redefining insurance: insurance india summit 2016
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Vikrant Chowdhary | Head BFSI & Telecom, SAP Indian Subcontinent
Reimagining Insurance
Is the future of insurance,
insurance?
2
1666 The Great Fire of London
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1666 2020Today
Mathematical abstraction Physical reality
Reduce financial impact of loss Reduce risk of loss
Insurance product centric Customer experience centric
ØPolicy
...$...
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Life & Wellness
Home & Property Illness Care & Recovery
Vehicle & Mobility
Business & Projects
Travel & Leisure
Income & Wealth
Preventing lossCompensating financial loss
Why do we buy insurance?
Today Tomorrow
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Insurance
Products
How will insurance business models evolve?
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Life Insurance
Health Rider
Fitness Tracker
Health Monitor
Lifestyle reward
Reward consumption
Device protection
Branding
Health Membership
Life & Wellness
Life
Insurance
Health Insurance
Physical device
Analytics
Capture
data
Reward
management
Point / $
consumption
P&C Insurance
Configurability
Service
Management
One
Product
Delivered
to
millions
Big Data
Profitably
Consolidate
DataAlign all
touchpoints
and channels
Benchmark & Predict
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Simple entry
Example
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Everything around the context
Example
Source: Modelled after M. Porter Harvard Business Review
Mobility Ecosystem
Smart Car
Connected Car
Car
++
+
Main-
tenanceDevice
Provision
Motor
Insurance
Assistance
Rewards
…
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Simple access
Example
https://www.google.co.uk/
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Bringing all services, devices and insurance together as
needed
Example
https://www.statefarm.com/customer-care/life-events/smart-home-systems/adt-pulse
http://www.adt.com/media/statefarm/health.html
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Designing experiences around special needs
Example
Providing insurance and banking services to
refugees and migrant communities.
https://www.lebara.com/ca/en/lebara-has/services
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Digital Transformation
Boardroom challenges
CEO
ITDigital Marketing Sales Operations Finance Procurement HR
• New digital
business
models
• Cross line
of business
• Cross
industry
• New digital
customer
experience
• Targeting
new
markets
• Sales force
agility
• Omnichannel
& E-
Commerce
• Service
• Cross-Selling
• Product
agility
• Integrating
non-
insurance
capability
• Efficiency
• New
regulation
• Transparency
• Profitability
• Prediction
• War for talent
• Integrating
external &
internal talent
• Global travel
• Globalizing
investment
strategies
• Portfolio
agility
• Trading
integration
• Integrating
business
networks
• Spend
control
Assets
• Enabling new
models
• Integration
• Big data
• Cloud
• Security
CDO CMO CSO COO CFO CAO CPO CHO CIO
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IT Platform challenges
FRONT OFFICE MIDDLE OFFICE BACK OFFICE
Claims ReinsurancePolicy
Collections & Payments
Fraud PeopleSpend
Finance
Planning
Underwriting
Incentives & Commissions
Service
Sales
Logistics
ANALYTICS
Marketing
Big Data
Controlling
Internet of Things Business Networks TravelContractorsCapital MarketsOmnichannel
Cross Insurance
Models
Life & Health
Property
Commercial
Group
Credit
Digital
Networks
Cross Industry
Models
Banking
Healthcare
Automotive
Facilities
Supply Chain
…
Digital Transformation
CEO
ITDigital Marketing Sales Operations Finance Procurement HRAssets
CDO CMO CSO COO CFO CAO CPO CHO CIO
IT Platform
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SAP Insurance
FRONT OFFICE MIDDLE OFFICE BACK OFFICE
Claims ReinsurancePolicy
Collections & Payments
Fraud PeopleSpend
Finance
Planning
Underwriting
Incentives & Commissions
Service
Sales
Logistics
ANALYTICS
Marketing
HANA
Controlling
Internet of Things Business Networks TravelContractorsCapital MarketsOmnichannel
Cross Insurance
Life & Health
Property
Commercial
Group
Credit
Digital
Networks
Cross Industry
Banking
Healthcare
Automotive
Facilities
Supply Chain
…
Digital Transformation
CEO
ITDigital Marketing Sales Operations Finance Procurement HRAssets
CDO CMO CSO COO CFO CAO CPO CHO CIO
Insurance
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 24Public
Boardroom of the Future
FRONT OFFICE MIDDLE OFFICE BACK OFFICE
Claims ReinsurancePolicy
Collections & Payments
Fraud PeopleSpend
Finance
Planning
Underwriting
Incentives & Commissions
Service
Sales
Logistics
ANALYTICS
Marketing
HANA
Controlling
Internet of Things Business Networks TravelContractorsCapital MarketsOmnichannel
Cross Insurance
Life & Health
Property
Commercial
Group
Credit
Digital
Networks
Cross Industry
Banking
Healthcare
Automotive
Facilities
Supply Chain
…
CEO
ITDigital Marketing Sales Operations Finance Procurement HRAssets
CDO CMO CSO COO CFO CAO CPO CHO CIO
Insurance
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SAP is already reimagining the future!
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SAP in Indian Financial Services Industry
Top 3 Public sector banks
Top 3 private sector banks
Largest Public sector Life Insurance Company
Leading 5 Private Sector Insurance Companies
India’s only Re-insurer
Regulators –Banking, Insurance and Capital Markets
Non Banking Financial services Auto Finance
Infrastructure Finance
Consumer Finance
More than 50 clients for Business Objects
5 Clients for Sybase IQ DWH
Industry Specific Solutions include Core banking, Core Insurance
Digital Banking
Deposits and Loans Management
Investment Management & Treasury
Incentive & Commission Management
Business Planning & Consolidation
Financial Inclusion
Collection & Disbursement for Insurance
Technology Platform stack solutions include: Corporate Connectivity
Business Analytics
Mobile Application Development/Device Management
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SAP – Marquee FSI Customers in India
Financial Management & Procurement Digital Banking CRM
Financial Services Network HRMS
Investment Management
Core Banking Modules
Collections & Disbursement,
Incentive & Commission Management
Auto Finance
Analytics
30
The future of insurance is risk reduction!
Reimagining Insurance
vikrant.chowdhary@sap.com
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