Life insurers reveal tech strategies to boost CX

The tech-powered working mannequin analysis exhibits {that a} broad enterprise know-how technique is essential for enterprise success. A part of that success comes from a pacesetter’s capability to scale know-how to drive distinctive buyer experiences and new worth propositions. In help of such an endeavor, insurers, pushed by pace to market with new and differentiated merchandise, are modernizing their core insurance coverage programs 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 give the impression of being to those developments to drive pace and scale required to stay aggressive and develop profitably. The truth is, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service growth within the prime 5 goals for his or her digital investments. The insurers we work with expressed related views.

Improved pace to market on new merchandise

When a Tier 1 annuity provider was trying 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 shortly 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 an alternative of a public index for one in every of their annuity merchandise. With this excessive stage of flexibility, the provider is positioned to attain its aim of bringing new and differentiated merchandise to market shortly. On the identical time, they’re providing an excellent higher expertise for his or her distribution companions.

Elevated working effectivity to raised serve prospects and workers

Equally, a Tier 2 life insurance coverage provider modernized its new enterprise and underwriting operate with a give attention to course of effectivity to drive product growth 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 complete life product. Leveraging this know-how helped them rethink their processes, making them extra environment friendly and liberating up capability for product groups to give attention to the product roadmap and manufacturing merchandise that meet their prospects’ wants.

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

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