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Digital transformation for insurers – Mindtree Whitepaper

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Article  Synopsis:

The insurance sector is on the brink of major customer-driven disruption, creating huge opportunities and threats for insurers.  Insurers need to develop sophisticated business models and deploy a digital first approach in order to meet the high standards of service delivery in the emerging digital landscape.

 The Digital Insurer reviews Mindtree’s Report on Digital transformation for insurers

Digitisation is full of opportunities – but key challenges must be managed as well 

In the white paper “Digital transformation for insurers”, Mindtree focus on models and frameworks which enterprises can adopt to help them succeed during this digital revolution. The white paper looks at some of the ways insurance companies should study their consumers to see how they interact to do business and also speaks about the significance of customer data and how enterprises can leverage it to make intelligent decisions. They  also include some interesting data which shows that “between 2009 and 2012, enterprises that have gone digital have increased their market share by 9%, while enterprises which continue to focus on the brick and mortar model have lost around 7.6% of market share”.  As per the white paper, the insurance industry is transforming rapidly, but is facing the following key challenges in four main arenas: technology, operations, collaboration and customer:

Technology

  • Disparate technology platforms
  • Multichannel & lack of integrated ecosystem
  • Inefficient analytics & other tech capabilities

Operations

  • Fragmented business process
  • Old operating models, lack of analytics & intelligence
  • Lack of customer centric services

Collaboration

  • Too many partners & complex governance models
  • Conflicting IT & market needs
  • Number of initiatives & lack of coordination between them

Customer

  • Changing customer base & preferences
  • Lack of unified marketing efforts
  • Lack of integration between web, social, mobile & offline channels

The white paper goes on to identify the three key pillars which can expedite the digitisation journey and help differentiate general insurers from their competitors:

  1. Collaboration: To deliver a unified consumer experience
  2. Insight: To build better decision making capabilities that enable personalized experience and result oriented outcomes
  3. Foresight: Constantly innovate to provide tools / capabilities which empower users and create stickiness for them

Link to Full Article:: click here

Digital Insurer's Comments

Digitisation is rewriting the rules of competition and disrupting established ways of doing business.  To meet the challenges of omni-channel digitisation and transitioning to a fully digital enterprise, insurers will require the right strategy, conviction, leadership, and follow a customer first approach. Through digitisation insurers can greatly improve their efficiency, productivity, risk selection and the speed of new product launches – all of which will have a positive impact on the bottom line. Looking at the most recent technology trends and emerging threats, we believe that insurers will face the following key challenges while evolving in the digital world:

  1. Rapidly evolving technology
  2. Rising customer expectations
  3. Threat of new entrants
  4. Talent Crunch 

Link to Source:: click here

 

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