the future of underwriting · 2020-01-30 · future of underwriting ecosystems new business models...

For more details, visit imaginea.com or write to [email protected] Our recommended roadmap http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf https://www.insurancefraud.org/statistics.htm https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-services/deloitte-au-fs- 2018-insurance-industry-outlook-230218.pdf https://www.accenture.com/us-en/_acnmedia/Accenture/Conversion-Assets/Microsites/Local/Doc uments/PDF/Accenture-The-Connected-Home-New-Opportunities-for-Property-and-Casualty-In surer-POV.pdf https://www.ey.com/Publication/vwLUAssets/ey-digital-transformation-in-underwriting/$FILE/ey- digital-transformation-in-underwriting.pdf Source: Automation using RPA & CA Always start with an automation opportunity assessment Consider features for governance, changes to existing applications Define automation goals (improve efficiency and reduce cost) Plan for short releases and post-implementation assessment to stay on track Future of underwriting Ecosystems New business models powered by internal data and external data accessed through APIs from allied service providers and analytics providers to improve performance. Customization Sophisticated platforms act as a one-stop destination and offer customers differentiated experiences, features, pricing, and value by connecting customers and insurers. Key factors for transforming legacy systems 79% 78% of customers would be willing to share personal information with their insurer in return of benefits such as lower premiums or quicker claims settlement of the insurance industry is estimated to be already investing in RPA, according to World Insurance Report 2017 Accelerate transformation with data and automation Predictive analytics using datasets from internal and external data for better risk analysis Top technology enablers RPA helps in automating routine tasks and reducing time to prepare underwriting AI-based real-time data to detect fraudulent activities and prevent loss Communication Customer expectation Quick response to their claims and queries Personalized and user-friendly experience in buying Short turnaround time on policy issuance New capabilities Improve quality of insights and offer instant solution Automate bot-enabled policy servicing Generate personalized customer quote New digital entrants have started invading the traditional insurance business. To sustain and grow in this game, it becomes inevitable for traditional insurers to modernize commercial and communication aspects of underwriting. Commercial Traditional underwriter Underwriting & post underwriting A blend of sales executive, data scientist, customer advocate, and innovator Legacy systems Manual data entry and verification are highly time consuming due to system silos Imperfect risk modeling due to the lack of understanding risk limits Financial loss due to the lack of visiblity - manipulative fraudsters cost the industry in excess of $80 bn annually Modern systems Eliminates manual review using OCR (optical character recognition) Uses NLP (natural language processing) and advanced decision trees to improve underwriting and capital efficiency Uses ML (machine learning) to analyze large volumes of data - allowing for in-depth review and identify fraud efficiently Future underwriter Vs How technology and changing customer expectations are radically transforming the life of insurance underwriters THE FUTURE OF UNDERWRITING

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Page 1: THE FUTURE OF UNDERWRITING · 2020-01-30 · Future of underwriting Ecosystems New business models powered by internal data and external data accessed through APIs from allied service

For more details, visit imaginea.com or write to [email protected]

Our recommended roadmap

http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf

https://www.insurancefraud.org/statistics.htm

https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-services/deloitte-au-fs-2018-insurance-industry-outlook-230218.pdf

https://www.accenture.com/us-en/_acnmedia/Accenture/Conversion-Assets/Microsites/Local/Documents/PDF/Accenture-The-Connected-Home-New-Opportunities-for-Property-and-Casualty-Insurer-POV.pdf

https://www.ey.com/Publication/vwLUAssets/ey-digital-transformation-in-underwriting/$FILE/ey-digital-transformation-in-underwriting.pdf

Source:

Automation using RPA & CA

Always start with anautomation opportunityassessment

Consider features forgovernance, changesto existing applications

Define automation goals(improve efficiency and reduce cost)

Plan for short releases and post-implementationassessment to stay on track

Future of underwriting

EcosystemsNew business models powered by internal data and external data accessed through APIs from allied service providers and analytics providers to improve performance.

CustomizationSophisticated platforms act as a one-stop destination and offer customers differentiated experiences, features, pricing, and value by connecting customers and insurers.

Key factors for transforming legacy systems

79%

78%of customers would be willing to sharepersonal information with their insurerin return of benefits such as lowerpremiums or quicker claims settlement

of the insurance industry is estimated to be already investingin RPA, according to WorldInsurance Report 2017

Accelerate transformation with data and automation

Predictive analytics using datasetsfrom internal and external data forbetter risk analysis

Top technology enablers

RPA helps in automating routine tasks and reducing time to prepare underwriting

AI-based real-time data to detectfraudulent activities and prevent loss

Communication

Customer expectation

Quick response to their claims and queries

Personalized and user-friendly experience in buying

Short turnaround time onpolicy issuance

New capabilities

Improve quality of insights andoffer instant solution

Automate bot-enabledpolicy servicing

Generate personalizedcustomer quote

New digital entrants have started invading the traditional insurance business. To sustain and grow in this game, it becomes inevitable for traditional insurers to modernize commercial and communication aspects of underwriting.

CommercialTraditional underwriter

Underwriting & post underwriting A blend of sales executive, data scientist, customer advocate,

and innovator

Legacy systems

Manual data entry and verification are highly time consuming due to system silos

Imperfect risk modeling due to thelack of understanding risk limits

Financial loss due to the lack ofvisiblity - manipulative fraudsters costthe industry in excess of $80 bn annually

Modern systems

Eliminates manual review using OCR (optical character recognition)

Uses NLP (natural language processing) and advanced decision trees to improve underwriting and capital efficiency

Uses ML (machine learning) to analyze large volumes of data - allowing for in-depth review and identify fraud efficiently

Future underwriterVs