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