thrive inside · 2018-03-13 · technology transformation services solutions to transform it...

Inside

Defining the future of digital insurance

Helping insurers build a digital future

Insurance disruption

Six steps for preventing insurance fraud

Thrive on ChangeNext-Generation InsuranceA DXC magazine for the 2018 Insurance Industry Conference Australia

Business ProcessServices

DXC TechnologyHelping insurers build a digital future

Today’s insurance marketplace

By the numbers: DXC in the insurance industry

DXC: Guiding clients on their digital journeys

Success in today’s insurance industry is all about engaging customers with digital experiences that deliver convenience and value.To make that happen, insurance companies must address the “Dual Agenda.”

Dual Agenda

DXC Technology is a world leader in guiding digital transformation to help insurers deploy new digital services and optimise their existing systems.

With a platform-agnostic approach and a global ecosystem of partners, we offer the world’s most comprehensive insurance software portfolio, leadership in insurance business process services and significant capabilities in:

We guide insurance companies through digital transformationDXC supports clients on their digital journeys with next-generation IT offerings that leverage our partners, industry software and domain expertise.

We help insurance companies address the three most pressing business imperatives:

Our innovative, next-generation solutions serve every segment of the global insurance market, including:

Commercial and Personal Property & Casualty

Wealth Management and Pensions

Life and Annuity

Broking

Specialty

Reinsurance

The London Market

17,000insurance professionals worldwide

Grow digitally

45+years of industry experience

70countries served

1,900clients in the industry

40%improvement in fraud detection with DXC’s Digital Claims solution

380+clients use DXC’s Claims and Risk Management solution

900+installations of DXC's systems of record around the world

6,000+global insurance professionals dedicated to business process services operations

13M+insurance policies administered

£64.7Bprocessed in accounting transactions in the London Market

250+solution providers in the DXC Partner Network

85%of Fortune 500 insurance companies are DXC clients

#1provider of coreinsurance systems

1 2 3

TransformIT

Increase efficiency and

speed to market

Insurance customers expect innovative digital services delivered at the point of decision. We help insurers grow digitally so they can:

Insurance customers today demand a seamless, personalised experience across multiple channels, and traditional approaches to IT infrastructure are too slow to address this demand. Enterprises need to …

Analytics and Big Data Platform

Applications Modernisation and Transformation

Digital Claims

Digital Insurance as a Service

Digital Strategy and Transformation

Insurance Software and as a Service

Mobile Apps and IoT

Usage-Based Insurance (UBI)

Personalise the user experience

Differentiate their brand

Perform analytics for actionable insights

Deliver customer value through increased engagement

DXC helps insurance companies better position themselves to respond to customer demands and new market dynamics through:

As-a-service solutions

A service-enabled approach to IT transformation

Hybrid cloud orchestration

A utility-like model that scales to meet demand

Infrastructure services and service management

2. Transform IT

Solutions to grow digitally

BPS for Life Insurance and Annuities

BPS for Property and Casualty Insurance

Life as a Service

Sophisticated Product Configuration and Rules Engine

Workers’ Compensation as a Service

Solutions to increase efficiency and speed to market

30%reduction in cost for one insurer through use of agile practices

3,000servers modernised for a global insurance leader

While providing solutions to meet growing customer expectations, DXC guides insurance companies to accelerated growth while holding costs down. This enables insurers to …

Agility Platform



Cloud and Workload Advisory Services


Legal Matter Management Software

MyWorkStyle

Risk Management and Claims

Security Advisory Services

Technology Transformation Services

Solutions to transform IT

Deliveringresults forour clients:

1. Grow digitally

By transforming their operations, DXC’s business process services enable insurers to:

Reduce capital investments

Run the business more effectively and efficiently

Accelerate and optimise new product development

Quickly enter new markets

3. Increase efficiency and speed to market

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DXC TechnologyHelping insurers build a digital futureFor more information: dxc.technology/insurance

