The insurance industry has been traditionally slow to transform but we are now moving into an era of digitally empowered change in areas such as customer engagement, product development, pricing and operational efficiency.
Digital technologies alongside advanced data & analytics are driving real change in customer lifetime value, and personalised product development alongside mid & back-office efficiencies. This change is being driven by the increased use of mobile and sensor technology to understand and manage personal risks, whilst insurers re-platform to automate elements of underwriting and claims processes and integrate solutions that have emerged during an innovative period in insurtech.
Waracle are experts in customer engagement and data-driven interactions, and we work with P&C and life insurers to create innovative digital products and ecosystems, drive digital-first mindsets, ways of working and modernise legacy platforms.
Insurers are looking to understand and create a closer connection to customers than ever before to improve retention and lifetime value. This enables the development of personalised and on-demand products along with a focus on helping customers to understand and manage their risks, not just insure them.
Waracle work with insurance clients to develop data and analytics that enable personalisation through a deeper understanding and future prediction of customer attributes, preferences and needs. We are experts in the design and delivery of digital experiences across mobile, wearable and IoT devices that provide engaging and gamified experiences, encouraging interaction and loyalty.
We have helped our clients to realise the full potential of mobile and sensor technology to design highly engaging and personalised experiences that drive competitive advantage.
Insurers are still encumbered by legacy systems and manual processes that result in high cost to serve, slow time to market for innovation and inability to scale. However digital and data technologies provide the opportunity to automate in areas such as risk assessment, underwriting, claims processing and policy administration and modern delivery and engineering practices can transform time to market and value delivery.
Waracle bring a data and design-thinking-led approach to operational rationalisation, helping clients understand where automation will both improve customer responsiveness and reduce cost. We also help to modernise legacy technology, achieve cloud transformation, and uplift delivery practices.
We have helped our clients to reduce cost to serve customers through operations modernisation, improve time to market on new propositions and to build internal capability for a sustainable future.
The insurance industry is one of the most highly regulated in the world and firms must continually stay on top of new rules such as policyholder protection and pricing practices, understand potential opportunities such as Solvency 2, and how the continued evolution of the market and digital advancement impact business and compliance risks.
Waracle operate in heavily regulated industries and bring a strong understanding of both regulatory mandates and how these translate into the control framework that insurers operate within. We apply security and compliance by design and bring expertise in the latest digital and data security technology.
We have helped our clients build regulatory-compliant insurance platforms, and highly secure customer data platforms and used technology to reduce risk in areas such as fraud detection.
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