Innovation Enabling Transformation Presentation at CIO Insurance Summit

Transcription

1 Innovation Enabling Transformation Presentation at CIO Insurance Summit

2 Pioneering Spirit, Commitment to Society: Excellence, Integrity, Leadership with Trust Engineering Chemicals Services IT & Communications Power Consumer Goods Materials Tata Motors Jaguar/ Land Rover [ ~$2.3B ] Taj Hotels Boston Ritz Carlton [ $170MM ] VSNL Tyco Global Networks/ Teleglobe [ $369MM ] Tata Tea Tetley / Good Earth Vitamin Water [ ~$1B ] Tata Steel Corus Steel [ $13B ] Company significantly broadens product line and global footprint One of Asia s largest hotel companies expands into U.S. Largest provider of submarine cable bandwidth 2 nd largest global branded tea operation Combined company now 6th largest steel producer in the world

3 TCS Insurance An Overview Insurance vertical accounts for ~10% of Overall Revenue North America 60% Emerging Markets 5% UK/Europe 35% TCS Insurance Global Revenues 40,000+ Person Years of Experience 15,000+ Associates 2,000+ Domain Experts 90+ Insurance Clients Globally 4 Top 10 P&C Insurers 4 Top 10 Reinsurers 3 Top 10 Life Insurers 3 Top 10 Variable Annuity Providers 25 of the Top 100 Insurers And Long Standing Client Relationships.. And Long Standing Client Relationships..

4 The Perfect Storm: Opportunity Or? Digital Expansion Mobility/ Location Cloud Computing Social Explosion Big Data A Challenging Environment Multiple major technology innovations occurring at once - unprecedented Rapid innovation cycles create a moving target (e.g. Google+) Regulatory, privacy and compliance issues Broad consumer adoption of social and mobile technologies Isolated enterprise initiatives that create unintended consequences Explosion of Big Data through a growing number of channels The Perfect Storm Cloud computing is accelerating IT Organizational and service provider disruption High expectations for the customer experience Critical need for innovation Natural evolution from Social Media to Social Business Critical need for social / customer data integration

5 Game Changing Impact of Social Media Social Network use is accelerating Over 120 million users Includes executives from all 2011 Fortune 500 companies Corporate hiring solutions used by 75 of the Fortune 100 companies 50% of active users login each day 250 million active users access Facebook through mobile devices Over 700 million users worldwide 44% of companies have acquired a customer From Facebook Over 200 million active users 200 million+ tweets per day 1,000,000+ registered Twitter apps 41% of companies have acquired a customer from Twitter

6 Mobility Revolution Android iphone Blackberry Windows Mobile Smartphones are redefining customer service into anytimeanywhere contextual interactions Smartphones are connected computers but also have GPS, Camera, Accelerometer, Compass Smartphones create and deliver product experiences that enhance the overall perceived value of the product Tablets are liberators from the desktop Large screen real-estate Significant computing power Broadband connectivity Significantly increased battery life

7 Acceleration of Social Media Business Processes Socially enabling the enterprise is being embraced by an accelerating # of companies Function Use of Social Capabilities Social Capabilities Sales Marketing & Communications Finance Research and Development Sales collateral sharing Lead generation Customer Blogs Interactive newsrooms Customer networks Thought leadership communities Personalized Dashboards Collaborative Budgeting Process Product team collaboration Customer support Iterative product prototypes Knowledge delivery Management communication Competitive Wikis 360 Degree view of customers Sales feedback loop Tagging and Social Search to Find Financial Documents Innovation Customer feedback Information management Blogs, Wikis, Forums Social Networking Groups User Profiles Ratings, reviews, etc. Polls, Chat, Podcasting Audio, Video, Photos Events & Calendar Private messaging Marketing Human Resources Introducing new employees Employee newsletters Employee inquiries Training Maintain organization charts Career Blog Recruiting Mash-Up Idea community Other Project Team collaboration Finding subject matter experts Improve communication

8 The "Big Data Tsunami Volumes of Data continue to grow exponentially Social channels are evolving rapidly Blogs, Wikis, Forums Social networking Groups User profiles Ratings, reviews, etc. Polls, chat, podcasting Audio, video, photos Events & calendar Private messaging The world is getting more instrumented Smart grid Home appliances Cars Sensors Monitors Supply chain devices Other mobile devices Consumers are adopting mobility at a rapid pace Mobile Applications Tablet Mobile Applications - Smartphone Other Unstructured Data Waves Transcripts Call notes Service requests Complaints Audio Surveys Interviews IM logs Video Claim notes Warranty notes Customer comments Documents

9 A Disconnected Digital Explosion Mobile Smartphones Tablets Mobile Applications Mobile App Stores Mobile Web Mobile Messaging Location-based services Web Website Intranet Partner Portals SEO SEM Online Advertising Web presence Micro-sites ecommerce Partner Portals Big Data Social Social Network Applications Social Search Engine Optimization Community management Social Media Expansion Social Business Initiatives Crowd sourcing Traditional Channels Call Center RFID, Monitors and Sensors

