The insurance industry is undergoing incredible changes to its business, thanks mainly to new technologies that enable a wide range of digital disruption.
Automation, analytics, artificial intelligence, Mobile apps and the IoT are all driving better, faster workflows, leading to richer customer experiences, increased employee productivity, larger margins, lower costs and higher revenues.
Big data and analytics are helping insurance companies distill their processes, cut costs, increase profits and revenues, and deliver brilliant customer experience. To take full advantage of the benefits analytics can provide, firms must develop approach around three key areas:
Mobile apps and devices;
Wearable tech;
Virtual Reality / augmented reality.
These tools deliver massive amounts of data that can then be leveraged for maximum effect, empowering employees to make better decisions and giving customers the information they need to acquire new policies, file claims and update their personal information to ensure maximum return on investment.
Habitually called “Digi-Insure,” these and other tools are transforming the way life and property and victim insurance is sold, claims are handled and customers are recruited and retained. The benefits of today’s innovative tools can be dramatic: online quote development and policy management shrink sales cycles and lower costs; individual risk development minimizes claims and increases profitability; digitized policy management and data capture
F&S data Shows that insurance companies must make known themselves with the new tech options available to them, and then deploy the right tools to improve productivity, increase customer satisfaction, boost revenues and stay relevant in an increasingly digital world.
Insurance companies that want to deliver the best practice for their customers—and increase revenues and market share in the process—must clinch new technologies. But selecting the right supplier means a lot to Business. Here’s what to look for:
- USE with EASE. The Software that’s going to be adopted should be easy for IT to deploy, manage and support .Data needs to be accessible, spontaneous and easy to use, regardless of the user’s technical or analytical expertise. Look for a solution that helps employees understand the value of data, quickly and easily. Visual clues, drag-and-drop features and natural-language capabilities will aid in this effort.
- Advanced Analytics it’s critical that insurers deploy a solution that can help uncover hidden meaning and value in the full range of corporate data. Helping non-math majors understand powerful statistical analyses, creating data hierarchies, drilling down on interesting information in real time, Visualize the data across dimensions and integrating with robust statistical tools are among the key criteria.
- Flexibility When it comes to data, one size definitely doesn’t fit all. You need a solution that will conform to your needs—not the other way around. Look for technology that will work with any type of data, in any amount, and which integrates with your existing infrastructure. This will ensure you can continue to leverage your prior investments while reaping the benefits of new technology today and into the future.
- Collaboration Data analytics shouldn’t be hard, but they can appear daunting to new users, and it takes time to learn how to get the most out of the best tools. A provider that boasts a rich community of users dedicated to helping others find value in its products can deliver maximum return on your investment. This can be enabled through structured training, ad-hoc information sharing and leveraging best practices to drive change within any organization. Look for a vendor that actively supports community forums, user groups and peer support.
About Author
Veena Shetty – Senior Manager in Canara HSBC OBC Insurance Pvt Ltd
16+ Years in IT field
Bengaluru , Karnataka
