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Turning Digital Disruption into Innovation

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Presentation by Pat Saporito, SAP at Insurance Networking News Insurance Analytics Conference #IA2016, October 2016, New Orleans.

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Turning Digital Disruption into Innovation

  1. 1. Turning Digital Disruption Into Innovation In Insurance Pat Saporito, CPCU Sr. Director, Global Center of Excellence for Analytics, SAP and Industry Analytics Expert
  2. 2. Digital: 4th Wave of Info Technology 1850 Industrial economy 2020 Digital economy 1990 Internet economy IT economy 1970 $0.36T $12.10T All figures are in Trillions; 1990 international dollars; Source: Department of Economics, UC Berkeley, BAIN 8 MacroTrends Brief. $27.50T © 2016 SAP SE or an SAP affiliate company. All rights reserved. $90.0T Gross world product 2
  3. 3. Living in a Digital Economy Last 2 yrs. Last 2 yrs. End of 2020 End of 2020 In 2014 1 ScienceDaily,May 22, 2015 2 Technology Adoption Report on Business Networks, Ardent Partners 3 Internet of Things (IoT) 2013 to 2020 Market Forecast: Billions of Things, Trillions of Dollars, IDC 4 Statista 5 Cisco Global Cloud Index: Forecast and Methodology for 2013–2018, Cisco Systems Inc. 90% Of the world’s data has been generated1 40% Growth in adoption of business networks2 212 Billion “Things” will be connected3 9 Billion Mobile users in the world4 51% Of workloads processed in the cloud5 © 2016 SAP SE or an SAP affiliate company. All rights reserved. 3
  4. 4. Insurance Industry Disrupters Trends  Peer to Peer Insurance  Usage Based Insurance  Spot Insurance  Contract/or Management  Aggregators/Quote Engines More InsurTech Sources: CB Insights InsureTech Blog TechCrunch Insurance © 2016 SAP SE or an SAP affiliate company. All rights reserved. 4
  5. 5. The Analytics Native • Began as an analytics company; morphed into an insurer • Acquired by Monsanto (seeds) for ~ $1 Bil. • Bayer (insectide) recently made a $62 Bil. Bid for Monsanto! 200+ data scientists analyzing 50 terabytes of weather data/day! The Climate Corporation aims to help farmers around the world protect and improve their farming operations with uniquely powerful software and insurance products. …proprietary technology platform combines hyper-local weather monitoring, agronomic data modeling, and high- resolution weather simulations to deliver climate.com, a solution that helps farmers improve their profits by making better informed operating and financing decisions, and Total Weather Insurance, an insurance offering that pays farmers automatically for bad weather that may impact their profits. Backed by Founders Fund, Khosla, Google Ventures, NEA, Index Ventures and Atomico. © 2016 SAP SE or an SAP affiliate company. All rights reserved. 5
  6. 6. The Innovator ! Insurers are using their venture capital funds to invest in innovation! © 2016 SAP SE or an SAP affiliate company. All rights reserved. 6
  7. 7. World Class Data & Analytics; Often Described, Rarely Achieved Chasm between what we hear … and what we see! © 2016 SAP SE or an SAP affiliate company. All rights reserved. 7
  8. 8. Individual Customer Journey © 2016 SAP SE or an SAP affiliate company. All rights reserved. 8
  9. 9. Digital (R)EVOLUTION? Extend the addressable market and ecosystem New digitally enabled insurance products Today Tomorrow Core insurance business New non-insurance offers New digitally enabled premium services Core insurance business  Property & casualty insurance  Life insurance  Health insurance  Banking  Property & casualty insurance  Life insurance  Health insurance  Banking  Telematics (e.g., Pay as you drive (PAYD); Pay as you live (PAYL)  Simple insurance  Context based offerings and next best offer  Smart pricing  Retargeting  Infotainment; gamification  More advanced digital sales support for brokers and agents  Vehicle road service; financial investment/coaching; health and wellness management; home protection; et al.  Ecosystem/partner offers; auto tires/batteries; gym/health club; home improvement; et al. Use case examples © 2016 SAP SE or an SAP affiliate company. All rights reserved. 9
  10. 10. Smart Architecture No Touch, Real Time, Agile Hybrid – Cloud CORE APPLICATIONS ECOMMERCE APPLICATION(S) PLATFORM C O N N E C T CONFIGURATION PORTAL C O N N E C T MARKETING PORTAL CRM Sales/Service New Bus Acquisition, X-Sell/ Up-Sell, Renewals/Winbacks Integration into existing (customer) portals CLOUD New analytics capabilities, build natively in the Cloud ON PREMISE Extend, leverage, scalable on-premise capabilities MARKETING SUBMIT/QUOTE POLICY BILLING CLAIMS REINSURANCE Customer Data App/Quote Data Policy/Coverage Data Prem./Comm. Data Claims data Reinsurance Data SALES Agent/Sales Data © 2016 SAP SE or an SAP affiliate company. All rights reserved. 10
  11. 11. Enterprise Analytics: Strategy to Execution Execution Feedback to Strategy Strategy Link & Align Strategy to ExecutionBusiness Driven Strategically Aligned User Access & Usability Improved Decisioning Analytics Strategy & Roadmap Corporate Strategy New Data / Capabilities Real Time Analytics Operational Reporting Exploration & Visualization Predictive Analytics Ad Hoc Reporting Corporate Data Strategy & Metrics Performance Management Governance, Risk & Compliance Business Strategy Analytics Strategy Data Strategy © 2016 SAP SE or an SAP affiliate company. All rights reserved. 11
  12. 12. SAP Data & Analytics Strategy Framework Objectives Business Needs Business Benefit Technology Organization Background and Purpose Current State and History Objectives and Scope Summary of Needs Envisioned To-Be State Priorities and Alignment Value Proposition of Analytics Expected Benefits – Future State KPI Business Case Information Categories Architecture and Standards Tools & Applications Governance Structure Program Management Roadmap and Milestones Measurement Education / Training Support • Digital must be part of the overall business-driven data & analytics strategy • Strategy is operationalized by an Analytics Competency Center © 2016 SAP SE or an SAP affiliate company. All rights reserved. 12
  13. 13. Digital Transformation Roadmap Define a Digital Strategy • What does digital mean to your organization? Your customers? Your partners? • How does digital relate to your strategic plans/initiatives? • What are digital Opportunities? Risks? Conduct a Pilot • Conduct pilot with existing / new capabilities • Test capabilities needed to support pilot. • Conduct next pilot Review your Digital Capabilities & Culture • Data management • Analytics • Data bases/ platform • Business Processes • Skills & Behaviors • Agility © 2016 SAP SE or an SAP affiliate company. All rights reserved. 13
  14. 14. Thank You! Available on Amazon Pearson /FT Press & other channels in print and/or digitally Download 1st chapter (industry overview) free Patricia Saporito Sr. Director, BI Global COE for Analytics SAP Labs, LLC New York, NY +1 (201) 681-9671 pat.saporito@sap.com Blog: www.patsaporito.com Digital/Innovation Resources: SAP Digitalist! Blog www.digitalistmag.com/ SAP Analytics Strategy Self Assessment Tool https://sap-bi-strategy-assessment.com/ (includes links to Strategy and BICC Best Practices ebooks) Hasso Plattner Institute for Design Thinking at Stanford Univ. http://dschool.stanfor.edu/ The Digital Insurer Forum www.the-digital-insurer.com/ © 2016 SAP SE or an SAP affiliate company. All rights reserved. 14

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