Game On: How Information is Changing the Rules of Insurance

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1 Game On: How Information is Changing the Rules of Insurance

2 Game On: How Information is Changing the Rules of Insurance The ability to extract meaningful insights from information assets is becoming a source of competitive advantage--changing the landscape of the insurance industry by making information both more cost-effective to acquire and more critical to success. Those insurers that can effectively manage, disseminate, and mine data to drive improved enterprise-wide decision making and responsiveness will likely find themselves among the winners in the marketplace of the future.

3 Game On: How Information is changing the rules of Insurance Speaker Bio Agenda Kelley Buchanan Managing Director Kelley is a Managing Director in 's Insurance Advisory practice based out of Chicago. With more than 20 years of experience as a senior executive in the insurance industry, she has led numerous business transformation and growth initiatives. Her focus at will be on advising clients on creating Information Advantage through data, business intelligence and analytics. She brings a comprehensive experience set in various CFO, Chief Strategy Officer, and Divisional President roles, as well as leading Enterprise Business Intelligence and Analytics efforts. Prior to joining, Kelley held senior roles at TransUnion, Marsh, Travelers and CNA Insurance. Our Goals for Today Point of View on Information Advantage Facilitated Q&A What is an Information Advantage? Why is it necessary? What are the implications? How can an organization achieve an Information Advantage? 2

4 Global mega-trends are structurally changing every aspect of how insurers compete 3

5 The pace of change in the data and analytics landscape is creating unique opportunities and challenges for insurers 1970 s Data Processing Finance 1980 s Reports Management 1990 s Decision Support X 1 X Model f(x) 2 Y XMultivariate 2 3 Analysis The Data Warehouse 2000 s Y 1 bi Business Intelligence Predictive Modeling Embedded Analytics Simulation & Visualization The Data Warehouse Appliance Big Data Punchcards OLTP RDBMS Websites Analyst Information Worker The Data Scientist Audio Social Media Mobile KILOBYTES MEGABYTES GIGABYTES TERABYTES PETABYTES EXABYTES 4.7 GB is a DVD 10TB is the Library of Congress 20PBs is Google Daily Volume 5EBs is every word ever spoken 4

6 Insurers must shift the paradigm beyond traditional BI to achieve an Information Advantage Simulation Optimization Predictive Modeling Data Aggregation/ Reporting Data Collection Advanced Analytics Anticipating and shaping the direction of the business Traditional Business Intelligence Sensing and responding to changes in the business 5

7 But companies are faced with significant barriers when they attempt to create an Information Advantage Obvious Inconsistent, incomplete, and latent data Inability to substantiate data and reports Lack of data policies, standards, definitions, and access Proliferation of sources, platforms and tools, rules, and 3 rd party providers Below the Surface Inability to identify high value business levers and their information needs Lack of sustained executive support Limited organizational capabilities required for insight, action and results No accountability for delivering business value Inadequate governing priorities Underestimating the change effort Misjudging the technology complexity in key areas like data quality, systems of record, integration architectures, reporting and analytics 6

8 Time Value Companies can develop an Information Advantage by looking at decision processes across their organization Decision Cycles Decision Processes Gather Customer lifecycle management Growth & sales management Productivity management Risk & profitability management Current State Desired State Acquisition Pre-Sale Point of Sale Post-Sale Market Market Act & Measure Organize Agency Footprint Risk Appetite Agency Footprint Risk Appetite Receive Submission Issue Decision Cross-Sell Retention Customer Optimized CoGS Mgmt and Up-Sell and Churn Acquisition Service Submissions Submissions Underwriting Pricing Time Quotes Quotes Analyze Issued Policies Issued Policies Complexity of Task Claim / Loss Risk Decision making cycles relate to: 1. Gathering 2. Organizing 3. Analyzing, and 4. Understanding data This is all done in relation to key decisions, and transforming that data into actionable information and insights to influence business decisions Knowledge processes explain how various types of information are used to make decisions across the organization in a more integrated and comprehensive manner. They can be applied to every stage of the value chain to drive improved business performance 7

9 Leading companies are transforming how they use information, analytics, and decision making to build a competitive advantage Dashboard View Static Insights (Traditional Approach) Starts with Data Data warehouses and marts Requires translation Dashboard (historical) view Siloed thinking Driven by large multi-year projects Static reports and graphs Technology-led Cockpit View Dynamic Visualisation (New Approach) Starts with Decisions Data-driven Mash-ups Information in context Cockpit (forward-looking) view Systems thinking Driven by iterative and agile projects Dynamic visualisations Business-led 8

10 Increasing Business Value Opportunities exist to increasingly exploit unstructured data with smart analytics to create an information advantage Information as a Game Changer Information as an Enabler Data: o Structured data o Batch data o Internal data sources Techniques: o Excel-based models o Statistical analysis Decision-making: o Operational o Backward-looking Information as a Strategic Weapon Data: o Semi-structured data o Near real-time data o External data sources Techniques: o Predictive models o Neural nets o Optimization Decision-making: o Strategic o Project future based on past o Optimize solution Data: o Unstructured o Real-time o Internal & external data sources Techniques: o Simulation o Machine learning Decision-making: o Transforming business model o Explore future scenarios o Learn from data Increasing Sophistication of Information & Analytics Sophisticated unstructured data capture for real-time insights Big data (social media, multimedia, news, etc.) creates new opportunities for growth, efficiency, and risk management Advanced use of mobile and sensor devices (e.g., telematics and its impact on auto insurance) More insightful use of predictive modeling and simulation based analytics to facilitate decision making 9

11 Singular Touch Low Touch Medium Touch High Touch Strategic Weapon: Underwriters are using analytics to expand sales and augment new business capacity Current View: Process bottlenecks stymie potential Future View: Optimization will help scale up to handle all the new data Acquisition Non-synchronized Submissions Across Businesses Acquisition Synchronized Submissions Underwriting Critical Process Bottleneck Underwriting Faster Decision- Making Capacity Servicing High Amount Unrealized Revenue Servicing Fully Realized Revenue Potential Non-synchronized and inconsistent underwriting processes across business units Each business unit handling submissions with a singular level of touch, regardless of complexity Critical process bottleneck with underwriting capacity tied up in unproductive areas Standardized enterprise underwriting process driving consistency and synchronization across business units Optimal levels of touch adapted to underwriting complexity of submissions Rule-driven underwriting on less complex risks freeing up underwriter capacity to focus more on acquisition 10

12 Game Changer: Operational cockpits enable managers to redirect capacity from conventional UW activities to acquisition activities While unexpected increase of the average turnaround may have an immediate negative impact on the conversation rate, too much focus on ease of doing business may hurt profitability in the long term. Multiple staffing models should be tested in order to improve resource utilization while increasing underwriting throughput and sales performance. Impact on profitability or retention, which will typically occur with a time delay, should also be carefully monitored. 11

13 For Additional Information Contact: Kelley Buchanan Confidential Information for the sole benefit and use of 's Client PricewaterhouseCoopers LLP. All rights reserved. PricewaterhouseCoopers refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.

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