The Shape of Things to Come From Legacy to Digitimacy
Insurance
Discover great opportunities and innovative solutions to add value to the customer experience in the insurance industry.
Solutions
Big Data Solutions
Huge amounts of data about the customers could be used to gain insights that could be integrated into decision making. Big Data Solutions, such as Hadoop and Tableau, will enhance the data quality and provide accessibility to structured and unstructured data sets.
Analytics
Analytics could be used to measure the satisfaction of the customers and satisfy their future needs. Predict the customers who will be defaulting on payments and/or cancel their insurance policies and enable insurers to come up with innovative services.
Artificial Intelligence Solutions
AI Solutions could be used by the insurers to improve the business operation and enhance the customer experience via chat-bots and fraud/risk features.
Digital Platforms
Digital platforms could be used to provide various channels to communicate and engage with the customers, which will in turn collect information to feed to the analytics. Also, there is the option of the Integration with a government-led COVID 19 tracking app to collect real-time data about the medical conditions of the customers.
Other Technologies:
The private block chain could be used for only invited users who are allowed to participate, see, share and use information. This could be used to share information about insurance policies for administrative purposes and payment of claims. Cloud- based technologies could be used to provide 24X7 accessibility to the databases and information of the customers.
Intelligent Automation Tools:
Intelligent automation tools could also be used to automate tasks within the daily operations across departments, or at least to digitize the business processes in order to enable the employees to handle their duties in serving the customers virtually from anywhere.
Insurance Sector Talents:
Agile thinking is needed to reduce the sophistication of the processes and increase the pace of development. Moreover, Blue Ocean training would assist in enhancing the mindset and the culture to become more digitally oriented.
Top Trends in Life Insurance:2020, Capgemini, 2019
Who’s spending the most on AI?
Source: AI in the Middle East, Hansson Robotics, 2018
Benefits
As a result of Automation and Applying Cloud Technologies There Will Be:
a huge reduction in IT Operational Expenses
an increase of the availability of services
an ease of the maintenance of the IT services
a reduction of the need for human intervention
As a Result of AI and Chatbots Solutions:
insurers will realize a reduction in the distribution costs
customers will be able to receive personalized service and advice
costs will be more optimized as the availability of more accurate data will enable the insurers to price the services and products more accurately and will result in more informed decisions which will in turn result in risk reduction
