Lean Innovation in Insurance with Cognizant Digital Foundry

COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 2016 1

Lean Innovation In Insurance with DigitalWorks FoundryAugust 2016 | SPRINGONE PLATFORM

Satish Venkatesan | Rag Ramanathan | Dileep Hareendran


How many of you have heard of Cognizant?


Global 1000 company Topped Client Satisfaction Rankings

The fastest growing information technology organization in the world, #3 in Fortune’s “Most Admired Companies” in Info-tech Services

100+ Global Delivery Centers

20,000+ Projects

Market Capital over $40 billion

221 K + Employees operating from 40 Countries

Founded in 1994(NASDAQ : CTSH)

US Based HQ in Teaneck, NJ

1,250+Active customers

“Client First” culture

FY 2015 $12.41 bn(21% Growth)

Re-investment Strategy funding CoEs

Cognizant Overview

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COGNIZANT DIGITAL WORKS | CONFIDENTIAL AND PROPRIETARY © 2016 4 4

Cognizant’s Insurance Practice Overview

Customers: 130+ insurance clients globally

Insurance Employees:31,100+ Overall

16,780+ L&A14,300+ P&C

Projected to reach $2Bn revenue in 2016

Working with world’s leading insurance clients

7 of the top 10 Global Insurers

33 of the Top 50 US Top 50 Insurers

All top 10 U.S Life & Annuities Insurers

5 of top 10 US Retirement Insurers

8 of the top 10 US P&C Insurers

InsuranceNext – Industry specific Experience Center


Do you think emerging technologies have value within Insurance?


Our Insurance Crystal Ball…


Data Science Drones Incubating Innovation

Insurance in a Box

Omni-channel experience Smart Farming

Geospatial Analysis & LI Robots Thermography Crowdsourcing Gamification

Natural Language

Processing

Natural User Interface Nearables

Personalized Videos

3D PrintingAutonomous &

Connected Vehicles

BlockchainClimate

Changes Response

Deep Learning Machine Learning Nanobots

Smart Homes / Connected Buildings

3D Motion & Depth Sensing

Crypto-currencies Social Business Biometrics

Futuristic

Peer-to-Peer Insurance

Shared Economy

TransformationalHighModerate

Immediate

Hearables

Cyber Risk

Public Web-APIs

Microservices

Virtual Assistants

Wearables (Eyewear)

Virtual & Augmented

Reality

Robotic Process

Automation

Crystal Ball for Property & Casualty Insurance


Data Science Incubating Innovation

Omni-channel experience

Wearables (Wrist wear) Crowdsourcing Gamification

Natural Language

Processing

Natural User Interface Nearables Personalized

Videos

Connected Health Deep Learning Genomics Machine

Learning Nanobots Robo Advisors Social Business

Biometrics

Futuristic

Hearables Microservices

Immediate

TransformationalHighModerate

Public Web-APIs

Crypto-currencies

Virtual Assistants

Virtual & Augmented

Reality

Robotic Process

Automation

Crystal Ball for Life & Annuity Insurance and Retirement Services


Innovation is already happening…


Software is rewriting Insurance

“Historically, we’ve seen mutual insurance companies (insurance companies owned by policyholders) and stock insurance companies (insurance companies owned by shareholders). We expect to see more crowdsourced insurance companies, just as we’ve seen in other parts of the financial system.”

Frank Chen from Andreessen Horowitz

130 odd startups think so….

Source: cbinsights

InsuranceTech risingOver 130 startups in P2P, robo-advisors, IoT, and digital


There is no lack of ideas…

But insurance enterprises lack continuous innovation and NextGen models.


Cognizant’s Innovation Journey with Spring and PCF

Operational Agility

Customer Engagement

2007-10 2012 2014 2016 2018

Claims Adjuster

Optima Write

Mobile Claims Adjuster

Optima Intake

Life EngageGeoLocusTelematics

Drone APS for Life Insurance UW

RPA for UWIEM

Systems of Rapid, Continuous Innovation

INCatalyst DigitalWorks Foundry

GeoLocusIOT

Work Activate


Innovation Lab powered by


INCatalyst – Core Architectural Patterns

Pattern 2: Legacy IntegrationPattern 1: Mobile Strategy Pattern 3: IOT


The MethodologyIntrapreneurship: Lean Startup and MVPs


Move rapidly from idea to prototype to the next generation of digitally inspired solutions.

The IdeaLab The Collaboratory The Foundry

Ideate and PrototypeStart small | Learn fast

Design | Prototype | Validate | IterateMinimum Viable Product defined

DiscoverThink big

Gather inputs from multiple sourcesIdentify opportunities | Synthesize and prioritize

Pilot and ScaleScale quickly

Build, launch and test pilotsSet up people, processes and technology to scale

MVPSpark

Cognizant Digital Works™

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Introducing Cognizant Foundry

Combines best parts of cloud services, technology stack and people to drive innovations to reality


Magic after CF PUSH

How about before CF PUSH ?


Blueprints: Accelerate Dev before CF PUSH

• Many tasks before dev• Dev environment setup• Frameworks, and libraries• Infrastructure, and vertical domain-

specific microservices


Foundry Marketplace

Common microservices across many Cloud Foundry based PaaS

e.g: Logger, AuthenticationDomain specific microservices

e.g: Underwriting Assistant, Claims Fraud analytics


Visit our booth at the Community Hub

[email protected]

mailto:[email protected]


Keep Challenging

Thank You

Lean Innovation in Insurance with Cognizant Digital Foundry

Technology

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