Digital transformation is often referred to as the third stage of embracing digital technology (after «digital usage» and «digital competence»). It covers changes associated with digital technology and is more than just a set of isolated technology based changes; it is also a strategic mindset. Synpulse helps clients understand this trend and helps to derive the necessary management actions.
«The general change potential of digitalization is subject of intense market discussions. Thanks to our industry- and outside-in perspectives across markets and financial industries, we jointly develop concrete fields for action and implement them successfully. Thus digitalization is no longer a threat but becomes an opportunity.»
Digital Business Model
Digitalization is changing the way we do business – customers are getting empowered, process get digitalized, business models need to evolve to keep up with new challenges.
Hardly any industry notices the impact of current and future information technology hypes like digitalization, big data or the internet of things (IoT). These topics provide chances for new business models, new customers and for internal optimization. Threats like new competition and change of customer behavior and expectations can be turned into lucrative opportunities.
For the insurance industry you can see the impact in all areas: life, non-life, reinsurance, and health insurance.
New customer areas are rising where digitalization enables new business models. For example Uber or AirBnB require specialized insurances and clarification of arising questions regarding liability. Simultaneously, traditional business is getting more transparent, and startups building on existing concepts create entirely new approaches (e.g. hioscar health insurance). Digitalization also facilitates proposing new products to customers based on their life style or using big data analytics (wearables, telematics, etc.).
Digital and innovative insurance business models include:
- New operating models (white labelling, outsourcing, alternative distribution channels, D2C sales, etc.)
- Data driven insurance analytics (big data, IoT)
- Telematics (real time & behavior data)
- UW tools for risk assessment
- External partnerships (data ecosystem)
Consumers are increasingly self-service-driven and are looking for empowerment and instant solutions. From searching for information to buying insurance products online, the customer journey is moving ever closer to the digital space.
Now is the right time to operationalize these hypes for your business and start securing results for the future. Synpulse is more than happy to support you with digitalization in the insurance industry by:
- Create business and digitalization strategies, and define new areas for activitie
- Develop and implement measures derived from your strategy, and build prototypes
- Accompany the digital transformation of your organization
The digital transformation of the entire value chain requires a rethinking of traditional business models of insurers. Future success depends on the ability to do this.
Impact of Genomics on Insurers
Genomics is developing at astounding speed, with incredible potential to affect the way we address chronic disease – and impact the health and life insurance value chain.
Since the human genome was first published in 2001 following an international effort lasting more than a decade, involving hundreds of scientists, and costing nearly USD three billion, genetic sequencing has rapidly become a commodity. Sequencing devices have been automated and reduced in size, sequencing is flourishing, and an entire industry of companies offering genetic testing and sequencing services has sprung up. Genetic and genomic data are also entering clinical practice in many different forms.
To assess the increasing impact of these developments on health and life insurers, we conducted a market study. After establishing some fundamentals, our report explains key concepts such as direct-to-consumer genetic testing, personalized medicine, and gene therapy. We then discuss the resulting risks and opportunities in three key areas along the health and life insurance value chain.
Wondering where the genomics journey will lead? We invite you to explore our findings!
Genomics: What does the decoding of genetic material mean for insurers?
Genomics, personalized medicine and gene therapy are making rapid progress. What does it mean for insurers?
The Impact of Genomics on Chronic Disease in the Context of Healthcare and Health Insurance
Hear what the experts have to say about chronic illness, how it affects healthcare and health insurance, and how genomics and genetic testing can make a positive impact: Our podcast features Dominik Langer, Associate Partner and Head of Competence Center Digital Transformation at Synpulse, and Dr. Senthil Sundaram, Chief Clinical Officer at Prenetics, a leading genetics testing/digital health company.
New Insurance Products and Services Based on Genomics?
Progress in genomics is creating new opportunities for products and value-added services that life and health insurers could offer to their customers. Join our webinar and learn about the impact of genomics on insurers, focusing specifically on opportunities in the area of products and services.
There are many situations in the healthcare system when effective or efficient action could be taken if the right information were available in the right place at the right time. We know the healthcare system and the latest technological developments, and we can give you the best possible support in identifying and realizing health telematics applications.
The healthcare system faces a number of major challenges:
- An aging population, lifestyle diseases and new methods of treatment are raising the pressure on costs. New services and products that encourage individuals to take responsibility for their health and in this way have a preventive effect therefore take on an important role.
- Processes in the healthcare system are becoming increasingly data and information intensive. Orchestration of stakeholders and machine support with exchanging, integrating and interpreting the resulting data are important as a result.
