IBM Business Analytics software for Insurance

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1 IBM Business Analytics software for Insurance Nischal Kapoor Global Insurance Leader - APAC

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3 Non-Life Insurance in Thailand Rising vehicle sales and mandatory motor third-party insurance supported the growth of motor insurance during the review period. Motor Claim Fraud is on a rise The Thai non-life insurance segment is moderately concentrated, with the 10 leading companies together accounting for 63.4% NWP. Expansions in product portfolios and programs were carried out by most non-life insurers during the review period, to increase consumer awareness and market share. Thailand is one of the world's three riskiest countries in terms of cybercrime. Frequent natural disasters in Thailand challenge the growth of non-life insurance 3

4 Life Insurance in Thailand 25% of Thailand population will be over 60 years within the next 20 years. It will drive needs for financial security products Insurers need to develop ways of dealing with longevity risk and risks associated with providing long term guarantees formation of the ASEAN Economic Community (AEC), has led the government to take initiatives to open up the economy to foreign investments. The minimum capital requirement will be THB 500 million for non-life insurers and THB 1 billion for life insurers more than 15 times the current level Smartphone penetration in Thailand is at 49% compared with Malaysia (80%), Indonesia (23%) and the Philippines (15%). 4

5 Industry changes mean business as usual is no longer an option Capital management Respond to regulators, market instability and maximize capital return Increased distributor demands Want more flexibility and responsiveness Customer retention Demanding customers, commoditized products and crowded competitive marketplace Product innovation Rapidly develop competitive products & offerings to attract and retain customers Consistent multichannel experience Increasing customer & distributor satisfaction with every interaction to build loyalty Claims fraud Fraud is no longer an accepted cost of business Cumbersome claims processes Speed approval of simple claims driving satisfaction while reducing leakage

6 Big Data presents a huge opportunity for insurers if they can harness it 1 billion cars worldwide providing vehicle and driver data Variety Data in many forms Velocity Batch and streaming 10 TBs of data being processed by Facebook every day 4.5m Claims are handled annually by this global insurer and up to10% may be fraudulent Data in doubt Veracity Big Data Terabytes and zettabytes of data Volume 2 billion people on the Web, 80% who are happy to buy insurance online 6

7 Analytics has evolved from a business initiative to a business imperative More organization are using analytics to create a competitive advantage And leaders are outperforming their competitors in key financial measures Respondents who believe analytics creates a competitive advantage 1.6x Revenue Growth % 57% increase 2.0x EBITDA Growth % 2.5x Stock Price Appreciation Source: The New Intelligent Enterprise, a joint MIT Sloan Management Review and IBM Institute of Business Value analytics research partnership. Copyright Massachusetts Institute of Technology 2011 Source: Outperforming in a data-rich, hyper-connected world, IBM Center for Applied Insights study conducted in cooperation with the Economist Intelligence Unit and the IBM Institute of Business Value

8 Deploying the Next Stage of Analytics Innovation Cognitive How can we learn dynamically? Learning Models Experience Memory Feedback mechanisms Prescriptive How can we achieve the best outcome? Rules Optimization Models Recommendations IBM Analytics How can everyone be more right.more often? Predictive What could happen? Predictive Models Scores Forecasts Descriptive What has happened? Reports Dashboards Visualization Information Layer How is data managed and stored? Data Sourcing Data Management Data Movement

9 Business Analytics Maturity Model Predict / Prescribe Best that can happen? Optimization Views of What will happen next? Predictive Modelling Competitive Advantage Std Reports Ad Hoc Reports What if theses trends continue? Why is this happening? Drilldown Query Alerts How many, how often, who, & where? What just happened and why? Statistical Analysis Forecasting What actions are needed? Exact root cause and ID of the problem? Analytics Access & Reporting Business Analytics Source: Adapted from Competing on Analytics : Davenport Harris

10 How To Do It? Some Initial Thoughts YMMV Systems of Record: core-to-cloud and infrastructure optimization process analytics legacy optimization: packages, core-on-cloud infrastructure efficiency: PaaS/IaaS Systems of Engagement: sales and product extension omnichannel, next best action, customer insight, system U mobile: engagement apps data-linked partnerships Systems of Insight: insight as a capability -- risk mitigation services: cyberrisk risk analytics: risk assessment and avoidance advice: risk visualization, agent coaching, product recommendation

