14
Apr

Starting your digital insurance transformation journey? Here are key points to consider…

In the new normal, all businesses are augmenting the way they interact with customers using digital alternatives. It is imperative that, as an insurer, you too should begin the digital transformation, if you have not already.

Eighty-five percent of insurance CEOs polled recently by KPMG feel COVID-19 has increased the need for digitalizing processes. 8 out of 10 respondents also said the pandemic accelerated the corporate efforts to create seamless digital experiences for both internal and external consumers. Digitalization of business models is being driven by the extensive use of insurance software solutions and platforms.

Insurance providers are looking to accelerate digital transformation with core system integrated digital insurance platforms. The digital channels powered with insurance digitalization software solutions have quickly turned from a “nice to have” feature to a lifeline for every insurance business looking to shift to a Customer-First model.

The gap between tech-driven insurers and insurance providers with traditional business practices has now grown wider than before. Insurers that have already invested in digital insurance platforms, are beginning to reap the benefits of accelerated digital transformation and modern consumer experience.

How to begin your digital transformation journey?

Here are key points for insurance providers to begin the digital transformation

If you’ve still not planned digitalization initiatives for your insurance business, you may want to rethink your strategy. Here are three key factors you want to consider before selecting a best fit digital insurance software solution.

1.    Improving speed to market while reducing the dependency on internal IT department

You can’t deny that hiring an internal IT team and leading them to create a customized platform is a tedious task, especially when it is not your core expertise and it might take years to go live. In addition, these applications will need periodic updates and maintenance which are difficult to manage and expensive.

It is also time-consuming and complex to add, update or remove products, lines of business and states.

The digital insurance platform minimizes the reliance of the business users’ on the internal IT teams by providing built-in DIY configuration capabilities (low-code-no-code). This is having a massive impact on the insurance industry’s transformation as it allows the business users to add, remove and update products, rates, LoBs and States easily, within a few days. The improvement in speed to market time gives a significant competitive advantage to the insurers by making them more responsive to changing market requirements.

2.    Chose digital insurance platform solution that can readily integrate with your core and legacy systems

Insurers need to rethink their digitalization strategy and analyze the insurance software available in the market. In the present times, it is essential for insurers – especially if you are technologically lagging behind the competition or not using any digital insurance platform – to commit to speeding up the implementation of digital initiatives.

The quickest way to ensure digitalization picks up pace in your organization is to confirm that the digital insurance platform solutions you chose to integrate with your existing core and legacy systems. This eliminates the need of having to completely replace the existing systems with the new ones. Plus, it significantly expedites the implementation and go-live timelines, from several months (or years in a few cases) to a few weeks. Additionally, modern insurance software solutions have intuitive and very easy-to-use interfaces that require minimal to no training, which further reduces the change management and apprehension from your teams.

3.    Enhance the user experience for your customers and channel partners

There are no different opinions about the importance of having an awesome user experience today. Digital-savvy customers are quick to switch companies if their expectations are not met even slightly. The Ubers and Amazons of the world have made us all habitual to sleek and intuitive user interfaces and consumer driven business processes. The insurance industry is still playing catch up.

Digital insurance software solutions will allow you to overhaul the existing workflows and simplify communication among all stakeholders of the value chain. Built-in digital engagement tools (mobile apps, AI, chatbots, portals, etc.) empower insurance providers to build stronger relationships with customers and channel partners and provide personalized service. Collectively, these tools enable the modernization of insurance workflows to restructure existing business models for an exceptional customer experience.

 

Digitalization provides strategic advantage and tactical speed to modern insurers allowing them to remain relevant in the time of constant change. The digital age is driving the competition and customer expectations to a new level and your success is dependent on the effective use of right technology, modernizing business models and augmenting the expertise and capabilities of your workforce. Learn how Cogitate DigitalEdge Insurance Platform can help you in digital age of insurance. Write us at info@cogitate.us or dial +1-(770)-644-0685 now for a Demo.

Praktan Kadam

Praktan has experience working with various industries including insurance, banking, Fin-Tech, logistics and supply chain. His proven techno-commercial acumen is shaped with a deep understanding of technology and how it can be utilized to overcome business challenges and build engaging user experiences. Praktan is currently leading the branding and marketing efforts for Cogitate.

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