Letting Go Of The Old And Embracing The New Quotes Top Technology Trends in Insurance Domain

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Top Technology Trends in Insurance Domain

Technology is evolving quickly and many insurance organizations are challenged to keep pace. The top priority of an insurance company today is profitable and sustainable growth and to enable this, leading insurance carriers are taking all possible measures to deploy innovative practices and latest technology to improve business processes and improve old applications.

Digital Natives are and will continue to dominate the workplace, which has huge implications for agents and brokers looking to engage with customers and grow their businesses. As the millennial generation matures and enters its prime, purchasing power, digital and more automated ways of doing business will become a fundamental part of daily workflows.

From the rise of mobile users and cloud-based technology to social media interaction, a Deloitte study on 2016 technology trends for insurance agents explains that insurance agents are finally realizing the need to be more agile, efficient and more accessible to serve today’s customer.

To add to this, there is a challenging regulatory environment that continues to add more regulations to improve the insurance sector. A recent Deloitte report highlights that such regulations are no longer one between state and federal entities, but a hybrid of US government and state regulation of insurance entities to ensure efficiency and adherence to standard state procedures and federal.

As a result, insurance agents not only feel under pressure to digitize their workflow, but also need to streamline business processes to make the cost of doing business more efficient and compliant with these regulations.

While 63% of insurance businesses report that they are ready to move toward more digital practices, only 23% of these businesses are ready, reports a joint study by Forrester and Accenture.

To accelerate this process and ensure the successful transition to digital workflows, there are several key trends that insurers are and should embrace.

Modernizing legacy systems for operational efficiency – With operations spread across geographies spanning decades, insurance companies are saddled with legacy systems, outdated technology resulting in high maintenance costs. The proliferation of modern technologies such as mobile and cloud computing has changed the way organizations do business. Rather than being left behind, it is time for insurance companies to embrace the latest technologies and modernize their legacy platforms for operational efficiency while taking into account consumer flexibility.

Embracing a cloud-based and on-premise infrastructure – IT teams in the insurance sector struggled with what information is allowed by regulators to be stored in the cloud versus on-premise. Many insurance entities are using 40-year-old administration technology designed to manage the claims process, says a recent TrustMarque report, which is stifling innovation. Also, insurance agents are far from an immediate replacement for such mainframe technology.

As the insurance sector adopts a more streamlined workflow, we can expect a significant increase in the use of technology that can be operated via hybrid cloud and on-premise, providing ultimate flexibility for clients and customers and strong compliance with government regulations ever changing. within the assurance environment.

Artificial Intelligence – Artificial Intelligence (AI) is helping insurance companies develop systems that can perform tasks that previously required human intelligence and manual processing. With the advent of AI in the insurance industry, insurance agents can now rely on sophisticated systems for accuracy, efficiency and seamless automation of existing customer-facing, underwriting and claims processes. In the coming days, Artificial Intelligence will be more disruptive and will be used to identify and assess new risks.

Blockchain – The insurance sector is also focusing on Blockchain technology to power the future. Through its distributed ledger, smart contracts and non-repudiation capabilities, it can act as a shared infrastructure that can transform multiple processes in the insurance value chain. Not only will it simplify paper work and improve auditability, it will also help the insurance industry to significantly reduce costs. It will also reduce cases of fraud of valuables. Several major life insurance players have already taken steps to experiment with blockchain-based solutions across the value chain. John Hancock, for example, is evaluating a proof-of-concept for employee rewards.

Predictive analytics with machine learning (ML) – Using predictive analytics with ML, insurance companies can unleash the power of intelligence to process complex data source variables into relevant data for actionable insights. This would help them predict what might happen next and what the best decision should be. As far as the insurance industry is concerned, predictive advice is provided to clients to facilitate 24-hour customer service.

Heavy Reliance on IoT and Big Data – The insurance sector is a data-driven industry that generates countless data – both structured and unstructured. Thus, insurance companies are counting on the Internet of Things to collect more and more data about their customers’ behavior.

Big data analytics helps insurers make critical decisions based on the analysis of aggregated data. For example, data collected from wearable health devices enables insurers to monitor customer activity to offer discounts for customers’ healthy activities.

Using mobiles to deliver services on the go – With the rise of smartphone usage in both developed and developing economies, the insurance industry is steadily implementing mobility as part of their business strategy. Through mobile apps, customers can easily request a policy quote, find an insurance agent, calculate premium or pension income and save policy details. Insurers simply cannot ignore the benefits mobile apps provide in brand building. With the increase in internet consumption through mobile phones, customers can engage through social networks and various other modes of communication.

Providing innovative and personalized services through digital touchpoints – Customers in the insurance industry are driven by various policies and their premiums, and the churn rate is high as they have several options to choose from. To retain their customers and build deep customer relationships, insurance companies are investing in customer engagement activities using various digital touch points, such as web, mobile, social media, email, etc. For example, insurers are helping clients develop and protect their assets such as homes, vehicles, wealth and health, usually in partnership with other service providers. Such digital services are provided through the design of a digital strategy.

Automate Regulatory Compliance Requirements – Since Insurance is a highly regulated industry, insurance carriers must incorporate regulatory compliance into their business processes. Also, they must rapidly continue their processes in compliance with new regulations as and when they are adopted. Regulatory compliance automation helps insurance carriers with immediate access to information, ensuring processes are consistently followed, minimizing the risk of non-compliance. Automation also provides the information needed for reports and documentation related to a specific task performed. Modern systems make regulatory automation easy by allowing regulatory compliance changes over legacy systems.

These were some trends that can serve as a catalyst for the insurance company to work more efficiently and reach more customers.

It always makes more sense to spend a penny than a dollar, which means – focus more on delighting and winning more customers and leave your IT worries to a managed service provider who understands business and your customer and has enough exposure to the domain specifically. . Do you feel the same? Tell us as we are one of the leading IT services companies dedicated to the insurance sector.

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