Upload
gemma-adair
View
104
Download
1
Tags:
Embed Size (px)
DESCRIPTION
Improving Process and Collaboration in Insurance - K2 and Sword hosted a breakfast seminar at the Royal Exchange in London on Thursday 18th September 2014. Guest speakers included industry experts Lloyd’s Syndicate Marketform and Microsoft
Citation preview
Bruce McKee
Microsoft, Financial Services
@bajmckee
The Internet of Things, will it change insurance forever?
Grow premium Improve investments returns
Price policies effectively
Address complex regulations
Spur product & service innovation
Attract a new generation
What
opportunities
& challenges
do these create?
Major themes and challenges
I1995 I2005 I2010 I2015
T E LEPHONE
D I RECT S E LL ING
I NTERNET
D I S INTERMEDIAT ION M 2 M
D I SAGGREGATI ON
I OT
P E R ONALISED
I N S IGHT
The history of insurance
What is it? Ability to offer Telematics pre and post-policy
Always on
Data capture for smartphone / ODBII and black box
Uses Microsoft Azure for flexibility
How can it be used? • New Telematics based
products
• Understand key influences on driving behavior
• Price and manage risk better
• Provide regular touch-points with consumers
• FNOL / Claims
Examples:
• Aviva
• Only Young Drivers
• Catlin
Aviva – 500,000 app downloads
Raised NPS
Best ever campaign
Aviva Drive
Fixed device
Costs – device, install, SIM, data, analysis
~Euro 200
ODBII Plug in device
Costs – device, data, analysis
~Euro 100
Smartphone – FNOL, drive profile
Costs – App, Data, Analysis, Service
~Euro 50
Telematics devices
Telematics devices Vehicle trips
Automatic, geo-fence or manual
Accident reconstruction (second by second)
Drive behaviour Risk policy
Feedback
Accidents FNOL, trigger and detail (5min)
Management reporting
Connected cars
What is the Internet of Things?
Inaccessible data
Limited flexibility
Incompatible
with infrastructure Unreliable service
Slow implementation Unsecure data and assets
Connect Extend Configure Administer Harness
Machine system
What systems already exist?
All systems have different data formats
How do you
aggregate
information?
Who
controls the
data?
Which
systems
contain
valuable
data?
All business processes follow the same pattern
Step 1 Step 2 Unknown Finish
What if system data
could remove
uncertainty?
Early warning /
intervention
Enable proactive risk
management
5 Customer insight and communications
Connect &
Collaborate
Discover
&
combine
Model &
analyse
Visualise &
Interact
OBSERVE
BEHAVIOURS
& DEFECTS
OPERATIONALISE
CREATE HYPOTHESES
TEST & ANALYSE THEM
REFINE &
OPTIMISE
Feedback
Profile
Enhance
data
DATA
RECOMMENDATION
ACTION
Existing
Intelligence
practice
Risk insight
Operational
enhancements
Insight from inference
Insight
Compare
ML Studio and the Data Scientist
• Access and prepare data
• Create, test and train models
• Collaborate
• One click to stage for
production via the API service
Business users easily access results: from anywhere, on any device
HDInsight
Desktop Data
Azure Storage
Mobile Apps PowerBI/
Dashboards Web Apps
ML API service and the Developer
• Tested models available as an url that can be called from any end point
Azure Portal & ML API service and the Azure Ops Team
• Create ML Studio workspace
• Assign storage account(s)
• Monitor ML consumption
• See alerts when model is ready
• Deploy models to web service
Machine Learning — from data to information
Churn
analysis
Equipment
monitoring
Predictive fail
rates
Active risk
management
Recommendations
Fraud
detection
Image
detection &
classification
Forecasting
Anomaly
detection
Using past data
to predict the
future
What can machine
learning do for
your business?
Customer insight
History of client contact
Risk information / profile Communications /
marketing /
Insight is no use unless you can do
something useful with the information
and take positive action as a result
Insight
Single client view /
integration of multiple
systems
Bruce McKee
https://www.facebook.com/financialservicesuk
uk.linkedin.com/in/bajmckee @bajmckee
Working Lunch series