Insurance Companies in the New Digital World Order: Trends and Best Practices
Overview:Digital technology has gone main stream in the business world as it boosts productivity, bringing in real results. One question to consider is: with digital technologies playing a major role in the business of insurance; what sorts of threats does it pose to the company?
As executives seek to understand digital media opportunities, they need to also recognize the potential threats that come with it. Furthermore, they must anticipate significant organizational and technological issues as the next-generation digital media methods make their way into the workplace.
The Knowledge Group is producing a LIVE webcast which will explore the issues and concerns surrounding the Insurance Companies in a Digital World trend and will provide critical analysis of best practices in a two-hour webcast.
Graham Handy, Partner, Global Insurance Customer Leader ,
Ernst & Young LLP
- Digital is a catalyst for dramatic change for insurers but also offers a compelling opportunity
- Insurers have a lot of ground to make up in responding to the digital challenge
- This is about more than just improving the execution of what they do today
- There are substantial barriers to change within insurers, but overcoming those barriers allows a new route to retention and efficient service
- Alongside technology, analytics is a critical capability - without analytics the business case may falter
Ferruccio Lagutaine, Principal,
McKinsey & Company
- The Digital revolution is having a deep impact on our daily lives and on several industries and insurance is no exception; actually, given the fundamental characteristics of its business model, insurance may be affected in a much deeper way than most industries
- McKinsey & Company's research indicates that around 30% net profit could be at stake, with carriers that apply digital technologies at scale having the potential to boost their profits by 35% and dabblers, or those that take no action at all, could see as much as 30 per cent of their profit at risk
- This will not be news for most insurance companies since many already have digital on their radar. However, the majority lack a comprehensive digital strategy and most limit their activity to piloting digital elements on the consumer-facing side and in marketing
- To maximize the value of the Digital revolution, our research shows that carriers should focus their efforts on digitally enabling four areas:
- Ensure digital readiness of product offering
- Enhance the multi-channel customer experience
- Use advanced analytics to drive decisions
- Digitalize operations and processes to increase automation
Who Should Attend:
- Insurance Industry Executives & Professionals
- Risk Officers and Administrators
- Data Security Professionals
- Chief Compliance Officers
- Chief Marketing Officers
- Marketing and Advertising Professionals
- IT lawyers
- In-house Counsel
- Managers who oversee employees utilizing social media
- Other Related/Interested Professionals
After graduating from the University of Exeter as valedictorian in Mathematics, Graham began his career in insurance working for Zurich Financial Services (then named Allied Dunbar) in the UK. Graham moved to EY in London in 2000, and to EY in Asia-Pacific in 2008 to lead the build out of EY's insurance advisory teams across South East Asia and Hong Kong. From 2013 he has been based in London - with Global and EMEIA responsibility for coordinating EY's Insurance offering in respect of revenue growth, front-office transformation, and consumer protection.
Over his time with EY, Graham has worked across the globe with insurance and financial services companies, advising on financial, operational and strategic challenges. He has worked to implement enterprise-wide risk management frameworks, evaluated many potential insurance transactions, assisted clients with post-acquisition integration, built full model-office reporting and projection models, and assessed major outsourcing transactions as part of insurers' drive to operational efficiency. During the global financial crisis he worked actively with many insurers in Asia-Pacific and globally to secure their financial positions and re-evaluate their strategic direction. He led the EY Voice of the Customer survey across Asia-Pacific, learning from 9,000 insurance customers' detailed comments on their future expectations of the insurance experience.
Today he leads the EY Insurance Customer Strategic Solution - globally and for EMEIA. He is a member of the Global Actuarial and Insurance Risk leadership committee, and a member of the Global Insurance Advisory Forum. He is a fellow of Institute of Actuaries. He lives near London with his wife and three children.
After graduating from the University of Exeter as valedictorian in Mathematics, Graham began his career in insurance working for Zurich …
Ferruccio is a Partner with McKinsey & Company in Zurich where he leads the Business Technology Office for Switzerland. Since joining the firm in 2004, he has focused on optimization of IT and operations in the financial services industry
In his career, he has assisted a number of clients in thinking through the different aspects of increasing their operational performance and in addressing the associated implementation challenges. He is a core member of McKinsey’s global Outsourcing & Offshoring practice and of the European Insurance practice. He also leads GBS in Europe, the service line focused on optimizing client’s support functions. Additionally, Ferruccio is a faculty at Judge Business School (Cambridge University) on Outsourcing Strategy for the relevant Executive Course.
Ferruccio holds an M.S. in Mechanical Engineering, magna cum laude, from Universita’ degli studi di Genova.
Ferruccio is a Partner with McKinsey & Company in Zurich where he leads the Business Technology Office for Switzerland. Since …
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Method of Presentation:
On-demand Webcast (CLE)
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE credit:
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
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About EY’s Global Insurance Center
Insurers must increasingly address more complex and converging regulatory issues that challenge their risk management approaches, operations and financial reporting practices. EY’s Global Insurance Center brings together a worldwide team of professionals to help you succeed — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant sector issues. Ultimately it enables us to help you meet your goals and compete more effectively. For more information about our organization, please visit ey.com/insurance.
About McKinsey & Company
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