Disruption within the Insurance sector- where technology and innovation revolutionises customer engagement.
Many industries, including insurance are adopting IoT technologies to evolve within this increasingly competitive market. One of the first entrants was Motor, closely followed by Home and Health. Each business line has an extended value proposition, for example, for Connected Car, the aim would be to manage its existing customer base and increase profitability. For Health it would be to grow in new customer markets, reward for good behaviour as well as adopting ‘open’ technologies such as platforms and devices.
Across all areas, common digital levers become apparent- to reshape claims management, enhance processes and efficiency, minimise fraud and to increase revenue through competition - all achievable by harnessing the potential of data to add value.
Given the severe consequences of a security breach, it’s critical to build on reliable and proven cryptographic cybersecurity solutions.
Solutions for the Insurance Sector
Digital Transformation
Customers now expect to communicate primarily through mobile channels and experience faster and personalised offerings which combine both human and technological capabilities. This is being met by intertwining technology, processes and people. After decades of working with paper-based documents and processes, the customer now has the ability to use high-trust, secure and legally valid electronic signing solutions.
Data Security & Compliance
As insurers develop a more digital experience, enhanced security design controls need to be considered, including authentication. Various regulations such as GDPR (EU Law), CCPA and CPRA (California Law) increase the rights of individuals and the responsibilities of companies handling personal data - insurers need to see this as an opportunity to demonstrate trustworthiness to their customers.
Big Data Analytics & Privacy in the Hybrid Cloud
Predictive analytics will expose trends of behaviour and common demographics and characteristics, resulting in revised and targeted marketing strategies, service delivery and distribution models, product range, risk selection and pricing structures. The hybrid cloud allows the data and the related analytical workload to be positioned where it makes the most sense in terms of business requirements. The information privacy and security is managed and controlled consistently across all the systems of the hybrid cloud environments.
Secure & Technically Trustworthy InsurTechs
The transition from reactive to proactive business models, made possible by technology and data, is driving the rise of InsurTechs. However, InsurTechs have access to data that is more detailed and personalized, which raises data security and privacy concerns. Securely integrated service networks with ecosystems allows management on and off premise- helping insurers balance innovation alongside security requirements.
