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Insurance summit making the shift from product to customer centric
1. MAKING THE SHIFT FROM PRODUCT TO CUSTOMER
CENTRIC
Gary Allemann
@mdm_za
2. • Modernisation
• Regulatory development
• Disruptive market conditions
• Operational change
• Tax
Top insurance industry issues (2015)
Source: PWC
3. • Adapting strategy and business model
• Market segment challenges and opportunities
• Risk and Regulatory Complexity
• Process and Systems Improvement
• Tax
Top insurance industry issues (2016)
Source: PWC
4. • Adapting strategy and business model, and
supporting IT infrastructure
How do we adapt our business model to support
new business opportunities?
How do we reduce costs?
Modernisation
8. DESTROYCREATE STORE USE ARCHIVE
ACCOUNTABILITY
PROCESSING LIMITATION
SPECIFIED PURPOSE
LIMITATION ON FURTHER PROCESSING
INFORMATION QUALITY
SECURITY SAFEGUARDS
PARTICIPATION OF DATA SUBJECT
OPENNESS
11. Information assets developed in
silos
Duplication of data services (i.e. building the same
integrations over and over again)
Approach to regulatory and compliance and
security is inconsistentInflexible, fragmented infrastructure
Duplicated Data
Demand and requirements
management is ad-hoc and
unstructured
Lack of cross-
organisational
governance
Concerns over data
qualityMany localised, personal copies of
“Information Assets”
Data lineage difficult to
determineSingle version of the
truth is hard to find
Competency gaps and heavy
reliance on external partners
Enterprise Information
But it‘s really more like….
DQ
The central role of advanced analytics in modernizing business models and operations; how new metrics can increase efficiency, lower costs, and lead to better analytics; and recent developments in insurance contracts accounting and reserving that are helping to drive the modernization agenda.
Recent, pending, and potential regulatory developments that insurers will be addressing in the coming year and beyond.
Market and business developments that have affected or will affect insurers' business strategy, including autonomous vehicles and their potential impacts on auto insurance; group insurance and the rise of exchanges; and the deals environment.
Operational change, including the state of P&C core systems transformation and managing talent strategy in a time of profound change.
Recent, pending, and potential developments in insurance taxation.
Creating an effective strategy, including innovation, technology, business models, and deals.
Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance.
Managing risk and regulatory complexity.
Process and systems improvement.
Tax
Creating an effective strategy, including innovation, technology, business models, and deals.
Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance.
Managing risk and regulatory complexity.
Process and systems improvement.
Tax
Creating an effective strategy, including innovation, technology, business models, and deals.
Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance.
Managing risk and regulatory complexity.
Process and systems improvement.
Tax
Creating an effective strategy, including innovation, technology, business models, and deals.
Market segment challenges and opportunities, including in cyber-insurance, commercial lines, group, and terrorism insurance.
Managing risk and regulatory complexity.
Process and systems improvement.
Tax
Promotion of Access to Information PAIA 2000
Financial Intelligence Centre Act FICA 2001
Regulation of Interception of Communications Act RICA 2003
National Credit Act NCA 2005
new Companies Act 2008
Consumer Protection Act CPA 2008
Electronic Communications and Transactions Act ECT 2008
King III – corporate responsibility guidelines 2009
Protection of Personal Information Bill PoPI 2013
Solvency & Assessment management SAM ???
Accountability
Responsible party to ensure conditions for lawful processing
Processing Limitation
Lawfulness of processing
Minimality
Consent, justification and objection
Collection directly from data subject
Purpose Specification
Collection for specific purpose
Retention and restriction of records
Further Processing Limitation
Further processing to be compatible with purpose of collection
Information Quality
Quality of information
Openness
Documentation
Notification to data subject when collecting personal information
Security Safeguards
Security measures on integrity and confidentiality of personal information
Information processed by operator or person acting under authority
Security measures regarding information processed by operator
Notification of security compromises
Data Subject Participation
Access to personal information
Correction of personal information
Manner of access