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Transformers: Illuminating
the Way Forward
While heterogeneity in geographies, demographics and
organizational maturity across the Asia Pacific region
causes divergence in investment and digital strategies,
all carriers share one thing: they see digital as vital to
improving revenues and upgrading operations, our latest
research reveals.
Executive Summary
Applying Simon Sineks Golden Circle1 framework, when it comes to
digitally transforming their organizations, insurers in the Asia Pacific
(APAC) region have moved to the how and what from the why. In
our quest to discover what digital means to the insurance industry, we
spoke to C-suite executives representing a variety of insurers across
the APAC region (from the Middle East (ME) and India to ASEAN,
Greater China, Australia and New Zealand (ANZ) and Japan). Our goal
was to discover the convergence as well as divergence inherent in the
definition as well as interpretation of digital transformation.
What we found in our conversations is that insurers understand the
growing importance of these phrases in their daily business, but
at the same time translate them to suit their immediate business
needs. We also sought to assess how insurers see their industry
evolving via digital product and process innovation and their plans for
implementing digital initiatives by making the necessary adjustments
in their product engineering playbooks, marketing and distribution
efforts, and also throughout their back-office processes.
We conducted in-person and telephonic interviews of C-suite
executives from select insurers across the aforementioned regions
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Southeast
Asia
East Asia
South
Asia
Middle
East
ANZ
Figure 1
Key Findings
Lots of untapped markets and segments are still left to explore, and
digital will help us to penetrate and reach out to the prospects. Sooner
or later, models are going to evolve. We have to adopt it right now.
CIO, leading ASEAN life insurer
Insurers are upbeat about the opportunities in APAC and are moving forward with
their digital transformation initiatives. Our research reveals where insurers are
investing, the challenges that they face in their digital journeys and how they are
tackling these challenges. Our findings include:
Roughly 71% of the insurers we interviewed have a clear digital roadmap and
have identified a digital task force that is leading the charge. These companies
see digital transformation as both a customer-centric and a business-first
initiative; only 20% see it as a technology challenge that can be solved by incorporating technology enablers.
Digital
we contacted said that digital will fundamentally change their existing business
model and that they have to move quickly. Approximately 64% foresee competition coming from outside the insurance industry. While 57% mentioned that there
may be increased competition from new disruptive start-ups capturing customer
attention, most respondents feel the disruption will be restricted to specific
points in the value chain such as distribution and claims/risk management rather
than the entire value chain.
Insurers are willing to place their bets on digital. Insurers know where they
stand on the digital curve and are willing to bet more money to close the gap
with competitors within and outside the industry. They told us that they allocate
6-10% of their IT budget on digital; 60% of the insurers we spoke with plan to
raise their spend to 15% of their IT budget over the next two to three years.
Customer experience dominates the digital priority list. But future steps
Creating P&L impact is a key digital driver today; insurers are also aware of
the strategic equity of digital in the near future. Nearly 87% of respondents
said that improving revenue by acquiring and retaining customers and reducing
operating costs are key digital influencers today. Taking a more strategic view,
80% responded that digital will help them to create differentiated market
positions in the future.
The digital journey is a long haul. Customer behavior volatility, poor digital
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makes it difficult to form a business case. The problem of plenty (i.e., choosing
the right set of opportunities from the wide range of disruptions in technology
and business) was also cited by 54% as a hurdle for implementing digital.
Theres
53%
33%
7%
7%
0%
Response base: 16
Source: Cognizant Technology Solutions
Figure 2
Further, over 50% of respondents are undergoing a formal digital transformation effort that involves a top-down approach of defining an organizationwide strategy to incorporate digital value adds across their back-end systems (see
Figure 2).
The number of respondents undergoing formal digital transformations might
actually be higher than the 53% that replied thusly. During our conversations, it
was evident that one-third of respondents who claimed that their companies were
not already undergoing formal digital transformation programs are indeed
undergoing piecemeal projects of considerable magnitude and impact. However,
many of them declined to group those under the digital bucket because of the
following reasons:
Even though their digital transformation program is planned in the next two to
three years, theyve already, as part of their planning and preparation, drawn the
plan and started executing it through small technology initiatives and focused
hiring and operations investment on the future state.
