Digital transformation within the Insurance sector increases opportunity to win customers, improve performance, enhance customer loyalty and experience and to succeed long term.
In a data-hungry environment, insurers need to remain one step ahead- recognising that emerging technologies such as IoT, advanced analytics, AI and Big Data will be crucial to driving new offerings;
- Predictive analytics- efficient tracking, trends & personalized products
- Process automation for core business operations
- Synchronous processes increase sales, productivity and profits
- Customer ‘self-service’ for products and services
- Integrated design and systems enhance customer experience
- Reduced cost and time in business operations
- Improved claims processes and increased underwriting efficiency
As innovative, disruptive, technology-led insurtechs enter the insurance sector creating a competitive threat to incumbents, they also come with valuable opportunities to collaborate and meet on common ground: data and the customer.