Digitising End-to-End Offerings for Tech-Savvy Customers – TCS

Article Synopsis :

Smartphones, tablets, and other digital devices are changing the way business is conducted across industries. The insurance industry, however, is yet to embrace the digitization of end-to-end offerings.

Risk transfer with the swipe of a finger, a threat to agents and carriers alike 

In “The Digital Insurer: Digitising End-to-End Offerings for Tech-Savvy Customers”, TCS expounds on the value of unified multi-platform systems for billing, policy administration, and claims, as such platforms help manage digitised communications and ensure faster technology-enabled services for consumers.

Per the report, there are two major hindrances to digitisation in the insurance industry: 1) large volumes of paper-based communication, and 2) the lack of comprehensive self-service, i.e., multi-platform portals, for customers. To address these challenges insurers should focus on:

• Capturing current and past data digitally
• Adopting email or portal-based communication
• Developing an online query management system
• Deploying portals for policy management
• Leveraging mobile technology for enhanced user experience
• Harnessing social media for customer outreach

The paper discusses the role of big data analytics in the transformation process and the key insights they can provide around insurance customer behaviour, such as:

• Identifying cross-selling opportunities
• Connecting with customers
• Identifying fraud with big data

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