Rapid innovations within the insurance industry are disrupting traditional business models and conventional ways of doing business. The fast pace of change is being driven by the availability of enormous volumes of digital data, mobility and new technologies. These changes are altering the competitive playing field, forcing insurance companies to deliver more, i.e., more innovation, more digital experiences, more customer-centricity, more cost-effectiveness, and more agility.
To take advantage of these new opportunities for growth, insurance organizations must prepare to transform the way they do business – create products that can be consumed as services and enable customer interaction across multiple channels.
Infosys is developing scalable business and technology platforms that drive connectivity through technologies such as the connected car, home and life. We leverage our partnerships to deliver innovation and collaborate with our clients to enhance agility and reduce complexity.
Insurance companies that want to succeed in this new world should focus on renewing their core. However, core business processes such as product development, sales, marketing, distribution, underwriting, policy administration, and claims are often hampered by inefficient, outdated and manual processes and systems. Further, financial and compliance processes struggle to keep pace with fast-changing regulatory requirements. It is imperative for insurance companies to modernize these outdated systems and process by leveraging automation and innovative service models that can significantly reduce costs and improve efficiency.