The current pandemic has been providing lessons that can help reshape the future of insurance. Consumers are re-evaluating how they manage their own risks and as a result, many carriers are competing on pricing. Providing competitive price to customer while keeping cost of operations under check has emerged as a struggle that many face in the insurance industry today. To truly meet and exceed customer expectations, achieve customer-centricity, and unlock new growth, insurance businesses need innovations that are build over the core of their business to give it greater flexibility. Automation, insights, and intelligence driven insurance technology will transform and prepare them for the future. Winners will be those insurance companies that become an essential part of their customers’ lives with seamless, secure, and personalized engagement.
We list down here three insurance technologies that used individually or in combination, will create a seismic impact.
- Distributed Infrastructure
Insurers around the world have significant technology gap, with many core processes weighed down by extensive on-premise legacy systems. As cloud matures, a rapid shift to the cloud for all core systems will help insurers to be nimbler in launching new products and creating better customer service. Cloud will also be critical for enabling the type of compute power that is needed to fully understand and make use of the incredibly large data sets (such as tens of millions of claims data points). As the insurance landscape continues to develop globally, cloud-native insurers will be best positioned to innovate, launch new products swiftly and provide quicker claims settlements with lowered cost of operations.
- Process Automations & Virtualization
Insurers have for many years invested in setting up extensive processes for underwriting, claims verification and fraud identification, especially in back-office operations, but emerging technologies will enable carriers to fundamentally rethink product and service. Automations built into the modern insurance management platforms like the ones provided by iNube, help streamline and speed-up processes for example, use of integrated OCR (Optical Character Recognition) for quick submission of claims form or automated validation of hospital bills in health claims submissions. Virtualization of motor claims investigations with the help of solutions like StreamLive, a video streaming tool that replaces the need for physical investigations, is another example of technology making insurance processes more efficient.
- Future of Connectivity
Creating digital experiences demand data integration across departments, bringing together all relevant policyholder and workforce data to develop a holistic view of each customer.
Digital transformation creates an entirely new gateway for workforce to approach customers. A Mobile-first deployment helps meet customers where they are. No code APP development platforms like APPsLive, helps build insurance mobile apps that optimize critical field operations. The APPsLive platform automatically compiles and build native mobile apps for Android and iOS. The platform leverages native features of mobile devices easily. It provides features like automated report compilation, photo-tagging, digital signatures, etc captured on APPsLive mobile apps improves productivity significantly and free up resources to do 3x more with the same set of resources.
As the digital ecosystem matures insurers find themselves on the way to modernizing workflows and customer engagement, unleashing the potential of data across their organizations. This data and connection combine existing and new capabilities to create an ecosystem of revenue expansion and new growth opportunities.
iNube has worked with many of the country’s top insurance carriers, on transformative opportunities just like the ones mentioned above. Partner with us to simplify your insurance transformation journey – https://inubesolutions.com/contact/.