1. 14th Annual Gulf Insurance Forum
The Use of Technology in Servicing the Insurance Companies
Hany Baher SVP-Information Technology
Abu Dhabi National Insurance Company (ADNIC)
18th Oct, 2017

2. 70% Digital Economy Imagine an economy where…
The Success Rate Of New Product Introductions Is Improved From Today By 70% Statistics source: Microsoft
75% of instant delivery purchases are fulfilled by Socially-linked Networks
Driverless Vehicles. Decreasing Congestion By 10% In Served Cities
25% of Retail Shopping Is Conducted In Omni-channel Marketplaces

3. Digital Transformation is Inevitable
Those who thrive in the digital economy will need to…
In return, they will…
Develop And Execute A Vision For Digital Transformation
Return Greatest Shareholder Value
Take An Ecosystem-first Approach To Delivering Products And Services
Gain The Greatest Market Share
Manage Information Effectively
Create New Revenue Streams
Create Flexible And Reliable Human Resource Model
Win The Talent Wars
Optimize Business Processes For Speed, Efficiency, Quality, And Agility
Increase Profitability

4. Technology, why?
Organizations leverage on Digital Technologies to create Digitally Enhanced, Customer Centric Business Models
Improve
Operational
Efficiencies
Generate
New Revenue
Streams
Create New
Customer
Experiences
Rapidly Respond
To Changing
Conditions

5. What's going on out there….. Artificial Intelligence
Big Data & Analytics
Drones and Satellites
What is it for
Insurers?
Blockchain
Omni-channel
Internet of things
Artificial Intelligence
Telematics

6. Omni-channel
What is it for
Insurers?
Omni-channel

7. Omni-channel Consumers’ search for insurance has become “omni-channel”
they research products online… recommend them to friends…
ask contacts in their circle…
buy them via mobile apps…
buy them through web portals…
live chat about them (chat-bots)…
listen to what others tweet…
Interact via s and sms…
Source: IBM

8. Artificial Intelligence Artificial Intelligence
What is it for
Insurers?
Artificial Intelligence

9. Artificial Intelligence
“80% of insurance executives agree that Artificial Intelligence (AI) will significantly change the way they gain information from and interact with customers”
Quote Source: Accenture
Underwriting
Claims Processing
Marketing & Customer Acquisition
Account Management
Product Development
Policy
Renewal

10. Artificial Intelligence
Insurance industry used be seen far behind others in financial sector…
What about now?

11. Big Data Analytics
Big Data & Analytics
What is it for
Insurers?

12. Big Data Analytics
Predictive Analytics can identify suitable products for customers
Trend detecting and Forecasting
Cross-selling and Upselling
Creating personalized user experiences.

13. Big Data Analytics Explore massive historical data..
Search for certain user behavior..

14. What's going on out there…..
What is it for
Insurers?
Internet of things

15. Internet of Things (IoT) Preventive Maintenance
Intelligent sensors are everywhere…
Turning everything SMART
Preventive Maintenance
Usage Based Insurance
Fleet Management
Change Risk Profiles…
Safer  lower premiums
Change in Products / Organizational Profiles
fewer underwriters & more data scientists
Change in Business Models
investing in technology as an investment in customers
Smart Appliances
Smart Healthcare
Smart Houses

16. Internet of Things (IoT)
Source: PwC’s 18th Annual Global CEO Survey

17. Telematics
What is it for
Insurers?
Telematics

18. Telematics
“pay-as-you-drive” or “pay-as-you-live” Premium based on actual usage and driving habits
registers an accident triggers first notice of loss
claimants could be offered the opportunity to close
claims in 60 minutes or less.
Telematic devices and equipment may not be connected all the time, and they are often grouped with IoT

19. Telematics

20. Blockchain
What is it for
Insurers?
Blockchain

21. Blockchain
A blockchain in simple terms is an entirely new business model
And more importantly… it uses Digital Currency
When applied correctly, it can also reduce the risks of Fraud

22. Blockchain
Large insurers in Europe and the US are investing heavily in developing models and platforms that are built for Blockchain.
It’s often used for automation of underwriting and claims handling. And to execute their financial – and yet digital – transactions.
It is expected that in a matter of very few years, large corporations will heavily depend on blockchain for their day-to-day transactions.

23. Blockchain
Used in the insurance for automation of underwriting and claims. “smart contracts” are recorded in “a” blockchain
It can select the contracts that should be accepted and decide the applicable terms, including pricing.
It can receive premiums and pay claims in digital currency
It reduces the likelihood of fraudulent activities

24. Drones & Satellites
Drones and Satellites
What is it for
Insurers?

25. Drones & Satellites
Several Insurers are already using drones and satellites to handle certain tasks in underwriting and claims.
Within homeowners lines, satellites can capture data to analyze roofs, chimneys and surrounding terrain so that insurers can determine which homeowner they want to add to underwrite
In commercial insurance for instance, drones can conduct site inspections, capturing thermal imagery of facilities or hazardous work sites. Their reviews can be as specific as looking for roof cracks, old or damaged boilers, and other physical plan defects that can pose claims risks.

26. Artificial Intelligence
Big Data & Analytics
Drones and Satellites
Are you ready for the
change?
Blockchain
Omni-channel
Internet of things
Artificial Intelligence
Telematics

27. Thank You