Page 45 - Insurance Times JUNE 2022

in order to be able to safeguard customers’ data and their processes for customers. Later on, the impact will be bigger
online platforms properly and responsibly. as it will be able to identify, assess, and underwrite emerging
risks and also identify new revenue streams.
8. Accelerating digital and cultural transformation
One of the most important challenges for insurers will 6. Chatbots
undoubtedly be to adapt and reinvent themselves in the new Chatbots are revolutionizing the way insurance companies
digital environment, placing the customer at the center and acquire, engage, and interact with their customers. These
taking advantage of digital innovation. For this, it is very tools can enhance customer loyalty and brand engagement
important that the digital mindset is held throughout the while lowering operational costs and increasing revenues.
organization, giving a global approach to digitalization
programs, and that the entire organization is responsible 7. Cloud computing
for the change. Cloud Computing is one of the most efficient ways for a
company and their customers to connect and collaborate
Opportunities for digital transformation on the go. It is in fact a model that makes a set of services
available over the network, which are supplied and
in the insurance sector
consumed outside the company’s firewall. It will also help
Now, we’re going to talk about 8 opportunities for digital
insurers develop collaboration capabilities and information
transformation in the insurance sector.
sharing; it will also reduce the total cost of ownership of IT
1. The possibility of launching very personalized
infrastructure.
and segmented offers
As they have a better knowledge of the customer and their The key to success for the insurance sector is to develop a
digital experience, they are able to offer products and holistic cloud strategy that can be implemented in the basic
services that are adapted to the individual. and non-basic functions of the insurance industry’s value
chain.
2. Increase in the automation of back-office
operations 8. Big data
The potential to help companies transform their business, Access to new data is revolutionizing the way the sector
become more profitable, and better adjust to market works. There are two data sources: online behavior and
changes. Automation is the lever that can help transform sensor data. By using big data analytics, insurance
your operations, radically elevate your employee companies are able to offer personalized policies, assess
satisfaction, and overall improve your customer journey. risks, prevent fraudulent activities, and increase the
efficiency of internal processes.
3. Greater integration with the different
insurance distribution platforms Conclusion
It allows you to add aggregators, brokers, etc. in order to The pandemic has pushed us years ahead when it comes to
make your platform richer. adopting a digital way of working and living. In the case of
the insurance sector, many were forced into making these
4. Innovation in the creation of digital products changes to continue operations during the pandemic. It is
Agreements for the integration of insurance products into time that insurers adopt this new way of functioning in order
new digital business models such as collaborative platforms, to bolster their operations, benefitting both the customers
ecommerce, and marketplaces. and the company itself.

5. Artificial Intelligence (AI) At the end of the day, technology is the vector of
Artificial Intelligence enables you to generate product development, a strategic tool that will let us undertake the
recommendations based on the buying behavior of very wanted transformation in the insurance sector. Those
consumers. But the most important bit of AI is the impact opportunities that we have mentioned above will satisfy the
it will have. The initial impact will be through improving the client and will place them at the center of the process.
automation and efficiency of existing underwriting and claims (Courtesy: chakray)
The Insurance Times, June 2022 45