Create and deploynew digital services to

meet customer demands

Simplify, streamlineand modify the

existing IT landscape

SecurityAnalyticsWorkplace & Mobility

Cloud, Platforms & ITO

ConsultingEnterprise & Cloud Apps

Application Services

BPS

for L

ife

Insurance and Annuities

Life as a Service

Prod

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figuration and Rules Engine

$24+B GLOBAL IT

SERVICES LEADER

250+ PARTNER NETWORK WITHBEST-OF-BREED PARTNERS

60+ YEARS OF INNOVATION EMPLOYEES WORLDWIDE

150,000+ 9STREAMLINED OFFERING

FAMILIES

COUNTRIES

70+CERTIFIED PROJECT

MANAGERS

5,000+#14OF CR MAGAZINE’S

100 BEST CORPORATE CITIZENS FOR 2017

~6,000CLIENTS

200+ FORTUNE 500 COMPANIES15 STRATEGIC PARTNERS

EXPERIENCED PROFESSIONALS SERVING INSURANCE CLIENTS

17,000POLICIES ADMINISTERED

ON OUR LIFE AND ANNUITY SOFTWARE

550M85%OF INSURANCE COMPANIES IN FORTUNE’S GLOBAL 500

ARE DXC CLIENTS

100 Best CorporateCitizens

CR’s

2 4

6 10

2 Defining the future of digital insurance

4 Helping insurers build a digital future

6 Counteracting the shadowy threat

8 Insurance disruption

10 Six steps for preventing insurance fraud

WelcomeIt is my pleasure to welcome you to DXC Technology’s 2018 Insurance Industry Conference, Thrive on Change. As a new company, we are thrilled to bring the industry together to explore the opportunities and challenges in today’s environment.

Our purpose for the conference is to create discussion, share ideas and learn about how leading-edge technologies are changing relationships with customers, colleagues and partners.

Improving the experience for all stakeholders across digital as well as traditional channels will require two things: a shift to more consumer-centric business models and a dramatic evolution of digital capabilities to enable that shift. During the conference, you’ll hear from DXC executives, industry experts, Insurtech and leading organisations from across the sector on navigating the digital journey while also modernising legacy estates.

We thank you for your time and commitment to driving the industry forward as we learn how to thrive on change in this ever-evolving marketplace. We ask that you share your ideas and perspectives on how we — together — can innovate and continue to transform business and the markets in which we serve.

DR. MICHAEL NEARY Director and General Manager, Insurance DXC Technology, Australia and New Zealand

DXC committed to drive innovation in the Insurtech sector

DXC Technology at a glance

Table of contents

In December 2017, DXC launched the DXC SpringBoard competition in collaboration with leading fintech accelerator Stone & Chalk to leverage its expertise and ecosystem in the startup community.

DXC SpringBoard invited late-stage startups to pitch their solution to a panel of senior leaders from insurance and technology companies. Applicants had the opportunity to participate in workshops consisting of technical tutorials, business guidance and sales coaching led by DXC and Stone & Chalk.

In addition to launching SpringBoard, DXC has been announced as a founding partner with Insurtech Australia, an industry association designed to support insurance industry startups and innovators. DXC joined the likes of AUB Group, EY, Macquarie Bank, Munich Re, DLA Piper, Stone & Chalk, TAS and QBE as founding partners committed to shaping the Australian insurance industry.

The winners for the SpringBoard competition will be announced today at DXC’s Insurance Industry Conference.

Learn more at

http://dxcspringboard.stoneandchalk.com.au/

http://dxcspringboard.stoneandchalk.com.au/

Defining the future of

digital insuranceNo longer can insurers sell the traditional commoditised indemnification products through a network of traditional agents. Instead, insurers must create an entirely new set of offerings that inspire customer demand and anticipate and address customer needs and wants.

These products must be simple and flexible enough for customers to evaluate, tailor and purchase through any channel, including online. And they need to offer a holistic value proposition — one centred on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals.

To meet these needs, insurers must develop their own ecosystems of partners and value-added service providers, integrating third parties through digital platforms. They will have to embrace cloud for the agility it affords, and rely on analytics for decision making and predictions.

And they will need to tackle, once and for all, the legacy business and IT landscape. It’s time for insurers to gain control over the vast IT estate that simply must keep pace with business today.

Once control is established, the next step is streamlining processes and systems to improve and, in fact, differentiate operations. This brave new world of digital insurance brings with it increased risk in the form of cyberthreats, but the benefits far outweigh the cost to succeed in business today.

By 2019, usage-based insurance enabled by the internet of things will account for at least 15% of the global vehicle insurance market and 10% of the global home insurance market.Source: IDC FutureScape: Worldwide Financial Services 2017 Predictions, Doc #US40132516, November 2016

Have you heard …

DXC Technology’s comprehensive digital insurance platform to accelerate business transformation is growing an ecosystem of pre-integrated digital partner solutions to add further value.

