Rupesh P. Practice Lead - Insurance Vertical NIIT Technologies White Paper
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1 A perspective on Agility in Insurance Rupesh P. Practice Lead - Insurance Vertical NIIT Technologies White Paper
2 CONTENTS Current Environment 3 The Case for Agility 3 How Organizations are Pursuing Agility 3
3 Current Environment The insurance industry is confronting significant challenges changing weather patterns leading to more intense weather events, changing demographics, regulatory pressure and complex macroeconomic conditions. Organic growth continues to be a challenge, given the economic situation and the competitive landscape. Successful players are repositioning and reinventing their products, strategies and services. They are also taking significant steps to position themselves for growth and profitability in this competitive, lower-margin market. The Case for Agility Organizations are struggling to keep up with the various changes in regulations while trying to innovate to keep up with a highly competitive market place using scant resources and shrinking budgets. Carriers are attempting to leverage technology to create a platform that makes it easy to adapt to changes whether triggered by regulations or a changing market landscape. A flexible modern architecture will allow carriers to release new products and make changes to existing products quickly. Shifting demographics and increased usage of mobile devices are transforming long standing distribution models. The buying behaviours, attitudes and preferences of customers are evolving. Carriers need to adapt to these changes and find ways to attract and retain these customers. In an uncertain economic environment, there is increased pressure to improve underwriting ratios. It is becoming even more crucial to assess risk accurately and provide the optimal price. Carriers realize they will have to leverage data to create predictive models that accurately assess risk and provide the best price. Carriers need to identify new avenues for value creation while continuing to meet emerging regulatory changes such as Solvency II and IFRS. Carriers are under pressure to reduce underwriting costs while continuing to grow their customer base and keep up with changes in regulations without increasing head count. Customers and producers expect the ability to process quotes faster, competitive pricing, diversified billing and payment options and real time self service capabilities. How Organizations are Pursuing Agility Carriers are pursuing agility to enable them to react quickly to the changes in the business environment described above. One of the biggest challenges carriers face is their dependence on archaic and inflexible legacy systems. Adding new products or making changes to existing products can be a challenge when operating on these rigid legacy systems. Meeting consumer expectations by providing more self service capabilities online can be a challenge as well. Many carriers are in the process of transforming and modernizing their architecture in an effort to be more agile. Well architected modern distributed systems provide the platform for carriers to keep up with the changing business landscape. Policy Administration Systems (PAS): Many carriers have several disparate PAS systems both built in house and vendor based legacy solutions. Carriers are looking at consolidating these different PAS systems on one distributed platform. In the interest of time to market, most carriers are looking at distributed vendor solutions over building their own solutions in-house. This means carriers need to be open to changing their business processes to adhere to the out of box process flows. It is vital carriers do not over customize vendor solutions as this will hamper agility. It will make future upgrades and changes more complex. These PAS solutions allow underwriters to automate manual and paper based processes through the use of sophisticated work flows. They also allow for real time quotes and instant conversion of quotes to policies. It is also an excellent opportunity for carriers to implement straight through processing with minimal underwriting referrals for simple lines of business for example personal automobile LOB. It also provides tools for better communication and tracking with the use of activities/diaries. Carriers are also looking to implement predictive models that provide a much more accurate assessment of risk than traditional rating algorithms. 3
4 These predictive models are created by sophisticated data analytical techniques that scrutinize the carrier s book of business. These predictive models are than implemented using modern rules engines and come up with a tier that represents the risk posed by the customer. This determines the pricing structure in conjunction with modernized rating algorithms. Carriers are now offering innovate usage based insurance product offerings. Technologies like GIS, analytics, big data and telematics are used to provide a different set of products that follow rating models that leverage real time driver behaviour and usage patterns and differ from traditional rating processes for example those that heavily weigh claims history, violation history, etc. Claims Administration Systems (CAS): Most carriers are looking at their claims processes very closely for two reasons - ensuring the best possible customer service is offered by providing a fair and transparent claim handling experience and creation of efficient claims processes that reduce the time and expense to service a claim. For most carriers claims tend to be an area that is very manual and paper based. Most carriers are focussed on implementing Claims Administration Systems that are based on modern distributed architecture. These systems have built in work flow processes that allow carriers to eliminate manual paper based processes. Digitalization