By implementing customized big data solutions, Euro IT Group can help you unlock the tones of information already flowing through your organization, analyze it, extract value and transform it into insight that drives growth and revenue.

1. INSURANCE
INDUSTRY TRENDS
#1 BIG DATA & ANALYTICS

2. 1. Big data & analytics
2. Mobility
3. Cloud computing
4. Telematics/IoT
What’s hot in insurance

3. Content:
• Insurance facts
• External forces impacting insurers in 2015
• Insurers business drivers
• Big data and Analytics
• Why big data is a challenge for insurance execs?
• How do insurers currently use big data?
• Who invests in big data?
• A smarter future
• Insurers future needs
• Insurance startups
• Our insurance value proposition
Big data in insurance

4. Insurance Facts
86%
of insurance CEOs believe
technological advances will
transform their business in
the next 3-5 years (1)
>50%
of IT budgets are still spent
on maintenance
£££ spend
in 2015/2016 on:
data quality, tool
optimization, data science,
improved processes
Very few
executives are seriously
considering incorporating IT
into strategic planning and
thinking
1/3
of the insurance industry’s
business is expected to occur
digitally by 2018
20%
of insurance business will be
generated via the internet by
2018
11%
of business will be generated
via mobile channels by 2018
(2)
50%
of Insurers consider social
and mobile to be a priority
(3)
86%
of mid to large insurance
companies, life and annuity
providers already have a
BYOD strategy (4)
250 : 1
the prediction for digital vs
face-to-face interactions
with financial services
companies by 2016
30 : 1
the predicted number for
mobile interactions vs calls
15 - 20 years
Age of a typical Policy
Administration system
Source
1) PwC 2014 CEO Survey
2) World Insurance Report, 2014
3) Cap Gemini
4) Celent Research

5. Big data for insurance
Technologies evolving too rapidly
Increasing customers needs and expectations
Regulations
Natural catastrophes
Competitive pressures on pricing

6. Please rank in order the following business drivers facing your organization through 2020
2015 Global Insurance Outlook
Insurance business drivers

7. Big data & analytics
90%
of insurance firms yet to
implement company wide
big data strategy
25%
of large organizations will have
adopted big data analytics for at
least one security or fraud use
case by 2018
82%
of household insurance
providers think they have to
capture and analyze big data to
remain competitive
81%
Intend to increase spending on
data initiatives
80%
of claims data is
unstructured
82%
Of insurance executives cite
data and analytics as key
strategic priority
What for?
• Manage the business
• Gain operational visibility
• Advanced Reporting
• Optimize core processes
• Fraud management
• Avoid other business risks
• Grow the business
• Improve customer relationships
• Offer personalized offers and
pricing
• Optimize distribution channels
• Up-sell and cross-sell
• Increase market penetration
• Keep pace with
competitors

8. Why is big data a challenge for executives?

9. How do insurers currently use big data?
2015 Novarica
2014 Deloitte Development
Applying big data in insurance Telematics
Visualizations
Claims
Analytics
Advanced
Analytics

10. Percent of North American Insurers Investing in Big Data Initiatives
Source: SMA Research, Data and Analytics 2014
Who invests in big data?
Percent of North American Insurers Investing in Big Data Initiatives
Source: SMA Research, Data and Analytics 2014

11. A smarter future
BearingPoint asked insurance executives to rate the importance of the below five pillars
to successfully implement Big Data & Advanced Analytics in their company
The Five Pillars of Successful Big Data and Smart
Analytics

12. Insurance future needs
Improved
financial
reporting and
control systems
Stronger digital capabilities complemented by
new skills, refined metrics, upgraded tools and
an innovation culture
Ability to adjust their
business model fast
to new trends
Predictive analytics and modeling methods tools
to manage, synthesize, analyze and leverage
massive data volumes (eg: public information about
customers’ lifestyles and online experiences mixed
with internal data)
Programs and systems that ensure structured
and disciplined governance of key risks and
functions to be regulatory compliant
Enhanced data security
systems and tools
(cybersecurity has become a
strategic issue for insurers)

13. Insurance Startups
• MetroMile offers “pay as you go” car insurance ->
drivers pay by the mile.
• A device tracks the mileage and customers are billed
monthly according to how far they have driven.
• The company claims that this saves low-mileage
drivers an average of $500 a year.
• Oscar Health Insurance, currently available only
in New York, claims to be built on big data from the
ground up.
• It uses big data, modern apps and web interfaces,
enabling customers to get real-time information on
which doctors and medicines are available to them
in their area and to have a 360 view on each
customer

14. INSURANCE
EXPERTISE

15. • Broad experience in delivering complex services and solutions that integrate sales,
marketing, customer service and other processes to large insurers and brokers
• We have developed and successfully deployed a complete insurance solution, with
modular architecture, available on premise & on Cloud, bi-directional integrated
with SAP, Microsoft & Oracle
Insurance expertise
INSURANCE EXPERTISE
• Website/intranet development
• Self service portals
• Online policy selling
• Online claims management
• Enterprise e-learning and intranets
• Employee management & training
• operations support systems development
and deployment
• Mobility:
• Mobile apps development, SFA, document
management
• Big data and BI solutions
• CRM/ Sales Force Automation
• Business Process Management
EITG SOLUTION
• Product management
• Policy Management
• Accounts & intermediaries
• Underwriting
• Actuarial reports
• Billing and collection
• Financial Accounting
• Reinsurance

16. Value proposition

17. BIG DATA
EXPERTISE

18. Euro IT Group Triple Expertise

19. CONSOLIDATED OUTSOURCING
Contact: office@euroitgroup.com
www.euroitgroup.com