Hence, as we expected and sensed, APAC insurers have indeed jumped onto the
bandwagon. And this interest can be attributed to three factors:
The digital maturity of the insurers we covered, and how they are trying to stay
on and ahead of the digital S-curve.
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and budgeting
73.0%
Foundational
53.0%
Disruptive
0%
6.0%
Response base: 16
Source: Cognizant Technology Solutions
Figure 3
These parameters are especially important because they also reflect how organizations define digital and their degrees of readiness.
The use of newer, more expensive technologies to build agile, scalable systems
of engagement.
primary research, focus group and A/B testing, and creating multiple minimum
viable products to observe different control-group behavior.
Costs
The deluge of money required for digital and traditional marketing campaigns
to highlight the new products and processes that generally go with new assets.
Take advantage of the innovation labs that various technology companies are
With the lines between digital consulting and digital implementation blurring
rapidly, technology providers are expected to have more skin in the game.
Outcome-based pricing is the answer to that
insurers expect their technology partners to
deliver on the promises they make, and price
programs accordingly. By this innovative arrangement, technology partners agree on getting a
certain proportion of the total contract value
(TCV) only when the expected after-program
vectors are attained. This not only creates better
trust, but also loosely conforms to Eric Ries12
ideas of value accounting.
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This is evident from the mix of answers we received from insurers across geographies. An Indian insurance executive who spent the last three to four years getting
the base for digital in place (such as upgrading hardware and software, legacy
modernization, etc.) mentioned that the paperless office and integrated systems
delivering seamless experience are his companys digital priorities. Whereas another
Indian insurer took a slightly broader view of digital as tapping into technology
to achieve top- and bottom-line impact while delivering superior experience. Even
more interesting is the transformative view of digital by another insurance industry
executive who mentioned that his company is trying to rethink its business (i.e.,
people, process, technology and design) and organize the components in a way that
will fit the DNA of the digitally-driven organization that he envisions. These views
converge when insurers, irrespective of what they are doing in digital, embrace
business-centric problem solving by questioning how business models will change
Secondary
Driver
Digitally
Modified
Products (2)
Business
Transformation
Primary
Driver
What are the top three to five things that come to mind when you hear the term digital transformation?
Digitize
Operation (4)
Mobility
Implementation (3)
Only
Paperless
Branch (3)
New
Business
Models (2)
New
Revenue
Streams (1)
Transform
Customer
Experience (10)
Portals, Apps,
Social Media (3)
Technology Transformation
Also
Response base: 16
Source: Cognizant Technology Solutions
Figure 4
11
in the future and where new revenue streams will come from, and debate whether
the business will be sustainable.
Quick Take
Top Indian Insurers Foray into Paperless Insurance Branches
Inspired by the vision of selling insurance through digital kiosks, one of Indias top-three private life insurers
invited us to help them create digital experience centers to prospect, assess and sell insurance policies within
20 minutes all without any kind of human intervention.
As the name suggests, the main drivers were technology-led modules that would identify,
greet, assist and sell personalized and relevant products to customers visiting the kiosks. This is
accomplished while taking in minimal input and allowing the shopper to revel and relax in an
environment reminiscent of a Zara or an H&M fashion store. We even helped design a zone in the
kiosk where customers can let their children enjoy themselves.
Even though the costs were prohibitive, which had a huge operational impact, and the project needed to meet stringent regulations, the overall idea received due diligence, which revealed deep insights into what industry leaders consider when planning
to be digitally disruptive. With our help, the customer conducted a detailed cost/benefit analysis with special focus on unit
economics, average monthly users, adoption funnels and the like terms that you wouldnt generally associate with trying
to scope a technology project. Unfortunately, the project was panned due to budgetary constraints. However, this concept
of putting customers first by designing every possible component of the organization according to their views of insurance,
protection and investment has since become stronger.
