And welcome to the Thais presentation indeed around science and insurance. It's a bit of a specific subject. We deliberately pick an industry though what we're gonna talk about is not necessarily bound to the industry, to the insurance industry alone. Few words about myself, I've been, I, I met Metis Business Acceleration director. I've been in the industry for 23 years now in different capacity doing delivery project. If you're not good at that, they make a sale out of you. Okay?
And then I was a seller for a number of years and as I, as I now was that good doing the seller, they moved me to the marketing side of the thing. And that's where you find me in this, doing this gig today. Okay? Alright. So before diving into the content, I thought it would've been interesting for you to see a few data that we collected lately over a survey asking 12,000 people around the perception of trust they have on the digital services they are getting access to because of their lifestyle.
This is a research you are welcome to scan and download from from our website.
It's very insightful. The reason why I'm bringing this up is because there is a ranking on which industry, which verticals are deemed more trustable than others in the light of the consumer. Okay? So two things stands out. One is that banking is leading the pack. The pack. That may be not surprising though even banking is not getting to the 50% threshold of trustability from from the survey user base. The second thing is that insurance score fourth, okay? Which is maybe one of the reasons why we are having this conversation today.
So there's a lot of room for improvement in what the insurance industry can do to deliver digital services in a more trustable or perceived such by the user population. All right? And the second thing which is also very relevant, and I think this is no news for many of you, is that the quality of the digital experience deliver has a significant impact on the top line.
One fifth of the users are giving up the registration process, the signup for reasons related to the quality of the experience, the user experience, bad experience means less likely to become a customer in direct impact on the top line. So that being said, we get to the presentation and the purpose for today, okay, so I'm using the bottom line upfront principle, meaning if you need to run to another session for whatever reason, and this is not your cup of tea, the one slide you need to pay attention to is this one. Okay? And I will not be offended if you move out and go.
So we are having this conversation and this is the border line. Now first I'm telling now the conclusion of the thing, right? You don't need to wait the last page of the crime story to find out who's the murderer is. So the reason why we're having this conversation is because of course the digital transformation that many industry insurance included are undertaking.
This is something we all know.
Maybe we, we can skip further comments on that, but to address in a proper fashion those needs, we will be more specific in a few slides. A modern science solution is essential or is definitely part of what is required. Or more accurately, and this is the punchline, not any Siam solutions, but what we call a B2B Siam solution, which is a SIAM solution plus something. And we just added B2B story a few minutes back, you're gonna get some more B2B story in this presentation as well, okay? To some extent.
All right, so which brings us to the agenda. This was the introduction, okay? The agenda is about the challenges that insurance specifically are facing given the business. They're into a real life story of a largo's organization and what happened to help them in their journey through the adoption of a science solution.
Okay? So we started talking of digital transformation, breaking out what digital transformation is about as internal inbound reasons for posing challenging and external one.
Today, for the purpose of the session, we are having, we're talking of a science story. We look outside and so we only look at the white side, the external part of this slide. So of course it's about digitalizing the value proposition and the offering in a multichannel fashion through a number of intermediaries. Those are the three thing that has an impact in undergoing the digital transformation in in general, this is non-insurance specific. This is pretty much applicable to any industry when it comes to insurances. There are some defining tracks.
First of all, in our experience, especially in Europe, there is a lot of merger and acquisition that in that industry is opening because the portfolio of insurance product that a company is selling is very often constructed acquiring other company which are specifically provider of a single type of product.
Second, an extensive network of broker outnumbering big times the number of employees. Many insurances have three, five times the number of employees in terms of brokers on field selling their product directly.
Then of course there are regional privacy requirement, where in Europe we don't need to go much into that. The fourth one, there are some trends such as zero trust of course is mandatory to mention at least once in every presentation has zero trust. So I'm done. The second thing is open insurance, okay? Which is of course industry specific and has implication in what kind of integration, what kind of degree of open new feature in in your application portfolio. This brings us to the top three question we hear around from, from the customers we had the pleasure to address.
Number one, well I need to be faster in transforming my digital offering. I need your help in building that story.
