How Much Does Insurance Cost For A 23 Year Old Technology Adoption Trends in Insurance

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Technology Adoption Trends in Insurance

The future may be hard to predict, but it doesn’t have to be hard to prepare for. Insurers are facing challenging new business, investment and regulatory environments arising from the financial crisis. The sector, however, also faces much wider challenges. Demographic changes, the increasing power of emerging markets and changing customer behavior will help shape the long-term future of the industry.

Digital technology is a global megatrend that is transforming a variety of industries including the insurance sector. The insurance industry has been somewhat slow to adopt IT due to rapid technological changes and because its distribution channels are still conservative, i.e. managed by agents and brokers and were not really ready for adopt new technologies. However, customer adoption of digital technologies including social networks, smartphones, e-transactions, etc., enabled by cloud service models, e-commerce and mobility, are impacting technical and business capabilities from many insurance companies. Insurers are quick to take advantage of this trend.

The factors that we believe contribute to these changes can be categorized into:

Social: The balance of power is shifting to customers.

Technological: Advances in software and hardware that transform “big data” into useful knowledge.

Environmental: The rise of more sophisticated risk models and risk transfer to deal with the increased severity and frequency of catastrophic events.

Economic: Increased economic and political power in emerging markets.

Politicians: Harmonization, standardization and globalization of the insurance market.

Key business drivers for IT adoption in insurance:

Engage customers through multiple customer interaction channels and include all age segments

Design strategies to include increasing investments in internet strategies and mobile channels for faster and more instant communication

Collaborate with partners to launch innovative products in areas such as microfinance, wealth management, etc.

Automate underwriting processes using data analytics and business intelligence (BI) and predict real-time fraud and risk analysis

Take advantage of Bancassurance banking systems and regulations available in each country to explore cross-selling insurance products, especially in emerging markets such as India.

While 63 percent of insurance companies say they are ready to move toward more digital practices, only 23 percent of those companies are ready, reports a joint study by Forrester and Accenture. To accelerate this process and ensure a successful transition to digital workflows, there are a few key areas we can expect insurers to adopt as they look to create more automated and user-friendly processes.

Adopt an on-premise and cloud-based infrastructure

Just two years ago, 84 percent of businesses were operating in the cloud, and more than half of those businesses reported that the cloud reduced the amount of work done by IT teams, says PC World. Still, insurance industry IT teams struggled with what information they allow regulators to store through the cloud versus on-premise. To add to this, the proliferation of legacy technology challenges the cloud-only approach. Many insurance entities are using 40-year-old administration technology designed to manage the claims process, says a recent report from TrustMarque. This type of technology makes innovation difficult, but insurance agents are far from instantly replacing this mainframe technology.

This year, as the insurance industry adopts a more streamlined workflow, we can expect a significant increase in the use of technology that can be operated through hybrid cloud and on-premise, ensuring maximum flexibility for customers and clients and a strong adherence to the ever- changing government regulations in the insurance environment.

Automation of business processes when necessary

The key to moving into a more digital environment and improving customer service is to automate workflows when needed. With the overuse of social media on the rise and across multiple channels, customers expect maximum interaction and personalization from their insurance agents and brokers.

Although standard face-to-face interaction may be less common between insurance entities and their customers, the relationships are still as important, if not more so, than in the past. As such, insurance agents need more time to interact with their customers and less time to sort through paperwork, scroll through documents, and keep up with claims processing.

Choose programs and systems with customers in mind

A Forrester-Accenture report recently dubbed this year the “age of the customer,” where customer experience is at the heart of the digital movement. This means that new digital technologies and processes cannot be implemented with the mindset of administration.

Take, for example, something as simple as a digital application. While some technologies may actually require three different phone numbers or two different emails from the customer, how convenient is that for the customer filling out the application? Today’s customers expect a smart and smooth process from insurance companies. While this may indicate some disruption to the agent’s internal processes, the end result should be that the programs are easier to use for the customer, not just the IT team.

Analysis of social networks

Insurers are turning to social media as a marketing tool and collaboration platform. Social media is widely used to network with friends and business partners. Using social media is made easier by smartphones and mobile devices. Insurers can target new customers based on their life events and also use social media to communicate with internal and external stakeholders.

Focus on SaaS solutions

Insurance companies are deploying applications by adopting SaaS solutions because it offers superior infrastructure, high levels of security and low risk. Insurance companies have the advantage of accessing the latest IT infrastructure and platforms at low cost. SaaS offers a perfect solution for insurance companies to improve their efficiency with minimal capital costs.

Real-time architectures for agility

Real-time data sources are mobile technologies and social media that insurance companies can leverage to be more competitive. Real-time data capture from online channels is proving a goldmine for insurance companies because it provides insights into customer behavior based on insurance product strategies. Insurance companies are deploying data analytics tools, BI platforms, and data visualization tools to reap the full benefits of real-time data.

Data analytics and big data

The ability to capture real-time data, big data and analytics play an important role for insurers in terms of leads. The recent trend is the adoption of sensor technologies called telematics which are used to monitor the driving behaviors of the individual. These technologies help insurance companies offer usage-based insurance policies.

Information plays an important role in the insurance industry in terms of product pricing, development, risk management, claims processing and fraud detection. These functions can be performed by collecting data from various sources and using software tools to extract meaningful information from the data. To effectively implement insurance operations, the insurance industry must adopt IT systems, new technologies and networks to capture real-time data and strengthen its data storage capacity for analysis to capitalize on more customers.

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