Top 5 Benefits of Digital Insurance: Fast-Track your Digital Journey & Bolster Growth in 2022 & Beyond!
According to top analysts, 80% Insurance executives claim that their organization's business and technology strategies are becoming inseparable - even indistinguishable.
The insurance industry is witnessing a radical change due to the disruption caused by altering market conditions, rising insurtech startups and demanding customers. Digital transformation has emerged as a disruption in the insurance industry- with benefits for both the policyholders and the insurance companies.
As we step into a new fiscal year, here are the top 5 benefits of digital insurance for insurance companies in 2022 and beyond.
1. Predictive Analytics for Effective Risk Assessments
Insurance risks are continuously changing in the post-pandemic world due to the rise of new modalities like the changing customer demands, volatile market, global political changes etc, these changes can have a detrimental effect on revenue. At this juncture, risk forecasting and assessment become critical for insurance companies to have a holistic view of the developments and available opportunities.
With predictive analytics, insurance companies can leverage historical data on customer behavioral patterns, demography etc during risk assessment, to enhance their pricing models and control risk-accumulation. Predictive and data analytics can help insurers optimize their service offerings across industries.
2. Legacy Transformation
The rise of digital-first insurance companies and insurtech startups have pushed the conservative insurance industry to adopt digital transformation to improve customer service and retention. Legacy transformation has emerged as a key business necessity for insurance companies, as legacy technologies have restricted functionalities and it's difficult to integrate with the agile technology solutions of today.
By deploying scalable digital platforms hosted on cloud, insurance companies can streamline key business processes like document generation, premium calculations, risk assessments etc. Legacy transformation to modern IT solutions not only improves employee experience but also reduces the cost of operations.
As a digital transformation expert, Espire assisted leading insurance company based in London to carry out a legacy system transformation to optimize key business processes with automation and reduce the cost of operations. Read more in our case study! > here
3. Low/No Code Applications
Insurers can deploy low/no-code applications to seamlessly build digital solutions as per their unique business needs. Low/no code applications do not require tedious code-writing processes and can be leveraged to integrate different applications. Insurance companies can leverage low code applications to streamline operational processes like premium calculations, claims management and customer data storage to improve their time to market.
4. Effective Customer Journey Mapping
According to Forbes, 'With easy access to comparison sites, insurance ratings and testimonials, customers are quick to abandon sign-up processes as soon as they encounter friction.'
With the boom of digitalization, customer interactions have become more important than ever to retain loyal customers and make new ones. Delivering contextual customer communications across all digital channels has emerged as a necessity to keep the customer engaged and improve their customer experience.
By leveraging key digital experience platforms, insurance companies can effectively map the customer journey across online platforms to deliver a personalized customer experience at every step and build a fruitful customer relationship.
We recently received an honorable mention in Sitecore Experience Awards, for helping a leading UK-based motor insurance company deliver personalized customer experience across multiple touchpoints. Know more in our case study! > here
5. Digital Workplace Solutions
Agile DWP solutions can help insurance companies facilitate inter-departmental communication and collaboration with ease. With an intranet portal, they can store their critical business data in a secure on-cloud environment which can be seamlessly accessed by employees without having to go through piles of paperwork. Digital Workplace Solutions can help improve both employee experience and productivity.
Digital Insurance has empowered the insurance and reinsurance industry, enabling leading companies to deliver unmatched customer experience, business experience, employee experience, multiexperience and user experience. As a digital transformation leader, Espire is helping leading insurance companies stay ahead of the curve by deploying state-of-the-art technology solutions to achieve Total Experience and business scalability.