Over the last few decades, insurance companies have been following the traditional business model which focused on policy, paperwork and depended on manual efforts. However, the COVID-19 pandemic has completely altered the paradigm for both customers and businesses, accelerating the adoption of digital channels and solutions.
The growing dependence on digitalization is remodeling the ways of business and changing how products and services are delivered. The customers of today demand one-click claim submissions, 24X7 access to customer service professionals, seamless transactions and premium renewals etc. Leading insurance brands are accelerating their digital transformation initiatives to simplify complex business processes like regulation, policy design, claim management and customer service among others.
In this blog, we will discuss how digital transformation is empowering the insurance sector to build business resilience and growth.
1. Automated claims handling and management
Claims handling and management is one of the pain points of the insurance sector. Most insurance companies have been dependent on their employees for handling claims and settlements, however, the dependence of manual efforts opens the possibility of financial leakage due to human error and negligence. Espire is helping insurance brands in deploying intelligent automation to improve claims processes and save operational costs.
According to recent research by Mckinsey & Company, Automation can reduce the cost of a claims journey by as much as 30% .
By leveraging automation, insurers can reduce their dependence on manual efforts and streamline labor pools. Our automation solutions helped businesses in increasing their claims processing time, improve their time to market and drive higher customer satisfaction.
This success story showcases how Espire migrated off a legacy product to develop an end-to-end claims management system with automated calculations (from days to minutes) and a controlled payment process for reducing the dependence on manual efforts and stop financial leakage. This included aggregated Claims features and automated reporting of outstanding claims to ELTO- Employee Liability Tracing Office. We implemented a fully configurable and comprehensive reporting system supported by PowerBI for better management of inbuilt system reports. Know more .
2. Delivering personalized customer experience
As per Gartner, Insurers must build robust CX strategies aimed at improving customer satisfaction, loyalty and customer advocacy.
Digitalization is constantly upending old business models as customers expect superior service and unmatched experience from insurance companies. Customer experience should be a top focus area for businesses that want to improve customer acquisition and retention. Espire is assisting brands in the insurance sector leverage digital experience platforms and marketing automation tools to drive contextual customer experience across all customer touchpoints to enhance customer engagements and loyalty.
This success story showcases how Espire leveraged Sitecore to deploy marketing automation to drive personalized & contextual experiences to customers across touchpoints. We carried out effective customer journey mapping providing a 360-degree view of the customer, put in place persona driven marketing campaigns with custom predefined goals to drive greater customer acquisition and retention. Read the complete case study here .
3. Streamlining operations with data & predictive analytics
Leading companies are using data and analytics not only to improve their core operations but to launch entirely new business models, states a report by Mckinsey & Company.
Insurance companies have historic data available at their disposal at all times but only a few know how to tap the hidden value of data to analyze customer needs and design agile business models or services. By leveraging predictive analytics business leaders can use real-time data and insights to design customized service offerings for the customers and take faster decisions. Espire is helping insurance companies leverage data and predictive analytics to improve risk assessment metrics, streamline underwriting and product development as well as optimize business operations.
This success story showcases how Espire designed & implemented an automated crystallisation system to support the end-to-end inward and outward data flow with all business use cases. We successfully migrated critical business data from legacy solutions to cloud-based crystallistion system. Our solution provided easy access to critical business data and faster generation of reports, improving staff efficiency and experience. Read more .
4. Designing state-of-the-art quote & buy systems
Gone are the days when customers would wait in queues for claim submissions or issue redressal. The customers of today want services on-the-go, be it getting an insurance quote, paying their premiums or raising a claim request. With customers leveraging multiple channels to seek information, brands in the insurance sector must prioritize designing customer self-service platforms.
Espire is helping leading insurance companies design scalable self-service platforms to allow the customers to access policy related information, carry out policy renewals with one tap, raise service requests and etc, while improving customer service and reducing the query resolution time.
This success story showcases how Espire implemented an Umbraco-based system for carrying out customizations of the forms and modules. We leveraged an ESB Connector to facilitate quote, policy generation and saving customer details. Our solutions enhanced customer experience and acquisition. Know more.
The insurance industry is leveraging disruptive technology to build innovative solutions for enhancing customer experience, automating key business processes and improving service efficiency. At Espire, we are assisting leading insurance companies implement state-of-the-art technology solutions to achieve their business goals and build resilience.
MORE FROM OUR BLOGS
Insurance claims management system top 5 ways to maximize business growth
Insurance companies have been struggling with disparate systems and outdated claims processes for decades. Leveraging claims management software can help brands in the insurance industry automate manual processes and optimize workflows, while improving staff efficiency and reducing operational costs
Mitigating the problem of unallocated cash in insurance industry with digital transformation
Businesses in the insurance sector need to deploy agile technology solutions to reinvent complex operational processes and adopt an aggressive strategy for the efficient management of unallocated cash, to strengthen their credit position and build lasting customer relationships
Transforming the insurance sector with digital experience data analytics and automation
The customers of today demand one-click claim submissions, 24X7 access to customer service professionals, seamless transactions and premium renewals etc. Leading insurance brands are accelerating their digital transformation initiatives to simplify complex business processes like regulation, policy design, claim management and customer service among others.
Digital transformation usecases for the insurance sector
There is a need for a holistic digital transformation in the insurance sector to offer innovative solutions, keep pace with changing social, technological, economic and environmental change and identify new opportunities in real time. From engagement, retention, selling, and servicing, digital transformation has the ability to bring a customer in direct correspondence with an insurance company
Top 4 benefits of embracing digital transformation in insurance for 2021
With the increase in Insurtech players, tech savvy customers and competitive growth of digital services, digital transformation has become imperative for the insurance industry for both customer acquisition and retention. Eminent insurance providers are utilizing disruptive technology and predictive analysis to examine customer demands and deliver personalized solutions and great customer experience
Legacy transformation in insurance with low cost low risk cloud based systems in record time
Espire & Anchorstone have a track record of success and are able to support your organisation through this process from end-to-end, dispelling any worries or fear of change within the back office, whilst providing a cost-effective approach.
Speak to Our Digital Transformation Specialists
Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!