DXC’s Digital Insurance as a Service (DIaaS) platform is an integrated, end-to-end solution that enables insurers to fully embrace the digital world. With DXC’s DIaaS, insurers can accelerate their journey to digital. They can now launch simplified products quickly and deliver a streamlined digital customer experience across new business, servicing and claims.

Insurers also can tap the benefits of a consumption-based, easy-to-deploy infrastructure that eliminates the need for large and lengthy capital-intensive projects and enables alignment of costs with revenue.

Mastering the journey

In our view, adapting to the digital insurance shift means rethinking every aspect of the business: your relationship with customers and partners; your products and services; how you engage, collaborate and innovate; and how you harness the power of service-provider ecosystems.

Businesses that succeed focus on four key areas:

Mastering engagement: Insurers must develop products and services that fill in the “white space” between purchase and claim, to help customers enjoy happier and more productive lives with lower risk.

Mastering understanding: Insurers must invest in a new breed of systems of analysis, embedding analytics into every aspect of the value chain. With this approach, insurers can gain a deeper and richer understanding of market needs, at both segment and individual levels.

Mastering consumption: To develop a true omnichannel experience for customers, agents, brokers and internal stakeholders, insurers must embrace the concept of the service-enabled enterprise and the application programming interface (API) economy.

Mastering process: All business processes should be evaluated to the tune of “cheaper, better, faster.” By continually tweaking processes to improve efficiency and make room for innovation, companies can turn their back-office operations into a true differentiator.

In today’s insurance industry, a customer-centric focus, powered by new forms of analytics and automation, allows insurers to meet real-world needs while growing and operating a more sustainable and profitable business. ¢

Download the full paper at www.dxc.technology/digitalinsurance to learn more about:

• Shifting to a customer-centric approach

• Staying safe in the face of cybersecurity risks

• Mastering the building blocks of digital insurance

Learn more at

www.dxc.technology/insurance

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Dual Agenda








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2. Transform IT




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HELPING INSURERSBUILD A DIGITAL FUTURE

This brave new world of digital insurance brings increased risk in the form of cyber threats, but the benefits far outweigh the cost to succeed in business today.

DXC is well positioned to guide your organisation on the journey to grow digitally, transform IT and increase efficiency and speed to market.

54 Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia

by: Martin Jones and Tim Meng Ching

The type of threat is evolving too. Using advanced persistent threat (APT) phishing attacks, attackers select high-value targets and dupe them into opening malicious attachments because the emails appear to come from people they know. Once opened, the malware runs unbeknownst to the computer owner and is used to spy on the victim’s computer activities, steal passwords, read sensitive information and even infiltrate other systems within the same corporate network. APT malware, unlike ransomware, stays below the radar and attempts to remain covert for as long as possible, causing increasing damage.

Risk mitigation includes cyber insurance

The onus is on businesses to have sound prevention strategies and comprehensive incident response frameworks. Cyber insurance products to transfer risk should be a key component.

Insurers are eager to provide mitigation for businesses when they are breached. Specialist resources have been sought, cyber insurance products have been launched and enhanced. However, cyber insurance remains a challenging area, especially given the fact that the threat landscape changes so quickly. This lack of consistency compounds the absence of historical data with which to rate risk. It’s not surprising that experienced cyber specialists are in high demand.

Assessing risk more effectively can be achieved through a combination of improved tools and targeted assessment of security environments and practices. By tapping into the security expertise of trusted partners for the latest threat intelligence, insurers are better equipped to assist their policyholders and move quickly when needed to ensure that appropriate coverage levels are maintained.

DXC has a comprehensive suite of services to help insurers and their policyholders combat cyber risks. From initial risk assessment to full cyber claims management, DXC works closely with underwriters, claims managers and IT teams to minimise the cost and impact of cyber incidents.

Incidents must be resolved as quickly as possible to stop costs from escalating, limit damage to brand reputation, deal with regulatory exposure and close down any remaining security gaps. DXC understands that it is fundamental to deploy the right specialists at the right time. These specialists include security operation analysts, computer and network forensic investigators, crisis management advisors and lawyers. This enables an organisation to minimise the impact of the security incident and get back to business quickly.

