Innovation Enabling TransformationCombined company now 6th largest steel producer in the world One...
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Innovation Enabling Transformation Presentation at CIO Insurance Summit
Transcript of Innovation Enabling TransformationCombined company now 6th largest steel producer in the world One...
Innovation Enabling Transformation Presentation at CIO Insurance Summit
Combined company now 6th largest
steel producer in the world
One of Asia’s largest hotel companies expands into U.S.
Taj Hotels
Boston Ritz Carlton
[ $170MM ]
Largest provider of submarine cable
bandwidth
2nd largest global branded tea
operation
Tata Tea
Tetley / Good Earth Vitamin Water
[ ~$1B ]
Company significantly broadens product
line and global footprint
Tata Motors
Jaguar/ Land Rover
[ ~$2.3B ]
VSNL
Tyco Global Networks/ Teleglobe
[ $369MM ]
Tata Steel
Corus Steel
[ $13B ]
IT & Communications
Engineering
Power
Services
Materials
Chemicals
Consumer Goods
Pioneering Spirit, Commitment to Society: Excellence, Integrity, Leadership
with Trust
TCS Insurance – An Overview
15,000+ Associates
2,000+ Domain Experts
North America 60% UK/Europe 35%
Emerging Markets 5%
TCS Insurance Global Revenues
Insurance vertical accounts for ~10% of Overall Revenue
40,000+ Person Years of Experience
90+ Insurance Clients Globally
25 of the Top 100 Insurers 4 Top 10 P&C Insurers 4 Top 10 Reinsurers 3 Top 10 Life Insurers 3 Top 10 Variable Annuity Providers
And Long Standing Client Relationships…..
And Long Standing Client Relationships…..
The Perfect Storm: Opportunity Or…?
A Challenging Environment Multiple major technology innovations occurring at
once - unprecedented
Rapid innovation cycles create a moving target (e.g. Google+)
Regulatory, privacy and compliance issues
Broad consumer adoption of social and mobile technologies
Isolated enterprise initiatives that create unintended consequences
Explosion of “Big Data” through a growing number of channels
Cloud computing is accelerating IT Organizational and service provider disruption
High expectations for the customer experience
Critical need for innovation
Natural evolution from Social Media to Social Business
Critical need for social / customer data integration
The Perfect Storm
Social Explosion
Cloud Computing
Big Data
Digital Expansion
Mobility/ Location
Game Changing Impact of Social Media
Over 120 million users
Includes executives from all 2011 Fortune 500 companies
Corporate hiring solutions used by 75 of the Fortune 100 companies
50% of active users login each day
250 million active users access Facebook through mobile devices
Over 700 million users worldwide
44% of companies have acquired a customer From Facebook
Over 200 million active users
200 million+ tweets per day
1,000,000+ registered Twitter apps
41% of companies have acquired a customer from Twitter
Social Network use is accelerating…
Mobility Revolution
Smartphones are redefining customer service into anytime-anywhere contextual interactions
Smartphones are connected computers but also have GPS, Camera, Accelerometer, Compass
Smartphones create and deliver product experiences that enhance the overall perceived value of the product
Tablets are liberators from the desktop
Large screen real-estate
Significant computing power
Broadband connectivity
Significantly increased battery life
Android iPhone Windows Mobile
Blackberry
Acceleration of Social Media Business Processes
Function Use of Social Capabilities Social Capabilities
Sales Sales collateral sharing Lead generation
Knowledge delivery Management communication
Blogs, Wikis, Forums
Social Networking
Groups
User Profiles
Ratings, reviews, etc.
Polls, Chat, Podcasting
Audio, Video, Photos
Events & Calendar
Private messaging
Email Marketing
Marketing & Communications
Customer Blogs Interactive newsrooms Customer networks Thought leadership communities
Competitive Wikis 360 Degree view of customers Sales feedback loop
Finance Personalized Dashboards Collaborative Budgeting Process
Tagging and Social Search to Find Financial Documents
Research and Development
Product team collaboration Customer support Iterative product prototypes
Innovation Customer feedback Information management
Human Resources
Introducing new employees Employee newsletters Employee inquiries Training
Maintain organization charts Career Blog Recruiting Mash-Up Idea community
Other Project Team collaboration Finding subject matter experts
Improve communication
Socially enabling the enterprise is being embraced by an accelerating # of companies
Other Unstructured Data Waves
The "Big Data” Tsunami
Volumes of Data continue to grow exponentially
Smart grid Home appliances Cars Sensors Monitors Supply chain devices Other mobile devices
The world is getting more instrumented
Mobile Applications – Tablet Mobile Applications - Smartphone
Consumers are adopting mobility at a rapid pace
Social channels are evolving rapidly
Blogs, Wikis, Forums Social networking Groups User profiles Ratings, reviews, etc. Polls, chat, podcasting Audio, video, photos Events & calendar Private messaging
Transcripts Call notes Service requests Complaints Audio
Surveys Email Interviews IM logs Video
Claim notes Warranty notes Customer comments Documents
A Disconnected Digital Explosion
Traditional Channels
Smartphones
Social
Call Center
Web Website Intranet Partner Portals SEO SEM Online Advertising Web presence Micro-sites ecommerce
Mobile Applications Mobile App Stores Mobile Web Mobile Messaging Location-based services
Social Network Applications Social Search Engine Optimization Community management Social Media Expansion Social Business Initiatives Crowd sourcing
Partner Portals
Mobile
Big Data
RFID, Monitors and Sensors
Tablets
Traditional Channels
