redefining insurance: insurance india summit 2016
TRANSCRIPT
Vikrant Chowdhary | Head BFSI & Telecom, SAP Indian Subcontinent
Reimagining Insurance
Is the future of insurance,
insurance?
2
1666 The Great Fire of London
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 3Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 4Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 5Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 6Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 7Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 8Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 9Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 10Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 11Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 12Public
1666 2020Today
Mathematical abstraction Physical reality
Reduce financial impact of loss Reduce risk of loss
Insurance product centric Customer experience centric
ØPolicy
...$...
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 13Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 14Public
Insurance
Products
How will insurance business models evolve?
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 15Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 16Public
Simple entry
Example
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 17Public
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
…
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 18Public
Simple access
Example
https://www.google.co.uk/
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 19Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 20Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 21Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 22Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 23Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 25Public
SAP is already reimagining the future!
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 26Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 27Public
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 28Public
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
© 2016 SAP SE or an SAP affiliate company. All rights reserved. 29Public
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