For more information on DXC’s cyber risk management and other cybersecurity services, visit www.dxc.technology/security. And to learn more about the role of cyber insurance in the Australian market, read IDC’s full report at www.dxc.technology/au/insurance/IDCInfoBrief-TheBiggerRoleOfCyberInsurance ¢

Cyber risk has emerged as one of the top challenges faced by companies worldwide. Sophisticated global attacks, such as the WannaCry and NotPetya ransomware viruses, highlight just how powerful and destructive breaches can be. In May 2017, WannaCry hit more than 200,000 computers in 150 countries, and loss estimates from the attack ranged from hundreds of millions to several billion dollars. A month later, NotPetya hit. Its aim was destruction, not ransoms, and it caused serious disruption at large firms in Europe and the United States, ranging from government agencies and hospitals to shipping and oil firms.In Australia, 60 percent of businesses say they detect a security breach every month, according to a new report, “Managing Escalating Cyber Risks in Australia: The Bigger Role of Cyber Insurance,” from IDC. And Australian businesses pay a hefty price for cyber incidents. The report says that one-third of companies admitted having had a business-affecting cyber incident in 2016, and that the country faces economic losses from cyberattacks of no less than $AUD16 billion. The average cost incurred by an Australian business from cybercrime is estimated to be about US$4.8 million ($AUD6 million).

IDC’s report illustrates that Australian businesses can do more to mitigate the risks of cyber incidents. Less than half of businesses engage in routine audits of their security systems, and more than 60 percent of Australian businesses have not adopted data loss prevention technologies. This lack of organisational preparedness, combined with the heightened prevalence of threats, increases exposure and damage. Yet only 10 percent of major Australian businesses have cyber insurance coverage, according to the IDC report.

Ominous dangers are rising

New-found exploits, which were behind the WannaCry and NotPetya attacks, and the rise of the internet of things (IoT) are clearly amplifying the damage of cyberattacks. So is the dark web, which is rapidly assuming features of regular business, such as providing ratings of hackers. This gives the façade of legitimacy and a means of promoting and rewarding “good” proponents (think “Uber rating” of ransom demands).

Why you need cyber insurance

Counteracting the shadowy threat:

For years, cybersecurity experts have argued that too many businesses treat information security as an afterthought. The same could be said of cyber insurance and risk management. Now a string of high-profile data breaches has brought into sharp focus the damaging consequences and economic fallout of such thinking. It’s clear that businesses need to make cyber risk management a strategic business issue.

Learn more at www.dxc.technology/security

7Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia6 Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia

https://www.dxc.technology/au/insurance/IDCInfoBrief-TheBiggerRoleOfCyberInsurance

https://www.dxc.technology/au/insurance/IDCInfoBrief-TheBiggerRoleOfCyberInsurance

What it is — and how you can embrace itby: Daniel Biondi and Paul Cronin

Thank you, 2018 Australian Insurance Industry Conference partners, for collaborating with us on a successful event.We are pleased to recognise the value that our DXC Partner Network contributes as we lead our clients on their digital transformation journeys. Together we thrive.

The Australian insurance market isn’t what it used to be.Customers are changing. Competitors are changing. So is the technology. What needs to change next is the behaviour of insurers themselves.

To ensure they remain relevant in this fast-changing, customer-driven environment, insurers must evolve. Customers know what they want, when they want it and — just as importantly — how they want it. Insurers that fail to pay attention risk losing customers to others that are paying attention.

The financial focus has shifted, too. Yesterday, the goal was cost reduction. Today’s new imperative is revenue growth. Yet in developed regions like Australia, organic growth is low and the market is close to saturation. The key battle will be for the share of wallet of existing customers. It’s a zero-sum game — one insurer’s gain will be another’s loss — so efficiency, flexibility and competence will be more important than ever.

New competitors are emerging as well. For one, formerly local insurers are expanding their footprint globally. For another, non-traditional organisations are creating new services through white-labelling. These organisations, unlike traditional insurers, are not constrained by inflexible legacy systems and out-of-date technology. That positions them well to meet the demands of today’s connected customers.

What customers want now

In today’s insurance business, customer-centricity is the key. Insurers must measure and understand the customer’s experience of their services. They must also do whatever it takes to enhance that experience for greater customer loyalty and retention.

Highly connected customers are spoilt for choice. If their needs aren’t being met by their current provider, they won’t hesitate to move on to another one. For insurers, this dynamic, customer-centric landscape makes an already competitive environment even more challenging.

To meet the demands of today’s highly connected customers, insurers must address no fewer than 10 critical areas:

Immediacy: The internet is the first-choice sales channel for modern customers who expect near-instant delivery, and this includes immediate analysis and decisions from insurance providers.

