In a recent blog, ‘Insurance sector need to embrace technology’, we looked at why insurance firms needed to embrace digital solutions, and steps they could take to achieve positive change. In this blog, we are going to look at the benefits that can be gained by updating outdated and inefficient manual systems.
Benefits of technology and digital transformation for insurance companies
Here is an insight into just three of the benefits that can be achieved from updating outdated systems:
A more enjoyable customer experience
There’s no doubt that customer experience is now a key part of business strategy across a range of sectors, and the insurance industry cannot risk being left behind.
Across almost every aspect of their lives, customers are used to, and in fact expect to, interact easily with technology, and for it to be on hand across all their devices, at all times of the day. Customers don’t want to have to work harder than necessary to find information, so any updates to your systems or customer portals need to be made with the end user firmly in mind.
Equally, staff and investors are starting to demand innovation from the insurance sector. Investors for example might be looking for innovation to help bring down the cost of premiums or reducing pay-outs. Discover how we developed software for QBE, enabling them to significantly reduce their loss ratio.
Better regulation through data transparency
One of the main barriers to the adoption of innovative digital solutions is the complex regulatory requirements that bind insurance firms. In reality, these new technologies actually help with the regulatory landscape and improve efficiency.
Developments in data visualisation and analytics, helps insurance firms leverage customer and risk profiling data more efficiently. These visual reports not only generate better insight leading to more informed business decisions, but also ensure the accurate and timely provision of data that doesn’t rely on manual imputing.
Staying ahead of the competition
A recent KPMG survey showed that 48% of global insurance companies are experiencing disruption from new, agile competitors.
However, it is not just start-ups that need to be watched, increased competition from existing competitors will create significant challenges in the future if organisations don’t move to embrace digital solutions.
Those that look to immediately embrace the latest technology, or look to use what they have more effectively will give themselves a significant advantage; it is the traditional competitor who grasps the technology first that will be in the driving seat.
When approached correctly, these drivers for change can lead to improved customer experience, create more efficient working practices as well as give your organisation a competitive edge, all of which will increase productivity and cut costs.
Are you ready to capitalise on technology for future business growth? We have a deep understanding of technology and the challenges facing insurers so why not talk to us today?