Mobility in Insurance

Digital Driven, Agility Matters, Disruptive Ideas

Sashidharan Balasundaram
Tweet @SBstrategic6

#Mobility #STP #Apps #Disruptive #Agility #Flexibility #RPA #RoboticsinInsurance

#ProcessImprovement #ProcessReEngineering #TechnologyInnovation #ClaimsProcessing
#CRM #Touchpoints #Insurance #MobileApps #Apple #Google #Microsoft #Android #iOS
#Blackberry #InsuranceAnalytics #BI #BigData #IoT
Table of Contents

Insurance Industry Overview

Digital Channels: Consumer Preferences
Top 6 Priorities to be Successful
Mobile Solutions: Benefits
Mobility Delivers Transformational Results
Insurance Mobility Solutions
Insurer Example:
The Guardian Life Insurance Company of America a quick
snapshot

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 Insurance Industry overview
Indicators & Outlook Key Takeaways
Pressure from BPO
Modest increment in premium Cost management will continue
Weak investment returns (Operations improvement & process
New regulations efficiency, perhaps underpinned by
Mounting costs IT)
Closed book outsourcing to continue
Priorities
Industry
Reduce Operating expenses
Consolidation in the industry, new
Speed-to-market for new products TPA* deals and new IT partnerships
Ability to respond to changing market Distributors ease of doing business
Distributors ease of doing business Changing role of intermediaries
BI/Analytics, and Mobile
Technology
Improvement areas Focus on BI/Analytics, Mobile, and
Customer portals Customer portals
Mobile Touchpoints Budgets flat, but still need new
capabilities, pressure on IT
CRM effectiveness (Innovation vs. Keeping
BI/Analytics lights on)
Underwriter workbenches

A Third Party Administrator

rces: PwC Insurance 2020, EY Global Insurance Outlook 2015, Frost & Sullivan Using Mobile Solutions To Improve Insurance Sector Performance
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 Digital Channels: Consumer
Preferences
Consumers prefer mobile
applications for insurance
related activities

Nearly two out of three

smartphone users are
interested in using an
insurance app, according to
research done by Frank N.
Magid Associates, Inc., on Willing to use Mobile Apps Not Willing to use Mobile Apps

behalf of Guardian
Insurance
Source: EY Insurance in a Digital
World, 2013
In a 2013 survey titled Insurance in a Digital World by EY on digital practices of more
than 100 leading insurance companies across US and Europe indicates that most of their
digital investments are marketing (83% respondents), and sales (78% respondents)
Globally insurers are retooling their digital strategies to focus more on Mobile to give its
customers consistent digital experience
More price conscious consumers are increasingly buying insurance and savings products
online, for insurers to expand distribution beyond traditional agents, mobile will be the
way forward
Baby boomer generation is aging, millennials are evolving and being targeted on mobile
applications to build stronger brand, and long-term customer relationship
rces: EY Global Insurance Outlook 2015, Frost & Sullivan Using Mobile Solutions To Improve Insurance Sector Performance, guardianlife.com
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 Top 6 Priorities to be SUCCESSFUL
Mobile
Top 6 Priorities
applications in
Reposition distribution insurance
industry for
1 strategies to expand
marketing, sales
market opportunities
support,
Embrace Mobile- administrations,
2 Digital as the new claims, and
storefront customer service
To be Develop simplified
successful in 3 products to expand
customer markets
2016 and
future, Transform back office
4 systems and processes
Insurers will
Plays a crucial
5 Enhance data security role in increasing
self service
capabilities from
Proactively address the payments and
6 uncertain regulatory claims
environment management to
document
management
rces: PwC Insurance 2020, EY Global Insurance Outlook 2015, Frost & Sullivan Using Mobile Solutions To Improve Insurance Sector Performance
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 Mobile Solutions: Benefits
Mobile applications will help Insurers to connect with their customers,
financial representatives and agents, to improve two-way
communications, brand building, pro-active customer communications;
which will result in strengthening long-term customer relationships.
Push
Self Claims
Product Marketing & Notifications
& Status
Information Sales & Payment
Updates
Alerts
Improved Customer Knowledge on Insurance Products
Targeted and More Relevant Marketing Efforts Direct to
Customers: Cross/Up Sell
Improved Claims and New Policy Processing Cycle Times through
Mobile STP
Periodic Push Notification for Payment Dates/Dues and New
Offers
Locate Nearest Dental Service and Other Health Affiliates
Instantly
Investment Updates and Advisory Support for Subscribed
Customers
Collect Payments on-the-go
Improved Business Intelligence, Analytics, and Predictive
Consumer Behavior
Capture Customer Browsing Behavior to Target Travel Insurance
Give Your Customers the Power of Self Servicing
Reduce Cost and Time; Improve Efficiency and Customer
Satisfaction
Give Your Agents the most Intuitive Mobile App with Marketing
Materials and Updates

