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Personalizing Personal Lines

Digital Impact on PL Insurance

E R I K S T O C K W E L LHead of Insurance Consulting & Transformation Services

Insurance industry is undergoing digital changes in the blink of an eye…

... disrupting and redesigning existing business models and mandating the incumbent carriers to

think out of the box

…P&C firms are making bold investments and adopting new business models to Personalize the

way clients consume insurance offerings…Personalization Trends in three areas have been dominating conversations within the P&C Insurance industry

Artificial Intelligence andAnalytics

AI & Analytics to deliver offeringstailored to personal needs

Hurdles are

data access,

data integrity

and algorithmtransparency

85%

of Insurers are investing$5M or more on AI annually

76%

87%

of CEOs believe that AI will change the world yet only 20% ofcompanies have AI currently (BCG)

believe this change will be in the next 3 years (Deloitte)

AI & Analytics to deliver offeringstailored to personal needs

RoboticProcess

Automation(RPA)

ArtificialIntelligence

SmartAnalytics

The HFSTriple-ATrifecta

AI & Analytics to deliver offeringstailored to personal needs

Personalized Sales, Underwriting & Claims

Personalized

offerings tailored

to personal

needs

(Photo and video

inspections of anything

anywhere)

Personalized offerings driving improved claims –implementing digital inspection for a multi-line P&C carrier

ImpactDays to inspect reduced from 7+

days to 2 days

Cost to inspect reduced by 35% (LAE)

~15% Increase in adjuster productivity

Self service app

On-demandresource

Fieldinspection

New Players / InsurTech Ventures

New Players & InsurTechs driving new product approaches

Launched by National Domestic Workers Alliance last year to help

house cleaners:

Cleaners in California and

New York can access:• Accident insurance

• Critical illness insurance• Life insurance

• Disability insurance

New Players & InsurTechs driving new product approaches

App-based auto insurance based on your personal driving habits:

App handles all aspects of the experience:

• Recommended plan & premium based on you• View Insurance card

• Report a claim• Order Roadside assistance

• Invite other drivers

Pulling it togetherFind an ecosystem partner with P&C insurance process domain to design, transform and

run Personalized Personal Lines Operations

A global deliverypartner who plans and

runs best in classoperations

A consulting partner who conceives

advanced target operating models

A digital partner whobrings innovative

technology solutionsand drives automation

A transformationpartner whose data

and analyticssolutions improvebusiness outcomes

Genpact

is a global professionalservices firm

delivering andsustaining digital

transformation for itsclients…

… using Cora, our AI-based platform, to bring this personalized insurance strategy to life

Thank you!

Q&A