New business models to renew customer experience in the Insurance industry
The Internet of Things (IoT) has changed the way industries function. In the insurance industry, non-traditional players now have access to large volumes of customer data and are able to provide holistic pre-purchase and purchase information, albeit in an unstructured form.
This is a huge advantage for customers in the pre-purchase stage, and this new empowerment has made them more demanding, aware, and considered of their insurance requirements.
Our insurance offerings help insurers rethink their strategies to cater to these new discerning customers by renewing their analytics infrastructure using solutions such as the Infosys Information Platform (IIP) – our big-data-in-a-box package.
With industry-relevant expertise and a historical track record, our solutions enable insurers to:
- Adopt digital tools for a clearer understanding of customer specific requirements
- Help enhance processes within the industry
- Provide seamless customer experiences
With the shift of traditional insurers’ needs to digital insurers, there is greater scope for increased flexibility and agility, faster and more efficient back-office processing, and an overall readiness for disruptions.
Our solutions also translate into clear cost benefits. We do this through the:
- Automation of processes to make them more efficient by creating more straight-through processing (STP)
- Creation of customer self-service systems to reduce the burden on back-office operations.
Looking ahead, the IoT is shifting risk profiles through the use of new technologies like connected cars and connected homes. Here, insurers need to renew themselves to be future-ready. We have the capabilities, tools, and experience to help insurers better understand their customers’ risk profiles, and create tailored products to suit their needs.