Number two, the customer should be exposed to a frictionless experience better than before. The 22% effect of the slide yellow slide I presented before, that is a direct impact in the top line. We get that a lot. Okay? The second one is really, really very frequent.
The third one, which is more coming from the operation side of the of the house where we need to create a repeatable program because we have a large network of intermediaries, of partners that is very hard to manage so we can do a better job in dealing with them. So we are assisting at two things here. There's an attention on the consumer and there's an attention on the intermediaries. Okay? Those two things are intertwined. Part of our job is to decompose them into two separate thread for the purpose of the solution we are delivering to them still talking insurance.
I thought it would've been in relevant to look at, and I do realize small funds, so I'm glad that I zoom in. What is according to Garner 2024, the core priority in investment in insurance, and this is the 2024 view number one. And number two is around adding an open architecture back to the open insurance story and is about application modernization, which is number two. Okay? So the two top one is very much about modernizing application and being more compliant to requirements in terms of being open. This is not trivial. One year ago, the same research, the integration line item.
Now number one was number four, okay? So it's really something that is very recent in terms of perceived relative importance.
Alright, so what is the ecosystem an insurance organization operates into? Of course there's a company which is usually the one operating the solutions we provide them with, they have customers which can be consumer or can be business customers, depending on the kind of product we're talking.
Usually you have a combination of the two things, okay? That and pretty much every insurance does with both. In the middle there are go-to market intermediaries, brokers, and agents, okay? And and that's not the end of story. There is a supplier side as well.
There are data providers, there are consulting firms, there are outsourcing terms. So those are the, this is my definition of what is, is the ecosystem, the definition of players in the identity space, which is no longer just looking at the company. That's what digital transformation entails is no longer just looking at customers is also includes other B2B parties in the picture. Okay? The interesting thing is that there is a big common denominator across all those party because pretty much all of them, they need a way to be onboarded.
Of course to onboard a customer is a different ball game than to onboard an organization made of broker because you have a nested problem onboard the organization and then onboard the broker into that, but still is onboarding.
Then they need some sort of self service for managing their own credential or attributes or maybe if you're a broker, maybe even to request access, there is a privacy or consent involved, which is for users, for consumers.
The GDPR side of it for the brokers is more the terms and condition acceptance of the services we're about to deliver them is still consent, but it's a different thing. But technically speaking, the capability that we as a provider come come along with is about consent and preference management. And finally, can they, can they be delegated access, which is monumental important for the B2B party involved in this speech.
All right, so let's now talk of a case study. I will keep it light given also that we have only 10 minutes left, right? And so this is an insurance company in North Europe with many products through different brands.
So it's a market choice is a go-to market decision to have brand specific offering, but is also a side effect of the merger acquisition they went through in building that portfolio. And they cover travel, home insurance, car life and pension. And here we go with a number. There are 12 million customers served by 4,000 employees.
Relatively small number but with 30,000 brokers in the middle, okay? So the magnitude of the problem is heavily unbalanced outside already in the broker and of course on the customer side, not so much on the inbound.
All right, so what was the problem? The problem was that because of the multitude of product, because those product are coming from different company acquired along the way, it resulted in a very poor and scattered experience. So maybe you were signing up as a consumer for a travel insurance or you fill up a form, you buy your product three days later you wanna sign up for a car insurance.
Any you go again, you get asked the same question even though you are already a customer for another product only a few days before. Nobody likes that.
And it's kind of ugly intrinsically, not just for the customer but also internally because the unnecessary friction impact the 22% effect of giving up I mentioned before, especially in product with let's say commoditized such as travel insurance are, but also dramatically reduces the ability for the central organization to get a decent insight on what are the purchase, Abby, the commonality, what the patterns for the customers visiting and, and, and the service.
So multiple reasons, well not, not to mention of course having multiple diverse systems to manage the same thing pose unnecessary burden in terms of security and compliance. So enough said there was a very different un unified from a technology from an experience standpoint need to do a better job, which was number one need that they identified make a better job providing the customers with a notion of unified identity so that you don't need to ask every time. The same thing again, of course if you now buy a travel insurance, you just get asked two, three questions.
