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.
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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Digital Insurer's CommentsAs customers use more technology the insurer’s average business problem becomes increasingly technical on a percentage basis.
End-to-end is easier said than done, especially with legacy environments designed to work in isolation. The bad news is no major insurer delivers seamlessly, digitally, end-to-end; which we suppose is also the good news. Nobody moves, nobody gets hurt.
Upstarts leveraging new platforms consisting of mobile technology, social media, and analytics seem poised to offer customized, flexible, convenient, contextualized products with a faster time-to-market. Will they get to your customer’s mobile device before you do?
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