| Improving Operational Efficiency
| Regulatory Compliance
| Technology Modernization
Industry estimates say that robotic process automation could save between 25 percent and 50 percent of the cost of repetitive banking processes, and also improve execution. The use cases are unlimited from credit scoring to reconciliation processes being amenable to intelligent automation.
Gamification is a relatively new marketing tool that is being harnessed by insurers to engage with potential and existing customers, eliminating the need for agents. In a fun-filled, interactive manner, insurers are able...
to educate their audience on the significance of various insurance plans.
Through gamification, insurers can connect with the entire spectrum of audiences from risk carriers to intermediaries and customers. What’s more, they can provide engaging solutions across the value chain — from policy distribution to post-sales service.
This point of view discusses the role of gamification in preliminary information search, quote generation and how this can lead to higher sales closure and conversion, improved agent productivity, and overall revenue. It also puts forward how millennials are slated to impact the future of insurance distribution.
Speaking on the VoiceAmerica talk show, Manish Tandon, Executive Vice President and Head, Healthcare, Insurance, Life Sciences and High-Tech Infosys comments, ‘Wearables such as hearing aids have been around for a long time, but what has changed in the last few years is that the cost of technology has reduced significantly’. He adds– ‘These devices are able to communicate with us and with an entire ecosystem around us, and we can bring the power of the network to address our health issues.’ Learn more as Manish is joined by Krishna Kumar, Founder, and CEO of AppOrchid, and Puneet Suppal, SAP on this business radio talk show with VoiceAmerica - ‘In the future of the future with Game-Changers Radio’, presented by SAP.
Two distinct opinions come up typically in conversations with insurance agents. Many agents reminisce about the good old days of ‘personal relationships’ and ‘human interactions.’ Their concerns are around the ability of mobile technology to eliminate face-to-face interactions and possibly cut out the middleman’ (insurance agent).
Published with the permission of LifeHealthPro.com
Social media helps insurance carriers enhance the brand through value-added services.
Insurance carriers must reinvent products as well as marketing channels to better serve digital consumers.
Published with the permission of Independent Insurance Agents of Illinois
Insurance processes must incorporate mobile technologies to enhance the customer experience, reduce costs, and ensure growth.
Published with the permission of PropertyCasualty360Improving Operational Efficiency
Fraudulent insurance claims cost billions annually. Using big data, insurance companies can now analyze behavioral patterns to distinguish a genuine claim from a false one. Big data is increasingly being used to analyze social media by insurance companies. This could include chats on Facebook or Twitter conversations where one is trying to sell something linked to a claim they have made.
Published with the permission of Business Technology
The insurance industry has historically struggled when it comes to dealing with claims fraud. Notably, big data and analytics have a huge role to play in tackling these challenges. In fact, leading insurers have already started using these technologies to their advantage and achieved significant success.
Published with the permission of Claims Journal
To gain competitive advantage, insurers must ensure their wealth of information is at the fingertips of people across the organization. Their overall knowledge management journey begins with understanding the requirements and investing in the right technology solutions.
This article was first featured in the official publication of The Malaysian Insurance Institute, INSURANCE, November–December, 2012.
Financial services companies must embed analytics into business processes to enhance day-to-day operations across customer touch points.
Published with the permission of Information ManagementRegulatory Compliance
Ensuring effective data management is fundamental to complying with Solvency II. Insurers should use this as an opportunity to improve risk management and establish best practices for data management.
Published with the permission of Insurance Day
Solvency II regulations will impact product portfolio, operations, and the reporting requirements of insurance companies. At a joint colloquium of the International Actuarial Association (IAA) sections, Boston, USA, Infosys experts presented a road map for regulatory compliance.Technology Modernization
The insurance industry is constantly evolving, thus fostering an environment of change which responds to dynamic demographic profiles, customer needs, regulatory requirements, micro and macro economic conditions, technology trends, and more. With this fluid external scenario, insurers are compelled to be operationally agile with both their internal and external processes and systems. As a result, they must upgrade their systems periodically to serve customers better and gain competitive advantage.