#csctechtalk - CrowdChat

8/15 CSC Technology Town Hall

The Journey to Digital Insurance and Beyond.

#csctechtalk @danhushon @alanhartwelluk @bwallac5 @heatherswall digital insurance powerforward

LeaderBoard

#csctechtalk7/28 CSC Technology Town HallTalent Enablement & Investing in Your Career Capital

#CSCTechTalk9/7 CSC Technology Town HallForging The Digital Transformation Through Digital Applications

Stream Ended

Establishing a secure connection

There's a huge existing technical footprint in nearly all insurance companies. Rather than replace all that we found a way to extend what they have in a way that gets them #digital innovation without breaking the bank - that's our REST API approach.

[+] Show Hidden Comments

+ leverage for external data => use customer data to get to personalized / customer specific insurance (e.g. reducing costs for #manufacturing equipment insurance through predictive maintenance)

@ChrisFangmann so we pull info from wherever it lives, make it available both for analytics and to the consumer, agent, maybe partners of the insurance company, create not just a technical ecosystem, but a business one

Yes => We need to continue crafting our Use Cases across industries

this concept of contextual information provisioning is a key differentiator

we need to find ways to free the information from the legacy policy set, decorate with "actual" actuarial data and like weather forecasting, enable new models to exist... US or EU model better?

This said, we need to enable an engagement layer and analytic layer on legacy environments then enable our new products to be built on a more advantaged information fabric

@danhushon Which is exactly what we're working on - need to get our customers excited about the change - 'cause its coming, ready or not (actually, it's here)

so are we looking at information fabrics as a primary transaction & analytic environment... whether #cassandra or #hana there is some good tech out there... and we have the policies to create value

@danhushon pulling back the heavy blankets that cover all the older systems is the harder part - but not impossible - overlay that with the cool stuff to build real insights for consumer and company

Use @ to reply Dan, not yet to my knowledge - but fair point for the roadmap. Baby steps in the data arena due to dearth of funding - limited investment as you know...

What's the future of car insurance as technologies like self-driving cars and telematics continue to emerge and drive down premiums? Will it be less profitable? Will hackers' hostile takeovers of vehicles be insured in the future?

[+] Show Hidden Comments

you hit one of my fav topics: A new approach to cyber security for autonomous and/or connected vehicles is required - not only to keep insurance profitable but also to plainly keep the bad guys from using cars as weapons

Yeah, we all must be considered about nefarious characters in the digital world, but when they can use digital tools to impact physical phenomenon...that seems quite scary.

I'd like to see cyber in #insurance focus on identity to drive decisions and premiums. Will be lively debate around privacy

It's likely the traditional indemnification component will contract, thus why insurers need to raise the bar on their offerings...step up to a more meaningful proposition built around a ecosystem of service providers

what digital healthcare insurance are in industry assessment

@Joe_Champlin don't disagree... potential good use for blockchain?

@DanHushon One of many...insurance is ripe for blockchain applications...given the entire industry is based around the concept of a middleman

@bwallac5 sure, has anyone seen blockchain analytic tools? outside transactional assurance? we need to make sure that the analytics don't suffer in the disaggregation

@bwallac5 couldn't agree more Brian

Barbara Rosenblum7

The Digital shift in insurance is very exciting to watch. Do insurers see more efficiencies in their cost structure? esp. in personal lines, can consumers look forward to lower premiums? Why is that not happening as expected?

[+] Show Hidden Comments

It is happening to some extent, one reason for not happening on larger scale is also laziness of consumer...when did you change your insurance last time? => More #education required

will likely see the premiums emerge from disruptive players IMO as established firms have [tech] debt to service

@danhushon which is an opportunity for us - reduce that tech debt or mitigate it so they can move quicker

Lower premiums happen in UBI and micro-targeted policies instead of a one size fits all.

Barbara Rosenblum

I am guilty, in MA there is little difference among auto insurers due to state regulations

Overall risks and some operating costs are lowering but cost/complexity of individual claims is rising, net/net is a wash.

@alanhartwelluk Is simulation an option for overcoming a lack of #digital #insurance #data?

[+] Show Hidden Comments

Jerry, definitely Yes => Was just thinking about your biz simulation model => that's what I was referring to a few minutes ago re risk assessment

@ChrisFangmann Cool. Btw I owe you a follow-up conversation on digital twin in insurance. Will reach out soon.

Let's use the slot we had secured for this Friday => Can't do the blab with the platform being dead now...

how can we get to learn (then show) such simulations?

Use @ to reply Simulations are important - Monte Carlo and other forms are part of the business planning model, market testing and deterministic targets make for a good combination play, which again comes back to ability to market test vigorously

I bet simulations would help with user training to lower premiums. AKA using #HoloLens to simulate texting while driving and lower premiums based on successful completion

The consumption and thus new operating model starts with InsuranceBusiness discarding their "old" IT models and embracing a new more agile and vastly diverse technology model that is driven by data, connecting data and use of data not just number crunching

[+] Show Hidden Comments

I don't see a fast "discarding" of old biz models, but an enabling for a smooth, fast transition / transformation

Agree we need to transform for sure. But they need to discard or it these long embedded processes will simply reappear in a new guise

Use @ to reply agree, Newco thinking, not junkyard disposal

I second what @ChrisFangmann is saying. It will be hard to discard wholesale, but we can extend what they have with a more open approach and carve out the most valuable (outside-in) services, data to begin a robust journey - API Community on C3

I would see that Insurance will become more personal and model will look across your lifestyle to plan the cost structure.

Evolution, not revolution

Why evolution cotterill... the disrupters will not have the same tech debt... can the established afford not to self disrupt

@jeffely That's exactly right. The leaders in customer experience are focusing on your life goals as a starting point. What do you want and how can they help...not just with insurance products, but other products and services.

Interesting to note that in certain industries one of the oldest factors - tight regulatory controls - may help insulate existing companies from disruption (or at least slow the onslaught)

@billfiora Not sure that insulation will hold very long. We need to enable the move for them and encourage it - sink or swim time, IMO

@bwallac5 Brian, you mean like other financial services like retirement or college savings plans? Makes sense to take a lifelong view as Jeff said.

What happens to the data if you change insurance providers? Who owns the data? Will it transfer with you?

@wkelly24 congrats on TechOfMonth!

@DeonEhrwee This is where our modernization offering plays

@billfiora I agree the regulatory framework changes will be a major contributing factor to the speed of change in the insurance industry.

@wkelly24 it's always a multi-owner situation... but you're talking more about the detail on the basis vs. the contract that represents the txn right?

@wkelly24 The industry understands that you "own" the data...but there are few effective mechanisms to enable portability. InsurTech is targeting this need, in both insurance and in healthcare. Secure vaults that you use to grant access.

ideal application for blockchain

I own my data, and I "licence" the insurer to use it. It should transfer where I go. Solve this dilemma and we not only solve the insurance industry headache but the benefits through healthcare etc could be huge

Not sure insurance companies really think that way, but it is true. Lots of culture shifts need to happen inside these companies to get engaged with their customers

@DanHushon True, but will existing players want to throw away their existing technology/processes and move to the new world in a big bang, or are they more likely to introduce new technology bit by bit and allow the old systems to wither and die?

This incremental approach is driving M&A activity in other sectors but not seeing it in London Insurance yet, CSC with Global360net is an example

@OhneMoose Yes, a lot of insurance think they acquired your data. How can you stop the from looking at it?

Not seeing a lot of appetite for any big bangs - but we can still bring them along

@OhneMoose Agree as you know => there won't be a big bang, but we need to prepare the massive changes e.g. via API approach, service automation, smart/social analytics