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1. vv 2. vv Emerging Technologies to Prevent P&C Claims and Reduce Severity Wed, June 17, 12:50 1:35 pm 3. Presenters Karen Furtado Partner Strategy Meets Action [email protected] 978.239.2741 Twitter @karenmfurtado Jose Tribuzio Founder & CEO Systema Software [email protected] 4. Agenda Introduction Business Intelligence & Data Mining Wearables Drones and Aerial Imaging Internet of Things Connected Homes and Cars Call to Action 5. We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction. Bill Gates 6. Achieve Responsive PRODUCT CONFIGURATION Implement OMNI-CHANNEL Capabilities Drive Value Through Improved CUSTOMER EXPERIENCE Optimize CLAIMS Beyond the Transaction Create and Execute a DIGITAL STRATEGY Interconnect Intelligence for UNDERWRITING Capitalize on ANALYTICS Across the Enterprise INNOVATE to become a NEXT-GEN INSURER Execute on CORE TRANSFORMATION Source: Strategy Meets Action 2015 SMA Top 10 Imperatives 7. Cloud Computing Growth Analytics and Big Data Leverage Collaboration Expansion Telematics Tipping Point Mobile Maturity Source: Strategy Meets Action 2014 Maturing Technologies 8. Emerging Technologies Drones/ Aerial Imaging 3D Printing Driverless Vehicles Artificial Intelligence Biotechnolog y Semantic Technologies Wearable Devices Insurance Source: Strategy Meets Action 2014 9. vv Emerging Technologies Jose Tribuzio 10. Unlock the Power What is Business Intelligence? Business Intelligence (BI): Refers to computer-based techniques used to spot, root out, and analyze data. Data Mining: The process of analyzing data from different perspectives and summarizing it into useful information. Predictive Analytics: Forecast outcomes, provide predictive score, e.g. on likelihood of fraud, subrogation, or litigation Power BI: Natural language query (Q&A), drag-and-drop dashboard creation 11. Data Mining: Decision Tree Model 12. Data Mining: Neural Network 13. Excel Pivot Table 14. Natural Language Q&A Video 15. Natural Language Q&A 16. What are Wearables? Computer-powered devices, comfortably worn, capable of collecting, storing and transmitting data First Wearable, introduced in 2006 Nike+iPod Sport Kit, sensors in shoes track/transmit (distance, speed, calories) to Apple products First gained traction as fitness trackers: Fitbit, Misfit, etc. Future Market According to Business Insider, value of wearables market is expected to grow from $5.2 billion to $12.6 billion by 2018. 76% of employers exploring digital health tech including wearables Healthier employees; productivity gains, lower healthcare costs Wearable Technology 17. From Fitness To Healthcare, Insurance and more Vital statistics (blood pressure, heart rate, respiration) Apple Watch, 2015 HealthKit, centralized data hub; devices and apps share data Partner with Mayo Clinic and Epic Systems, leading health record company, one day make wearable data available to doctors Samsung, Google & Microsoft also in market, own data hubs Benefits to Healthcare: Example: Patients blood pressure, wearable readings to physician, track and manage condition Smart shirt track heart and respiration rate, alert doctors if patient about to have a heart attack or stroke Broaden Application 18. Data services for wearable data: Consultation on medical condition, fitness coaching and weight loss training Software to automate insights beyond motivating users to take more steps to reach a goal Cloud-based software, consolidate wearable data, making it available for deeper analysis Wearable Data Services 19. Smart Glasses & Apps Field claims professionals, use smart glasses and eyewear to capture near real-time assessment of losses in personal and commercial lines DriveSafe App, alert drivers when eyes begin to close, benefit drivers with long shifts, +12 hours a day 20. Google Glass Apps Firefighter in Rocky Mountain fire department developed app 21. Google Glass Apps Firefighter in Rocky Mountain fire department developed app Incoming emergency dispatches Map location of fire, other emergencies; locate nearby fire hydrants Building floor plans (access hands-free as enter burning building) Extraction diagrams to free victims trapped in cars https://www.youtube.com/watch?v=QPbZy2wrTGk 22. vv Emerging Technologies Karen Furtado 23. New Products and Services New Products Shared Economy Insurance New risks insurance New Services: Loss Prevention & Mitigation 3D Printing of homes, parts, and more Drones to assess damage; send supplies Source: Google Images 24. Drones/Aerial Imagery Areas of Greatest Risk and Greatest Potential in Insurance Percent of Insurers Citing Source: SMA Research, Emerging Technologies, Insurer Survey 2014, n=88 25. Trends Increasing usage of aerial imaging Commoditization of drones Evolution of regulation Pilots for many use cases across many industries Claim Impact Augment inspection process for difficult to reach locations Improved claims settlement timeliness, accuracy, and customer service Assess dangerous, toxic, inaccessible locations CAT planning prioritize adjuster assignments Drones/Aerial Imagery 26. Internet of Things Areas of Greatest Risk and Greatest Potential in Insurance Percent of Insurers Citing Source: SMA Research, Emerging Technologies, Insurer Survey 2014, n=88 27. Trends Big manufacturers jumping in Focus on connecting objects, machines, and people Making transparent data and information Platforms/architectures evolving Gold rush mentality Claims Impact Creating new data sources Loss cost implications New proactive tools Internet of Things 28. Trends Safety/Proactive management Data collection/Information availabilty Autonomous/remote operation Entertainment and Information Claims Impact Risk mitigation - disruption to risk exposure and assumptions Liability may shift Replacement of insured items Connected Cars and Homes 29. Connect the future today shift priorities and investment plans Make a choice around change open or close Embrace the emerging trends & influencers flip risks to opportunities Call to Action Source: Strategy Meets Action 2015 30. Jose Tribuzio CEO of Systema Software [email protected] Q&A Karen Furtado Principal at SMA [email protected]