Technology is Evolving Faster than Ever Before in this Digital Era. Autonomous Vehicles AI & Robotics (Machine Learning) More Data

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3 Technology is Evolving Faster than Ever Before in this Digital Era Sharing Economy Autonomous Vehicles AI & Robotics (Machine Learning) Genomics Broader & Deeper Automation 3-D Printing More Data Mobile Big Data & Analytics Smart Homes & Cities Cloud IoT Social

4 Data is Not New for Insurers Insurers have Terabytes & Petabytes of Data Google & Amazon are Better at Using Data However What has to change is how we use data

5 Four Meta-Actions Will Shape Digital Insurance Agendas in Insurers will use digital to get closer and more essential to the customer 2. Digital insurance teams will focus on retention in the initial sale 3. New digital sales channels will disrupt traditional underwriting and distribution 4. Digital will spur insurers to look at new uses of capital and data--to drive innovation

6 Insurers Ascribe Greater Importance to Fueling, Conducting, and Responding to Data How important are the following initiatives to your firm? Improve our products /services 86% 86% Create a comprehensive strategy for addressing digital technologies like mobile, social and smart products Improve differentiation in the market Better leverage big data and analytics in business decision-making Create a comprehensive strategy for handling customers' multichannel activities Create a comprehensive digital marketing strategy 68% 75% 74% 67% 64% 84% 84% 84% 79% 76% Improve our capabilities to partner with other companies, academic institutions, or other organizations 67% 71% Insurance All Source: Forrester Research Business Technology Services Survey 2014 (final) Base: 1532 global business and technology decision-makers in all industries; 85 global Insurance business and technology decision-makers

7 But it Takes Weeks or Months For Insurers to Create That Business Intelligence "In general, when business users are looking for help with BI, how quickly does IT turn around the following requests?" Within days 2% 30% Within weeks 23% 38% Within months 19% 41% Within a year 3% 13% More than a year 0% 9% Create New Complex BI Content Never 6% 6% Create New Simple BI Content Source: Forrester's Business Technographics Global Data And Analytics Survey, 2014 Base: 1658 Global technology and business decision-makers in online countries in all industries; 64 Global insurance technology and business decision-makers in online countries

8 And Depend on a Variety of Analytics to Deliver on Their Transformation Strategies "What types of analytics are most likely to drive innovation and create new growth for your department and/or firm?" Performance analytics Predictive analytics Process analytics Reporting Dashboards Web analytics Embedded analytics OLAP (aka "slicing and dicing" analytics) Location analytics Metadata-generated analytics Advanced visualization Text analytics 14% 40% 39% 46% 34% 36% 34% 30% 22% 28% 30% 23% 24% 22% 26% 20% 55% 55% 52% 48% 58% 56% 61% 69% Insurance industry Industry other than insurance Source: Forrester's Business Technographics Global Data And Analytics Survey, 2014 Base: 1658 Global technology and business decision-makers in online countries in all industries; 64 Global insurance technology and business decision-makers in online countries

9 Data is the Leading Force Driving Insurance Transformation People Process Technology Data Establish Outcome based Framework Actionable Insight Enabled Actions Outcomes Create Customer Engagement Models Innovate Agent & Broker Interactions Re-imagine Risk Underwriting & Drive Underwriting Efficiency Drive Pricing Excellence & Market Agility Next Generation Analytics Excellence Leverage Digital Capabilities 720 View of the customer Power of combining Structured & Unstructured Do not forget Simplification & Governance It is all about Data, Data & Data Increasing the value of Data Prescriptive Predictive Descriptive (What should happen?) (What will happen?) (What has happened?)