Integrated Digital Strategy to Channel Digital Explosion
Smartphones
Social Call Center
Web Website Intranet Partner Portals SEO SEM Online Advertising Web presence Micro-sites ecommerce
Mobile Applications Mobile App Stores Mobile Web Mobile Messaging Location-based services
Social Network Applications Social Search Engine Optimization Community management Social Media Expansion Social Business Initiatives Crowd sourcing
Partner Portals Mobile
Big Data
RFID, Monitors and Sensors
Tablets
Digital Strategy
Collaboration Excellence: A Necessity
The need for collaboration excellence drives the evolution of social from consumer phenomena to relationship platform
Operating dexterity - partners enable flexible operating models
Customer relationships – engagement, dialog, and personalization. Individuals versus segments
Innovation – collaboration pulls all stakeholders into the innovation process
The revenue growth of social businesses is 24% higher than
less social firms
Social media footprint expansion (i.e. new social media channels)
Social media functional expansion (e.g., sales, service)
Social integration with other digital assets
Social data becomes an integral part of decision processes
Social capabilities expand across business processes
Social Business
Basic social media presence for brand awareness
Source: Mckinsey & Company
Components of the TCS Digital Framework
A simple and easy to use framework with ready-to-deploy connected SaaS platforms
The Desired State
Getting There
Focus on a comprehensive digital strategy
Ensure that social business and analytics form the foundation of digital strategy
Create a clear roadmap
Align with the market movement towards the desired state
Social Technologies
Business Analytics
Enablers
Sustained Competitive Advantage
Co
llab
ora
tive
Re
lati
on
ship
s
Actionable Intelligence
Traditional forms of collaboration with teams and organizations
Traditional Business Intelligence focused on structured data
Community engagement, dialog, and collaboration with all stakeholders
Traditional Business Intelligence focused on structured data
Traditional forms of collaboration with teams and organizations
Advanced analytics focused on “Big Data”
Relationship-based Prescriptive
Innovation Enablers
NextGen Underwriting Solution Accelerator
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Enabling business to speed up their decision making processes
Mash-up of Insurer's internal and external data (e.g. Earthquake, Hurricane, Bushfire)
Enabling Real-time collaboration between Underwriters and Agents, Senior and Junior Underwriters, etc
Enabling real-time alerts when risk accumulation limit is exceeded
Proactive Risk management approach
Business Benefits
First Loss Notification
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Business Benefits
Litigation Support
Real-time access to case details, involved parties details, earlier recordings and transcriptions
Real-time collaboration between Attorneys and Plaintiffs, witnesses and defendants
Ability to record, save and send the audio files to be transcribed real-time or near real-time in a secured way
Enables attorneys to make calendar entries and additional notes to recordings
Enables attorneys to speed up the claims resolution process
Helps improve the productivity of legal staff
Helps reduce the litigation costs
Business Benefits
Telematics
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Business Benefits
A New Way To Look At Fraud Analysis
Appropriate Claim Examiner
SIU
Supervisor
Other
Intelligent Workflow
All claim data is fused
together
All claims are
analyzed and scored
Scored claims are assigned to 1 of 4
tiers
Fraud and Subrogation Workers Compensation General Liability Auto Property
Claims Administration Straight through processing
Claims Database Text Sources Internet Content Imaged Content email
Scoring Model and Dictionaries
Subrogation Unit
A New Way To Identify Suspicious Claims
Score
Actionable Claims
No Suspicion
High Suspicion
Tier 1 no suspicion and should be fast tracked
Tier 2 minimal signs of suspicion and may require analysis
Tier 3 stronger signs of suspicion and should be analyzed
Tier 4 highly suspicious and should be referred to SIU
Highly configurable - all parameters are user controlled
Fused claim records: Claims enter the funnel using filtering options to identify claims to be processed
Tier 1
Tier 2
Tier 3
Tier 4
The Transformation Journey
Transformation Intiatives Across The Industry
Personal Lines Policy Legacy transformation for one of the largest US auto Insurers to unlock value and enable an enhanced customer experience
Development of new Group Insurance Platform for a large Canadian insurer enabling workplace marketing and self servicing
Consolidation of multiple claims applications to a single global claims system at a large global insurer enabling mobility and self service
Creation of Facebook auto quoting application for a top 10 insurer driven by a legacy transformation in order to create a compelling customer experience
Extraction of Business Rules from multiple Commercial Lines systems for a top 5 global insurer creating a new single commercial lines rules engine
Business Advisor and Innovation Partner for Digital Strategy creation and implementation for US Life & Annuity top 10 insurer
Taming the Perfect Storm
Social Explosion
Cloud Computing
Big Data
Digital Expansion
Mobility/ Location
The Perfect Storm
Recommendations:
Focus on digital strategies that address both collaboration and data
Ensure that social business and analytics form the foundation of digital strategy
Create a roadmap that addresses the three key challenges (innovation, customer experience and operational excellence)
Drive towards the end state
