The digital future for insurance.

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1 Digital transformation can help you tame the perfect storm. The digital future for insurance. Following the 2008 financial crisis, the insurance sector has faced tighter regulation, which has made it harder to grow revenue. In particular, there s less cash for you to invest in business growth because you re now required to hold more policy premium in escrow to cover potential claims losses as well as ensure financial solvency. And just when you have less money to spend, customer expectations for improved service have grown. They want a seamless service no matter how they choose to interact with you in person, by phone, online or from their smartphone. That means you need to make the right choices when investing in new customer service tools. These pressures are creating a perfect storm in insurance. To thrive, you need to find ways to drive revenue growth, cut costs and differentiate your service from that of your competitors. How can you do all that? Digital transformation can help. Companies in your sector are already benefiting from the latest technologies whether by introducing backoffice efficiencies, gathering big data for usage-based insurance, or creating an omnichannel experience. But digital transformation is a major and ongoing initiative, and there s plenty of work still to do. Research we commissioned from Forrester Consulting shows that just 16% of insurance companies have fully implemented their digital strategies, compared to 25% across all sectors. Just under a third (32%) of insurance firms say the maturity of their digital strategy is good ; almost a quarter (23%) say it s poor or very poor 1. This document illustrates just some of the ways that digital solutions can help insurance companies achieve their objectives cost effectively. Not all of the examples and technologies we describe will apply to your business every insurance company is unique. But we re sure that whatever digital means to you, your organization and its infrastructure will need to change. We ll show you what steps you can take today to thrive in the digital age. Leaders in the insurance sector say their top three reasons for digital investments are to gain new customers, create a unified digital experience, and drive revenue growth 1. 1

2 Digital transformation powers your business insurance Digital will drive key initiatives across the insurance sector. Digital in business context. Meet customer expectations In the digital age, customers have more power to change providers than ever before. The proliferation of online comparison tools makes it easier for consumers to pick and choose products and providers. And that means you can t take customer loyalty for granted. To win and keep business, you need to be competitive on price and customer service. Customers today want faster, easier, more personalized self-service options through online and mobile channels, with seamless experiences across different product siloes. And when they start an interaction in one channel they want their customer information to move along with them between channels seamlessly. The leaders in your sector are already well on the way to offering improved customer service through omnichannel services. Digital is making it possible. 74% of leaders in insurance say better customer experience is a critical or high priority for Digital is enabling more self-service tools for customers, agents and brokers improving customer service and providing efficiencies. Customers can start claims on their mobile devices and track their progress online. That s a better experience for them and removes some of the burden from your staff, providing quicker claimto-close and greater transparency of the process. And that s key because you ll win more business if people trust your brand. With integrated services, customers receive a consistent message and seamless experience no matter how they interact with your business direct through your contact center or via an agent out on the road. Your brokers have the information they need to handle complex queries at their fingertips. And your contact center staff can handle multiple claims, without having to leave the caller on hold or transfer them to a specialist. 2

3 Drive efficiencies and innovation Digital solutions can support greater operational efficiency across the board. High-performance cloud platforms deliver the core applications and information you need to make decisions in the office and call center. And mobile and rich collaboration tools reduce friction and delay in every business process, by enabling staff to collaborate and be productive from virtually anywhere. Many insurance companies are realizing cost savings through automation and consolidation of their systems especially those that handle policy administration. And that s vital for companies looking to grow their businesses through acquisitions, so that systems can be easily integrated without impacting operations and customer service. Digital has opened the door to new opportunities and innovation. Leading insurance companies are moving from the insurance of objects to the insurance of risk. Where now they provide coverage for a property or life, they ll insure on the basis of an individual s actual behaviors and how they associate with risk. Some are already making this shift thanks to cloud and the internet of things (IoT), which have made it possible to collect and analyze a much wider range of data cost effectively. You can now base your policy decisions on a wide range of rich data far beyond simple demographics and credit scores. You can analyze third-party data, such as retail spending habits and government statistics. You can mine social media to build a better understanding of group risk by lifestyle data, and work with your product management teams to customize unique insurance bundles to address these specific audiences. Telematics enable you to gather near real-time data on driver behavior which means you can now take on higher risk drivers, and benefit from higher returns. They also allow you to collect climate data to inform on-road conditions and property coverage. We could see IoT-enabled drones being used for disaster insurance monitoring. With all this information you can develop informed risk-management strategies that make it possible to penetrate new segments of the insurance market. You can establish pricing models based on multivariable risk data. And with greater understanding of your customers, you can improve your campaign targeting. Improved customer analytics will allow you to recommend new products and services to customers and increase revenue. Achieving these gains cost-effectively will involve the integration of IoT to all business spaces, data center consolidation and a shift to cloud architectures. Manage risk Managing risk is not a new concept for insurance firms. Insurance companies involved in underwriting corporate liability insurance are taking a growing interest in the threat that cyber criminals pose to organizations systems and data. And they re increasingly conducting more forensic audits of their clients web defenses during claims investigations. 84 % of leaders in insurance say that information security is a critical or high priority for But as more data, systems, transactions and processes move into the digital world and beyond the four walls of the business, you need to be sure your own defenses are robust. It s likely that you hold personally identifiable information (PII), health records subject to the Health Insurance Portability and Accountability Act (HIPAA), and credit card data covered by the Payment Card Industry Data Security Standard (PCI DSS). A breach could have a huge impact on your reputation, consumer trust and your business. You can better protect against intrusions, malware, denial of service attacks and other threats with defenses built into your network instead of on site. And changes are happening to how businesses achieve availability too. For example, you can back up wired WAN connections with a 4G router to maintain business continuity in the event of a failure. 65 % of leaders in insurance say revenue growth is a critical or high priority for % say cost reduction is a critical or high priority 1. 3

