insurance technology 2017 8th annual summit -...

Insurance Technology 2017 8th Annual Summit Mumbai, January 19, 2017 REVIEW

The 8th Annual Summit on Insurance Technology, the country's leading conference on technology trends and directions in the dynamic insurance industry, provided an exclusive platform for dialogue among insurance CIOs/CTOs, technology consultants and suppliers. For the first time, the summit also featured InsurTech companies and start-ups and their perspectives on emerging technologies. The Summit began with an interactive discussion on customer experience transformation through digital. The panel on Data and Analytics - A Critical Evaluation covered benefits of analytics, issues and key learnings for the future. The panel on InsurTech - Impact of Emerging Technologies on Insurance talked about emerging InsurTech companies, disruptive technologies, case studies and ideas on the range of possibilities using insurtech.

Fintelekt Insurance Technology 8th Annual Summit 2017 3

Key takeaways In the insurance industry, the acquisition experience plays the most

important role. The insurer needs to focus on the channels preferred by the customer. Agents and distributors also need to be empowered with technology to make this possible.

Technology needs to be seamless and simple to encourage distributors and customers to adopt it. For example, using speech recognition to fill a form or integrating data from other eco systems.

To achieve synergy between channels of communication (such as the merger of audio, video and text), the sales process has to undergo a change to make it more transparent and real-time.

Digital can be used to identify fraudulent cases. There may be a correlation between social media profile of a customer and his lifestyle, which can be used when a claim comes in. Videos can be used to increase awareness amongst the customers regarding correct practices, to avoid mis-selling and bad claims.

Analytics can be used to identify quality of life of a customer so as to find opportunities for a cross sell or up sell. Analysis of claims can reveal geographies, agents or brokers that are bringing in the maximum number of claims.

Customer expectations are rapidly changing and are hard to predict. A company may invest in a technology today, which may not bring in any ROI. Overall, taking small risks is better than one large risk/decision.

While creating an omni-channel experience, be it through IVR, web, an app or a paper, efforts have to be made for the experience to be seamless, similar and very convenient. - Vivekanand Tripathi, Aegon Life Insurance

India is at the cusp of customer experience transformation due to the advent of digital. While the insurance

industry is trying to play catch-up to many other industries, the panel discussed the steps taken to interpret

customer expectations and use the range of inputs available through a digital approach to improve the

customer’s insurance journey.

From Left to Right: Kirti Patil, Executive Vice President & CTO, Kotak Life Insurance, Srinivasan Iyengar, Chief Operating Officer, Reliance Nippon Life Insurance (Moderator), Vivekanand Tripathi, Head IT, Aegon Life Insurance, Mayur Vasa, Head - IT Applications, Liberty Videocon General Insurance

Panel Discussion: Customer Experience Transformation through Digital


Key takeaways Data and analytics are different. Analytics is all about connecting the dots

across data sources. Unless the dots are connected and viewed with collective intelligence, data will not be insightful and getting actionable results in time will be tough.

Commitment from the management and employees about the value of analytics is the key to getting quality results out of analytics. One of the biggest challenges is tackling employee resistance to change

Using analytics, it is now possible to predict persistency, as well as the levers which will drive the persistency.

Collaboration from within and across the industry is aiding analytics. Data is being shared across the industry and more and more information about the customers is readily available.

There is no shortage of talent in analytics in India. How the talent is put to use is evolving with time. Companies have started working with smaller companies for software solutions.

Data analytics is helping with fraud detection. Understanding the patterns emerging from fraud is imperative. Analytics can be used to find out pockets of the market that are more prone to fraud and claims. Finding a pattern of the loss making geographies can help revise marketing plans.

Going forward, information on customers should be readily available and the need for documents should reduce. Skipping the KYC process will be the ultimate level of evolvement. The eco-system will mature and there will be more data points to play around with. Customers’ demands will change; they will be more dynamic and differential pricing for individual customers could become a reality.