If the next day you buy a pension, you get more question and you go through a know your customer process. So there are incremental questions, there is this degree of flexibility that is required, but you do not ask again the email, the name and surname et cetera.
Second, operational efficiency. So looking at those community of brokers and on partner outside, we should do a better job there because we have a significant amount of people whose solely job is to manage those. Identity is a very questionable usage of time and money. Not to mention that is friction or inefficiency. Also for this broker population, it ends up in guest account usage is just so 1990 we, we should move out of it.
Okay, we should do something different. Third, well if we do all of that, we now get a better insight. We can do a better job and we understand much better than than otherwise who is doing what. And we can use that also for marketing purposes. So those were the reasons behind adoption of what? Of selected categories of solutions. And we are now we get into the technology side of the story.
So what we provided them with, so we provided them with the experience part of the supporting technology, the experience part is our answer to usual the head of digital chief marketing officer.
We should give the users a better experience, a frictionless experience, a secure experience. Technology wise, this has to do with the orchestration process of onboarding and access. I will be more specific in the next slide. Okay? This is very a short version to define the traditional Siam offering, okay? In terms of what we provided them with. The second category of solution is what we call the extended team. Usually coming from another persona within the organization.
The head of operation typically, which says well those external, we spend a lot, again, I'm repeating myself, we do a better job there. So in that case, what we provided them with is a delegation management solution, okay? Purpose design for business users. I will also spend a few words on that as well.
Usually, not necessarily all the time, there is a third category of capability, which is around doing a better job on the authorization side, especially for those
External business constituents, not necessarily for consumer. Well we need to redefine the way we centrally manage contextual authorization because there's no such a thing as a unified format. We need an authorization management solution. Maybe we just want to keep it simple and inject in the access token what those applications are already able to understand.
And that's what we do though centrally rather than in a distributed fashion. So it becomes more manageable for the purpose of today's case. Study number three is not there because it'll be the next phase in their adoption of our solution. So what they are currently still doing is number one and number two.
Okay, one slide each. So still, so still keeping it fairly simple, managing the user journey is about orchestrating, this is a key word in this industry.
The, the, the, the ingredient that you want to drop into the user experience.
So which form of proofing do you need to have? What level of assurance do you need to create in the onboarding of a user that goes with a product?
Again, if you enter the relationship with the company through the purchase of a travel insurance, I don't need that much level of assurance around who you are. Very different story. If I'm buying a life insurance, of course, okay, so which one you pick goes, which, which product you're selecting. So I need to dynamically adjust the flow depending on which product I'm, I'm there for. So does the consent and the preference and the terms and condition that you need to sign. It goes with the nature of the solutions of the product that I'm about to buy.
And then once you are onboarded and you get to the access side, well frictionless, we go passwordless, we go pass key of course, depending again on the service, we can provide them with modern means of authentication.
Still again, risk based because contextual information might suggest that device reputation or IP province or any other sort one minute, oh wow, thanks for telling me.
Okay, so it will be quick delegation is the second part of the ingredient. So that means those partners, those business, those brokers, they need to be given an access to an application which is designed for them. So it's a business user friendly delegation management solution to manage other people. Okay? I will keep the story short. Thanks for telling me it's one minute left. If you wanna know more, I have a session tomorrow with Martin Inger at one 30 where we talk just of that subject. Okay?
And so all in all getting to conclusion, what we provided them with is not a science solution, is a B2B science solution to address at the same time the Siam side, the customer side, and the B2B side that ends the definition. Okay? And we meet, and I keep it short, the needs they were looking at in terms
Of improving the experience, preventing and authorized access and boosting the efficiency of those external constituents. I will skip this the, so I close with where I started now. I think you got, thanks for listening in by the way.
Nobody will have, I'm very impressed by your patience and resilience if you wanna know more about that. Apart from tomorrow's session with Martin, there are two episodes in the identity at the Center podcast, one on Pasky that belongs, of course all the authentication story, the first pillar of my story today, the second one is around B2B and delegation.
Okay, thank you very much for listening. Thank you Marco.
