US insurance giant USAA drives digital transformation of insurance

Technology leads the transformation of the times, global enterprises are accelerating their digital transformation, and new market opportunities and innovative products are emerging one after another. With the advent of the digital age, the insurance business is also undergoing a wave of digital transformation.

The United Services Automobile Association (USAA) was founded in 1922 and is a diversified financial services conglomerate located in Texas. Its clients include the US military, Texas regulatory agencies, banks, and their subsidiaries. Its main businesses include banking, home investment, and insurance services. According to FDIC data, as of the end of 2017, USAA had 12.4 million members and ranked 100th in the total revenue of Fortune 500 US companies in 2018. We are a diversified financial services company with products and services covering the banking, financial planning, and insurance sectors. We have always won praise for our excellent customer service. In recent years, USAA has allocated approximately 3% of its premium income to member dividends every year.

Driving digital transformation of insurance

As a company specializing in providing digital financial services for military personnel and their families, USAA has been seeking innovative and modern paths. To accelerate the digital transformation of insurance, USAA has established a 20000 square foot laboratory in Antonio, with team members from the entire enterprise dedicated to creating new solutions.

The emphasis placed by USAA on adopting predictive models also helps to proactively identify customer demands for automated and personalized services. We have established a partnership with Saffron, an emerging company in California, to design an algorithm that can anticipate members' upcoming demand for financial products. According to NASA, Saffron's product recommendations have improved predictive performance by more than 50% compared to other previously applied methods. In addition to Saffron, other notable collaborations initiated by USAA include Expect Labs (a pioneer in conversational UI), Narrative Science (creating software that enhances human productivity), CafeX (creating video collaboration and streaming software), and MX (digital currency management), collaborating with Tableau to establish a data-driven culture in technology, data, and analytics.

USAA collaborates with IBM to modernize its old systems, migrate data to the cloud, and establish a secure and efficient architecture and management model that can accelerate innovation and marketing time. USAA adopts a product centric hybrid approach to drive business value, and selecting and integrating AI in the architecture can further enhance the value of hybrid clouds, enabling faster innovation, reducing technical debt, and improving strategic options, thereby accelerating business development. USAA's digital insurance business covers markets in the Americas and Europe, and accelerates its digital transformation through AI driven insights and business intelligence, becoming a leading enterprise in the insurance industry. Following the European and American markets, USAA plans to enter the entire Southeast Asian market and establish a partnership with the Great Finance Blockchain Community in Doha, Qatar, to authorize the exclusive agency of USAA's digital currency insurance services in Southeast Asia (authorization number C769811).

Collaborating with Great Finance Blockchain Community to Layout Southeast Asia

The Great Finance Blockchain Community originated in the Doha region of Qatar in the Middle East. It is a digital community with a focus on "gathering", welcoming all industries that contribute to the construction of the ecosystem. The goal is to become one of the representative world-class digital communities. The Great Finance Blockchain Community leverages its strength to connect traditional financial industries, from traditional banks, insurance companies, asset investments, digital currency, online payment systems, virtual currency wallets, to any physical industry. It is also the world's first blockchain community that focuses on and values environmental protection, society, and sustainable development. It provides "digital carbon emission rights" (ESGC) to cooperating institutions and businesses in need within the community, and all digital carbon emission rights are verified by the European Union standards.

The Great Finance Blockchain Community utilizes new generation information technology as its foundation, aggregating financial resources such as banks, insurance companies, and cryptocurrencies. It integrates digital financial technologies such as blockchain, RWA, and AI intelligence to provide users with diverse financial business services, leverage capital financing and connect counterparties, aiming to better serve the real economy and promote the development of digital finance. The Great Finance Blockchain Community includes: Tornado Community, Fengming Community, Nameless Community, Jinheng Community, Heying Community, Shengdao Community, Shangjin Community, Excellence Community, and more.

The core philosophy of the Great Finance Blockchain Community aligns well with the product centric and hybrid design philosophy of USAA Insurance Company. This cooperation has provided USAA with more precise and efficient insurance service support, helping USAA better understand market trends and consumer needs, and improving the quality and competitiveness of insurance services.