Building Resilience: Technology in Insurance

Hi everyone. My name is Vi Naula. I head digital transformation for the banking, financial services and insurance sector of concentrics.
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I would, uh, break the, uh, you know, set of technologies that are really driving the most disruption. Insur insurance into three parts.
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Uh, one are technologies that are, you know, focused towards loyalty and engagement, uh, user experience, essentially understanding the customer needs
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and what the customer wants they span from the front end technologies of app development to, you know, I would say the second set of technologies, which is really
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around data and ai. Um, in that, you know, there’s technologies focused on customer journey analytics, propensity analysis and modeling using AI for insights.
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And they span from traditional data engineering to, you know, big data and, and again, traditional AI to gen ai.
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And finally, I would say these other set of technologies is in the mobile and omni-channel space, where you really wanna focus on using the full spectrum
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of capabilities, um, of the mobile device in customers, uh, pockets, which includes things like geolocation, augmented reality, et cetera.
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Because really having a barely functional app, uh, is not cutting it anymore. In the insurance sector, If you are selling auto insurance
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and your digital ID card is embedded below three layers of screens and sign-ons, uh, that’s not the best experience
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because typically a customer is looking for the insurance ID card in a moment of stress, probably right where he has been pulled over
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or he has had an accident or something of that nature. That’s not the time where you want to go
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through three different marketing campaigns or four different clicks for the person to get to what they want. So a simple innovation that we have seen is, yes,
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you have the app, but the access to the ID card is right there, even before. Login is an example of intro innovation in the movement,
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as I like to call it very small, but highly powerful. AI has a very critical role to play because with data driven personalization
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and data driven decision making supported by ai, traditional AI modeling and everything, you want to be able to create a differentiated experience, not only
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for each customer segment, but individual customer and the use case and the journey which the customer is going through.
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Now, all of that cannot happen with the traditional rules based approach of designing a system that will be behave differently,
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needs scenario that will be just too much technology development, too slow. And frankly, the requirements change. And that is where AI
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and data play an important role so that they can understand where the customer journey is going. If you know what is the next step, what analytics can I use,
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what data can I harvest? Organizations need to get together. And in the light of the technology, uh, disruption and, you know, rapid evolution,
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what is the 1 3, 5 year vision that you, you need for your organization from a target operating model
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perspective, from a technology which includes technology, organization, people, multis, scaling, right? We did not touch much on the scaling,
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but how do you really scale your, uh, you know, workforce for the technologies and com regulatory compliance and customer expectations of the future?
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How do you create visibility, visibility into how you’re performing as a business, how the industry is changing and may be disrupting you?
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How do you build that acuity to know that these little changes in the business today could actually have a disruptive effect a year
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or two years down the line? So how do you create that visibility and insight? And once you do that, how do you create the velocity
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to react to that? And in that velocity, there’s many parameters or levers you can work on. How do you simplify your technology architecture?
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How do you really go out and simplify your product portfolio? How do you simplify your operations, et cetera. And it’s not just simplification.
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How do you really, you know, make the right calls between where you will spend your dollars, your limited dollars on versus what you will outsource,
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build versus buy, et cetera. So vision, visibility, having a strategy for velocity. And finally, the value being able to not only measure the value that each
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and every product brings to the market, that each and every interaction you have, your, with your customer, uh, that it delivers value to them,
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but to be able to articulate it and communicate it.
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