The Insurance sector is investing in technology enablement with an objective of propelling significant innovation. This trend can be leveraged only when the IT leaders take into account the hot-button issues pertaining to this sector - Fast changing demographics, buyer values, and increased industry regulations. The sector is primarily counting on IT partners to increase the level of engagement with customers and empower them.
Enterprise Mobility Gaining Ground
It is closely monitoring the growing influence of mobile technology and the trend of converting Big Data into actionable insights. The CIOs of insurance providers are almost unanimous in their approach towards mobility. It is certainly the key frontline for business innovation. Rapid surge in consumer mobile apps has been transforming the way they conduct business. More and more insurance firms are looking to provide mobile capabilities for policyholders and agents.
The industry's IT roadmap is not just restricted to downloadable apps for employees, agents, and customers. It has a definite strategy to adopt mobility solutions to meet important business goals such as effective claims processing, 'on-the-move' connectivity with the customers, and empowerment of field marketers. Enterprise mobility is soon going to become more familiar in insurance sector with the growing comfort of Bring Your Own Device (BYOD) and mobile security solutions.
Deriving Valuable and Actionable Insights out of Big Data
Insurance is predominantly a data-driven industry. The data are emerging at an incremental pace. What throws a tough challenge for the CIOs of insurance firms is the volume of unstructured data. That's precisely why they lack true insight into customers, which is affecting enterprise risk management. The sector encounters two-fold problem. Firstly, it is yet to go through technology modernization needed to support Big Data and secondly, it is deprived of any valuable and actionable insights despite having the data available.
Lately, the insurance providers have become heavily dependent on third-party data to verify claimant information and assess fraud risk. It has added to the already existing pile of data. IT players have to come to the rescue of the industry that continues to dwell upon two crucial questions: How to aggregate huge volumes of data? How to analyze the data to make intelligent business decisions?
Automating Regulatory Compliance
Adapting to the industry regulations and aligning them with the business process is a recurring challenge. To implement compliance practices consistently, it requires ï¬‚exibility in technology systems, which is presently not the case. In such business scenario, automating regulatory compliance is the swiftest way of assuring workflow modification as and when new regulations need to be enacted. Insurance players want to position themselves ahead of their rivals when it comes to addressing new and emerging mandates. It's a vital element of their strategy to win customers' confidence.
The recent trends show that insurers are fast making a switch from their legacy environments to automate regulatory compliance. The idea is to get instant access to information and eliminate the risk of non-compliance. They want to be change-ready and at the same time be fair to policyholders.
Focus on Improving Agent Experience
Since agents bring in the large chunk of business to the insurers, the latter is now more focused on augmenting agents' experience. Survey reports reveal that 'Agent Portal' has recently caught their imagination. They are eyeing at an easy-to-access portal for the field marketers, which would empower them with transactional capabilities. To build a robust portal environment, insurance companies need a comprehensive IT roadmap.
However, improving agent experience is more than just providing real-time connectivity. The IT enablers have to work as strategic partners with the insurers who want to know, 'How can we enable agents to be more productive and generate more business?' and 'How to reduce the time agents spend on non-revenue generating activities?' This is where the technology leaders have to deliver. They have to churn out solutions keeping in mind the ease of use and ease of deployment that will determine the outcome.