In November, CSC held its first conference with a dedicated agenda for the Nordic Insurance Industry.
As an event that addressed “hot topics” within insurance and presented industry-relevant solutions, it was great to see how various insurance companies’ representatives, consultants and partners shared experiences and debated on the changes impacting the way they will operate in the future.
In the light of the upcoming EU General Data Protection Regulation (GDPR) taking effect, all discussions revolved around the ability to demonstrate and document data compliance. And by 25 May 2018 when these new rules enter into force, everyone must align.
The conference addressed not only the compliance aspect – which was highlighted from three angles: the law, the business solution and a cybersecurity perspective – but also how to generate new value by empowering the business with data.
More than in many other industries, handling customer sensitive information has always been a core capability in insurance. Now, it’s an even more important go-to-market strategy for maintaining a profitable business. With that comes also the responsibility of taking cybersecurity very seriously.
“If you don’t understand the value of your data, you will not be able to cope with it. It is not just about compliance it is about feeing secure. Hence, protecting your data needs to be organized and approached as a process.” – Rasmus Theede, Cyber Lead for CSC Nordic & Baltic
Taking the business angle and representing a strong partnership, HDS presented a ready-to-be implemented solution complying with “the right to be forgotten” and documentation requirements.
Why is it important to pay attention and implement such solutions? Because from the legal aspect, the fines associated with not being compliant will be more and more severe as time goes on. As Tina Brøgger Sørensen from Kromann Reumert stated, fines will start from 10-20 mio Euro or reach up to 4% of the total worldwide annual turnover in the preceding financial year, whichever amount is higher.
While privacy handling gives insurers enough motives to be on guard, insights empowered by data will definitely take their business to the next level.
MP Pension is a real-life example that inspired the audience, sharing the journey to becoming more customer centric. How has the company done it? By re-inventing itself, challenging the status quo and embracing a new organizational culture – one that welcomes clients with agile methodology for co-creating new features. Jens Holst’s keynote was for sure an important lesson that well-known actuary models within Life & Pension need to be transformed in order to embrace new knowledge of clients.
This and enabling technologies mark the path forward in insurance. Engaging telematics for claims handling and calculating premiums represents “moments of truth” in the customer’s journey, and the way insurers design their services within these touchpoints defines the entire experience.
With “Digital Claims from CSC,” insuring companies have the ability to give customers control over their own claims. This significantly improves customer loyalty while reducing processing time and also the risk of fraud. At the conference, a series of business cases were showcased by ScopeTechnology and 360GlobalNet during the day.
Closing the conference, Dell EMC’s Big Data and Analytics Solution Director Sebastian Darrington talked about how to develop a successful big data business strategy. He predicted that, compared to the last 15 years, focus will shift in the next 15 years from traditional reactive to predictive and preventive analytics.
Traditional applications will be replaced by cloud native ones, while rigid infrastructure will be taken over by agile. Moreover, the offering market is moving toward becoming more business centric rather than IT centric, meaning that if our business is built around our customers, technology is designed with them and their needs in mind.
On this note and having you in mind, the big takeaway for CSC’s first Data Empowered Insurance Conference is that the compliance regulations are not a burden but an opportunity in utilizing data to gain new market share, improve client loyalty and secure new revenue streams.
Liselotte Munk Poulsen is Industry General Manager at CSC’s Nordic insurance business. With more than 20 years of experience working with the Insurance industry, Liselotte holds a solid track record and has built a solid performing insurance software company with a substantial consultant business. Through a holistic end-to-end perspective of the global insurance industry, Liselotte enables her knowledge to provide value to the Nordic insurance industry. On daily basis Liselotte drives CSC’s Nordic insurance business, leading a team with deep insight into P&C and L&P. The clear objective is to leverage global capabilities that for decades has been developed and utilized by more than 1,900 insurance companies worldwide into the Nordic region.