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With the average company investment into digital transformation increasing 148% in 2020 your competitors are racing to disrupt your business. Can you afford to be left behind?
The insurance industry has always dedicated its products and services to protecting clients and to supporting fellow businesses in their fight for survival in an ever-more competitive business world. But now it’s the industry’s turn to adapt to disruption and seek new modes of protection via profitability.
Central to this is a variety of technology needed to maintain a competitive edge against new insurers entering into the market. However, the principle behind the digital transformation of this industry lies not in a desire to uphold innovation, but to develop new resources for revenue growth, as well as protecting these new outlets for digitalisation via cyber security.
Learning to adapt is the future of insurance.
There are two sides to every story - and this particular tale starts with the products and services insurance firms put on the table. From the specific types of insurance, to the way said-services are made and marketed, the technological overhaul doesn’t just encompass the way insurance companies are run.
Specifically, property, casualty, and life insurance services are set for the most radical changes, with the implementation of software dedicated to the niche of the insurance, and the creation of a strategy that sources the competitive advantage of your firm.
Navigating these highly competitive insurance services requires innovatory practices that might not be seen from your perspective. But we can spot AI, analytics, and connected insurance as just a few of the ways you can tap into this.
It’s all about adapting, and it's all about your business.
Away from the services on offer, the way you conduct your business figures just as significantly. This centres around rethinking your business in alignment with customer insights, and the avenues for growth you need to follow to stay competitive in a disrupted industry by implementing the insurance value chain.
Yet at the core of the digital innovation is the need to protect against financial risks the insurance, banking, and capital markets industries are currently facing.
Analytics, customer-based capabilities, AI, and the cloud are the central pillar of this transformation, drawing customer engagement and product innovation together. But specifically for this industry, bringing together both digital and physical channels to create a seamless experience for your clientele is fundamental to retain them.
Paralleling this, intelligence solutions, blockchain, and the other new ways to dealing with data are the forefront of the technological overhaul expected of operations - as is cyber-security to defend against threats to this influx of data-driven insights.
Director of Technology, Simply Brands
For those with an ear to the ground, this process is also known as a Digital Transformation. A Digital Transformation rethinks how you manage your employees, your clients’ and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
The insurance industry is about one thing: the client. How we support a client who dedicates their time to supporting their own clients might sound complex, but similar to the other industries we serve, it focuses on the main components of a digital transformation. This includes the need for new avenues of growth in a disrupted industry, and the necessity that is keeping the customer happy.
This requires harnessing data from clientele to determine their exact wants. Staying competitive among the new contenders entering the market doesn’t just require matching their modes of running their business; it’s about going beyond their methods via constant adaptation and innovation. By already tapping into these new outlets of customer engagement and your competitive edge, you need not worry about your next technological rethink.
You’ll already be in the process of it!
In specific terms, the technology this encompasses ranges across a broad stretch of digital solutions already utilised by a variety of other industries. AI, automotive technologies, the cloud, analytics, blockchain, and intelligence brings together both your clientele and your employees, syncing your entire firm together.
IDENTIFY THEIR TECH IDENTITY
Not only does your insurance firm need an identity centred around technology, your customers are already expressing themselves via technology. Identify the new market opportunities, and rethink your business.
KEEP UP WITH THE QUICK PACE
It’s not just about discovering exactly what your customers want - it’s about discovering what they want, when they want it, and aligning your business with the fast-pace of the consumer trends.
START WITH ANALYTICS
Finding new products and unleashing the power of personalisation is fundamental to your digital transformation. But it's intelligent analytics which drive how you can innovate in parallel with personalisation.
INDUSTRIALISE YOUR CUSTOMER EXPERIENCE
Harness the potential of AI, the cloud, and customer interactions fuelled by data-insights to forge customer engagement via platforms dedicated to their specific needs.
PLUG YOUR PHYSICAL INTO YOUR DIGITAL
Create the seamless experience your customers expect by balancing both physical and digital channels. By rethinking your customers’ experiences, you can begin the process of an overhaul overtime.
TRAIN YOUR WORKERS IN TECH
Speaking of a phygital transformation, train your workers in your technological transformation that connects your workforce with your digital customer service.
IT’S TIME TO COME OUT OF THE DARQ
Relinquish the power of distributed ledger technology, AI, extended reality, and quantum computing to differentiate your insurance services from your competitors, and tap into the need to innovate.
REDUCE THE COMPLEXITY OF YOUR BUSINESS
Alongside a need to improve profitability is the necessity of reducing the complexity associated with innovation. Consequently the whole supply chain can stay connected and streamline the business.
SECURE YOUR NEW INNOVATION VIA CYBER-SECURITY
Now you’ve plugged into these new outlets of customer-based data, its best you kept a hold on it; stay competitive, and stay secure with cyber-security that can lock down on your innovation.
+ What is the insurance sector?
The insurance sector is made up of companies that provide risk management to businesses or individuals. It spans across a vast range of sectors as insurance is needed by businesses operating in all sectors.
+ Is the insurance sector growing?
The sector has always been a slow-growing but safe sector for investment opportunities as a result of steady demand. However, due to the Covid-19 pandemic, growth has been stunted as a result of the volatility of the global economy.
+ How is artificial intelligence used in insurance?
Insurance firms are using artificial intelligence to provide better services to their customers which is streamlined in terms of both cost and effectiveness. At the core of AI is the ability to help insurers understand Big Data and unleash the full potential of data analytics.
+ What is the future of the insurance industry?
The insurance sector relies on insurance firms’ abilities to bring together technology and new business models, and breach the digital skills gap via micro insurance and risk capital provided directly to digital firms.
+ What are the trends in the insurance industry?
The trends that are forecasted for this industry include adapting to new customers, opting for preventative and protective services, merging forces with start-ups, and bringing in technologies that can disrupt the industry.
+ How is technology changing the insurance industry?
Not only have insurance firms ramped up the efficiency of their operations, they have introduced new staples of the sector. This includes artificial intelligence, big data, and more secure customer data.
Taking things technological might seem a challenging feat set to rock your insurance firm to its foundations, but with Lolly Co at every step of the way, working the new cogs in this machine need not be difficult. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need an instruction manual, either! But, if you do fancy finding your way around the future of your firm, you can start here.
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