1
OMNI- CHANNEL FLEXIBILITY, AGILITY AND AUDITABILITY PLATFORM OF PLATFORMS PRODUCT DEVELOPMENT CAPABILITY AS-A- SERVICE THE FUTURE IS DIGITAL An IDC Infographic Ready or not, it’s time for Australian and New Zealand insurers to confront shifting consumer expectations and the fast-changing competitive landscape. Insurance Beyond the Usual 1. “Digital Australia: State of the nation”, 2017 Edition, EY Sweeney report 2. IDC Research, ASIC website 3. IDC Research, C-Suite Barometer Survey 2017, Australia - FSI 4. IDC research and Australian Fintech Landscape, KPMG, 2017 5. Travel insurance: Investor Presentation, Zurich Insurance Group, Dec 2016 6. Health Insurance: IDC research & estimates 7. Mobile Insurance: SNS Research estimates , Sep 2017 8. IDC FutureScape: Worldwide Financial Services 2017 Predictions — APEJ Implications Sources: Empowered customers with rising digital expectations of customers are expected to walk away from a business that fails to deliver a good digital experience 1 1 Regulatory guidelines becoming pro- digital sets the pace to fast-track digitalisation and use of new technologies such as robo-advisory. 2 The rise of startups of Australian CEOs concerned about new, more agile competitors 3 . 5-fold increase in the number of fintechs in Australia 4 : 100+ in 2014 to 500+ in 2017. 3 Upsurge of new insurance offerings from 2017–2020, 5-Year CAGR: 5% Travel insurance (Australia) 5 5% Health insurance (Australia) 6 10% Mobile insurance (worldwide) 7 Integrating insurance into consumers’ lifestyle 4 By 2019, a higher percentage of insurance products sold in APeJ will be usage-based enabled by the Internet of Things (IoT). 5-year CAGR 8 : 25% Vehicle insurance; 5% Home insurance Toward a consumption-based model Digital transformation of insurers requires a platform that can provide systems and capabilities in the above 5 areas to thrive in the digital future To learn more, read the DXC Technology-sponsored IDC InfoBrief, “The Future is Digital: Australia and New Zealand Insurers Go Beyond the Usual”, November 2017 LEARN MORE Sponsored by DXC DIGITAL INSURANCE as-a-SERVICE (DIaaS) CUSTOMER EXPECTATIONS Omni-channel Informative Intuitive Conversational AS-A-SERVICE Consumption-based pricing Fully integrated components Localised templates Fully managed service REGULATORY COMPLIANCE Flexibility, agility and auditability Compliance change costs shared Reducing legacy risk Real-time reporting DIGITAL PRODUCTS Product development capability Speed to market Easy to understand Configurable rules engine PLATFORM OF PLATFORMS Linking capabilities across platforms API-enabled interactions, loosely coupled Sharing economy A PAY-PER-USE PLATFORM INSPIRED AND DESIGNED FOR DIGITAL INTEGRATION KEY DRIVERS TOWARD A DIGITAL FUTURE 5 Staying nimble and efficient Embrace as-a- service models via the cloud. Gearing for a consumption- based model Gain faster speed to market with product development platforms. Meeting customers’ digital expectations Have full omni-channel capabilities that make data and capability available through multiple devices and applications. Proactively manage risks and achieve compliance Greater agility to respond to new rules, standards, and guidelines set by the regulator – and repurposing this capability for business. Meeting consumers’ digital lifestyle needs Adopt open platforms- of-platforms, allowing multiple participants to connect to it, interact with each other and exchange value. TRAITS TO THRIVE IN THE DIGITAL FUTURE
