Does RAPID INNOVATION come to mind when you think about insurance?
Insurance in a Digital World
The gig economy is reshaping customers’ expectations of how, where, and whey they prefer to interact. They no longer differentiate how they interact with ride-sharing providers, retailers, social media, and hotels from how they expect to interact with their insurer. New digital, market entrants are seizing on the opportunity to provide superior customer experience without the monolithic systems of traditional providers.
2018 Investment by VCs
InsurTech investments reduce traditional barriers to entry and force market consolidation
The retirement of 40% of the skilled workforce in the industry leaves no ability to backfill
Cost of Claim Reduction
McKinsey reports automation can reduce the cost of a claims journey by as much as 30%
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
- Compressed time to analytics by using current tools and approaches to facilitate efficient data curation
- Robotics, Automation, Machine learning, and Artificial Intelligence
Achieving a competitive digital transformation for insurance requires more than standardized data; it requires analytic tools to better understand customer context and relationships.
RCG provides visual, data-centric solutions for:
Customer 360: Know your customer and meet their expectations for modern, omnichannel customer experience
Fraud Detection: Use real-time event monitoring and decisioning along with real-time analytics and visualizations to detect and react to potential fraud events as they occur.
RCG Insurance Insights
Claims system Conversion from Legacy Systems to Modern Claims Platform
Workforce Enablement with a Modern Platform Streamlining workflow is important in the insurance industry as firms …Read More
Policy Administration Upgrade & Sustainment Support
Documenting Code Changes, Shifting Sustainment, Roadmap Creation Migrating a core system for any company is critically …Read More
Role of Insurance Technology (InsurTech) in the transformation of the Insurance Industry
Insurance companies are typically not viewed as technological pioneers. The relationship between an insurer and its …Read More