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The Disruptive Impact of Modern Technologies on Operational Processes and Organizational Strategies in Insurance
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SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Jan 22, 2018

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Page 1: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

The Disruptive Impact of Modern Technologies on

Operational Processes and Organizational Strategies

in Insurance

Page 2: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance
Page 3: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

74% say it is a critical or high priority

# 1

Source: Forrester Research Business Technographics Global Priorities & Journey Survey, 2015

95% of Agency owners …

… say they are focused on improving the customer

experience over the next year

priority of insurance carriers is “Addressing Rising Customer Expectations”

… about sharing their personal information via digital channels

53% of online American consumers are “concerned” or “very concerned” …

…but they refuse to use them

42% of online consumers are aware of online forms offered by their insurance carriers …

… but “going paperless” is not always the best answer.

Insurance Carriers and Agents are Trying to Improve the Customer Experience…

Page 4: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Government Health Insurance & Financial Services

10 of the Top 20 U.S. Insurers

Captricity Customers

Non-Profit

Page 5: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance
Page 6: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Advanced Capture

Cloud Services & Crowdsourcing

Artificial Intelligence

Robotics Process Automation

Alternative Data, Big Data & Analytics

What are “Modern Technologies”?

Page 7: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Familiar forms and workflows:

•  Applications/Enrollment Forms (new business)

•  Change forms

•  Claims forms

•  Electronic payment authorizations

•  Contract change requests

•  Collateral forms

•  Withdrawal forms

•  Death certificates

•  Operational use cases involve using Captricity

day-to-day, eliminating manual entry.

•  Analytics use cases involve using Captricity on

archived/historic documents to unlock missing or

unavailable data.

Use Cases : Operations & Analytics

Page 8: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

CHALLENGE: Need to provide analytics and actuarial teams with self-serve access to customer data generated by new life applications and paramed forms (lab reports). SOLUTION: Enabled analytics teams across the organization to run advanced analytics which will inform the business of potential improvements to shorten the underwriting process and improve the overall new customer experience.

Disruption: Fast-Track Underwriting

Page 9: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

CHALLENGE:

•  Data science team wanted to study long-term mortality to improve current underwriting models & fraud detection

•  Historical death claim data was trapped in legacy systems as scanned files and inaccessible for analysis

•  Manual data entry was too slow, expensive to solve the problem

•  Traditional OCR solutions could not extract high quality data from low quality & watermarked scans of death certificates

Disruption: Using New Sources of Data to Change Mortality Calculations and Risk Models

Page 10: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

LA Death Certificate LA Death Certificate

Only Possible With Advanced Capture and Machine Learning TechnologyNew York Life now has access to over 20 million new data points after digitizing ten years of legacy death certificates

Page 11: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Familiar forms and workflows:

•  Applications/Enrollment Forms (new business)

•  Change forms

•  Claims forms

•  Electronic payment authorizations

•  Contract change requests

•  Collateral forms

•  Withdrawal forms

•  Death certificates

•  Operational use cases involve using Captricity

day-to-day, eliminating manual entry.

•  Analytics use cases involve using Captricity on

archived/historic documents to unlock missing or

unavailable data.

Use Cases : Operations & Analytics

Page 12: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Thank You!

Brian E. Cox, Director of Industry [email protected]

201-572-6596

Page 13: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

o  Disruption: Operational vs. Capital cost, on-demand & scalable, eliminating maintenance and upgrade cycles

o  Examples: Salesforce.com, Gmail, Analytics, Captricity

o  What we’re seeing: it’s like outsourcing all your apps.

Cloud Services, Crowdsourcing…and Insurance

o  Disruption: choices, less physical mail, faster processes

o  Examples: pictures via mobile apps, smart forms, handwriting captureo  What we’re seeing: decisions driven by improving the customer

experience

Advanced Capture…and Insurance

Page 14: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

o  Disruption: solving historically difficult problems

o  Examples: self-driving cars, reading handwritingo  What we’re seeing: AI & ML can solve traditionally very hard

problems

Artificial Intelligence…and Insurance

o  Disruption: Automation of repetitive and rudimentary tasks

o  Examples: Looking up policy information, entering address changes

o  What we’re seeing: there’s low hanging fruit, don’t overcomplicate

Robotics Process Automation…and Insurance

Page 15: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

o  Data can be big because of Volume, Variety or Velocity

o  Analytics requires data and can be very focused or very broad

o  Disruption: Automation of decision making (underwriting), approaching new demographics and offering new products

o  Examples: AllLife (South Africa) & Diabetes, Fast Track Underwriting

o  What we’re seeing: Know the desired business outcomes first

Alternative Data, Big Data, Analytics…and Insurance

Page 16: SVIA Insurance Disrupted Conference 2016 - The Disruptive Impact of Modern Technologies on Operational Processes andOrganizational Strategies in Insurance

Continuous underwriting disruption: