1. Data & Analytics for P&C Insurers
Phoenix Data Conference
- Gopal Swaminathan
Nov 4th 2017

2. Agenda P&C Insurance– An Overview Business Trends 2016 vs 2017 & on…
Opportunities and Solutions
Impact to Insurers

3. Property & Casualty Insurance – An Overview
Personal lines - Coverages for individuals—Auto, Home & Persona Umbrella.
Commercial lines - Insurance products designed for businesses. Workers Comp, Commercial Property, Crop Insurance ,etc.
Policy Issuance (Binding)
Renewal
Application
Underwriting
Endorsements / Closure
Claims (If Occurs)

4. Insurance Business Trends

5. Business Trends It’s all connected Blockchain
Younger, more diverse and digitally connected consumers
Blockchain
Fraud- Detection & Prevention
Claims Processing
Payment & Distribution
Peer to Peer
Robotic Process Automation
Vehicle as an IOT Device & Autonomous Cars
Artificial Intelligence
Drones
Technology is causing more distracted driving
Online Purchasing - Home Delivery - Freight Movement

6. 2016 vs 2017 & on…
Source: InsureTechConnect 2017

7. Policy Underwriting & Claims
Opportunities and Solutions
Servicing
Policy Underwriting & Claims
Compliance Reporting
Data Stewardship
Virtual Agents
BOT enabled for real-time Services calls
BOT enabled for New Agent Mentoring
Drones enabled Home inspection
FNOL enabled by Drones
A Repository of large quantities & varieties of data, both structures & unstructured.
RPA enabled verification & validation of Rate Filing accuracy
Pre-Compliance monitoring
Compliance implementation
Post-compliance validation
Automation of “Suspects validation” e.g. Merging & Collapsing process of suspect Parties.

8. Impact to Insurers
Customer Expectations
Technology Enablement & Disruption
Regulatory Compliance
Cyber Security
Expects choices and personalization across their insurance experience
User generated endorsements
Preferences based Automated Customer Communications
Technology is causing more distracted driving, causing more, not fewer, accidents
How consumers commute to work is changing
Ride share, Autonomous Cars, Drones, etc.
A Repository of large quantities & varieties of data, both structures & unstructured.
Impact of digital technology - Adaption for Regulatory compliance
Innovation Governance – Still in definition
Increased access to data - Data Security from hackers
Exposure & Experience based Reserve Allocation