People feel that they can get everything out of analytics. In reality, there are multiple levers that move this entire piece. - Shalabh Saxena, Canara HSBC OBC Life Insurance

Insurers have made significant investments into data mining and analytics with the objective of improving,

both, the quality of available data and the utilization of that data to generate more business value. This panel

discussed the benefits and application of analytics to achieve better customer insights and a reduction in

fraud.

From Left to Right: Gangadhar SJ, Head - IT, Bajaj Allianz Life Insurance, Rahul Andrews, Founder, Cognify Labs (Moderator), Shalabh Saxena, Director - Marketing & Customer Retention, Canara HSBC OBC Life Insurance, Siddhartha Sinharay, Chief Data Officer, Bharti AXA Life Insurance, Dipak Nair, CTO, Tata AIG General Insurance

Panel Discussion: Data and Analytics – A Critical Evaluation


Naveen James, Co-founder & Chief Operating Officer – Sudesi Infotech Pvt. Ltd. Transmission and storage of data is an important challenge for the insurance industry. Smartforce, powered by Adstringo can address this issue by compressing data and helping quicker transmission by saving bandwidth.

Key Takeaways The trend is shifting from KYC (Know Your Customer) to SYC (See Your Customer). While selling

insurance, a video of the customer can be taken, compressed and shared with the operations office. This will save time, hassle of documents collection and protect the company from frauds like dead-man insurance.

Going digital can enable a company to sell multiple products. For example, when a customer takes a loan, an insurance is sold to him, on the back of simpler documentation.

adStringO’s SmartForce solution, built on mobility can help keep documents compressed and save bandwidth while retrieving the data.

Presentation: Digital Channel Enablement Using SmartForce Powered with adStringO

adStringO compresses data at the end point, i.e. at the point of capture, compressing it up to 96% of its original size, while retaining the same resolution and DPI. - Naveen James, Sudesi Infotech Pvt. Ltd.


Chandika Mendis, EVP and Global Head of Engineering, VirtusaPolaris Subhobroto Ghosh, Solutions Head (APAC) - Healthcare, Insurance and Life Sciences, VirtusaPolaris Robotic Process Automation (RPA) has become an important tool today. Chandika pointed out how RPA can be used to increase accuracy, reduce costs and save time in the process. Subhobroto discussed use cases on how blockchain has helped increase efficiency by saving time and reducing costs, as well as making processing faster.

Key Takeaways

The lack of resources is one of the main reasons that results in inefficiency in the insurance industry. There is always a trade-off between customer experience and cost efficiency. How can a large work force be ramped up soon enough?

Insurance providers attack these problems on two fronts: i. Re-thinking the operating model: The operating model can evolve to meet this challenge. ii. Legacy systems: Legacy systems can be modernised.

Robotic process automation provides a solution for both these problems. On the process side, this is done by complementing the human workforce with a digital work force. A digital worker will mimic a human worker. On the legacy modernisation side, one can go through the same interfaces that are used by human operators, expose them as an API and mix and match. This compliments IT interfaces with human interfaces which are then automated through RPA.

In many organizations, different departments end up choosing different tools for their operations. It is important for an organization to have an automation framework that allows control and visibility across different tools.

VirtusaPolaris has created their own platform called XLO, which allows dragging and dropping APIs, web services, human interfaces and orchestrating them together to work as a single work flow.

Blockchain helps in reducing intermediary costs. Payments become much faster. Chances of fraud come down. Blockchain helps avoid reconciliation.

Operations in a company can be improved by robots and automation, but to take the experience itself to the next level, blockchain is required.

Presentation: Insurance: Robotic Process Automation NOW - Blockchain TOMORROW!

Blockchain is an extension to RPA. Today we do RPA, tomorrow we will do blockchain and take Insurance to the next level. - Subhobroto Ghosh, VirtusaPolaris


Yamini Bhat, Co-Founder & CEO, Vymo VYMO is like a personal sales assistant. It assists companies in handling their sales reps in a much more efficient way as compared to the traditional methods. Yamini discussed their tool and its benefits in detail, while also presenting a deployment case study from SBI Life.