4 Digital transformation powers your business insurance Customer engagement, innovation and cost efficiencies rely on a robust network. The network is the key to digital. Digital depends on the network Every one of the digital initiatives we ve just discussed depends on the network. Take customer engagement. If the network fails, customers won t be able to track their claims online and may end up waiting on the phone. And without a robust network, your agents and partners won t be able to access details of your products and services. Customers don t want to be faced with someone who can t answer their questions particularly if they re pursuing a claim. They ll switch providers. With so many customer-facing services relying on the network, downtime or poor performance will have a massive effect on business. Or take innovation. Your ability to develop new pricing models based on richer multivariate data relies on being able to collect and analyze this data. And that relies on the network. You need a network that can handle big data collected in near real-time from multiple sources across the world, and that can support the compute needed to analyze it. You won t realize the efficiency and productivity gains offered by digital without a robust network. And you won t keep your customers trust. You need a network that can maintain business availability and secure the sensitive customer data you hold, which is such an attractive target for identity fraudsters. 4

5 Networks need to change Most insurance organizations recognize that, while networks are critical to digital, their existing infrastructure isn t up to the challenge. Already 70% say that their legacy network infrastructure is a bottleneck, and in response 42% say they are already expanding their network capacity to support digital; a further 35% say they plan to soon 1. But simply adding more bandwidth isn t enough. In the digital age, networks need to be agile: to support the business into the future, by reconfiguring and scaling as traffic volumes shift. They need to react automatically to threats and failures to maintain service levels and prioritize quality of service for critical applications; to operate themselves intelligently and programmatically to lift the burden of manual reconfiguration from overstretched IT teams. Sound like a tall order? There are technologies emerging to deliver these next-generation capabilities, under the banners of software-defined networks (SDN) and network function virtualization (NFV), and companies in your sector are already investigating them: 80% say that SDN offers significant benefits 1. Cultural change is essential Digital transformation requires more than putting in place new cloud, analytics and networking solutions. It means pushing through cultural change. To support your goals, IT needs to understand your business. 52% of insurance leaders agree that the enterprise network should go beyond connectivity, and align infrastructure with line of business requirements 1. But IT faces challenges in supporting the business. 40% of leaders we surveyed say the rate of technology change is an obstacle to achieving business goals. 50% say it s a problem that key staff are focused on other activities 1. Facing this increased complexity, it may be time for help from quality managed-services firms and consulting providers to augment day-to-day operations. Perhaps the biggest challenge is getting the whole business pulling in the same direction when it comes to digital. 68% of insurance services respondents agree or strongly agree that each line of business has a different definition of what digital means to them 1. So what s the answer? Business leaders already know where they should start: 62% say IT staff should spend time working in the business; 57% say that IT projects need clear business-focused KPIs; and 67% say that CIOs should chair a council on digital innovation, with representatives from IT and the business 1. Our research shows that leaders in your sector recognize the importance of the network in supporting business goals. 61% say that the network forms part of their competitive advantage 1. 58% say that poor network quality translates into poor user experience 1. 65% say that the network is critical to a big data strategy 1. 48% say that the network is an integral part of delivering on the promise of cloud 1. 5

6 Start your digital journey. Make a difference today Digital transformation is an ongoing, long-term journey, but the time to start readying your network is now. Although some of these changes will take time, there are things you can do today that will have an immediate effect. Leading organizations in insurance are already making progress with their digital transformations. We worked with one major insurance company to provide secure and simple access to client information, data analytics and other business tools. Its employees can now collaborate easily and securely if they re in the office, at home or on the road. And the company s agents can present information to clients on any device, in the same format, anywhere in the world. We partnered with a global reinsurance and riskmanagement company to help protect its confidential customer data and proprietary information. We re also helping it understand customer behavior by analyzing data from click streams, transactions and voice recordings. Our network solutions have increased the bandwidth to local branches of one insurance company so that they re prepared for video services and web application access. And we re helping it route customers to specific retail locations based upon predictive intelligence of what the customer requires. We help insurance companies transform their networks and become digital businesses. Verizon News and Insights provides information on IT trends in the insurance sector. The internet of things is transforming insurance. Our full report explores the big picture of digital transformation and the future of the network. References 1 A commissioned study conducted by Forrester Consulting on behalf of Verizon, February verizonenterprise.com 2015 Verizon. All Rights Reserved. The Verizon name and logo and all other names, logos, and slogans identifying Verizon s products and services are trademarks and service marks or registered trademarks and service marks of Verizon Trademark Services LLC or its affiliates in the United States and/or other countries. All other trademarks and service marks are the property of their respective owners. WP /15

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