Smart Use of Emerging Technologies Drives Growth – Cognizant
Article Synopsis :
As legacy systems, old processes and even employees with orthodox mindsets sit at the core of the enterprise, traditional insurers are finding it increasingly difficult to match the innovation of competitors and even start-ups. Clarity on how digitisation may or may not be adopted can enable insurers to exploit innovative developments in an effective and profitable manner.
The report titled “How Smart Use of Emerging Technologies Drives Growth and Profits for Insurers”, by Cognizant identifies and details the potential enablers of emerging new technologies for insurers. The report explores the potential of emerging tools and approaches like mobility, social media, enterprise collaboration and external delivery, that can help develop strategies to drive growth, reduce costs and increase profitability.
As per the report, India, Philippines and China dominate the outsourcing insurance market for Business Process as a Service and are the emerging destinations for Insurance Outsourcing.
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Digital Insurer's CommentsAs a result of the rapid pace of technological advancement and a widening gap in skill matrix, insurers will have to try and experiment with innovative techniques in order to be competitive. Traditionally, the insurance sector has been a laggard in the field of innovation and digitisation challenges have raised the bar even further. Insurers will have to tap emerging technologies and leverage on social media, big data, analytics and cloud computing to bring competitive products and services to market.
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