Enterprise Content Management(ECM) & Data Analytics for Life Insurance

Transcription

1 Enterprise Content Management(ECM) & Data Analytics for Life Insurance Nicholas Tan Regional Business Development Channels Leader Analytics Platform(ASEAN)

2 Business Challenges Today in Managing Paper 2 2

3 Business content is foundational In Insurance Policy Application Forms Photos/Videos of incidents Claims Customer ID Info/ medical reports Accident reports Hospital Bills Social Media Feeds 3 3

4 Today s Big Data 80% of the information created and used by an enterprise is Unstructured Data. Unstructured data is growing at twice the rate of structured data. Voice Images Electronic documents Twitter Blogs Databases ERP, CRM 20% Structured Data Sensors RSS Feeds Scanned Documents estatements / Reports 80% Unstructured Facebook NDA Data Wikis Web Pages s Instant messages Organizations facing common challenges with the explosive growth of Big Data How do you manage the growth of Big Data whilst ensuring increasing Regulatory, Compliance & Policy requirements are met? 4 4

5 Insurance Customer Needs 5 5

6 Growing Trends Historically IT projects have focussed on Automation Transaction Processing - Financial Transactions, Insurance Claims - With the aim of maximum automation, lowering required staff experience and training & thereby reducing cost Today the Business Environment is Very Dynamic & Less Predictable - Fast pace of New Products, New Competition, New Channels,.. Customer and Agent Expectations are Growing - Desire for Faster Electronic Service, Customer Engagement, Access to Information & Status, Participation and visibility 6 6

7 What executives are saying in claims Chief Claims and Underwriting Officer Optimize claims processing to reduce cycle time and costs 7 Continuously to improve compliance & audits Maintain customer high service levels against competition 7

8 Datacap Taskmaster Enterprise Capture Platform Desired business outcomes Reduce cost of transporting paper Reduce data entry labor costs Extract data from documents without manual keying Reduce paper duplication and document preparation Speed up paperbased business processes Online access to their claims and policies 8 Drag picture to placeholder or click icon to add UI Layer Datacap Rulerunner 8

9 Datacap Mobile Capture for On-boarding and Claims Capture any document, anywhere, at anytime Capture images from device directly into Datacap application Rich on-device feature set: Automatic edge detection and image correction Quality detection & indicators Snap, reorder, index, upload On-device classification and indexing including Barcodes Offline mode supports delayed upload Monitor document processing status after upload ios 7 and above, Android 4.3 and above Available on itunes Apple App Store, Google Play 9 9

10 Capture on-the-go Documenting the state of an injury 10

11 Insurance Processing a complex environment Example: new business acquisition (front office quote process) Policy quote request Consumer contacts agent for a quote 11 Underwriting Agent accesses multiple sources over multiple channels Modify quote Agent receives quote and carrier negotiates coverage Policy approval Agent finalizes terms with carrier until policy issue Policy issuance Customer receives documents 11

12 And unpredictable and complex processes demand flexibility Traditional Structured Workflows Flexible workflow needed for users to make decisions based on changing events Ad-hoc dynamic Workflows Decision-makers can divide requirements into discrete workflow tasks and run them in the best order and at the best time for positive outcomes ü 12 ü 12

13 IBM Case Manager Built on the industry leading ECM platform that seamlessly combines Rules, Workflow, Collaboration and full Document Management Delivers trusted information to the knowledge worker in one place both content and structured data in the context of a case Leverages unique dynamic workflow tasks concepts and capabilities in support of driving successful case outcomes Know what is happening with visual case history, real-time dashboards, and insightful content analytics 13 13

14 Cases are Dynamic for ad-hoc workflow tasks creation Caseworkers can view and start new tasks for a case, changing how that case is handled on the fly

15 Case History Visualizer for audit tracking Provides an overview of the life of a case Event histogram shows when most activity occurred Zoom in for more insight 15 15

16 Three styles of Case Analytics Case analyzer (historical reporting) Case monitor (real-time dashboards) Content analytics 16 16

17 Core Insurance Solution support with IBM ECM Providing better business outcome and 360 view of customer Claim documents: Claim forms, accident report, hospital bill, photos Document Conversion Scan with MFPs, portable scanners, input fax, and attachments Mobile capture enables claims adjusters to input immediately Document request prompts make it simple Secure log-in and encryption provide security Classification/OCR with Datacap Doc ID Estimate Are all required documents present? Are all required fields and signatures present? Are proper index values assigned to each document type for search and retrieval? Document Storage On Prem or In the Cloud Content can be placed on prem or in the cloud based on the customer requirements 17 Case Management Knowledge workers have all documents and data required to move the claim through the approval process swiftly and accurately Additional document requests Analyst requests further documentation, Additional input 17

