Mobility and Digital Solutions for Insurance Ecosystem
The increased adoption of digital and online technologies is disrupting how insurance is marketed, sold and serviced and can have an adverse effect on insurance business growth and cost of operations for companies that persist with traditional processes. Previously, the insurance industry was driven by key capabilities in distribution, financial and information processing. Today, insurers that want to retain their competitive edge must adapt to the need for better customer service and new distribution channels.
Additionally, the processes of prospecting, acquiring and retaining customers as well as building customer loyalty are changing. Today, the insurance journey begins when customers shop for insurance online. Customers have instant access to unlimited information about insurance brands, products and services. Through online research and peer reviews, they can determine which insurance company they can trust. Thus, it is critical for insurers to effectively manage not merely the customer experience across all channels but also customer interaction with the brand, employees, partners, and agent representatives.
As digital technologies and customer expectations evolve faster than internal business processes, insurers are struggling to embed ‘digital’ into the organization, business processes and technology. They need a clear vision and a tactical and flexible roadmap for digital transformation to increase their value and enhance the customer experience.
IoT can drive new developments such as usage and time-based insurance offerings. Infosys Consulting leverages its vast knowledge of emerging technologies to help insurers create futuristic offerings such as embedded connected property insurance, integrated life and health insurance offerings and new forms of wealth and protection products. These offerings can be personalized for consumers and businesses and delivered online. In the future, IoT will drive business model innovation and accelerate the adoption of insurance-as-a-service with customer interaction models that are ‘always on’.
Infosys Consulting provides several offerings for clients to realize their digital strategy. These offerings are broadly divided into four services:
- Digital strategy, commerce and customer experience management services that focus on enhancing, optimizing, transforming, and innovating sales, marketing and service across customer interaction points such as online, voice and face-to-face interactions.
- Digital strategic business and operational planning, culture and organizational transformation, process re-engineering, and technology strategic planning and implementation services.
- Digital business and distribution model innovation and transformation services that include collaborating with our clients to create pioneering insurance digital products and services that are delivered for on-demand and always-on digital customers. We also design new distribution experience strategies and tactics for seamless and synchronized online interactions between the insurer, agent and customer.
- Digital industry and market intelligence services that provide an outside-in view of digitization trends along with competitive insights. Our offerings convert digital data into insights by integrating enterprise business intelligence, online and voice channel analytics and cross-channel customer information to enable new insurance product strategies, underwriting innovation, go-to-market distribution strategies, and sales, marketing, and service excellence.
Our end-to-end digital services and offerings enable:
- Increased customer satisfaction and propensity to purchase additional products and services
- Increased customer acquisition rates across direct and distribution channels
- Higher retention and loyalty from customers
- Higher ROI from digital investments over time
- Lower cost of insurance operations
- Improved customer life time value
Digital and IoT technologies
Infosys Consulting offers insurance organizations a range of services for implementing digital and online IoT technologies.
These services include applying Design Thinking for strategic planning, managing research and development of pilot projects as well as providing multi-industry hardware, software and communications technology integration services. With proven expertise and in-depth knowledge in IoT technologies, Infosys Consulting helps clients innovate for the future and leverage IoT to create new business and product opportunities.
Our services provide clients with benefits such as:
- Understanding how IoT technology will disrupt the insurance industry and create new business opportunities
- Insights into how IoT can be applied to renew and innovate current insurance processes and products
- Insights into how IoT can reduce insurance operational costs and streamline existing processes in underwriting, claims and policy management.