with the usage of modern document management systems allows carriers to archive these claims files and provide a much better mechanism for disaster recovery than the traditional paper based approach. It also provides claim adjusters with the mechanism to view prior claim documents and images easily during the claim handling process. In one instance, a claims adjuster for a particular carrier noticed that the roof damage photos submitted for the claim were the same as the ones the insured had submitted the previous year. Technology can be used to prevent fraudulent claims like these while at the same time offering better service to customers by processing genuine claims quickly and transparently. Customers can also view the current status of their claims online through the carrier s portal or mobile claims app. The system can also be designed to send notifications to customers alerting them about changes during the claims process. The entire FNOL process and claims allocation process can be streamlined with the application of technology. For example, a particular carrier was following a round robin process of randomly allocating claims to claim adjusters within an area. This resulted in certain claims adjusters driving past certain claimant addresses on their way to working on claims that were assigned to them. Usage of GIS information allowed this carrier to intelligently allocate claims taking into account the claim adjusters current location. Usage of mobile claims apps that allowed claims adjusters to capture all the information including photographs using one single device (for example a tablet), can bring about operational efficiencies and eliminate the need for them to take physical notes that need to be than manually typed into the computer once they are back at the office. Carriers are looking to use these flexible claims system to enable their claim adjusters to focus on higher value claim management activities with the automation of low-level tasks and achieve quantifiable loss cost improvements through consistent application of best practices reinforced via performance improvement support capabilities. Billing Systems Carriers are looking to modernize their billing solution with the intention of providing customers more options, letting them choose their payment schedule as well as how they receive and pay their bills. These new billing solutions provide various forms of billing and payment options. These systems automate sophisticated billing processes with flexible workflow and business-rule driven control. These modern billing solutions help identify uncollected earned premium to reduce billing leakage, combine invoices to reduce costs, and leverage equity-based billing to avoid unpaid coverage. They also provide the customers with the green option of paperless delivery which results in huge cost savings for the carrier. For most carriers this transformation will be a multi-phase initiative, with each phase taking between 9 to 18 months. While the carries go through the complex transformations illustrated above, it is vital they leverage Enterprise Architecture best practices and create a future state IT roadmap that aligns with their business goals and priorities. Defining the architecture that depicts how the integration between different systems will be accomplished and also addresses security and physical infrastructure upfront will reduce the risk of delivery and also ensure the systems built will be flexible and agile to meet the ever changing needs of the business. 4
5 About the Author Roopesh Poojary is the Practice lead in the Insurance vertical at NIIT Technologies. He has over 17 years of leadership experience in IT Delivery, Enterprise Architecture, Program Management, Process Improvement and Services Management. With 12 years of experience in the insurance domain, he has successfully led several large core system transformation/replacement programs. Rupesh has done his Master s in Business Administration and Finance from Indiana University in addition to a Bachelor s Degree in Engineering. About NIIT Technologies NIIT Technologies is a leading IT solutions organization, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions including Managed Services and Business Process Outsourcing to organizations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, and Government sectors. With employees over 8,000 professionals, NIIT Technologies follows global standards of software development processes. Over the years the Company has forged extremely rewarding relationships with global majors, a India NIIT Technologies Ltd. Corporate Heights (Tapasya) Plot No. 5, EFGH, Sector 126 Noida-Greater Noida Expressway Noida , U.P., India Ph: Fax: Americas NIIT Technologies Inc., 1050 Crown Pointe Parkway 5 th Floor, Atlanta, GA 30338, USA Ph: Toll Free: NIIT Fax: testimony to mutual commitment and its ability to retain marquee clients, drawing repeat business from them. NIIT Technologies has been able to scale its interactions with marquee clients in the BFSI sector, the Travel Transport & Logistics and Manufacturing & Distribution, into extremely meaningful, multi-year "collaborations. NIIT Technologies follows global standards of development, which include ISO 9001:2000 Certification, assessment at Level 5 for SEI-CMMi version 1.2 and ISO information security management certification. Its data center operations are assessed at the international ISO IT management standards. Europe NIIT Technologies Limited 2 nd Floor, 47 Mark Lane London - EC3R 7QQ, U.K. Ph: Fax: Singapore NIIT Technologies Pte. Limited 31 Kaki Bukit Road 3 #05-13 Techlink Singapore Ph: Fax: A leading IT solutions organization 21 locations and 16 countries 8000 professionals Level 5 of SEI-CMMi, ver1.2 ISO certified Level 5 of People CMM Framework Write to us at marketing@niit-tech.com D_52_231213
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