![Page 1: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/1.jpg)
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
![Page 2: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/2.jpg)
Insurance industry is undergoing digital changes in the blink of an eye…
![Page 3: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/3.jpg)
... disrupting and redesigning existing business models and mandating the incumbent carriers to
think out of the box
![Page 4: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/4.jpg)
…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
![Page 5: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/5.jpg)
Artificial Intelligence andAnalytics
![Page 6: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/6.jpg)
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)
![Page 7: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/7.jpg)
AI & Analytics to deliver offeringstailored to personal needs
RoboticProcess
Automation(RPA)
ArtificialIntelligence
SmartAnalytics
The HFSTriple-ATrifecta
![Page 8: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/8.jpg)
AI & Analytics to deliver offeringstailored to personal needs
![Page 9: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/9.jpg)
Personalized Sales, Underwriting & Claims
![Page 10: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/10.jpg)
Personalized
offerings tailored
to personal
needs
(Photo and video
inspections of anything
anywhere)
![Page 11: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/11.jpg)
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
![Page 12: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/12.jpg)
New Players / InsurTech Ventures
![Page 13: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/13.jpg)
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
![Page 14: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/14.jpg)
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
![Page 15: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/15.jpg)
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
![Page 16: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/16.jpg)
Genpact
is a global professionalservices firm
delivering andsustaining digital
transformation for itsclients…
![Page 17: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/17.jpg)
… using Cora, our AI-based platform, to bring this personalized insurance strategy to life
![Page 18: Personalizing Personal Lines€¦ · Personalizing Personal Lines Digital Impact on PL Insurance E R I K S T O C K W E L L Head of Insurance Consulting & Transformation Services](https://reader034.vdocument.in/reader034/viewer/2022042215/5ebc33cfc9885c5d745cd219/html5/thumbnails/18.jpg)
Thank you!
Q&A