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Digital Insurance Transformation – A report by TransInsure

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Article Synopsis :

Changing customer preferences, behaviours and demographics coupled with rising operational costs and major technological changes are key investment drivers for digital transformation.  Nevertheless, the process of digitisation  is complex and insurers need to be aware of the plethora of challenges that may present themselves while undertaking digitisation initiatives.

 The Digital Insurer reviews TransInsure’s Report on Digital Insurance Transformation

The digital insurance transformation journey consists of multiple components 

In the report title “Digital Insurance Transformation”, the TransInsure team highlight the digital insurance principles and focus on digital strategy, operating models and implementation approaches necessary to transform traditional insurers into digital insurance companies. As highlighted in the report, the key components of a digital insurance delivery model are:

  • Customer centricity
  • Products and services available on any device, anywhere, anytime
  • Full self service functionality available in online and mobile apps
  • All data real time available
  • Full automation of all insurance processes
  • Straight through processing
  • Paperless processes
  • No manual workarounds
  • Social media integration
  • Fast time to market

The report also presents a transformation option assessment framework which insurers can use to compare various transformation options and ascertain their suitability regarding individual approaches.

Link to Full Article:: click here

Digital Insurer's Comments

As insurance customers are getting more empowered, more demanding and more tech savvy, a robust digital transformation framework  to deliver an intelligent, secure and connected experience will play a crucial role in competitive differentiation. We believe that the key to success lies in implementing a customer-centric and data-driven transformation strategy. Since social, mobile, analytics and cloud have started to influence insurers’ business models like never before, insurers also need to consider the  following initiatives while devising an effective digital transformation strategy:

  • Redefining the social customer experience
  • Using technology to transform the sales and distribution process
  • Building predictive analytics capabilities
  • Embracing cloud technology to build and support IT

Link to Source:: click here

 

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