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BW Businessworld

The Future Of Insurance Is Connected!

Interoperability and Compatibility With insurance agencies resorting to the use of digital tools, insurers must maintain a common data environment and set protocols to achieve interoperability and compatibility across all systems.

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Modern insurance carriers must embrace a digital-centric approach and leverage new-age technologies to stay current, relevant, and future-ready. They must build a connected enterprise—one that is boundaryless, secure, and scalable that enables insurers and brokers—to seamlessly interact and deliver a superior customer experience across multiple engagement channels.

Factors Driving Connected Insurance Enlisted are the four key drivers that help in building a coordinated and digitally connected enterprise:

1. Operationally Efficient, Scalable, and Agile Systems

To cater to customers' dynamic needs and the growing demand for remote and touchless operations, insurance agencies must focus on becoming operationally efficient and nimble. They must put systems into place that provide agility and scalability in the frontend and backend operations. A digitally connected insurance enterprise would enable insurers to tap into cutting-edge technologies, thereby reducing time-to-market, ensuring greater accuracy, and delivering a superior customer experience across the life, health, and general insurance coverage areas.

2. Interoperability and Compatibility With insurance agencies resorting to the use of digital tools, insurers must maintain a common data environment and set protocols to achieve interoperability and compatibility across all systems. It is critical for maintaining consistency in standards, calculations, validations, and guidelines uniformly across the enterprise.

3. Personalized Communications To meet expectations of modern customers, insurers must provide more responsive, individualized, and on-demand services and communications. Meeting and exceeding customers’ expectations can ensure their loyalty and increased profitability.

4. Employee Experience

Needless to say, customer engagement and satisfaction are key to any enterprise success. However, employee well-being also plays a critical role in delivering superior customer experience. This connection becomes extremely crucial in the insurance industry where it’s important to ensure the employee is satisfied. With the availability of new-age technologies, insurance carriers can boost the performance and productivity of their employees, transforming experience, and reducing workloads for insurance agents, brokers and employees.

Navigating the Future of Insurance by Leveraging Cutting-edge Technologies The need of the hour for business leaders is to realign their strategy and anticipate the changes that will shape the future of this industry. Here are three technologies that help in building a digitally connected enterprise:

· Personalized Products with Artificial Intelligence (AI) and Machine Learning (ML)

With AI and ML, a wide range of processes can be automated, including underwriting, risk assessment, claims, and fraud detection. Furthermore, it would help in achieving faster and accurate reporting. Insurers will be able to incorporate new factors and data points into risk assessment and premium calculations.

· Low Code Platform and Robotic Process Automation (RPA) Low code allows business users to configure and update applications using an intuitive, user-friendly drag-and-drop functionality. This empowers business users to have a better control on the products. RPA supports insurers by automating complex tasks and freeing up the bandwidth of business users to perform more constructive tasks. By leveraging bots, firms can process data from various systems while ensuring 100% accuracy, compliance, and maximizing operational efficiency. Bots automate the data collection process from various external and internal sites, thereby expediting the underwriting process.

· Blockchain for Cybersecurity

Blockchain technology is highly efficient in eliminating the cybersecurity-related challenges. From underwriting to claims processing, fraud management, and reliable data availability, the blockchain technology offers a secure data management across multiple interfaces and stakeholders without loss of integrity.

To Conclude

With the ever evolving customer expectations, insurers must build a digitally connected enterprise that provides omnichannel engagement, contextual communication, and anytime-anywhere access to business-critical information.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Virender Jeet.

The author is Senior Vice President, (Sales & Marketing / Products), Newgen Software

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