Insurance Sector is on a positive lookout with a path for sustainable momentum and increasing profitability. There has been a tremendous change during the last decade, the way the global Insurance Sector is operating. Post market liberalization and with emergence of new economies, many big insurance carriers have strategically eyed on this sector growth story. Advancement of technology and changes in the policy regulations also fueled a path breaking impact in the development of this industry.
While for the last couple of years, insurance struggles to move out of the shadows, casted by challenges and market uncertainties, strong fundamentals of this industry, augur well a roadmap to be drawn sustainable for a long-term growth.
The pace at which the technology innovation is moving in the insurance sector is significant and is gaining prominence with the evolution of new technologies like BIG DATA, Analytics, BPM, SaaS Based Cloud Services, which offer INTERACTIVE DATA ANALYTICS technology platforms that can be easily integrated to the existing landscape.
It is these technologies that enable insurance carriers to identify new patterns and relationships across multiple dimensions of data both structured and unstructured and by combining human insights and intuition with visualization enabled platforms, companies can now answer questions, they have never answered before.
Succeeding in such a competitive environment calls for Insurance carrier’s ability to implement and capitalize on these new emerging technologies and should be able to fully integrate these platforms with their core applications and business processes to prepare for next generation to make insurance more easily which offers flexibility and broad capabilities they need.
Many insurance companies still rely on modes of customer interaction that are slow, unsatisfying and needless to say very expensive. They need to pace up to go digital, to use these set of new emerging technologies, as people are more tech-savvy and begin purchasing policies and operate accounts online.
Also the trend of Insurers seeking to reach their customers across a variety of interactive digital platforms and channels had increased, so as to give the customer, access to information across devices and platforms, anytime and anywhere…
Challenges & Opportunities Mode of Interaction with customers
Many insurance carriers are still using age old modes of interaction with customers which is quite unsatisfying and very expensive. Globally, the insurance sector is propelling change to bring in new ways that insurance companies can manage their risk, acquiring new customers, venture new markets and to deploy enough capital to survive in the market place.
There will be miles of opportunities with a first mover advantage to grab a substantial market share by deploying these new evolving technologies that benefit the insurance carries and also promising benefits to its customers ahead of its rivals.
Changing Customer needs:» Customers are increasingly moving towards new breed technologies that support integration to existing electronic channels of delivery which offer lower in cost and provide greater convenience. » Customers are becoming more value conscious and are increasingly willing to adopt newer technologies » Products & Services that offer increased convenience and with desired features such as the ability to smoothen track payment flows, renewals in the entire cycle, are increasingly sought by consumers. » Customers’ choice of insurance has increased and they carriers that are offering the best value and service. How do we value add? » Our close collaboration with the leading Licensed ERP, CRM, and SaaS based vendors help us to be your leading services provider of packaged ERP-enabled, business process transformations by deploying solutions to meet the precise needs of each client. Our solutions can,