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.
In today’s digitally driven world, continual and innovative transformation is a requirement to be a leader and disruptive in the Insurance Industry. Most companies have started, but in 2020 the transformative efforts require a more robust adjustment accounting for remote workforces and a near 100% digital customer interface demand. An additional focused effort to accelerate the digital transformation is required to thrive in 2020 and beyond.
Customer 360, Customer Retention, Frictionless Experience
Employee Efficiency, Employee Engagement, Automated Processes
Regulatory Compliance, Fraud Detection, Speed of Underwriting, Automation
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
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) such as Insurity’s Claims solutions.
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 2020 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.
RCG Insurance Insights
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