VP, Prod­uct Man­age­ment

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION StoneRiver email: so­lu­ phone: 800.943.2851

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.

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