rces: PwC Insurance 2020, EY Global Insurance Outlook 2015, Frost & Sullivan Using Mobile Solutions To Improve Insurance Sector Performance
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Become More Mobility Delivers
Mobility Delivers Transformational
Competitive

Results
through Transformational
enhanced
mobile
application
Infuse
Agility
Results
features and
satisfied through process
customers improvement &
reengineering Enhance
Market
Share
through mobile
app user Improve
behavior that Compliance
provide insights
for growth through better
governance and
control enabled Reduce
by workflow & Cost
KM
through self
service mobile
applications

Enable business growth by leveraging extensive and unique experience in

NewGen Tech and Mobile
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 Insurance Mobility Solutions
Enterprise Mobility Applications and Services

Sales and Claims Finance &

New Business Policy Servicing
Marketing management Accounts

View Get Quote Get quote Death information Mobile payment

Commercials Requirement Add coverage Travel information Disbursement
Promotions follow up View policy Dental and Health details
Product Info Counter offer information information Payment history
News Alerts Policy status Fund servicing
Find an agent
Calculator

Customer Sales Force Underwriters Claims Field Force Executives

Evaluation

PLATFORMS
Improve Efficiency

Enhance Productivity

Reduce Cost

Infuse Flexibility

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 The Guardian Life Insurance Company of
America
Founded in Employees Fin. Representatives Agencies
a quick snapshot
1860 6000+ 3000+ 70

Headquarters 2014 Operating 2014 AUM* 2015 Fortune 500

Income* Rank
New York USD 81.1 bn
USD 1.3 bn 254
Financial Year ICT Budget Operates one of the One of the largest
Prediction* largest DENTAL Individual
Jan to Dec networks in the US Disability Income
USD 362 mn Insurance Provider
President & CEO COO in
CIOthe US
CFO
Deanna M. D. Scott Dolfi Marc Thomas G.
Mulligan Costantini Sorell
Products: Life Insurance, Disability Income Insurance, Annuities, Investments, Employee
Benefits, 401(k) retirement solutions for SMEs
Mobility Investments: In April 2015 launched Mobile Disability Insurance Quote Tool
Guardian DI QUICK Quote; Guardian Anytime Mobile app helps users to locate
dental and vision providers;
Top Competitors: Massachusetts Mutual Life Insurance Company, Nationwide Mutual
Insurance Company, New York Life Insurance Company
erating income before taxes and dividends | AUM Asset Under Management | ICT Budget Prediction from Seconday Research | bn Billion | mn
rces: Company Website, 2014 Annual Report, Fortune.com, Hoovers SB
Thank You
Tweet @SBstraegic6

#Mobility #STP #Apps #Disruptive #Agility #Flexibility #RPA #RoboticsinInsurance

#ProcessImprovement #ProcessReEngineering #TechnologyInnovation #ClaimsProcessing
#CRM #Touchpoints #Insurance #MobileApps #Apple #Google #Microsoft #Android #iOS
#Blackberry #InsuranceAnalytics #BI #BigData #IoT SB