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Tuesday, February 27, 2024

Life insurers reveal tech methods to spice up CX | Insurance coverage Weblog


The tech-powered working mannequin analysis reveals {that a} broad enterprise know-how technique is essential for enterprise success. A part of that success comes from a pacesetter’s capacity to scale know-how to drive distinctive buyer experiences and new worth propositions. In help of such an endeavor, insurers, pushed by velocity to market with new and differentiated merchandise, are modernizing their core insurance coverage techniques and shifting them to the cloud. This allows them to leverage advances in buyer expertise applied sciences like self-servicing and personalization by generative AI amongst different applied sciences. They appear to those developments to drive velocity and scale required to stay aggressive and develop profitably. Actually, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service improvement within the prime 5 aims for his or her digital investments. The insurers we work with expressed comparable views.

Improved velocity to market on new merchandise

When a Tier 1 annuity service was seeking to present new merchandise on an accelerated timeline, they began by modernizing their core coverage administration system. Utilizing the platform’s configurable product templates enabled them to construct a product chassis as a foundation from which to rapidly create a number of product variations by turning on or off options. This functionality additionally permits them to offer white label merchandise for his or her distribution companions comparable to utilizing a bespoke index as a substitute of a public index for one among their annuity merchandise. With this excessive stage of flexibility, the service is positioned to attain its aim of bringing new and differentiated merchandise to market rapidly. On the similar time, they’re providing a good higher expertise for his or her distribution companions.

Elevated working effectivity to raised serve prospects and staff

Equally, a Tier 2 life insurance coverage service modernized its new enterprise and underwriting perform with a concentrate on course of effectivity to drive product improvement and enhance buyer and worker expertise. They used the Accenture Life Insurance coverage & Annuity Platform (ALIP) to introduce and later replace an listed common life product adopted by putting their high-volume time period product onto the platform as a proving floor for future product launches, together with a brand new listed entire life product. Leveraging this know-how helped them rethink their processes, making them extra environment friendly and releasing up capability for product groups to concentrate on the product roadmap and manufacturing merchandise that meet their prospects’ wants.

These future-ready services look to know-how to offer larger flexibility to answer—and anticipate—buyer and stakeholder wants throughout their enterprises and distribution channels. Let’s discuss about how one can elevate the shopper expertise with larger working flexibility.

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