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Key Takeaways of Indian Insurance Summit & Awards 2019

India, despite being the 2nd most populous country on the planet, accounts for only 1.5% of the World insurance premiums, and 2% of World life insurance premiums. But, with the increasing numbers to serve, the insurance market in India promises huge growth and exciting potential – were only about 20% of Indians were insured last year.

Key challenges like market penetration, product innovation, risk and fraud need to be mitigated, for insurance players to achieve better growth, customer satisfaction and profitability.

The recently concluded Indian Insurance Summit and Awards 2019 aimed at having robust and key focused area discussions on these challenges, brought together the entire insurance industry network in front of a global audience.

Here are some of the highlights and takeaways from the two-day conference:

Key takeaways of India Insurance Summit and Awards 2019

  • Application of AI beyond claims and underwriting:

AI has paved its way far beyond claims and underwriting policies. The rising InsurTech wave is marking this change by tailoring solutions for individual customers and replacing the one-size-fits-all type of product that is currently available. AI also plays a major role in fraud detection and risk management strategies.

AI in insurance will allow carriers to deliver scalable and customized solutions for members and policyholders,”

 says Ramon Lopez, Vice President of Property & Casualty Claims and Innovation at USAA.

Although, India represents a smaller share of this market, in terms of revenue in comparison to the North American region; India, (along with the rest of Asia) is expected to outperform Europe over the next five-year period.

  • Product innovation for the ease of insurance processes:

While the insurance landscape is experiencing radical changes in product innovation; innovation in technology is the next frontier.

Predicting the probability of future losses can help insurers improve pricing and accuracy; which precisely can be useful in case of risk, with little historical data from which estimates have to be drawn. Around 44% of the insurers say that they have started deploying predictive analytics solution.

California based InsurTech, Carpe Data, has fully automated systems that leverage social media to detect claim frauds and ease out specific insurance processes. Allstate insurance partnered with Carpe Data to generate meaningful insights and help them to mitigate risks in insurance processing.

“The insurance industry is used to working with historical data—the most important                challenge before them is to move from that model to a predictive one.”

Gilles Ferreol, Managing Director, CNP Partners

Bajaj Allianz introduced usage-based auto insurance called ‘DriveSmart Service’. The service monitors the car through a vehicle tracking-device and provides relevant diagnostics data on the performance of the driver.

  • Cognitive Insurance is a new wave of innovation:

Data is a vital ingredient for going Cognitive. The cognitive insurance business is one that allows underwriters to be equipped with a repertoire of AI enabled tools, empowering them to make better and more informed decisions about their customer.AXA Insurance has implemented a Google Tensor Flow-based application to optimise pricing by predicting large-loss traffic accidents with over 78% of accuracy. By leveraging a deep analysis of their customer profiles, AXA was able to understand which clients were are at a higher risk of large-loss cases requiring payment of more than 10,000 – which means, they were able to optimize the pricing of its policies.

Cognitive computing is at the “peak of inflation” on the Gartner Hype Cycle. The Cognitive approach to insurance business after the digital insurance business is the new wave to bring innovation and transformation purpose of going cognitive was created solely with the purpose of reducing human effort and refining the existing process across various insurance verticals.

  • Use a Sandbox approach to test customer’s interest:

To keep pace with the fast-evolving world of InsurTech, insurance companies should consider testing their products in a controlled environment or a “Sandbox”. This approach can provide certain advantages such as allowing insurers to launch unconventional products on a pilot-basis before seeking necessary approval.

The first insurance plan launched under this method, called “Insurance Khata” was directed towards those with seasonal incomes, mostly belonging to the underserved sections of Indian society. The buyers can pool multiple single plans in one account.

 “We want insurers to think out-of-the-box,” said Nilesh Sathe, a member at the IRDAI.

This rather unique proposition encourages insurance companies to place the policyholder right at the front of their approach, consequently not allowing regulation in being a constricting force in their innovation journey.

Data, by its very nature, is both an asset and a liability, which presents inherent risks in its handling and management. Risks that can be quite severe, in a business foundationally based on dealing with uncertainties.
Insurance is one of the richest data-driven businesses, and the consequences of a data breach extend far beyond the reputational damage that results from negative news headlines.

On July 2018, SingHealth, the largest network of healthcare institutions in Singapore, came under a severe cyber-attack and the personal data of around 1.5 million patients, including those of the Singapore PM, Lee Hsien Loong, were stolen.-Straits Times reports

In the past couple of years, the insurance industry has fallen short, by being on the defensive, of handing cyber-attacks and cyber-frauds. The industry cannot afford to take be reactive for much longer – at some point, they need to be thinking ahead of their adversaries.

The non-partisan agenda of the Summit was to explore challenges and their deterrents like market penetration, product innovation, risk, and fraud. The discussions were designed to draw out clear outcomes for the industry together – in order to realize growth, customer satisfaction, profitability and deliver definitive business value. Mantra Labs was proud to sponsor the successful Summit and partake in the insightful conversations held between insurance leaders from all corners of the industry.

