OMNI-CHANNEL

FLEXIBILITY, AGILITY AND AUDITABILITY

PLATFORMOF

PLATFORMS

PRODUCT DEVELOPMENT

CAPABILITY

AS-A- SERVICE

T H E F U T U R E I S D I G I T A L

An IDC Infographic

Ready or not, it’s time for Australian and New Zealand insurers to confront shifting consumer expectations

and the fast-changing competitive landscape.

Insurance Beyond the Usual

1. “Digital Australia: State of the nation”, 2017 Edition, EY Sweeney report2. IDC Research, ASIC website3. IDC Research, C-Suite Barometer Survey 2017, Australia - FSI4. IDC research and Australian Fintech Landscape, KPMG, 20175. Travel insurance: Investor Presentation, Zurich Insurance Group, Dec 20166. Health Insurance: IDC research & estimates7. Mobile Insurance: SNS Research estimates , Sep 20178. IDC FutureScape: Worldwide Financial Services 2017 Predictions — APEJ Implications

Sources:

Empowered customers with rising digital expectations

of customers are expected

to walk away from a business that fails to deliver a good digital experience1

1 Regulatory guidelines becoming pro-digital

sets the pace to

fast-track digitalisation and use of new technologies such as robo-advisory.

2

The rise of startups

of Australian

CEOs concerned about new, more agile competitors3. 5-fold increase in the number of fintechs in Australia4: 100+ in 2014 to 500+ in 2017.

3

Upsurge of new insurance offerings from 2017–2020, 5-Year CAGR: 5% Travel insurance (Australia) 55% Health insurance (Australia) 610% Mobile insurance (worldwide) 7

Integrating insurance into consumers’ lifestyle

4

By 2019, a higher percentage of insurance products sold in APeJ will be usage-based enabled by the Internet of Things (IoT). 5-year CAGR8: 25% Vehicle insurance; 5% Home insurance

Toward a consumption-based model

Digital transformation of insurers requires a platform that can provide systems and capabilities in the above 5 areas

to thrive in the digital future

To learn more, read the DXC Technology-sponsored IDC InfoBrief, “The Future is Digital: Australia and New Zealand Insurers Go Beyond the Usual”, November 2017

LEARN MORE

Sponsored by

DXC DIGITAL INSURANCE as-a-SERVICE

(DIaaS)

CUSTOMER EXPECTATIONS

Omni-channel

Informative

Intuitive

Conversational

AS-A-SERVICEConsumption-based pricing

Fully integrated components

Localised templates

Fully managed service

REGULATORY COMPLIANCEFlexibility, agility and auditability

Compliance change costs shared

Reducing legacy risk

Real-time reporting

DIGITAL PRODUCTS

Product development

capability

Speed to market

Easy to understand

Configurable rules engine

PLATFORM OF PLATFORMS

Linking capabilities across platforms

API-enabled interactions, loosely

coupled

Sharing economy

A PAY-PER-USE PLATFORM INSPIRED

AND DESIGNED FOR DIGITAL

INTEGRATION

KEY DRIVERS TOWARD A DIGITAL FUTURE

5

Staying nimble and efficient

Embrace as-a-service models via the cloud.

Gearing for a consumption-based model

Gain faster speed to market with product development platforms.

Meeting customers’ digital expectationsHave full omni-channel capabilities that make data and capability available through multiple devices and applications.

Proactively manage risks and achieve complianceGreater agility to respond to new rules, standards, and guidelines set by the regulator – and repurposing this capability for business.

Meeting consumers’ digital lifestyle needsAdopt open platforms-of-platforms, allowing multiple participants to connect to it, interact with each other and exchange value.

TRAITS TO THRIVE IN THE DIGITAL FUTURE