- Policyholders and patients are becoming more demanding; they expect, for instance, to be able to interact with insurers and service providers around the clock and preferably digitally.
How You Benefit
As an insurer or medical services provider, telematics solutions are essential if you wish to take on the challenges outlined above. By using products and services with telematic components, you create:
- Added value for your customers or patients and real differentiation from your competition;
- A more customer-friendly process and minimized or no costs;
- Diverse opportunities for gathering data, connecting stakeholders, and supplying them with context-dependent, bespoke information, or initiating action.
It makes sense to take a step-by-step approach to telematics solutions:
- Together we identify, evaluate and prioritize possible applications for your organization.
- For the applications you have selected, we develop an implementation concept together, which we back up with surveys and feasibility studies.
- We identify the most suitable providers of the components for your solution and in this way prepare its concrete implementation.
- We support you in implementation with an iterative process and by constantly incorporating user feedback.
We help you to identify and implement applications wherever you and your customers will benefit most from gathering, processing and combining information from remote and new data sources.
Smart Analytics / Predictive Modelling
People and machines increasingly generate vast amounts of data, which could be used to make more informed business decisions by blending it with internal data. Many clients struggle harvesting insights from that newly available data Synpulse helps clients to find suitable vendor solutions, identify use cases and source/cleanse/analyze data so clients can deduce valuable insights from them.
The time is now to focus on Smart Analytics and Predictive Modeling. Today, every online action we take leaves a digital trace, which leads to unprecedented explosions of available data. Furthermore, substantial upgrades in available computational power and machine learning technology are being carried out daily. These trends have the potential to revolutionize the way people can glean valuable insights from onslaughts of data.
Realizing this, many financial service companies embark on digital transformations and harness the latest technology to improve their data collection and interpretation efficiency, so they can better understand and serve their customers’ needs while obtaining valuable insights into market shifts and product risks.
Areas of interest
Smart analytics and predictive modeling are not limited to one area, but are best applied in the following five areas:
- Market insights
- Client insights
- Risk insights
- Operational insights
- Asset insights
The Synpulse Approach to Smart Analytics & Predictive Modeling
We see financial service companies taking many different routes in their efforts to cope with the smart analytics challenge. Some enlist a smorgasbord of data scientists, statistic experts and SAS programmers to help them build models to prove data-generated hypotheses. Others try to recognize data patterns through machine-learning capabilities in end-user facing applications. At Synpulse, we assist with both approaches, but we notice clients trending toward end user facing solutions that connect business users directly to a machine. With this, the human expert is not made obsolete, but made a leader in the Smart Analytics and Predictive Modeling approach
Synpulse Service Offering and Expertis
Synpulse helps clients with Smart Analytics and Predictive Modeling from data-to-insight as well as insight-to-action on technical or business-related topics. To do so, we employ selective vendor technologies to guide our client through the digital transformation process.
At Synpulse, we are well equipped with a team of experts specializing in Smart Analytics. We also partner with leading tool providers in the area of augmented intelligence using machine learning. Our team and partnerships apply their expertise in the fields of motor insurance, health insurance, commercial insurance, and reinsurance.
Banks and insurance companies are subject to constant organizational and technological change. Precisely where major restructuring or launch projects are concerned, professional training is key to success. In «Training Solutions», Synpulse has developed a methodology for mastering these challenges with modern and effective training solutions.
If you are facing the challenge of implementing a major change project in your organization, Synpulse is the ideal partner for your internal communication and training. «Training Solutions» is the methodology we have developed to prepare your organization well in advance for change.
Our first step is to explore with you your communication and training needs. Then we jointly decide on the most suitable training resources. Whenever possible, we use modern tools such as e-learning, webinars and e-classrooms. This gives you maximum effectiveness at minimal cost.
Precisely where international projects are concerned, it is essential that training can take place independent of time and place and that assessment is automated. Traditional training methods often break the agreed budget with the cost of travel alone, which frequentlyoften makes this option unviable.
We employ «Training Solutions» continually and successfully in projects and optimize it on an ongoing basis. Its pragmatic approach and the mix of training resources in particular mean that our clients can tailor the training process to their needs. It also means that we can make adjustments as and when they are required. Our customers additionally benefit from experienced Synpulse project team members, whose expert knowledge and skills from an insurance and banking background make them highly effective in putting together training packages.
«Training Solutions» is an ideal way of meeting a large-scale need for training. Our clients benefit from our many years of expertise. We help you to achieve maximum effectiveness from your training at minimal cost and working with modern tools and resources.