We hope to see you all again, in the next edition!

https://www.insurancebusinessmag.com/asia/features/interviews/protecting-the-insurance-sector-from-cyber-threats-109124.aspx

Together Towards AI: Notes from InsureTech Connect 2017

Strategic Technology Trends in Insurance

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Enterprises investing in Workplace Mobility Can Survive Pandemics

4 minutes, 21 seconds read

Nearly one-third of the global population is under coronavirus lockdown. Large-scale quarantines and travel restrictions are posing challenges for businesses to continue their operations. While workforce protection remains the top priority for enterprises, prolonged isolation is an eye-opener to adopt workplace mobility.

As the world continues to fight the pandemic, flatten the curve and try to maintain normalcy by working from home — teams everywhere are trying to stay productive so that daily operations can continue to some degree. But this is not an easy task. By working remotely, there are a lot of challenges especially in communication and connectivity, not to mention challenges with remaining productive throughout the day. 

There was a time when mobility at work was considered a perk. Today, almost everyone, at some point, agrees that flexibility and liberty to work from home is essential. The 2020 Enterprise Mobility Trends Report anticipates that 42% (18.7 billion) of the global workforce will embrace mobility by 2020.

The need for workplace mobility

Workplace mobility empowers people to work from anywhere, at any time and from any device. It directly impacts employee productivity as well as the speed to execute business processes. How?

Dan Ariely, in his book Predictably Irrational, categorizes human behaviour in lines with the market and social norms. Market norms apply a monetary value to every transaction — salaries or payments against skill/talent. Whereas, social norms rely on the exchange of gifts, kindness, favour, etc. and is far away from any monetary transaction. 

While stringent work policies tend to inculcate market norms (skills are calculated against salaries), flexibility instils social norms (empathy and concern). People are willing to do more on their free-will.

In this 24/7 work environment social norms have a great advantage: they tend to make employees passionate, hardworking, flexible, and concerned. In a market where employees’ loyalty to their employers is often wilting, social norms are one of the best ways to make workers loyal, as well as motivated.

– suggests Ariely

How apps and AI-driven mobility solutions for employees can keep businesses operationally afloat?

By 2025, the number of unique mobile subscribers is projected to reach 5.9 billion. Market researchers also anticipate that there’ll be nearly 25 billion IoT devices, most of which will comprise business-related connected devices. However, it’s not just handy devices that are enabling mobility at work. Technologies are also empowering businesses to readily adopt mobility. 

For instance, Google has introduced a deck of enterprise mobility solutions. It provides cloud support to collaboration apps and management tools. Apart from G Suite, Google has invested in android and chrome platforms to support workplace mobility. 

Workplace mobility apps and features

Many organizations require time logs to ensure overtime and bonuses. Apps like SecurTime provide a cloud-based time-attendance workforce management solution with real-time tracking. It seamlessly integrates with payroll/HRMS and biometric systems without any dependency on hardware.

When people work remotely, creating a virtual collaborative environment can concern businesses. While email is the channel for all formal communication, it’s usual to lose track of conversations in emails and messengers. To organize work and priorities at the team level, Slack and Trello are popular apps.

Organizations with in-house software development teams often face hassles while planning, tracking, resolving bugs & issues and releasing products. Jira — an agile project management tool helps organizations to track every phase of product development and team progress irrespective of their physical location.

AI-driven enterprise mobility solutions

Mobile devices and cloud platforms are making it easier for teams to collaborate and deliver. Moreover, employees save substantial time on travelling, which gives them time to indulge in activities that foster creativity. 

Gartner predicts that by 2021, 40% of new enterprise applications will include AI technologies. So far, the adoption of AI was seen in consumer-facing operations to enhance customer experiences. Now, organizations are also focusing on enhancing employee experiences. For example, leading organizations are using NLP-powered chatbots for handling employee-queries regarding leave, work from home intimation, business-travel, etc. 

[Related: AI in recruitment and discovering talent]

Technology can equip employees with information at hand. AI solutions like Zelros provide instant information to Insurance sales advisors regarding products, clients, etc. 

AI-powered applications are becoming more human-centred and they can execute commands without touching/pressing a button. For example, with gesture recognition technology and voice user interface, simple tasks like sharing a file, reading a report, etc. can be done while driving, spending time with kids, evening walks, etc. removing dependencies that delay work.

[Related: How does AI recognize hand gestures]

The use of AI is evolving to automatically prioritize problems and send notifications to the concerned departments. SVM (Support Vector Machine) and CNN (Convolutional Neural Network) are machine learning algorithms for building classification models.

The bottom line

While one can prevent wars, natural calamities and pandemics are unavoidable. In the current context, the heat of the Corona outbreak is severely impacting industries including aviation, e-commerce, education, tourism, entertainment, hospitality, electronics, consumer and luxury goods. Businesses are thriving to remain operationally afloat. 

Embracing mobility at work today can prepare organizations for tomorrow’s pandemic resilience. 

Mantra Labs is helping enterprises invest in building their pandemic resilience by planning and scaling their mobility infrastructures, and enable greater use of mobility as a service. Talk to us today to know how we can help you, or reach out to us at hello@mantralabsglobal.com.

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