VP, Product Management
Why do insurers need to implement to a digital policy admin solution? What are the main business imperatives?
By 2020 digital technologies will dramatically impact how we work. Companies not moving decisively will find it challenging to compete.
The goal is meeting customers’ expectations for simplicity (one-click shopping), 24-hour access, quick delivery, clear information about an insurance product’s features and pricing, and innovative services. Digital transformation is a chance to improve profits with higher customer satisfaction impacting retention and removal of significant administration cost. Automation can reduce the cost of a claim up to 30 percent. Digital transformation also gives the chance to know customers better so pricing and underwriting are more accurate. Carriers can offer userbased products like pay-as-you-drive, and take advantage of up-sale opportunities.
How do the latest business intelligence functions give insurers such a big competitive advantage? Why are these capabilities dependent on a modern, integrated suite of digital core systems?
With the fast pace of business changes and the magnitude of challenges rapidly increasing, the foremost demand from BI solutions is to be more live, interactive and behavioral based. Four areas where a competitive advantage can be gained include, but certainly are not limited to, distribution, promotion, product and price.
With the advent of IoT, big data and analytics, today’s systems need to be able not only to display the results of the reports and/or analysis but also allow users and the system to interact real-time with the data and results.