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Ensur= let's get phygital

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Presentation by consulting company Ensur about the shifting Insurance model. Financial Services Institutions have difficulties putting him there. What does the Phigital architecture look like?

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Ensur= let's get phygital

  1. 1. Let’s Get Phygital! Moustapha Kharbouch Comarch Conference 20.10.2016
  2. 2. The customer: more than ever in the center The shifting insurance model 2
  3. 3. See below study of +10 years ago – have things really changed? ... but Financial Services Institutions have difficulties putting him there 3
  4. 4.  See table: touchpoints used by the customer in the buying process have increased dramatically – challenge for insurers to capture lead information at each touchpoint!  Still we know that the combination of physical and digital leads to higher conversion rates.  Even more, this winning combination applies to (nearly) the entire customer journey Physical channels still important while digital quickly becoming key Phygital on the rise 4
  5. 5. Moments of truth = moments of pain The Insurance Customer Journey 5  Information overload  Clear product definitions missing  Difficult to compare – also for intermediaries  Unclear process  Quotes difficult to compare  Customer needs covered?  Proposed agency = nearest. Also best?  Getting ID details (often double with quote)  Providing additional information = paper!  Providing & signing contract: manual & paper-based (either direct or via intermediary)  Unclear process  Providing required documentation: manual & paper- based  Claim status = black box (also for intermediary!)  Lack of pro-activity by insurer c.q. intermediary  Cumbersome process due to lacking consolidated customer info  Often unpleasant surprise for customer (payment less than expected)  Process = cumbersome, manual (checks!), paper-based  Little added value by intermediary  More paper?!  What about readability? And regulation is not helping much either!
  6. 6. Good news: you only have to do 2 things to realize the phygital promise 1. Capture customer information at each touchpoint – following customers through touchpoints – and direct him to the right intermediary 2. Providing intermediaries with the tools allowing him to turn leads into contracts (and even more than anticipated – cf the 90 days rule for cross- and upsell) 3. (we conveniently forget the necessary increasing of responsiveness in the typical insurance back-office – something for a next seminar ...) While thinking about your intermediaries Turning customer pain into pleasure 6
  7. 7. A true story: What do you want? No seriously, what do you want? Requirements requirements requirements 7
  8. 8.  Which data do you want to capture exactly? What do you want to do with them exactly? Where will they be stored?  What will your lead conversion, pre- sales and other applicable processes look like? Who will do what exactly?  What functionalities should supporting tools have exactly? The utmost important document that is often not there ... The Requirements Catalogue 8 Functional Non-Functional Technology Implementation Legal & Procurement Key dimensions Aim for the best, prepare for the worst  Sourced from different stakeholders – including customers & intermediaries  Don’t forget Compliance  Involve IT from the beginning  Have requirements formally validated  And as from then: apply a strict CR process
  9. 9. Ensuring the alignment of business requirements & IT architecture The Phygital Enterprise Architecture 9 Insurance Customer Journey(s) Starting from the processes
  10. 10. LAC Customer Salary Administration Ensuring the alignment of business requirements & IT architecture The (Phygital) Enterprise Architecture 10 Business Architecture Application Architecture Data Architecture Technology Architecture IT Architecture Enterprise Architecture Customer Identification Needs Analysis Product Advise Simulations & Offers Deal Closure Sales Process Business Functions Enter Customer Data Search Customer Data Get Customer Data Check Access Rights Enter Needs Analyisis Data Enter Risk Profile Data Get Needs Analysis Data Get Risk Profile Data Calculate Net Salary Calculate Pension Gap Enter Simulation Data Get Existing Contract Data Enter UW Data Generate UW Docs Perform Indexing Transfer Data/Docs to BO Application Services Sales Application Enter Customer Data Search Customer Data Enter Needs Analyisis Data Enter Risk Profile Data Calculate Net Salary Calculate Pension Gap Enter Simulation Data CRM Solution 360° View Get Customer Data Get Needs Analysis Data Get Risk Profile Data Get Existing Contract Data Data & Document Trfr Perform Indexing Transfer Data/Docs to BO Territory Mgmt Check Access Rights Application Data Calculate Net Salary Logical Application Component (LAC) Physical Application Component (PAC) Fiscal DataSalary Data Fiscal Data Salary Data Cluster application data and application services into a logical application components (LAC) Logical application components are clustered in a Physical Application Component (PAC) LAC Customer Risk Profiling PAC Manage Customer Pre-Sales data LAC Calculate Net Salary LAC Customer Needs analysys LAC Customer Risk Profiling LAC Customer Risk Profiling
  11. 11.  Do a vendor selection including your own IT department  Start from your Requirements Catalogue to assess candidates against different criteria • Functional • Non-Functional • Technology & Infra • (Post) Implementation • Legal/Procurement  Ask candidates to indicate to which extent they meet each requirement & give an effort estimate for closing each gap.  Prioritize & weigh your requirements. Decide upfront which requirements – if not met – are showstoppers! ... Or buying it? Building your solution ... 11
  12. 12.  Big bangs are often smaller than expected.  Give users new functionality quickly & regularly.  Take an example from other industries: apply prototyping in pilot groups. Rolling out the solution Think phases 12 Digital Transformation Channel integration Direct Sales Self Servicing Business Intelligence & Reporting Marketing & Campaign Management Process automation Task & Agenda Management Customer 360° view Underwriting Product simulations and quotations Customer Needs & MIFID Process
  13. 13. Ensur’s yearly plea for sufficient attention to Change Management “Nothing human is alien to me” 13 Old Organisation + New Technology = Expensive Old Organisation
  14. 14. Well ... almost EVERYBODY happy! 14 customer intermediary Insurance company competition regulator
  15. 15. 15 QUESTIONS?
  16. 16. 16 Moustapha Kharbouch Project Manager Koningin Paolaplein 11/6 1083 Brussel | Belgium T +32 (0)493 24 04 25 Moustapha.kharbouch@ensur.be info@ensur.be Contact
  • roslind

    Dec. 31, 2017

Presentation by consulting company Ensur about the shifting Insurance model. Financial Services Institutions have difficulties putting him there. What does the Phigital architecture look like?

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