What does digitalization have to do with insurance

 the digitization of the insurance process if you compare because you're traveling as an insurance industry against those who say that the national can you can you give me the meaning of all I really 54 degrees item or not to go around the world and I think the thing that I notice most is that an Emerging Markets especially nice to each other that's where most of the Innovation is actually coming from you you see products have never seen in any part of the other part of the world where they completely rethink business if you look at their product and you don't know if its life insurance health insurance or P&C it's just life experience and risk management kind of product which is very very interesting 3 digit times and I think the reason is there's a huge boom in those markets new middle-class coming they don't carry as much of the baggage from older older Legacy environment says they used to have so they can start afresh in the older industrialized economies such as Germany France England and North America and of course it's very stabilized and saturated business and so you have any big systems involved so it's not as easy to quickly change everything I think we've seen The Innovation there as well it's coming in different in a different Rhythm I have a feeling that those markets are watching around the world to see what what mall was actually work and then I believe will quickly add up to them usually I found that they take a little bit longer to start but once they start they are actually quicker than the rest of the world to scale much quicker than the Emerging Markets so my last question will be what can I do to 2 and to support this process and why he's happy to 15 important thing to know about insurance and digitization is your talking and not only a world of big data but huge date of the new Toonami of the information that is just flooding into the insurance companies from Center Technologies from video from all sorts of new things and put structured and unstructured data answer at first it's about how do you manage all the date of ICP provides a system called, it's over it's over in memory technology to handle big data but importantly we don't actually in bed or transactional Technologies in there so that you can actually do things like quick real-time simulation at the time of the transaction things like that so so we provide the Honda Foundation then we provide applications which are in that foundation and in those applications we have all the different parts of an insurance company such as a policy management systems front office systems we have a List of everything that you would require to run the company and and we're seeing that it is a great Foundation from which to begin a digitization journey the cloud is something that is a new technology that many insurers are actually beginning to embrace it took a longer time than in other Industries because there were concerns about security they were different concerns and insurance companies in most of their back office line of business err is human resources Finance HR started some years ago already putting things into the cloud was seeing our progression toward putting things in the front office like even customer sales Dayton things into the cloud and the question of course arises can you imagine an entire insurance company running in the cloud the truth is we're actually working with a number of companies especially smaller size Green Field companies companies that are looking at how to roll out some new some situations where they're actually taking the entire insurance change the entire insurance company and putting the whole thing in the car I think if we look ahead about five years from now it will be a very normal thing will see all over the place they will still be of course some on-premise pieces which one once but we've seen it in many other industries that it's a slow start but then it very quickly picked up and we're seeing a huge rates are largely cell fastest growing area of the business right now