Mobility: Digital life flows seamlessly into real life for today’s mobile customers who are now continuously connected. Insurers should be exploring the next generation of applications to further improve this capability.

Multichannel: A consistent engagement approach must be the backbone of customer interactions and access must be available at all times across any channel.

Simplicity: Simplicity and convenience are now essential elements for customers who have high expectations for context-aware, intuitive internet interaction. Sites must meet customer needs for clean, unambiguous interfaces.

Quality: Universal connectivity makes it more critical than ever for insurers to focus on a quality product and service. Those who fail to deliver can expect instant widespread exposure on websites and social media.

Personalisation: Companies that treat customers as individuals, not as unidentifiable parts of a mass market, have a major advantage. This is the next key differentiator — personalised electronic commerce.

Security: Security of personal and financial information is a fundamental requirement. In an age of data sharing, organisations must overcome the technical challenges of meeting this personalised privacy.

Participation: Next-generation customers will expect an opportunity to participate in product and service development cycles to ensure their needs are met. Insurers need to find ways of managing these expectations.

Sustainability: Customers increasingly make purchase decisions based on an organisation’s environmental record as ranked on websites such as climatecounts.org. This is placing greater focus on ecological and business value chain.

Integration: Using technology to integrate seemingly unrelated information about customers is an invisible enabler for the delivery of the ultimate proactive experience.

Tomorrow’s technology is already here!

As customers are changing, so is insurance technology. Historically, the insurance industry has been slow to adopt new technology. That needs to change. Today’s connected customers have gotten used to high levels of customer service provided by the likes of Amazon, Apple, Facebook and Google. Now they won’t have it any other way.

Data will underpin the next set of major changes in insurance. Increasingly smart algorithms and machine learning can uncover previously misunderstood human behaviour. This will provide actionable insights into new business models that deliver radically improved value for insurance consumers.

Blockchain technology will be important, too. Potential uses of blockchain extend beyond relatively simple process-based activities such as insurance-claim settlements. Anything of value can be added to a specific blockchain to provide an immutable record.

Digital platforms are another key component. Insurers will create “platforms of platforms” that bring together ecosystems of partners, infrastructure and data to create a customer-centric experience. This also empowers the business to utilise data and monetise value creation for its customers.

Another emerging technology, robotic process automation, is poised to change the way CFOs and CMOs do business. RPA can automate manual, repetitive tasks to deliver more consistent quality and higher degrees of certainty.

Put it all together, and you have a fast-changing insurance environment. Insurers that wish to not only survive, but also thrive, will need to transform themselves into flexible customer-centric organisations. They’ll need the new ability of predicting what a customer wants and reacting in ways that customers find unique, relevant and above all satisfying. ¢

About the Authors

Daniel Biondi is industry chief technologist, insurance and wealth management, for DXC Australia & New Zealand.

Paul Cronin is account chief technologist, insurance and wealth management, for DXC Australia & New Zealand.

Learn more at www.dxc.technology/au/insights/143372-disruption_in_insurance

8 Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia 9Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia

steps for preventing insurance fraud6 To avoid expensive litigation and other costly measures, it is essential that insurance companies move

forcefully against fraud. This begins by adopting a proactive stance toward fraud detection. Companies should not wait for fraud to occur and deal with it after the fact; instead, they should take actions and implement processes that identify potential fraud early and provide the ability to move quickly when fraud is detected. Moving from reactive to proactive fraud detection takes six steps:

1. Implement a foundational framework

A foundational framework should reflect a fraud-detection strategy that addresses such questions as: How can we check all claims for fraud but ensure fast claim processing? How can we identify fraud before a claim is paid? How can we improve fraud investigation efficiency? How can we keep track of changing fraud behaviors? How can we reduce false positive signals? And finally: What is the best approach to automate the fraud-detection process and predict the likelihood of fraud? Implementing a foundational framework enables management to make better decisions about priorities, resource deployment and investments.

A foundational framework can range from an “out-of-the-box” solution that automates the institutional knowledge of your claims professionals and enables workflow management, to full social networking analysis of the parties involved in a claim. From there, insurers can add a multitude of scoring engines, third-party data captures, criminal history lookups and many other tools. An important aspect of fraud detection is having a culture in your claims staff that emphasises the importance of recognising, identifying and investigating suspicious claims. Empower your staff to be involved, and then the tools you deploy will function much more effectively.

