Real-Time Data-Driven Services in Insurance Expert Opinion and - - PowerPoint PPT Presentation

Real-Time Data-Driven Services in Insurance

Expert Opinion and Customer Needs

• Dr. Carlo Pugnetti – ZHAW

Mischa Seitz – Cognizant

• 03. June 2020

Principal Investigators

Carlo Pugnetti

Ph.D. Risk Analysis, Stanford University Research Focus: Customer Behavior in Insurance Allianz Group

• CEO, Allianz Global Assistance Switzerland
• Head of Allianz Services, Mondial Assistance Paris
• VP Group Development, Allianz SE Munich
• VP Claims, FFIC San Francisco

Mischa Seitz

MSc in International Business Account Executive Insurance CH Cognizant

• Previously: Consultant in Digital Strategy
• Research & Publication: Data in Insurance in Schweizer

Versicherung Magazin

• Jury Member FinTech & SmartCity at Kickstart 2019

Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business,

• perating

and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. The ZHAW School of Management and Law (SML) is one of Switzerland’s leading business schools. Our main principle “Building Competence. Crossing Borders.” reflects our commitment to quality degree programs and continuing education, as well as a global mindset. The SML has formal partnerships with over 180 universities worldwide.

2

3

12 Core Experts Interviews What are the critical questions? Expert Panel Survey 35 Experts What do experts think?

Study on Data-Driven Services

Overview

Customer Survey 1,451 Respondents What do customers think?

• Adoption
• Impact
• 19 Services
• 4 LoBs
• 5 Types of Service
• 13 Insurance Companies

Results & Deliverables

• Public presentations
• Company-Specific

Workshops

• Professional

Development

• Academic and Industry

Publications

Male 43% Female 57%

25% 27% 25% 23% 20% 25% 30% Age: 18 - 25 Age: 26 - 35 Age: 36 - 50 Age: >50

Industry Experts

Explorative Interview Panel

Mathew Chittazhathu Helvetia

Sr Manager Innovation

Anne-Katrin Maser Generali

Lead Partnerships and Ecosystems

Miriam Hürster Zurich

Sr Manager Private Customer Innovation & Transformation

Ulrich Moser Die Mobiliar

Head of Software Engineering NonLife

Raphael Troitzsch SwissRe

Head of Automotive Solutions & Smart Homes

Christoph Geering Baloise

Stream Manager – Business Intelligence & Sales

Tiziano Lenoci GVB Services

CEO

Sebastian Pfister AXA

Product Owner Customer Intelligence

Benno Keller Geneva Association

Special Advisor, Digital and Innovation

Kai Kunze LINGS

CEO

Julian Stylianou mitipi

CEO

Angela Zeier- Röschmann ZHAW

Deputy Head, Institute for Risk & Insurance

8 4

Research Questions & Setup (1/2)

Experts

Panel of 35 Swiss insurance experts

Customers

Survey of 1’451 customers

What is likely to happen? Should we worry about it?

Adoption of services in 3-5 years Impact on industry in 5-10 years Desirability of service

• vs. «cost» of

information required Interest in purchasing service from other providers

? ?

9

Exp Cust Dev Imp

RADAR

5

Executive Summary

• Customers have very high trust in insurance and are open to data-driven

services in insurance

• We therefore have a window of opportunity to develop services – however

the gap can be closed quickly, especially by new entrants

• The insurance industry is focusing on cost control and operation, but

customers are interested in assistance and prevention services

• Customer portfolios of different insurance companies give very similar

responses, indicating low market maturity and an opportunity for first movers

6

• 0.6
• 0.4
• 0.2

0.0 0.2 0.4 0.6

• 0.6
• 0.4
• 0.2

0.0 0.2 0.4 0.6

Type of Service

• 0.6
• 0.4
• 0.2

0.0 0.2 0.4 0.6

• 0.6
• 0.4
• 0.2

0.0 0.2 0.4 0.6

Line of Business

Impact of Services

Experts and customers are aligned on the potential impact of different services

KEY MESSAGES

• Experts

and customers are aligned on the long- term impact by type of service, with Life Services and Prevention showing the highest potential

• However,

the insurance industry could be underestimating the potential for disruption in Health / Wellness

LIFE SERVICES PREVENTION / RISK MGMT ASSISTANCE / EMERGENCY COST CONTROL / CLAIMS MGMT PROTECTION / ADMINISTRATION AUTO / MOBILITY HOME / LIVING HEALTH / WELLNESS OTHER

Where customers may switch provider What is important

Exp Cust Dev Imp 7

• 0.60
• 0.40
• 0.20

0.00 0.20 0.40 0.60

• 0.60
• 0.40
• 0.20

0.00 0.20 0.40 0.60

Type of Services

Adoption vs. Impact

We are implementing services with lower impact

• 0.60
• 0.40
• 0.20

0.00 0.20 0.40 0.60

• 0.60
• 0.40
• 0.20

0.00 0.20 0.40 0.60

Line of Business

KEY MESSAGES

• Insurance

companies are focusing too much

• n

services with low strategic impact

• Cost Control & Administration

instead of Prevention, Risk Management and non- insurance services

• Differences are more visible

by Type of Service than by Line of Business

LIFE SERVICES PREVENTION / RISK MGMT ASSISTANCE / EMERGENCY COST CONTROL / CLAIMS MGMT PROTECTION / ADMINISTRATION AUTO / MOBILITY HOME / LIVING HEALTH / WELLNESS OTHER

What we are implementing What is important

Exp Cust Dev Imp 8

Preference for Provider (by Industry)

Customers have a high opinion of insurance – but not in all areas a high loyalty

Auto / Mobility Home /Living Health / Wellness Other / Cross-LoB Protection / Administration Prevention / Risk Mgmt Assistance / Emergency Cost Control / Claims Mgmt Life Services

KEY MESSAGES

• Swiss

customers show a great affinity for insurance companies

• Other incumbents do not

seem to threaten insurance, except for automotive in mobility

• Technology companies score

low on customer preferences

• Dedicated startups provide

the most significant threat to insurance

• This

is true especially for Health / Wellness and Life Services

Exp Cust Dev Imp 9

2.0 2.5 3.0 3.5 4.0 4.5 Customer Preference (Scale 1-6) Insurance Telcos Automotive Technology State Owned Startups