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initiatives are not being warmly embraced by customers. As Figure 6 shows, there
can be a multitude of reasons for poor digital adoption (e.g., integration issues, not
having the right data to understand customers, etc.).
Today
80%
12-24 months
7%
93%
Agree
Neutral
13%
7%
Disagree
Response base: 16
Source: Cognizant Technology Solutions
Figure 5
When asked the approach their organizations have taken to enhance customer
experience, more than 35% of respondents said enhancing portals, improving selfservice capabilities and rolling out mobile apps. The efficacy of these approaches
to solve the CX problem depends on the type of questions insurers are asking
themselves before committing to a particular set of initiatives or investments (see
Figure 7, next page).
73%
40%
7%
Response base: 16
Source: Cognizant Technology Solutions
Figure 6
13
How do I enable
online sales and
servicing?
Accessibility of
application from
multiple devices
from consumer
Provide flexibility
across device
(online & offline)
device-/platformagnostic experience
How well is
business equipped
to deal with
customer
expectation?
Technology Lens
Figure 7
However, certain insurers have achieved significant results by enhancing their CX,
which they attribute to taking a broader human-centric view to solving the CX
problem. One respondent from a Greater China (GCN) region life insurer approached
the CX transformation by asking, How do we increase the frequency of our interaction with the customer?
To better understand the customer psyche, the insurer partnered with external
design-thinking experts and conducted detailed ethnographic research. Based on
hours of videos and recorded conversations, this insurer converted its CX goal of
delivering superior customer experiences into a design phenomenon by starting
with an important but often overlooked question: Why do customers want to talk
to me? By answering this question, the insurer went ahead and created an advicecentric portal. (For more on this topic, please read Being Digital Means Being More
Human.)
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TODAY
50%
TOMORROW
Digitizing workforce Digitizing internal processes and operations to enable Future of
Work, where interactions and transactions happen remotely and/or digitally
70%
79%
79%
51%
Data Mastery Collecting data via social networks, mobile devices, and/or additional
sensors and devices, and embedding the data into our products and services
67%
64%
Digitizing partners Building new digital enablers for sales force to sell, service and
communicate better including but not limited to new apps and portals
79%
79%
93%
43%
New product models Disruption in the business model as well the products
sold e.g., creating a sharing economy-based model for retirement savings,
a suite of personal products that can be sold through social media only, etc.
79%
Digital products/business models: We are not there yet was a familiar refrain
that we heard when talking to executives. Although 43% said that they are
focused on new products/product models, most of the insurers we interviewed
are in the planning or experimenting phase. A handful of insurers, such as an
insurer in GCN that has rolled out a wearables-enabled life insurance policy, have
gone ahead with MVP and gathering initial market responses. Some P&C insurers,
in their experimentations with telematics for more than a year, have struggled
with partner evaluation in ways that apply the right financials, handle regulatory
hurdles and also tackle back-end integration problems in order to create a sustainable business model. These long cycles of creating proofs of concepts have
proven that introducing a new business model requires much more than merely
installing the latest technology.
15
As the ecosystem matures and regulators set clear directions, focus in this area
is only going to increase. We expect to see additional investments directed to
generate new usage-based insurance revenue streams (see Figure 9).
7%
Internet of
Things
36%
14%
Wearables
50%
36%
Telematics
43%
0%
10%
20%
Today
30%
40%
50%
60%
Tomorrow
Response base: 16
Multiple responses allowed.
Source: Cognizant Technology Solutions
Figure 9
Digital
with are trying to digitally enable their partners. Key initiatives cited include
rolling out partner-specific portals, co-branding exercises and mobile-enabling
sales agents. Similar to the roadblocks met by insurers in customer-focused
solutions, partner-specific digital solutions also suffer from adoption issues.
From multiple partnerships with insurers that are digitally enabling their sales
forces, we have observed insurers deploying the following solutions to tackle
adoption challenges:
>> Replicating off-line interactions and sales flow to avoid agents feeling that
they are losing eye contact with customers during the sales process.
>> Setting
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>> Continuous training and realigning incentives for those who adopt digital
solutions.
Irrespective of all these challenges, 82% of insurers told us they feel that they
can derive business value from improved conversions and personalized sales
processes by applying deep customer-data-backed illustrations and offerings.
This number rises to 94%, when our respondents were asked whether these
initiatives will help to reduce sales costs and improve conversions over the next
24 months.
revamping internal portals for better knowledge management are primary areas
of investment. Only 14% of respondents have implemented some form of collaboration tool during the past two years. Another 30% said that they are planning
to invest in some form of productivity improvement solution such as device/
app management and information management tools to exchange information.
Similar to any implementation, these initiatives must overcome multiple barriers:
>> Lack of business context: There is a disconnect from the company processes
and different project/business teams.
>> Lack of participation, and managed content: Content flows mostly one way,
is slow-paced and has a defined structure.
>> Lack of freedom: Strong existing organizational hierarchies impede intradepartmental collaboration to come up with the best solutions.
33%
50%
33%
Response base: 16
Multiple responses allowed.
Source: Cognizant Technology Solutions
Figure 10
17
Data mastery: Reams have been written about achieving data mastery. To start
with, only 35% of our respondents agreed that advanced analytics and datagathering techniques have been deployed to gather customer-, product- and
service-related data. When we mapped insurers responses to the typical data
mastery roadmap, we found that most insurers are unaware of the potential of
the vast amount of data in their hands. While some use the prescriptive nature of
data to fuel their decisions, the majority use the descriptive nature to drive their
management information systems reports. That said, all of the insurers with
whom we spoke agree on the treasure trove that predictive data models hold
and are striving to become more data-/knowledge-/innovation-led enterprises
(see Figure 10, previous page).
Fostering new partnerships, and open to fail. An Indian life insurance major is
partnering with new e-commerce leader Flipkart and tech start-ups (e.g., Prato, a
medical service provider and aggregator) to discover new ways of reaching out to
customers. The insurer sees this as more of an experiment that a competitor will
undertake if it doesnt. An ASEAN insurer is partnering with VC firms and relies
Quick Take
Partnerships and Open Networks: The New Vista
Ping An Insurance Company of China has partnered with British financial tech start-up
Bought By Many14 to develop and market new travel policy offerings to address the
domestic needs of Chinese travelers. Based on the research insights from social
interactions and online, Bought By Many offers unique insurance packages for Ping
An that cover specific risks such as altitude sickness and food poisoning.
Meanwhile, Australian non-life insurer Youi markets its customer-centric strategy
under the slogan, We get you.15 Youi allows customers to post service feedback
directly on its wall. Youi displays all the comments posted by customers, unfiltered,
in real time. Comments range from positive (I only have great things to say about
Youi.) to negative (The call seemed cold and unhelpful.). It also posts real-time
customer satisfaction scores for all to see. Youis wall feature Discuss. Share. Tell.
resembles the popular customer/peer review feature of e-commerce sites such as
Amazon. By allowing current and prospective users to see real customer reviews,
Youi promotes an open, attentive and responsive brand image.
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on their intelligence to identify the right innovations to invest in. This insurer
noted that it doesnt completely rely on internal intelligence and research, and a
sourcing innovation for VC firms helps remove organizational bureaucracy that
would stifle innovation.
Innovation
management: Still a paper boat, but some have set sail. All
respondents acknowledged the importance of managed innovation and investing
in initiatives to share knowledge across the organization to generate ideas. A
whopping 87% of respondents agreed that innovation management is a technobusiness process a successful digital transformation program needs innovations that pivot across its design, build, implementation and optimize phases. But
no single organization seems to have strong formal structures in place to master
innovation. Almost all initiatives are led by an individual/leader who heads the
digital effort, with occasional participation from technology groups that feed
the digital leader and his small team with possible technology innovations. A
few more mature insurers see managed innovation as a separate function of the
organization, and appoint a chief innovation officer. One large Indian insurer is
focused on transforming the bancassurance channel experience of its customers,
and has assigned this problem to the recently appointed chief innovation officer.
Another case in point is the launch of Asia Lab by Allianz,16 with support from the
Monetary Authority of Singapore. The Allianz Digital Accelerator lab17 will work
closely with Asian start-ups, enterprises and institutions to share insights and
expertise, as well as to incubate and develop globally scalable market concepts
and prototypes.
Insurance digital leaders can take a leaf or two from these insurers that have
focused on uncharted territories to make their digital wishes a reality.
Achieving
ROI: Poor digital adoption and user experience among end users
makes it difficult for insurers to create a business case and obtain appropriate
funding.
The unruly house: Suboptimal organizational structures, internal skills and partnerships often impede programs through schedule slippage and poor solutions.
Problem of plenty: Choosing the right set of opportunities from the wide range
Changing
19
High
Medium
Low
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Changing Partnerships
Partnering with IT service providers; product, data analytics organizations;
regulators; and communities in a collaborative manner to create a set of solutions
as well as roadmaps. This will bring in fresh perspectives and save on cost and
efforts.
Involving partners from the planning phase and taking their inputs to formulate
a digital strategy.
Changes in Processes
Applying design thinking (i.e., customer journey mapping, ethnographic research)
is one of the starting blocks of digital transformation. More than 83% said that
they have started reaching out to external consultants to learn design thinking.
Using formal user experience elucidation for applications exposed to end users;
76% responded that they have followed this approach in a recent digital implementation and that theyll continue to use this approach.
Taking
Changes in Culture
Making sure all relevant stakeholders across business functions and units sit
together and brainstorm on the digital strategy roadmap to ensure buy-in and
clear communication.
Making Change
Which statements do you agree with relative to your response to digital challenges?
All relevant stakeholders across business functions and units
need to sit together and brainstorm on digital strategy.
90%
84%
84%
76%
74%
64%
54%
54%
Response Base: 16
Multiple responses allowed.
Source: Cognizant Technology Solutions
Figure 12
21
Recruiting digital skills within the insurance industry and from outside the field,
and forming first-generation digital teams (UX, UI, data science experts).
Apart from these views, an investigation into our digital engagements reveals some
of the nonnegotiable changes (which our respondents didnt voice) to which due
attention should be paid:
Breaking
Operations
Quick Take
Indian Insurer Deploys Platform to Digitally Enable Sales
One of Indias foremost private life insurers wanted to energize its sales force by implementing a suite of connected apps that
helps agents to learn, pitch, sell and serve better through an end-to-end digital process. We worked with this insurer to not
only figure out the best technical path to design and build the platform (our Life Engage platform), but also to understand the
importance of the non-digital part of the program through user interviews and focus discussions.
Consequently, the teams worked together to set up a digital
workforce comprising senior executives who would not only
oversee program management, but also help instrument
the pre- and post-implementation activities around change
management, business process reengineering, marketing
and even human resources. These initiatives were necessary
because the success of the pilot phases was dependent as much
on the technology excellence platform as on agents motivation
and level of comfort with the new sales enablers. This crossorganizational effort, led by a digital center of excellence, led to
higher sales efficiency, lower costs of acquisition, higher sales
per agent and increased efficiency of the operational back end
due to fewer manual errors committed at the policy application
stage. This, among other benefits, readily justified the cost of
the program for the insurer.
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hiring a CDO-led organization. Their chief reasons reflect the absence of a firm
digital strategy and not enough digital maturity in the local market. Interestingly,
roughly 40% of respondents said that they already have a shared digital unit that
cuts across all business groups within the organization. Another 30% were neutral
when asked about this, which makes the digital unit argument even more interesting. Possible structures could entail:
Carved-out
Outside-in
view: Digital insurance these days borrows heavily from the likes
of Uber, Amazon and Airbnb when it comes to technology innovation, digital
asset design, understanding customer behavior and providing state-of-the-art
CX. Hence, it is no wonder that insurers are hiring digital heads from non-insurance sectors such as retail, consumer goods, logistics and hospitality to bring in
fresher perspectives.
Lean
Tech-led hybrid units: This could be a dedicated unit with limited resources (one
or two key people from IT) and defined governance structure that guides how
the unit should identify initiatives and take them to the organizations larger
business community.
Lone-wolf units: This would consist of a dedicated senior leader who tries to
coordinate with other business unit leaders to influence digital decisions and
bring technology innovations to the business community for further action. CIOs
or COOs assume this role in most organizations. About 54% of our respondents
companies fall in this bucket.
Insurers we spoke with follow a variety of digital team structures, which has
resulted in different degrees of digital success. The fact that 84% of respondents
cited a lack of collaboration between departments, which makes working together
difficult as a medium-high challenge in realizing digital transformation goals
suggests that most insurers have yet to find the right organizational structure to
implement digital.
More than half of our respondents have realized the importance of bringing in
digital experts outside the industry and have appointed CDOs to lead and coordinate
digital efforts. Roughly 85% said they have appointed or are planning to appoint
(7%) senior executives as digital officers. These insurers want the CDO to act as
a digital strategist/transformation expert and play the role of a digital enabler/
new product/service development guru (see Figure 13, next page). In almost all the
cases, the CDO has been entrusted with P&L responsibility.
Final Words
Insurers digital transformation journeys have largely been piecemeal, siloed,
technical solutions to business problems, and as a result their experiences have
been suboptimal. The following responses by our respondents offer greater clarity
on where disconnects exist.
Understand why digitization is better. All respondents said they strongly believe
that in the next five years digital products and processes will fundamentally
23
change their business model, reconfigure delivery models and lead to rethinking
of value propositions, among other outcomes. And they correctly identified the
following as the most important pieces needed to solve the digital puzzle: know
customers behavior to create the best experience for them; remove process
inefficiencies in marketing; sell, service and, most importantly, sync internal
business units to prioritize as well as maximize digital equity.
75% of respondents said their digital transformation programs are not the
results of ad hoc procurement/tactical visions but rather are implementations
of a strategic vision. However, 75% agreed that their technology-first approach
of tackling digital programs and problems didnt yield optimum results, and thus
they need to be more holistic moving forward. When probed on the innovative
things that caught their fancy, many pointed to design-centric building, training
the end customer, and creating an MVP and rapidly scaling up. Clearly, deeply
entrenched insurers are also speaking the language of the start-ups.
Innovative
Digital
58%
58%
Digital Strategist
Digital transformation
strategy-setting (what
to do), and management
(how to get there).
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Digital Controller
Connecting digital investments
to enterprise business goals.
50%
50%
67%
42%
Response Base: 16
Source: Cognizant Technology Solutions
Figure 13
24
Digital Evangelist
Leading digital transformation
from within the organization.
Getting everyone on board with
the digital transformation vision.
August 2016
Digital Enforcer
Driving tangible and
measurable results
(e.g., new revenue streams,
higher efficiency, faster
time to market).
that they face due to weak program management. Thus, while many insurers
have a CDO to take care of all things digital, some insurers have formed digital
centers of excellence with equal and active participation of the marketing,
product, technology, operations and distribution heads to ensure that the digital
roadmap is well-charted and followed.
Insurers are no longer fence-sitting on the digital questions that are asked by
customers, partners and employees alike; the surge of digital spend and activities
bear testimony to this fact. However, in their eagerness to beat the competition to
the punch, insurers would benefit from donning the varying lenses of the different
actors across their far-fledged ecosystems to see the big picture that they are
attempting to solve digitally.
Appendix
We conducted in-person and telephonic interviews of 16 CXOs of select insurers
across Saudi Arabia, India, Hong Kong, Malaysia, Singapore and Australia between
the months of January and July 2016. Respondents were near-equally split between
life (seven) and property and casualty (six) insurers. The carriers consisted of clients
and companies that we do not work with but are considered bellwethers of digital
insurance in the APAC region.
In each of the organizations, we often followed up our interview sessions with a set
of personalized questions to further develop the interesting insights that we heard
from executives. While a majority of the people who were interviewed were CIOs
tasked with looking after the technology programs of their organizations, we did
speak to a few COOs and CMOs to understand how they perceive the digitization
of insurance and ongoing digital transformation initiatives at their organizations.
Footnotes
1
How Great Leaders Inspire Action, Simon Sinek, TED Talk, September
2009,
https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_
action?language=en.
Taikang Life embraces WeChat to attract customers, The Digital Insurer, http://
www.the-digital-insurer.com/dia/taikang-life-embraces-wechat-to-attract-customers/.
Trov App Provides One-Swipe Insurance For All Your Electronics, Life Hacker,
Australia, May 30, 2016, http://www.lifehacker.com.au/2016/05/trov-is-an-ondemand-insurance-app-that-lets-you-insure-stuff-by-swiping-your-finger/.
Foundational: The insurer has digital capabilities limited to user-facing applications (e.g., portals, apps, etc.).
25
10
11
Heres The Toothbrush Test Googles CEO Uses To Make Acquisition Decisions,
Business Insider, August 18, 2014, http://www.businessinsider.in/Heres-TheToothbrush-Test-Googles-CEO-Uses-To-Make-Acquisition-Decisions/articleshow/40375194.cms.
12
13
Axis Bank partners Max Life Insurance to launch financial planning app, Live
Mint, March 24, 2015, http://money.livemint.com/news/company/news/axis-bankpartners-max-life-insurance-to-launch-financial-planning-app-365778.aspx.
14
15
16
Allianz launches Asia Lab to drive innovation, The Straits Times, May 26, 2016,
http://www.straitstimes.com/business/allianz-launches-asia-lab-to-drive-innovation.
17
Srinivasan Somasundaram is a Director within Cognizant Business Consultings Insurance Practice. He has over 20 years of experience in the life, annuity
and pension sectors. Srinis experience includes managing insurance operations,
business consulting, product development, business transformation program
delivery, developing business propositions, GTM and large deal support. He has
worked on projects in the UK, U.S., South Africa and APAC, with a focus on sales
and distribution. Srini holds a post-graduate degree in management from Bharathithasan University. He can be reached at Srinivasan.Somasundaram@cognizant.
com | http://in.linkedin.com/pub/srinivasan-somasundaram/0/a5a/156.
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Sridhar Devarajalu has over nine years of experience in the property and casualty
insurance domain. He is experienced at defining solution approaches and providing
competitive intelligence for insurance carriers across the globe, pertaining to
problems covering insurers digital transformation strategy, customer experience
management and process transformation. Sridhar also co-heads the Digital Center
of Excellence within Cognizant Business Consultings Insurance Practice. He holds
a post-graduate diploma in general management from the XLRI School of Business.
Sridhar can be reached at Sridhar.Devarajalu@cognizant.com | https://www.
linkedin.com/in/sridhardevaraj.
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About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information
technology, consulting, and business process services, dedicated to helping the worlds leading companies build stronger
businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology
innovation, deep industry and business process expertise, and
a global, collaborative workforce that embodies the future of
work. With over 100 development and delivery centers worldwide and approximately 244,300 employees as of June 30,
2016, Cognizant is a member of the NASDAQ-100, the S&P 500,
the Forbes Global 2000, and the Fortune 500 and is ranked
among the top performing and fastest growing companies in
the world. Visit us online at www.cognizant.com or follow us on
Twitter: Cognizant.
World Headquarters
500 Frank W. Burr Blvd.
Teaneck, NJ 07666 USA
Phone: +1 201 801 0233
Fax: +1 201 801 0243
Toll Free: +1 888 937 3277
inquiry@cognizant.com
European Headquarters
1 Kingdom Street
Paddington Central
London W2 6BD
Phone: +44 (0) 207 297 7600
Fax: +44 (0) 207 121 0102
infouk@cognizant.com
Copyright 2016, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means,
electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to
change without notice. All other trademarks mentioned herein are the property of their respective owners.
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