2. Know the relative level of fraud potential

Knowing the relative level of fraud potential for every type of claim allows the best, and quickest, action to be taken to maximise special investigative unit (SIU) efficiency and savings. With limited resources to devote to fraud, it is important to make sure your investigations can be focused on the items that have the greatest potential for cost avoidance and successful identifications. For example, a theft claim involving the suspicious disappearance of expensive jewelry has a higher potential for being fraudulent than a stolen smartphone or laptop. Examples of common false claim schemes include deliberately destroying property and misreporting the cost of auto repairs.

3. User data analytics to detect fraud

Fraud comes in all shapes and sizes. In general, insurance fraud can be divided into two categories: criminal fraud, which is perpetrated by professionals habitually trying to milk the system; and cultural fraud, which is a genuine claimant being opportunistic or exaggerating a claim.

Data analytics can be applied to detect fraud. By analysing past fraud, insurers can use predictive modeling to produce what is called a “Suspicion Score,” a value for the propensity of fraud. The process works like this: Adjusters simply enter data, and claims are automatically given a Suspicion Score to indicate the likelihood that fraud has occurred. The technology behind this involves using data-mining tools and applying quantitative analysis.

Even with automation and data analytics, the weakest link in fighting fraud can be your own employees. The importance of checks and balances cannot be stressed enough.

4. Continually review and rescore claims

Success in combating insurance fraud comes from persistence and good timing. Above all, apply your arsenal of tools — including data analytics and predictive modeling — early and often. Claims should be continuously monitored for fraud potential. As an insurance company, it is imperative that you target the right claims, at the right time, with the right tools. Luckily, predictive modeling and advanced analytics are coming into play as essential tools for fighting insurance fraud. These tools can be automated, preventing the need for hands-on manual analysis.

By continuously reviewing and rescoring claims using Suspicion Scores, insurers can detect patterns that reveal fraud. Some claims score high at first notice of loss, prompting your SIU to get involved immediately. For others, high scores do not show up until after the claim has been collected.

Monitoring of Suspicion Scores has been shown to be more accurate and more effective than traditional fraud-detection methods. But again, the key is to not rely solely on technology to do all of the heavy lifting — human analysts are required to initiate action after the suspected fraud has been flagged, and your people must follow through with appropriate measures. This is where training employees to identify fraud becomes an important piece of the overall fraud-detection puzzle.

Insurance fraud costs companies billions of dollars per year across the globe, making it imperative that insurers take a proactive stance against fraud. Insurance companies should establish a technology framework, tap into advanced automation and analytics, and take steps to prevent it.

By many measures, fraud is deeply prevalent in the insurance industry. The U.S. Federal Bureau of Investigation (FBI) estimates that the total cost of insurance fraud in the United States is more than US$40 billion per year, which translates to increased premiums of $400 to $700 per year for the average U.S. family. In the United Kingdom, insurers uncovered more than 130,000 fraudulent claims, valued at US$1.7 billion in 2015, according to the Association of British Insurers.

At the same time, cost pressures and an exodus of people with claims skills have forced insurers to increase their automation of claims handling. As automation increases, sensitivity to fraud by the claims handler decreases. Professional fraudsters are continually on the lookout for insurers without, or with less effective, fraud prevention barriers.

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Corporate responsibility

5. Adopt a layered approach

In the world of IT, a “layered approach” refers to using a variety of tools and technologies to tackle a challenge. In detecting insurance fraud, this means throwing the kitchen sink at the criminals, but doing it in an organised, well-considered fashion.

Fraud is a complex, multifaceted problem, and no single method can detect all fraud. Each fraud-detection method needs to be crafted to address a specific area. Different rules and indicators are needed for different types of policies and claims. Plus, fraudsters hide in multiple databases, so fraud-detection methods must search them all. Because of the complexity of fighting fraud, it is advisable to bring in outside expertise to help formulate a framework and implement the technology, tools and methods needed to deal effectively with fraud.

The modern insurance organisation has a number of technology tools at its disposal to detect fraud. For example, videos, photos and even livestreaming can be used to document evidence at a car crash or crime scene. It’s difficult for the average person to fake a video, especially when the device’s location access is turned on. A virtual gold mine lies within unstructured data, and it is imperative to collect, organise, index and mine the data to detect fraud. Always remember: You can’t claim what you can’t prove.