10 - Real Time - Disparate Sources - Social Media - Portfolio History Data Underwriting Transformation Actionable Insights - Portfolio/Account/Policy Information - Real Time Location/Risk/Hazard Assessments - Holistic View of the Insured s Business - Early Potential Fraud Detection Enabled Actions - Case Based Decision - Identification of Cross Sell/Upsell - Faster, More Accurate Decisions - Straight Through Processing Outcomes - Increased Underwriting Profitability - Predictable Results - Improved Customer Service - Better Retention 10

11 Current State - Underwriting Market Drivers Lack of Investment returns creating significant pressure on Underwriting loss ratio Manual activities that prevent the Underwriter from focusing on risk analysis / decision making Proliferation of multiple and redundant Underwriting applications that create increased expense Need for customer experience & overall customer satisfaction to remain competitive TCS Solution Strategy The TCS Underwriting Workbench (UWWB) is a solution accelerator that is built on Pega7, PUI for Commercial Insurance and Analytics framework to offer an automated environment for the Underwriter. The UWWB is: Customizable to client requirements Integrated with a Geographic Information System (GIS) tool for visualization of risk data Has a built-in component to perform text analytics Pre-configured Simplification with leading practice insurance processing workflows Digital Reimagination

12 The Underwriting Workbench (UWWB)Solution Accelerator Continuous Underwriting Drive continuous underwriting via automated / trended risk scoring and analytics. Decreased Underwriting Time Automated Risk Selection Automate business processes to free Underwriting time. Provide focused risk selection appetite guide to agents via automated business rules. Portfolio Management Enhance portfolio management via account level focus. Virtual Collaboration Promote best of class expertise via virtual collaboration. Risk element identification Enable extraction and co-relation of risk elements hidden in multiple documents

13 NextGen Underwriting Capabilities 360 degree View Clearance /Registration Cross sell /Up sell Peer Review Social like collaboration Video/Audio Chat Checklist Account Management Collaboration Tools Risk Analysis Mobile Risk assessment UW Decisions/Referrals Pricing, Quoting ITV, Policy Support Tool MVR Core UW Functions & Tools Underwriting Workbench Intelligent Workflow Next Best Activity Dynamic Case Management Skill based work routing Alerts and Tasks Store/Retrieve Federated Policy Doc Search Contract Edits Document Integration Data & Analytics Integration with Backend Systems Monitor book of Business Risk Scoring GIS Mashup Location analytics

14 UWWB Powered By Pega7 A Single, Cohesive Underwriting Platform Dynamic Case Management Intelligent Workflows Seamless Integration with Third Party Data Sources Informed Decision Making 720 View of the Customer Incorporation of Social Media A More Informed, Better Managed Underwriting Process 14

15 UWWB - TCS GIS Solution High Level Overview CAT Visualization & Tracking Impacted Policies Multi Channel Context Sensitive Alerts Potential Loss Aggregates Calculation Intelligent Claim Allocation to Claim Adjusters Multi Geo Format Assessment like Zip Code, Census Block Group, etc. CAT Claims Analysis

16 Role of GIS in Digital Insurer Transformation GIS plays an important role in helping Insurers achieve Cost Savings, Revenue Growth, and Regulatory Compliance Marketing Underwriting Claims & Servicing Risk Management Better targeted marketing to areas where insurer is currently underexposed Identifying prospects Better understanding of risk accumulation and resulting exposure Better pricing of risk taking into account risk of perils and accumulation of risk at that location New business opportunities with risks previously declined Identifying fraud patterns using spatial analysis Mapping location of incidents to support large response teams Pinpointing locations where resources are needed in large-scale disasters Allocating Adjusters in real time Aggregated view of risk exposure across lines of business Model impact of exposure to perils such as floods, fires, or windstorms

17 Data Enables Predictive Underwriting Customer Submits Application Online Straight thru Process (STP) If Clean Case If Complex Case For Policy Issue For Policy Issue For Policy Issue Work item sent to underwriter s work list Approve Data sent to analytics platform Application data Case History Decision Decline Predictive Analytics Platform Predictive Analytics Result Underwriter Counter offer Application & STP data Underwriting Data Similar cases More data & Analytics needed Claims data For the product

18 A Day in the Life of an Underwriter (Future State) Automated Geo-code endorsement request for newly added location Review in-basket for priority items Automated clearance for prior quote submission activity Underwriter Automated review of social media for client activity Review automated out of appetite rejections based on multiple occurrences from same producer Issue automated acknowledgement letter based on pre-configured business rules

19 Q & A

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