to use online forms with modern,
integrated web, mobile and social applications
Introduce mobile apps that support collaboration with all business stakeholders
INSURANCE EXPERTISE
• Broad experience in delivering complex services and solutions that integrate sales, marketing, customer service and other processes to large insurers and brokers
• We have developed and successfully deployed a complete insurance solution, with modular architecture, available on premise & on Cloud, bi-directional integrated with SAP, Microsoft & Oracle
INSURANCE EXPERTISE
INSURANCE EXPERTISE• Website/intranet development • Self service portals • Online policy selling • Online claims management • Enterprise e-learning and intranets• Employee management & training • operations support systems development
and deployment• Mobility:• Mobile apps development, SFA, document
management• Big data and BI solutions• CRM/ Sales Force Automation • Business Process Management
EITG SOLUTION• Product management• Policy Management• Accounts & intermediaries• Underwriting• Actuarial reports• Billing and collection• Financial Accounting • Reinsurance
EITG MOBILE APPLICATIONS EXPERIENCE
• We cover the full spectrum of services:• Mobile applications development• Extending enterprises into mobile• Hybrid apps development• Native apps development• Mobile software testing
• We were first on a local market to: First Sales Force Automation application in Romania built on Android OS with auto-sync and fully integrated with Microsoft Dynamics CRM and SAP; Optical character recognition (OCR) system integrated into iOS & Android tablets allowing rapid document caption
• We develop feature rich applications, with beautiful UX design with features such as: • E-Commerce• Payment systems• Personal finance• Near Field Communication• Geo-location• Augmented reality• Social applications
• Games• Personal Entertainment• Multimedia• Location based services• Animations• Rich media content• Complex graphics
MOBILE APPLICATIONS REFERENCES
• We have broad experience in developing end to end, user friendly mobile applications for the insurance industry.
• Below a use case of sales productivity applications we have developed for several insurance customers
E2E SALES MOBILITY IN INSURANCE
From paper in your hand, to smartphones --to the data on the server
BIOMETRIC SIGNATURE – Capture handwritten signatures o signature pads, smartphones and tablets
Real-Time Customer and Employee Identification & BIOMETRIC VERIFICATION based on a signature
OPTICAL CHARACTER RECOGNITION–
Reduce administrative work and improve data
quality and sales efficiency. Combat
human error.
