Allianz, Mitsui Sumitomo and Allstate put data at the core of their companies and transform into data-driven companies.
Computer-driven companies such as Apple Amazon and Alibaba uses its data sources to please customers, grow revenue and drive into new markets.
Insurance companies have tended to delay these digital giants to unleash the value of their data. Nevertheless, some long-term carriers, such as Allianz, Mitsui Sumitomo and Allstate are beginning to transform into data-driven companies. They develop new business models that put data at the core of all their important decisions. They use data to improve relationships with customers, employees and business partners. And they use data to access new markets. In addition, they apply analysis and artificial intelligence (AI) to better collect, manage and apply data.
Our research shows that 79 percent of insurance executives believe that collaboration between humans and intelligent machines will be crucial to innovation. About 20 percent of insurance companies are already preparing their workforce for collaborative and interactive AI systems. Often these systems can explain the reasoning behind their decisions and recommendations.
Allianz opens its ABS platform to third parties
Allianz has set its sights on becoming a computer-driven company. It has embarked on an ambitious program to use cloud computing and other digital technologies, such as data analytics and AI, to differentiate itself from competitors and secure closer ties with customers. The company has launched several initiatives that make it possible to unlock value from its extensive data sources.
Allianz recently launched its Allianz Business System (ABS) third-party technology platform. Corporate customers will now be able to license access to Allianz's claims handling and contract management solutions running on the ABS platform. As part of this Insurance-as-a-Service business initiative, Allianz has partnered with Microsoft to migrate the ABS platform to the Azure cloud service.
Allianz has also joined other German multinational companies such as Axel Springer, Daimler, Deutsche Telekom, Lufthansa, Volkswagen and Deutsche Bank to form an identity management platform for consumers in Europe. The Verimi platform allows consumers to register their personal information on a single secure website and then select the organizations with which they want to share this information. Verimi gives consumers greater control over their personal data while promoting increased use of e-commerce by simplifying access to digital services.
Mitsui Sumitomo uses AI to support sales agents
Mitsui Sumitomo, one of the largest insurance companies in Japan, uses data analytics and other digital technologies to increase business value throughout the organization. Its RisTech ecosystem, for example, enables the company to combine its customer information with information from various external sources to gain new insight into risk and insurance offerings. Since its launch early this year, RisTech has already helped Mitsui Sumitomo increase its premium revenue.
As part of its quest to become a customer-centric insurance provider, the Japanese carrier uses big data technology and AI to support its sales agents and improve its customer experience. The MS1 brain platform collects and analyzes information about customers and their requirements. It gives sales agents a deep understanding of the customer's needs and identifies products that best meet these requirements. This combination of AI and human expertise has enabled Mitsui Sumitomo to significantly improve its close sales agents.
Allstate turns to data to leverage revenue in addition to insurance
Allstate in the United States has embarked on a comprehensive digital transformation that will enable it to become a potent data-driven business. It aims to unlock the value of its data by using analysis and diagnostic techniques to improve product distribution, marketing and customer service. The company would like to utilize income streams in addition to the traditional insurance industry. It is looking to increase data revenue from business units such as its InfoArmor identity protection subsidiaries and its Aremat telematics and predictive analytics companies.
InfoArmor offers companies identity and privacy protection solutions for their employees. Its PrivacyArmor solution monitors digital transactions and alerts potential fraudsters to the service. It also notifies them if their personal information is publicly available on the internet and monitors social media accounts to check for threats, explicit content, violence and cyberbullying. InfoArmor's recently launched Allstate Digital Footprint will monitor all online accounts opened by a user of the service and identify any uncertain information that may expose them to risk.
Arity has transformed from a telematics company that tracks and analyzes driving data into a provider of specialized knowledge services. Revenue from these services could amount to $ 300 million per year. Arity uses innovative data management and data analysis techniques to collect, store and analyze large flows of driver information. It processes about one petabyte of new information each month. As I mentioned earlier in this blog series, Arity currently provides knowledge services to three sectors – motor vehicle dealers, workshops and billboard advertisers. The information that Arity collects and analyzes is particularly valuable to companies in each of these sectors. This enables motor vehicle dealers to improve their marketing by gaining insight into the behavior of different customer groups. This enables car repair shops to better predict corporate demand and improve efficiency. And it gives sign advertisers around the clock information about the volume, speed and composition of the traffic that drives past their screens. Other potential markets for Arity include connected homes, health care services and wellness.
Other insurance companies use data to generate additional business value
In addition to Allianz, Mitsui Sumitomo and Allstate other carriers such as ] UnitedHealthcare and Ping An is also who puts data at the core of their business . There are still huge opportunities for companies that can provide insurers with data analytics technologies and services. The rapid growth of companies such as CoreLogic Verisk and RMS together with insurtech company s  Betterview Cape Analytics Carpe Data and EigenRisk show that many insurance companies, like many other companies, are eager to use data to generate additional business value. It also indicates that organizations often need partners to help them overcome the difficulties they are likely to encounter when striving to release large-scale values captured in their data assets while often accessing additional external data sources.
In my next blog series I will discuss some of the most important trends in the latest 2020 Efma-Accenture Innovation in Insurance Awards . The submissions at this year's awards included some interesting d ata – analytics, cloud and AI applications that enhance the customer experience and create significant business value.
For mother e information on how insurance companies can monetize data and turn into d ata-powered companies look at these links. Otherwise send me an email. I would like to hear from you.
For mother information on how insurance companies can monetize data and convert to d ata-powered companies look at these links. Otherwise send me an email. I would like to hear from you.
Accenture and M6: Make Money on Big Data
Subscribe to more from Accenture Insurance
Disclaimer: This documents are for general information purposes only and do not take into account the reader's specific circumstances and may not reflect recent developments. Accenture disclaims, to the fullest extent permitted by applicable law, any responsibility for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, auditing or tax advice. Readers are responsible for obtaining such advice from their own legal attorneys or other licensed professionals.
Disclaimer: This document describes and describes trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the legal owners of such trademarks.