svia insurance disrupted conference 2016 - the disruptive impact of modern technologies on...
TRANSCRIPT
The Disruptive Impact of Modern Technologies on
Operational Processes and Organizational Strategies
in Insurance
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 via 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…
Government Health Insurance & Financial Services
10 of the Top 20 U.S. Insurers
Captricity Customers
Non-Profit
Advanced Capture
Cloud Services & Crowdsourcing
Artificial Intelligence
Robotics Process Automation
Alternative Data, Big Data & Analytics
What are “Modern Technologies”?
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
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.
Disruption: Fast-Track Underwriting
CHALLENGE:
• Data science team wanted to study long-term mortality to improve current underwriting models & fraud detection
• Historical death claim data was trapped in legacy systems as scanned files and inaccessible for analysis
• Manual data entry was too slow, expensive to solve the problem
• Traditional OCR solutions could not extract high quality data from low quality & watermarked scans of death certificates
Disruption: Using New Sources of Data to Change Mortality Calculations and Risk Models
LA Death Certificate LA Death Certificate
Only Possible With Advanced Capture and Machine Learning TechnologyNew York Life now has access to over 20 million new data points after digitizing ten years of legacy death certificates
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
o Disruption: Operational vs. Capital cost, on-demand & scalable, eliminating maintenance and upgrade cycles
o Examples: Salesforce.com, Gmail, Analytics, Captricity
o What we’re seeing: it’s like outsourcing all your apps.
Cloud Services, Crowdsourcing…and Insurance
o Disruption: choices, less physical mail, faster processes
o Examples: pictures via mobile apps, smart forms, handwriting captureo What we’re seeing: decisions driven by improving the customer
experience
Advanced Capture…and Insurance
o Disruption: 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 Disruption: 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
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
Continuous underwriting disruption: