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HOW COVID-19 SHAPES THE FUTURESoftelligence is anMGAA Supplier Memberand a technology servicesand consulting firm.Adrian BlidarusSoftelligence Founder & CEOaccelerate@softelligence.net 2020 Softelligence. All rights reserved
How will the post-pandemic business landscape accelerate digitaltransformation and deliver it to day-to-day practice in Insuranceand the MGA business?Learning Objectives1Have a clearerunderstanding of how theparadigms regarding thetraditional ways of doingbusiness are beingshaped by thecoronavirus status quo.2Explore and be able torecognise how customerexperience will drivedigital transformation.3Be able to identify portals,platforms, channels andsystems that deliver onpost-pandemic customerexpectations.2 2020 Softelligence. All rights reserved
I listen to mycustomers (includingsocial media)Disruptor fast-follow– there isI change myno “later”business to serveI think about mymy customerscustomers andTest and scale:partnersI embraceMeet customersagility and II evaluate the where they are &I put all my plansexperiementopen newcustomeron holdchannelsjourneyContactlessoperationsFuture is in our handsHow we react now will shapeour post-pandemic futureWho do I wantto be duringCOVID-19?I feel angryI feel inquisitiveFEARZONELEARNINGZONEI complain a lot I focus on whatI can controlI dismiss orinstead of whatexaggerateI cannotthe factsI recognize thatwe are all tryingto do our bestI feel productiveGROWTHZONEI practiceresilienceandcreativityI make a priorityof staff andcommunityI express careand concernI feel renewedACTIONZONEI keep anopen mind andcontinuouslyseek toimproveI offer digitalcustomerexperiencesI embracechange and let itempower me3 2020 Softelligence. All rights reserved
PollWhere do you situate yourself currently? Fear Zone Learning Zone Growth Zone Action ZoneGo to menti.com and enter the code 54 96 93to submit an answer or respond in Chat4 2020 Softelligence. All rights reserved
Digital transformation isnot a new topicRising steadily since 2013 in global searchesInterest tracked via Google Trendsfor the topic “Digital Transformation”5 2020 Softelligence. All rights reserved
Future is in our handsHow we react now will shapeour post-pandemic futureIntegrateScale innovationinnovationongoingPilotprojectProof of6 monthsconcept3 months3 weeksWhat can I doto shape abetter datawarehouseAutomaticreferral with enplatformcultureML integrated in LOBapplicationsAgile6 2020 Softelligence. All rights reserved
Customer Experience (CX)is the winning bet Cutting costs can be inevitablebut it needs to be done with afocus on efficiency Invest in self-servicecapabilities and automation Migrate customers andpartners to digital channels andportals to boost satisfactionlevelsSource: Forrester via McKinsey 20207 2020 Softelligence. All rights reserved
Adapting to COVID-19: what industries will need in terms of ITsystems and applications (Gartner, March ��t SaaS officeappsCompliancetools forremote workRemotetradingsolutionsUnified comms E-learningOnline portalsCollaborationtoolsNetworkbandwidth Telehealth orvirtual careAI toolsData &Analytics CollaborationtoolsData &analyticsAI/MLChatbots AI/MLAlgorithmicretailing forsupply chainUnifiedfulfillment anddeliverysolutions Cloud servicesWebsitecontent mgmt.Digital publicservicesData &AnalyticsAI8 2020 Softelligence. All rights reserved
Collaboration ToolsStatus quo untilCOVID-19Quick winsTaking orkers say theydon’t work fromhome23% say they onlywork from homeduring specialcircumstancesHow will COVID-19shape the futureDigital quote & bindof collaborationtools in the MGADigital signaturebusiness?CybersecurityOnline portals forbrokers and endcustomersData-driven cultureacross the entireorganisationData protectionSurvey -go-remote/9 2020 Softelligence. All rights reserved
Data & AnalyticsStatus quo untilCOVID-19Quick winsData accessed fromThe data volumesare exploding, more How will COVID-19 a central repositorydata has been(use cloud)shape the futurecreated in the pastof data & analyticstwo years than in theDistributein the MGAentire previousinformation acrossbusiness?history of the humanthe enterprise in arace.Survey -go-remote/controlled manner(security)Address DataQuality concernsTaking thingsfurtherBlend external datainto the analysisAbility to drivebusiness decisionsfrom intuitive dataanalysisAccomplisheddigitaltransformationEmbed data into allbusiness processes(automatedtriggers)No decision is takenwithout foundationaldata (information vsintuition)Augmenteddecision making10 2020 Softelligence. All rights reserved
AI/MLQuick winsTaking thingsfurtherAccomplisheddigitaltransformationUse the data athand to start AI/MLPoCse.g. claimssettlement, frauddetection, referralsresolution, pricingIntegrate the PoC’sinto LOBapplications toassist humanoperators in takingdecisions moreefficientlyReplace some ofthe humandecisions withautomated triggersStatus quo untilCOVID-19154%forecast growth of theartificial intelligence(AI) software marketworldwide in /How will COVID-19shape the futureof AI and ML in theMGA business?11 2020 Softelligence. All rights reserved
ChatbotsQuick winsTaking bots will meeta greater need forautomatedcustomer servicetools that can offersupport and bindelementary policiesOpen onlinechannels forbrokers andcustomer to easilyaccess servicesConversational AIStatus quo untilCOVID-194.5 bn.humans use theInternet as ofJanuary 136/digital-population-worldwide/How will COVID-19shape the futureof chatbots in theMGA business?12 2020 Softelligence. All rights reserved
Chatbot assisted quote and bindOffer this experience on a website or in a mobile app13 2020 Softelligence. All rights reserved
1. Fast-following and great execution are the next best thing to disruption.Deliveringthe change2. Now, COVID 19 is the Disruptor.3. Strategy needs to focus on fast-following of digital natives, learning from otherindustries, combined with a great execution.Source: McKinsey 2017 - The case for digital reinvention 2020 Softelligence. All rights reserved14
PollWhat do you plan to do next? Data & Analytics Collaboration Tools AI/ML Chatbots OtherGo to menti.com and enter the code 54 96 93to submit an answer or respond in Chat15 2020 Softelligence. All rights reserved
Conclusions on learning objectives1Have a clearer understandingof how the paradigms regardingthe traditional ways of doingbusiness are being shaped bythe coronavirus status quo.2Explore and be able torecognise how customerexperience will drive digitaltransformation.3Be able to identify portals,platforms, channels andsystems that deliver on postpandemic customerexpectations.Understanding the pressureto digitize operationsNavigating from the Fear Zonetowards the Action ZoneEnable change with the foursteps to digitaltransformation Collaboration ToolsData and AnalyticsAI/MLChatbots16 2020 Softelligence. All rights reserved
17 2020 Softelligence. All rights reserved
Thank you!Questions?18 2020 Softelligence. All rights reserved
Ready to acceleratedigital transformation?Engage with us.Email: accelerate@softelligence.netWebsite: www.softelligence.net19Classification level: Softelligence Restricted 2020 Softelligence. All rights reserved
transformation and deliver it to day-to-day practice in Insurance and the MGA business? Learning Objectives 1 Have a clearer understanding of how the paradigms regarding the traditional ways of doing business are being shaped by the coronavirus status quo. recognise ho
