Chief Data Officer Forum, Insurance September 15, 2016

How Insurers are Leveraging Modern Technology for

Improved Customer Experiences

Today’s Agenda

•  A little about the Client Experience

•  Who We Are

•  Modern Technology For Insurance

•  Customer Use Cases and Examples

•  Paper continues to be an ideal way to collect customer information

•  Historical data is often only available on paper (or images of paper)

•  How do we quickly and accurately capture this data in a way that … •  Maximixes operational efficiency

•  Ensures high data quality

•  Eliminates redundancy / cost of rework

•  Remains flexible and scales elastically based on the business needs

•  Avoids disruption of established workflows and existing IT investments

Paper is an “Operational Constant” in Insurance

Source:AccentureAutoma.onTechnologySeries,2016

74% say it is a critical or high priority

# 1

Source: Forrester Research Business Technographics Global Priorities & Journey Survey, 2015

95% of Agency owners …

… say they are focused on improving the customer experience over the next year

priority of insurance carriers is “Addressing Rising Customer Expectations”

… about sharing their personal information in digital channels

53% of online American consumers are “concerned” or “very concerned” …

…but they refuse to use them

42% of online consumers are aware of online forms offered by their insurance carriers …

… but “going paperless” is not always the best answer.

Insurance Carriers and Agents are Trying to Improve the Customer Experience…

The Customer’s Expectations for their Experience…

The Reality of the Customer’s Experience:

Our Mission To democratize

data access for organizations

that serve everyone

Government Health Insurance & Financial Services

10 of the Top 20 U.S. Insurers

Captricity Customers

Non-Profit

Software-as-a-Service Powered by Machine Learning

Multi-Channel Capture Digital Enrichment Actionable Data

Captricity’s Automation Platform Delivers 99.9% Accuracy and …

Same-Day Turnaround Time; Time-to-Value <30 days

Cost Savings of 50% - 70%+; Return on Investment <3-8 months

Enterprise-Grade Security; 100% HIPAA Compliant

Infinite, Elastic Platform Scalability

Advanced Capture

Cloud Services & Crowdsourcing

Artificial Intelligence

Robotics Process Automation

Alternative Data, Big Data & Analytics

What are “Modern Technologies”?

o  Transformation: Operational vs. Capital cost, on-demand & scalable, eliminating maintenance and upgrade cycles

o Examples: Salesforce.com, Gmail, Captricity, DropIn

o What we’re seeing: reduced costs, new models

Cloud Services, SaaS, Crowdsourcing…and Insurance

o  Transformation: less physical mail, faster processes

o Examples: pictures via mobile apps, smart forms, handwriting captureo What we’re seeing: improvements in the customer experience

Advanced Capture…and Insurance

SaaS solutions do not require upgrades to … •  Existing IT infrastructure •  Business operations •  The way day-to-day transactional

data is processed

Accenture named Captricity as a“SaaS provider on the leading edge.”

Forrester recognizes Captricity as an “Advanced Capture” solution and say that “ Capture As A Service (CaaS) Will Replace Batch Capture Systems”

Software-as-a-Service (SaaS) and Advanced Capture vs. Traditional Capture Solutions

Source:AccentureAutoma.onTechnologySeries,2016

“Capture is one of the most

complex, labor intensive and challenging aspects of the

document delivery pipeline.” - Accenture 2016

o  Transformation: solving historically difficult problems

o Examples: self-driving cars, reading handwritingo What we’re seeing: AI & ML can solve traditionally very hard

problems

Artificial Intelligence…and Insurance

o  Transformation: Automation of repetitive and rudimentary tasks

o Examples: Looking up policy information, entering address changes

o What we’re seeing: there’s low hanging fruit, don’t overcomplicate

Robotics Process Automation…and Insurance

Crowd-Guided Deep Learning

DEEP LEARNING CROWD VALIDATION

What is Robotic Process Automation (RPA)?