10 Integrated Digital Strategy to Channel Digital Explosion Digital Strategy Mobile Smartphones Tablets Mobile Applications Mobile App Stores Mobile Web Mobile Messaging Location-based services Web Big Data Website Intranet Partner Portals SEO SEM Online Advertising Web presence Micro-sites ecommerce Partner Portals Social Social Network Applications Social Search Engine Optimization Community management Social Media Expansion Social Business Initiatives Crowd sourcing RFID, Monitors and Sensors Traditional Channels Call Center

11 Collaboration Excellence: A Necessity The revenue growth of social businesses is 24% higher than less social firms Source: Mckinsey & Company Social Business Social capabilities expand across business processes Social data becomes an integral part of decision processes Social integration with other digital assets Social media functional expansion (e.g., sales, service) Social media footprint expansion (i.e. new social media channels) Basic social media presence for brand awareness The need for collaboration excellence drives the evolution of social from consumer phenomena to relationship platform Operating dexterity - partners enable flexible operating models Customer relationships engagement, dialog, and personalization. Individuals versus segments Innovation collaboration pulls all stakeholders into the innovation process

12 Components of the TCS Digital Framework A simple and easy to use framework with ready-to-deploy connected SaaS platforms

13 Collaborative Relationships The Desired State Community engagement, dialog, and collaboration with all stakeholders Traditional Business Intelligence focused on structured data Sustained Competitive Advantage Relationship-based Prescriptive Getting There Focus on a comprehensive digital strategy Ensure that social business and analytics form the foundation of digital strategy Create a clear roadmap Traditional forms of collaboration with teams and organizations Traditional Business Intelligence focused on structured data Traditional forms of collaboration with teams and organizations Advanced analytics focused on Big Data Align with the market movement towards the desired state Actionable Intelligence Enablers Social Technologies Business Analytics

14 Innovation Enablers

15 NextGen Underwriting Solution Accelerator Business Benefits Enabling business to speed up their decision making processes Mash-up of Insurer's internal and external data (e.g. Earthquake, Hurricane, Bushfire) Enabling Real-time collaboration between Underwriters and Agents, Senior and Junior Underwriters, etc Enabling real-time alerts when risk accumulation limit is exceeded Proactive Risk management approach 15

16 First Loss Notification Business Benefits 16

17 Litigation Support Business Benefits Real-time access to case details, involved parties details, earlier recordings and transcriptions Real-time collaboration between Attorneys and Plaintiffs, witnesses and defendants Ability to record, save and send the audio files to be transcribed real-time or near realtime in a secured way Enables attorneys to make calendar entries and additional notes to recordings Enables attorneys to speed up the claims resolution process Helps improve the productivity of legal staff Helps reduce the litigation costs

18 Telematics Business Benefits 18

19 A New Way To Look At Fraud Analysis Scoring Model and Dictionaries Claims Administration Straight through processing Fraud and Subrogation Workers Compensation General Liability Auto Property Appropriate Claim Examiner SIU Claims Database Text Sources Internet Content Imaged Content All claim data is fused together All claims are analyzed and scored Scored claims are assigned to 1 of 4 tiers Intelligent Workflow Subrogation Unit Supervisor Other

20 A New Way To Identify Suspicious Claims Fused claim records: Claims enter the funnel using filtering options to identify claims to be processed Tier 1 No Suspicion Tier 1 Tier 2 no suspicion and should be fast tracked minimal signs of suspicion and may require analysis Tier 2 Tier 3 Score Tier 3 stronger signs of suspicion and should be analyzed Tier 4 High Suspicion Tier 4 highly suspicious and should be referred to SIU Actionable Claims Highly configurable - all parameters are user controlled

21 The Transformation Journey

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23 Transformation Intiatives Across The Industry Personal Lines Policy Legacy transformation for one of the largest US auto Insurers to unlock value and enable an enhanced customer experience Consolidation of multiple claims applications to a single global claims system at a large global insurer enabling mobility and self service Creation of Facebook auto quoting application for a top 10 insurer driven by a legacy transformation in order to create a compelling customer experience Business Advisor and Innovation Partner for Digital Strategy creation and implementation for US Life & Annuity top 10 insurer Extraction of Business Rules from multiple Commercial Lines systems for a top 5 global insurer creating a new single commercial lines rules engine Development of new Group Insurance Platform for a large Canadian insurer enabling workplace marketing and self servicing

24 Taming the Perfect Storm Digital Expansion Mobility/ Location Cloud Computing Social Explosion Big Data The Perfect Storm Recommendations: Focus on digital strategies that address both collaboration and data Ensure that social business and analytics form the foundation of digital strategy Create a roadmap that addresses the three key challenges (innovation, customer experience and operational excellence) Drive towards the end state

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