Key Takeaways

VYMO consists of four features: i. It can predict what a sales person should be doing next. ii. It can detect what a sales person has done. iii. It can learn what the best reps are doing and what is working for a company. iv. It can learn what a company’s core skill gaps are, and keep driving interventions to increase

productivity. Chances of conversion of a lead are higher if the system of allocation is real time. When a lead is

generated, a rep can be located in the area using a meeting calendar and the lead can be allocated to him right away.

Using VYMO’s technology, a company can track if an agent has contacted all the leads. It can also track an agent’s location to know if he has actually visited the customer. Every lead can be followed up on by the company, and there need not be any reporting.

In the private mode of VYMO’s app, an agent can use all the features of the app without sharing lead contact details with the company. This encourages the agents to use this app for all the benefits without having to share personal contacts.

If the agent decides to shift to the sharing mode, he could finish e-KYC, document uploading and payments collection online.

Predictive alert activity calendaring informs the agents which customers are more important than the others, and where their time spent will have greater impact. Managers can get updates on activities related to coaching, reviewing or engaging with key customers.

Instead of providing a technology that is pushed from top to bottom in a company, VYMO brings a technology that is easy for the distributors to use. This can result in higher adoption of the technology and visible business impact. - Yamini Bhat, Vymo

Presentation: Tech Impact: Vymo Drives Sales Excellence at SBI Life


Key takeaways An eco-system is developing that is leveraging innovation. Start-ups are

mushrooming, benefitting from lower technology entry barriers and easier access to capital. Insurance companies are readily embracing InsurTech companies. With increasing acceptance of technology, the incumbents need to change; otherwise they will cease to exist.

InsurTech companies can be put into three buckets: Ones that are helping insurance companies to digitize, increasing

efficiency and profitability. Ones that are helping insurance companies differentiate themselves,

through pricing, customization and personalization. Ones that are disruptive, helping insurance companies to find new

segments and markets. Using InsurTech, companies are focusing on efficiency, experience and

enablement. Efficiency is important for any company because it increases profitability, helps scale the business without adding to costs and drive customer experience. Customer experience is a big enabler because it allows a company to be in the choice mind set of a customer. Enablement of fairly disruptive models on distribution so as to enable InsurTech is another focus area for companies.

What differentiates InsurTech companies from the incumbent technology solution providers is that they bridge the gap which insurance companies were not able to do earlier. They provide not just a technology solution, but a service coupled with a technology solution.

InsurTech will be implementable and significant in the Indian market if insurers are able to change their perspective from risk centric to customer centric, and raise customer awareness.

Insurance companies have traditionally been very inward focused, i.e. product focused instead of customer focused. This is the reason InsurTech companies are gaining popularity, as they are helping us change this situation. - Sourabh Chatterjee, Bajaj Allianz General Insurance

India has seen huge growth in start-ups and InsurTech companies in the last few years. Most of the InsurTech

companies are working in a collaborative model, alongside insurance companies. This has been beneficial for

both the parties. Speakers of this panel shared their experiences with their InsurTech partners and their plans

for the future.

From Left to Right: Arpita Bedekar, Research Director, Fintelekt (Moderator), Latha Ayyar, Chief Operating Officer, Bharti AXA Life Insurance, Manish Mimani, Head - IT, Aviva India, Sourabh Chatterjee, Head - Technology, Online Sales & Digital Marketing, Bajaj Allianz General Insurance, Swati Jindal, Fintech Expert & Head- Asia, Matchi, Biswabrata Chakraborty, Chief Information Officer, Cigna TTK Health Insurance

Panel Discussion: InsurTech - Impact of Emerging Technologies on Insurance

Oliver Dickson Vice-President Fintelekt Advisory Services Pvt Ltd 202, Orchard, Nachiket Park Baner Road, Pune 411045 India +91 20 65109070 [email protected]

Copyright Fintelekt Advisory Services Pvt Ltd 2016. For limited circulation only.

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