THE FUTURE IS DIGITAL Insurance Beyond the Usual · 4. IDC research and Australian Fintech...
Transcript of THE FUTURE IS DIGITAL Insurance Beyond the Usual · 4. IDC research and Australian Fintech...
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