11 Analytics improves outcomes for key insurance business use cases Improve Customer Insight Customer Retention & Cross/Up-Sell Analytics How can I better understand my policyholders to improve retention and determine relevant offers? Digital Engagement How can I reach my customers with the same standards, regardless of channel? Distribution Optimization How can I effectively manage my producers and identify the right actions? Innovate Business Models Claims Optimization & Fraud Prevention How can I gain a deeper understanding of my claims process and better predict, detect, and investigate fraud? Internet of Things Utilization How can I capitalize on the Internet of Things to offer personalized value-added services to my insureds? Underwriting Optimization How can I apply additional data sources to improve the underwriting process? Manage Risk & Finance Catastrophe Insight & Response How can I analyze data to get advanced insight to avoid losses and respond post event? Financial Performance Management How can I create a solid foundation for better financial decision making? Risk Management & Compliance How can I ensure effective risk management is used across the enterprise?

12 Improve customer insight for insurers Customer Retention & Cross/Up-Sell Analytics How can I better understand my policyholders to improve retention and determine relevant offers? Digital Engagement How can I reach my customers with the same standards, regardless of channel? Distribution Optimization How can I effectively manage my producers and identify the right actions? Leveraging entire customer data set and integrating additional parameters into analytics Increased retention rates up to 40% while reducing costs Hungary Improved customer response through a targeted direct marketing campaign that precisely reflects customer needs Increased customer responses by 78% and new policy purchases from 5% to 8% Extracted insight identifying the right producers to target for campaigns and incentive programs Up to a 10% increase in producer generated revenue with a 20% reduction in sale support costs

13 Innovate business models for insurers Claims Optimization & Fraud Prevention How can I gain a deeper understanding of my claims process and better predict, detect, and investigate fraud? Internet of Things Utilization How can I capitalize on the Internet of Things to offer personalized valueadded services to my insureds? Underwriting Optimization How can I apply additional data sources to improve the underwriting process? U.S. Auto Insurer U.S. Commercial Insurer Using analysis of claims in real-time to optimize customer interaction and claims payment Using near real-time trip data to provide driver feedback, alerts, and input to Claims Mastered risk location and merged additional data sources to assess probable maximum losses (PMLs)? Identified low risk claims; increased processing speed & accuracy by 90% Reduced time to analyze a day s worth of data with 30,000 points per second from 20 hours to 4 minutes Improved combined ratio and reduced cost of reinsurance

14 Manage risk and finance for insurers Catastrophe Insight & Response How can I analyze data to get advanced insight to avoid losses and respond post event? Financial Performance Management How can I create a solid foundation for better financial decision making? Risk Management & Compliance How can I ensure effective risk management is used across the enterprise? Deliver a more responsive service to customers taking advanced analytics to the cloud Touring Club Switzerland Using enhanced analytics enabled real-time visibility of contracts, commissions and payments for targeted performance management Implemented a risk management solution to calculate Solvency II capital requirements Respond faster when disaster strikes by turning social media data into actionable insight 50% cost reduction in generating commission statements with reduced inquiries and complaints Reduced operating costs, increased visibility and improved decision making modeling

15 Data & Analytics capabilities are required All Data Big Data & Analytics Strategy, Integration & Managed Services Big Data & Analytics Platform New / Enhanced Applications Machine/Sensor Policy Broker Claims Social Media Location Real-time Data Processing & Analytics Operational data zone Landing, Exploration and Archive data zone Information Integration & Governance Deep Analytics data zone EDW and data mart zone What action should I take? Decision management What is happening? Discovery and exploration What did I learn, what s best? Cognitive What could happen? Predictive analytics and modeling Why did it happen? Reporting and analysis Better and Individual Pricing Enhanced 360 Degree View Claims Analytics & Real-time Fraud Detection Batch or Real Time Next Best Action Litigation & Other 3 rd party Big Data & Analytics Infrastructure Information Sharing & Transparency

16 More insurance successes from around the globe Korean life insurer made significant gains in profitability by combining predictive analytics with campaign management This major US insurer analyzes its customers information to predict increasing agent retention rates by up to 40% This major US insurer now delivers insight and speeds productivity of 95,000 representatives Australian financial services group integrating data from multiple, previously siloed sources that removes marketing overlap and cuts costs The UK branch of a European insurance agency analyzes risk in a variety of insurance products and areas of operation This Brazilian insurance company provides managers with fast, direct and continuous access to information across business divisions to become more agile and competitive 16

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