6. Revise based on market conditions

Criminals are ever resourceful, so always be ready to quickly adapt to changes in the ways fraud is undertaken, as well as changes in your industry. For example, professional criminals are sophisticated enough to become familiar with the analytical approaches that insurance companies use to detect fraud, and to change their tactics when committing fraud. As fighting fraud becomes more proactive, insurers must spot new fraud trends early and take steps to stay ahead of the bad guys.

Your everyday policyholders may also try to be more creative with their insurance claims when the economy is in a down cycle. Keep your claims staff aware of the type of market conditions the policyholders are facing so the staff can be on the lookout for new and inventive fraud attempts that may be unknown to the software in place.

Be readyCompanies can use a combination of technology, tools and approaches to combat fraud. Through it all, industry leaders must never forget that their focus should not only be on the technology tools they use in detecting and fighting fraud, but also on the human beings in their own offices. Always emphasise fraud training and awareness, implement checks and balances, and be ready to adapt quickly to changing market conditions. ¢

Learn more at www.dxc.technology.

DXC’s corporate responsibility (CR) program fosters our company’s growth by promoting and increasing the value of DXC to our shareholders, clients, communities and employees. One of our CR iniatives in Australia includes the Dandelion program, which is an employment program focused on assisting people on the autism spectrum obtain IT careers. In Canberra the program has hired 38 people and launched a work experience program with the Australian National University (ANU), the University of Canberra and Canberra Institute of Technology, assisting higher education students to improve their employability.

We are proud to announce that DXC was the recipient of two awards at the 2017 ACT Chief Minister’s Inclusion Awards held at the National Museum of Australia on Thursday 14 December 2017. DXC’s innovative IT career development initiative, the Dandelion Program, was awarded the Inclusion in Business award, and was selected from all award recipients to receive the 2017 ACT Chief Minister’s Award for Excellence.

Globally DXC’s Dandelion program has also made great inroads. Harvard Business School has also published a case study about Dandelion that examines how modern organisations can transform diversity — in particular, neurodiversity — into a competitive advantage. The case study explores how people who were previously considered not suitable for employment can become critical to businesses providing in-demand IT services.

The Dandelion Program methodology is also being open-sourced through the Cornell University Institute on Employment and Disability to allow other organisations to leverage our knowledge and organisational management tools to further break down employment barriers for people with autism.

“ The job provides a purpose: You’re looking forward to getting up in the morning, to going to work. It is challenging, yes, sometimes stressful, but in the end, I know that I’ve done good.”

The DXC Dandelion Program team presents “Dandy,” the Dandelion robot, to one of the pupils at The Heights primary school. Dandy is used to assist teachers of children on the autism spectrum with learning and engagement.

12 Next-Generation Insurance: A DXC magazine for the 2018 Insurance Industry Conference Australia

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About DXC Technology

DXC engages with insurance organisations as a strategic partner, guiding their digital transformation and supporting them with systems and capabilities required to address the preferences of policyholders, transform core business processes to improve operational efficiency, facilitate new business model implementation and add incremental value throughout the value chain with data-driven insights.

DXC Technology (DXC: NYSE) is the world’s leading independent, end-to-end IT services company, helping clients harness the power of innovation to thrive on change. Created by the merger of CSC and the Enterprise Services business of Hewlett Packard Enterprise, DXC Technology serves nearly 6,000 private and public sector clients across 70 countries. The company’s technology independence, global talent and extensive partner network combine to deliver powerful next-generation IT services and solutions. DXC Technology is recognised among the best corporate citisens globally. For more information, visit www.dxc.technology.

Regional DXC Headquarters

Australia and New Zealand26 Talavera Road Macquarie Park, NSW 2113 Australia +61(2)9034 3000

The Americas1775 Tysons Boulevard Tysons, VA 22102 USA

3000 Hanover St. Palo Alto, CA 94304-1112 USA

Asia, Middle East and Africa1 Depot Close #03-01 Singapore 109841 Republic of Singapore +65 68099 000

North and Central EuropeSchickardstrasse 32 71034 Boeblingen Germany

South EuropeTour Carpe Diem 31 Place Des Corolles CS 40075 92098 Paris La Defense Cedex France +33 1 55 707070

UK & Ireland Floor 4 One Pancras Square London N1C 4AG +44 (0)203 882 4422

Liffey Technology Park Leixlip, Co. Kildare, Ireland

http://www.dxc.technology

thrive inside · 2018-03-13 · technology transformation services solutions to transform it...

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