PriyaPatel
TLDR:
In the age of digital transformation, insurers must embrace innovation to meet changing customer demands and improve the quality of products and services. Carriers need technology that centralizes work and data, while providing transparency into claims and policy activities. This transformation involves AI, real-time data transparency, and customer-centric digital experiences. The key to success lies in connecting all aspects of operations, from claim processing to customer service, to deliver seamless experiences.
Insurers are facing barriers to large scale digital transformation, including the lack of interconnectivity in their technological processes. To stay competitive in the market, insurers must optimize customer and employee experiences through intelligent automation. Investing in modernization will allow insurers not only to survive, but thrive in the new digital era.
Article:
In the age of rapid digital transformation, insurers are at a crossroads: embrace innovation or get left behind. Many carriers feel handcuffed by legacy systems that stifle their ambition to innovate. The EY Tech Horizon Survey highlights that meeting changing customer demands and improving product and service quality are top goals for insurance industry CIOs.
Driven by cutting-edge insurtechs, customers are demanding more from insurance carriers. Insurers must provide technology that centralizes work and data, offers transparency into claims and policy activities, and unifies technology environments at a consumable pace. AI plays a crucial role in accelerating claims processing, improving customer satisfaction, and streamlining service processes.
But digital experiences alone are not enough to address changing customer expectations. Insurers must also provide real-time data transparency and a robust self-service portal. ProAssurance’s digital transformation journey began with one use case and gradually evolved to transform their claims operations from the ground up.
One of the key barriers to digital transformation is the lack of interconnectivity in insurers’ technological processes. To deliver seamless experiences, insurers must connect all aspects of their operations, from claim processing to customer service. Technologies like low-code development and AI-driven automation can help insurers optimize customer and employee experiences.
Looking towards the future, technological innovation is essential for insurers to stay competitive. By embracing change and investing in modernization, insurers can optimize customer and employee experiences, identify trends, drive efficiencies, counter claims fraud, and streamline processes through omnichannel experiences. The benefits of these innovations are already evident, showing that insurers willing to invest in digital transformation will thrive in the new era.
