Insurance against Disruption – Infosys White Paper
Article Synopsis :
Technology megatrends challenge all carriers irrespective of size, scale or market penetration.
In the white paper “Insurance against Disruption”, Mohan Babu from Infosys explains how disruptive innovation and digital enhancement are reshaping the insurance value chain and elaborates why insurers must respond with a dual ‘Renew-New’ strategy, renewing core capabilities to extract more efficiency, productivity, and performance from existing systems, while investing in new technologies to drive competitive differentiation. The paper identifies four areas of focus for viable renew strategies:
- IT simplification and modernization: Robotic Process Automation (RPA) should be considered to automate large-scale systems transformation and migration of processes to deliver big gains in productivity.
- Compliance capabilities: Big Data and high performance computing capabilities will streamline enterprise data, improving the compliance capabilities of insurers.
- Ease of doing business: Ensure everything is connected intuitively, seamlessly, and in-line with stakeholder expectations.
- Customer retention strategies: Extend legacy capabilities to improve the insurance sales, purchase and service experience.
Carriers will also need to innovate using the latest technologies to build new capabilities addressing some of the greatest known, and as yet, undiscovered problems. Opportunities for new technology-led expansion will likely arise in the following four areas:
- Emerging channels
- Expansion into new markets
- Customer experience
- Internet of Things and wearables
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Digital Insurer's CommentsThe average insurer spends 60-70% of their technology dollar maintaining legacy systems, so what to do with those systems is the key question – especially in a soft-market, low-interest-rate, capital-constrained environment. Renew or new?
Positive customer experience, quick and accurate delivery of products and services, hassle-free communication, and tight compliance frameworks are what separate one insurer from another in the digital age.
Maximizing the value of legacy systems while knowing when to cut and run, blending a keen knowledge of not only technology but customers and what matters to them, is the art and science of the effective digital insurance executive.
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