18 Smarter Content, Smarter People Put business content to work to realize new value Capture 18 Protect Activate Analyze Engage 18

19 Sun Life Financial Process 51% more applications by improving their efficiency by 40%, allowing them to process more applications Reduced application processing time by 25% Improving overall customer satisfaction Operations optimization to boost productivity, reduce costs, and improve customer satisfaction 19 Boosted productivity and reduce costs Saved millions of Philippine pesos in temporary staff and supplies

20 Insurance Solution Examples Client Onboarding Complex Claims / Underwriting Complaints, Disputes and Inquiry Management Retirement Planning and Management Claims and Underwriting Management Mandatory Corporate Actions Fraud, Investigations Incident and Remediation Management Cross Selling Management 20 Corporation IBM Case Manager as 2015 a IBM Shared Solutions Platform 20

21 Other Insurance Solution Examples Contracts to Procurement Management Authorization for Capital Expenditures Vendor / Supplier Onboarding Accounts Payables / Accounts Receivables Policy Holder Change of Address Policy Holder Notification of Death Employee Lifecycle Management Standard Operating Procedures Project Portfolio Management 21 IBM Case Manager as 2015 a IBM Shared Solutions Platform Corporation 21

22 Gartner named IBM the leader in ECM for 4th consecutive year 22 A growing opportunity for IBM lies in building smarter ECM infrastructures. These industry initiatives span enterprises and ecosystems.

23 Smarter Content, Smarter People Put business content to work to realize new value Capture 23 Protect Activate Analyze Engage 23

24 Next Generation of Cognos BI Delivers Data Discovery with ease of use similar to Watson Analytics Drag picture to placeholder or click icon to add Redefined consumption experience Completely re-designed experience Dramatically increase productivity for departmental and enterprise reporting for any device Accelerated business modeling and performance Redefined report authoring and analysis 24 24

25 Reporting for Claims Review claims KPI performance by month, type, channel Analyze claim costs, fraud referrals, subrogation recoveries The business user controls how claims are assessed and what recommended action is assigned

26 Reporting for Customer retention and growth Analyze policy renewals by a segmentation of channel, LOB and age group combine Business Intelligence and Predictive Analytics for insight and foresight into customer behavior Improve targeting of offers to policyholder through their preferred channel

27 Big Data and Business Intelligence Ready (Netezza Lite) Unlocking Data s True Potential Included with the PureData System for Analytics N Data Warehouse Appliance Up to 16TB capacity for your Data Warehouse or Data Mart with built-in in-database analytic capability Business Intelligence Cognos software, 5 Analytics User licenses, plus 1 Analytics Administrator license Exceptional value provided Built-in, In-Database analytic capability and integration with a variety of 3rd party tools For additional value 27 Data Integration & Transformation InfoSphere DataStage 280 PVUs, 2 concurrent Designer Client licenses and InfoSphere Data Click Hadoop Data Services InfoSphere BigInsights Software licenses to manage ~100 TB of Hadoop data Real-time Analytics InfoSphere Streams Developer Edition 2 users, non-production licenses Industry Process & Data Models Models for Banking, Financial Markets, Healthcare, Insurance, Retail, Telco IBM InfoSphere Data Privacy and Security for Data Warehousing 27

28 Netezza BI in a Box What Customers Struggle With The volume of information is growing and straining performance. Queries are slow. Reports take too long to run. Key Points Complete BI solution Looking for a turn-key solution, BI in a box Enhanced BI capabilities Move beyond basic spreadsheet reporting Fast solution delivery time Project has a tight deadline, skills not available, need load and go capabilities New BI Project Support new business discovery capabilities quickly Inability to perform analysis on extremely large amounts of data. How We Can Help Them & Impact Consolidate data to meet growing data challenges with simplicity, speed and lower cost. Innovate faster by deploying a data warehouse appliance in hours, not weeks or months. Accelerate analytics for better business outcomes

29 PureData Analytics Insurance Safety Insurance Finding the key to retaining high-value customers while realizing significant operational savings Drag picture to placeholder or click icon to add Reduced time to run reports from overnight to 5 minutes 2 hours saved for analysts on the creation of each report Game-changing insights into customer behavior across all lines of business The transformation: Safety Insurance lacked a consistent, comprehensive view of individual customers, making it difficult to understand what policies each person had, and to provide more integrated service. With IBM PureData System for Analytics(Netezza), the company can now readily identify its most valuable customers and engage in efforts to boost their loyalty and increase their lifetime value. Solution components Software IBM Cognos Business Intelligence IBM PureData System for Analytics 29 We should achieve a huge return on our investment in the IBM solution extremely quickly. Chris Morkunas, Data Governance Manager, Safety Insurance 29

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