Insurance
Are you embracing the digital evolution? Insurance companies are transforming to meet the current expectations for customer experience
Insurance in a Digital World
The Insurance Industry is accelerating their digital transformation. There are 3 key trends supporting the current transformation initiatives:
Balance the Digital Experience: Insurance companies are balancing the demands of a higher level of touch of the older insured with the newest generation’s demand of a 100% mobile digital experience
Know your customer through Third Party Data: The use of external data to build a customer profile has dramatically increased to the point where a prospect can enter their phone number and receive a viable auto quote
Enable AI and Hyper Personalization: Using complex AI models to sort sales leads into customers with highest purchase propensity to personalizing the sales experience with ideal recommendations to claims management recommendations AI is making a big impact on insurance operations
Customer Engagement
Customer 360, Customer Retention, Frictionless Experience
Workforce Enablement
Employee Efficiency, Employee Engagement, Automated Processes
Operations Optimization
Regulatory Compliance, Fraud Detection, Speed of Underwriting, Automation
Outcomes
Insurance companies have 2 choices – shrink or change. Changing means the implementation of intelligent, flexible processes and systems to reduce human touch points end-to-end.
Key considerations for the digital roadmap to achieve this are:
- Enhanced mobile capability to improve customer experience and meet consumer expectations for omnichannel interactions
- Interconnected systems that provide a full view of the customer allowing for better engagement and better fraud analytics
- Modernization of legacy systems and architectures to support measurable business outcomes
- Compressed time to analytics by using current tools and approaches to facilitate efficient data curation
- Robotics, Automation, Machine learning, and Artificial Intelligence
Digital Enablers
Delivering the digital experience requires a data-enabled technical architecture.
Mainframe to Cloud: Budget friendly and timeline considerate migrations of the mainframe capabilities to cloud technologies
Improved integration: Use of data highways, cloud-based data storage and integration technology to access and process data creating the 360 customer view
New System Replacement: Update legacy systems with modern cloud-based architecture using APIs for an interactive experience
Process
We work with our clients as a strategic partner and trusted advisor for navigating the challenges of building custom solutions and as a solution integrator of industry-leading commercial, off-the-shelf products (COTS).
We have a rich history helping Insurers and InsurTech organizations in the global 1000 marketplace to realize their digital ambitions. In recognition, we are honored to be listed as an Established IT Service Provider for Insurers in the 2021 Novarica Market Navigator report.
Achieving a competitive digital transformation for insurance requires more than standardized data; it requires analytic tools to better understand customer context and relationships.