Starting the journey – transforming your business by leveraging data and analytics

September 2016

Creating value through customer centricity

© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Starting the journey

– transforming your business by leveraging data and analytics

Dave Ovenden

Changing customer expectations

© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2

Change the view: From product / LoB to customer

Ensure permeability between channels:

One version of the truth for a client, integrated intermediary portals

Proper multi-disciplinary teams / strong analytics function / Break-up of silos

Alignment of strategy and ambition across all functions

Gain a deep understanding of risks, client and distributor behaviour

Increased frequency and breadth of modelling - continuous refinement of

customer knowledge

Handle large amounts of data efficiently

Integrate large amounts of internal and external data, to allow relevant products

and customer interactions

Where do you begin….


The Customer Centricity Iceberg

3

Where are companies now….different stages, but common themes


Issues with

legacy

systems

Poor data

quality

Implications of

failure

‘Pet’ projects that

are fragmented

across the internal

organisation

Culture that

does not

value dataAnalytics arms

race

Data ‘storm’ with the

potential for multiple new

data sources

Linking to your strategic business priorities


Ambition PrinciplesInnovation

Projects

IT

InfrastructureData Strategy

Strategic Business Priorities

An integrated approach to the mix of projects in the portfolio

An example – Using UW and Pricing as a Strategic Driver


Linking customer strategies to technical best practices

6

CROSS-

FUNCTIONAL

ENGAGEMENT

CROSS-

FUNCTIONAL

ENGAGEMENT

PROCESS

PROCESS

Systems &

Technology

Tools &

Techniques

Internal &

External Data

Capability &

Capacity

Governance &

RegulationStrategy

Risk Modelling Demand ModellingMI & Decision

Support

Underwriting

Approach

Product

Assessment

Product &

Portfolio

Management

Customer &

Intermediary

Insight

Product Delivery Sales Execution

IMPLEMENTATION & DELIVERY

DECISION MAKING & BUSINESS MANAGEMENT

ANALYSIS

FOUNDATION

Key

Product BothU/W

Aligning core competencies to composite strategy


CROSS-

FUNCTIONAL

ENGAGEMENT

CROSS-

FUNCTIONAL

ENGAGEMENT

PROCESS

PROCESS

Systems &

Technology

Tools &

Techniques

Internal &

External Data

Capability &

Capacity

Governance &

RegulationStrategy


Support

Underwriting

Approach

Product

Assessment

Product &

Portfolio

Management

Customer &

Intermediary

Insight

Product Delivery Sales Execution



ANALYSIS

FOUNDATION

Key

Product BothU/W

Building competitive advantage

The Analytical Engines That Drive Automation and Customer Experience


Portfolio segmentation triggering processes

CROSS-

FUNCTIONAL

ENGAGEMENT

CROSS-

FUNCTIONAL

ENGAGEMENT

PROCESS

PROCESS

Systems &

Technology

Tools &

Techniques

Internal &

External Data

Capability &

Capacity

Governance &

Regulation

Underwriting

Strategy


Support

Underwriting

Approach

Price

Assessment

Product &

Portfolio

Management

Customer &

Intermediary

Insight

Price Delivery Sales Execution



ANALYSIS

FOUNDATION

Targeted customer engagement


Building a Customer Engagement Index using Available Data

Action

Active investment choice

Option take-up

Policy alteration

Change of details

Re-contact (gone-aways)

Enquiry/complaint

Gone away

Awareness

Measures …

Interest/understanding

Financial capability

Adviser influence

Desire

Significance

Competing priorities

Customer data

Internal

Financial

Transactional

Biographic

KPIs

External

Geodemographic

Triggers

Segmentation using Example Engagement Drivers

Portfolio segmentation triggering engagement processes

Individual Identification

Affluence score

Risk Appetite

Product holding

Product implications

Engagement Implications

The Art of the Possible


Automatic

claims

settlement

using

Underwriting

data

Real time

millisecond

individualised

pricing

Drag and drop

data upload

from

intermediaries

to insurers

Real time

customer value

metrics

Single

customer view

Real time

underwriter

decision

support

Customer

focused portals

across multiple

carriers

The need for a Strategic Roadmap – “My strategy probably needs a strategy”


High impact projects

– enabling:

Understanding the impact

of mix changes on the

portfolio

Shorter decision cycle

times

Addressing specific product

opportunities

Short term

An strong foundation, where the leadership,

expectations, TOM and capabilities are all

aligned with the ambition, strategy and view of

the future.

Energy around communication

An effective and efficient test and learn environment

Decisions are with the benefit of great insight

A Roadmap for success

Strong Foundation

Insight, R&D and relationship

building create an environment

where:

The team is not just looking at

existing models

Data is the new currency

Successes are communicated to

attract interest and investment

Medium term

Questions


Starting the journey – transforming your business by leveraging data and analytics

Business

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