Facilitating digital transformation in the Insurance industry

The age of industrialization seems to have given way to the age of disruption, and all industries are regularly disrupted with digital transformation the regular mode for the same. The finance and insurance industries have also undergone much change, even though often seen as traditional. Those companies within the industry that haven’t caught up to the changing landscape are under much pressure to do so, and do so quickly. Some of the key questions arising out of this slow but steady revolution are:

How does technology translate to quantifiable business transformation?

Are the savings in terms of effort and money breaking even with the cost of the implementation of the digitization project? If so can the effect be maximized? If not, is there other technology that helps fulfil business goals?

Is digitalization changing market dynamics and are older players adapting? Are newer players making the most of this change?

Not all old players are necessarily traditional in their approach to technology; very often, they have learnt from the mistakes of others in the market and have adapted to changing market scenarios. Is your insurance business equipped for the competition and can technology give you an edge?

How is customer relationship and engagement affected and how are insurers dealing with newer expectations arising out of digital transformation?

Does it build higher expectations from customers and are bots equipped to handle the insistent demands? Has big data analytics helped with personalization that is key to customer satisfaction? Is your company onboard with the most recent developments and innovations in the market, and is it even necessary for your niche? These questions bear consideration in order to choose technology vendors that cater to needs particular to your requirements, as well as devise policies and relationship management tools that are necessary to today’s customer engagement needs.

Are insurance companies ready to handle the data inflow from the big data phenomenon?

This inflow has led to targeted outreach to prospects for many industries. Is it reasonable to foresee a similar usage in the insurance industry? Business intelligence derived out of data analytics on a large scale can lead to improved gains, but yet another concern would be if the software is equipped to handle the inflow as well as derive actionable insights.

Will predictive applications using artificial intelligence and machine learning shape the insurance industry?

While every industry seems to now be onboard with the power of AI, the best means to use it in a more productive manner guaranteeing business returns requires strategy and attention to detain during the transformation implementation process. It also requires consulting on various levels such as data security, mainframe legacy systems’ overhaul implementation, cost of resource training and reskilling efforts, and improvement of segmentation and risk analysis.

High customer expectations based on their experiences with other industries has become a tangible challenge for insurers. The ease, convenience, and benefits offered by online retailers has set an example that is causing consumers in every space including insurance to demand the same level of interaction and engagement, with personalization growing to be the core of customer satisfaction.

Any organization needs to find new ways to acquire and service customers’ continually changing needs in order to remain relevant. According to a study carried out by Cisco recently, digital disruption may displace almost 40 percent of private sector incumbents over the next five years; this may however be averted by their adaptation to newer technology. Insurers face significant challenges in such an environment. To be able to trust in a particular insurance solutions vendor, a proven and time-tested track record of servicing the industry becomes paramount to the partnership. The right partners, and the right investments, stand the test of time. That relationship is what the experienced expertise at 3i infotech continues to provide across borders time and again.