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Case study presentations from session at ICMIF/Americas Annual Conference 2019
Digital technology is reshaping virtually all aspects of the insurance value chain: from product design and development; to pricing and underwriting; to distribution and claims management. The impact of digitalisation also extends beyond the value chain itself to the wider business ecosystem in which insurance companies operate, potentially transforming the traditional insurance business model and revolutionising value creation within the industry. More than ever, innovation is crucial for insurers to enable them to respond to rapid technological advances, shifts in the risk landscape, and changing consumer behaviours and expectations in an increasingly digitalised world. These case studies provide some examples of how ICMIF members in the Americas are embedding innovation and advancing capabilities into their businesses in the pursuit of digital transformation, and an overview of the InsurTech ecosystem in Latin America.
Digital transformation in San Cristóbal and its impact on fraud management
Digital transformation is a cultural and strategic change that affects the whole organisation. For San Cristóbal Seguros (Argentina), it is a turning point to seize new business opportunities. As part of its transformation, San Cristóbal reorganised into three work fronts: data-driven opportunities; digitalisation of travel; and digital marketing. It also identified three enablers for their transformation: integrating agile principles; organising new talent; and adopting emerging technology.
San Cristóbal hopes to offer a better experience and service to policyholders, through utilising new technologies and processes, such as advanced analytics and artificial intelligence (AI). One successful case study from the company is in fraud prevention. A multi-disciplinary team at San Cristóbal developed and implemented a new fraud detection process using data-driven analytics, machine learning, and computer vision models. This technological innovation project uses data science to build predictive models of fraud and deep learning tools for image classification. The initial results from this project have seen a huge cost saving for the insurer.
Presenter:
Mariano Bravo, Product Owner Analytics & Coordinator of the Fraud Prevention Area, San Cristóbal Seguros (Argentina)
Capturing the digital customer
Increasingly, insurers are looking to new business models to reach a new generation of digitally savvy customers with new expectations across the customer journey. Say Insurance is a new brand launched by Shelter Insurance (USA) in 2016 to reach and serve new markets with a digital direct-to-consumer auto insurance experience and product. Say was created to appeal to a specific target market that prefers to do business directly with insurance carriers digitally with self-service capabilities, whilst retaining the service levels of Shelter Insurance, whose distribution is mostly through captive and independent agents. It aims to provide transparent, clear and simple online/mobile-first auto insurance, through jargon-free policies; quick quote and claims processes; and resources to help insureds understand their coverage.
Presenter:
Marc Deiter, Director of Say Insurance, Shelter Mutual Insurance Company (USA)
Insurtech in Latin America – past, present and future
Innovation is becoming increasingly important to the long-term success of insurers. AM Best defines innovation as a multi-stage process whereby an organisation transforms ideas into new or significantly improved products, processes, services or business models that have a measurable positive impact over time and enable the organisation to remain relevant and successful. These products, processes, services or business models can be created organically or adopted from external sources.
InsurTech is the use of technological innovations in order to achieve savings and efficiencies to the actual model of the insurance industry. Between 2008 and 2018, there are estimated to be 1,080 InsurTech companies created, and in Q1 2019, there was USD 1.4 billion in InsurTech investments.
Presenter:
Carlos De la Torre, Senior Director, Operations and Business Development, AM Best América Latina (Mexico)
More information
If you would like more information on the topic or case studies presented above, please contact us. We are here to make tailored introductions to your fellow ICMIF members and we can also share other member-only resources with you based on your specific challenges and interests.
