Post on 06-Apr-2017
Tech Trends 2016 Property and Casualty Insurance
The Team
Team Advisor Team LeaderDon Massenzio Michelle Kaarst-Brown
Consultants• Kathleen Seibert • Sargam Gupta• Yang Fu• Jash Mehta• Anvitaa Shetty
• Overview of Property & Casualty Insurance in 2016
• Key Tech Trends
• Closing Thoughts
Agenda
Property & Casualty Insurance Industry
Priorities for 2016
• Digital Leadership to take over transformation effort
• Increase transactions in Mergers & Acquisitions
• Cultivate a Culture of Continuous Innovation
• Focus on the Distribution Platform
• Differentiate the Product with Analytics
On the Road to Disruption
• Modernization to reinvent existing business processes • Core-related IT expenditures as a smart investment
• Improved efficiency, efficacy and results to match the higher-order initiatives
• Redefine business core performance to meet industry standard
• Customer-focused, outcome-driven core to achieve business goals
• Functionality, reliability and scalability to help develop a fitting design for new infrastructure
• Automation of legacy systems to drive innovation and growth
Note: IT budget visuals have been derived from technology benchmark studies performed by Novarica in 2016
Trend 1 : Reimagining Core Systems
• Autonomic Platforms uses virtualization and DevOps to provide
agility and flexibility
• Biggest challenge: Engaging customer wherever they are are
and whenever they choose
• Software Defined Everything - Virtualizing the computer
infrastructure
• Time to change cumbersome SDLC methodologies to DevOps
Trend 2 : Autonomic Platforms
• Operational byproduct to strategic boardroom concern
“What should I do?” → “What is going to happen?”
• The new role of Analytics
oUnderwriting results
oNew products & Refine Pricing strategies
oMarket Differentiator
• Apply proven analytics to the homeowners market
• Use analytics to manage commercial market risks
• Online Presence & Internet Sales - Customers’ demand!
• Pricing Life Cycle - Soft (2004-2011) -> Hard (2011-Present)
Trend 3 : Industrialized Analytics
Influence of Tech Trends in 2016• Businesses with benefit with effort directed towards
“Reimagining the Core”.
• This will give companies the hardware advancement in
addition to the benefits of agile methods and new
opportunities
• Automate platforms will help the business by running
it faster and more reliable
• Industrialized data analytics will essentially describe
information with predictive capabilities in the the future
Thank you