RPA

o Data can be big because of Volume, Variety or Velocity

o Analytics requires data and can be very focused or very broad

o Disruption: Automation of decision making (underwriting), approaching new demographics and offering new products

o Examples: AllLife (South Africa) & Diabetes, Fast Track Underwriting

o What we’re seeing: Know the desired business outcomes first

Alternative Data, Big Data, Analytics…and Insurance

Process Analytics in 6 Simple Steps

Identify Workflow

Define Requirements

Execute POC

Analyze Data

Develop Value Assessment

Present Business Case

Customer selects a workflow

Customer provides batch of sample forms (1k+)

Both parties determine

critical data fields

Both parties define success metrics vs. ’as-is’

Sample forms run through Captricity’s

crowd-guided digitization platform

Captricity’s data science team performs analysis

of sample data

•  Form design •  NIGO ID & remediation •  Fraud Detection •  Data validation •  Data enrichment •  Intelligent delivery

Customer & Captricity partner to build a value

assessment using findings from data

analysis

Customer & Captricity conduct workshop to

deliver the business case to LOB leadership teams

Anatomy of a Process Analytics Project

Identify Workflow Customer selects a workflow to use as a starting point to build a clear business case around

Build Requirements Customer provides batch of sample forms (1K+) Both parties determine critical data fields Both parties define success metrics vs. ‘as-is’

Run POC Sample forms run through Captricity’s crowd-guided digitization platform

Analyze Data Captricity’s data science team performs analysis of sample data •  Form design •  NIGO ID & remediation •  Data validation •  Data enrichment •  Intelligent delivery

Define Value Customer & Captricity partner to build a value assessment using findings from data analysis

Deliver Business Case Customer & Captricity conduct workshop to deliver the business case to LOB leadership teams

(1-2 WEEKS)

Customer Stories.

Familiar forms and workflows:

•  Applications/Enrollment Forms (new business)

•  Change forms

•  Claims forms

•  Electronic payment authorizations

•  Contract change requests

•  Collateral forms

•  Withdrawal forms

•  Death certificates

•  Operational use cases involve using Captricity

day-to-day, eliminating manual entry.

•  Analytics use cases involve using Captricity on

archived/historic documents to unlock missing or

unavailable data.

Use Cases : Operations & Analytics

Information Types

Systems & Tools

Process

Example: Typical New Business Process

Imaging Manual Indexing

NIGO / IGO

Underwriting

Scanners Doc Prep

Document Repository

New Business System

Policy Admin System

Data Entry

Information Types

Systems & Tools

Process

New Business Process With Captricity Business Result:

Imaging

NIGO / IGO

Underwriting

Scanners Doc Prep

Document Repository

New Business System

Policy Admin System

Captricity Capture

Transform

Deliver

CHALLENGE: Software unable to capture handwriting from direct mail lead generation program; team of data entry clerks not scalable SOLUTION: A fully-automated data capture solution

•  Auto-Sort amongst 100+ versions for different promotions

•  Improve accuracy to 99.5% (vs ~94% + 3rd party validation)

•  Reduced process time to hours (vs days)

•  ~50% cost of status quo

•  Custom data output for easy integration with legacy systems

Operational Efficiency: Automating Business Reply Card Processing

CHALLENGE: No easy access to “cause of death” data from death certificates, which are submitted along with death claims but typically filed away without further analysis (100’s of potential templates to identify, sort and capture)

SOLUTION:

Enabled big-data analytics for underwriting innovation and to, specifically, improve fraud detection capabilities leveraging patterns found in historical customer data

Analytics Enablement: Extracting Data from 1M+ Death Claims

LA Death Certificate LA Death Certificate

Only Possible With Advanced Capture and Machine Learning Technology New York Life now has access to over 20 million new data points after digitizing ten years of legacy death certificates

CHALLENGE: Need to provide analytics and actuarial teams with self-serve access to customer data generated by new life applications and paramed forms (lab reports). SOLUTION: Enabled analytics teams across the organization to run advanced analytics which will inform the business of potential improvements to shorten the underwriting process and improve the overall new customer experience.

Analytics Enablement: Fast-Track Underwriting

CHALLENGE: Volume outpacing throughput capacity. Errors in manual processing causing rework. Slow turnaround time = poor customer experience. Analytics team lacked access to critical customer data SOLUTION: Utilize cloud native SaaS business model that scales with business need. Replace manual outsourced operations. Reduce turnaround time in half. Unlock actionable data for fraud protection

Operational Efficiency: Automating Claims & Service Form Processing

Top5U.S.P&CInsurer

Thank You.

For more information:

Visit: www.captricity.com www.captricity.org

Email:

brianc@captricity.com

Call: (415) 237-FORM (3676)