Legacy IT systems, back-office processes and business models still exist in a lot of large insurance providers. This makes it very difficult to deliver innovative customer solutions. We have seen some big changes in the insurance sector over the last few years and know that investment in customer and operational R&D will drive their digital transformation in the next 3-5 years.
The insurance claim journey has always been manual, in-person, laborious and costly. By creating interoperable systems, data integration layers, unified digital platform estates and simplified UX, these cumbersome and expensive customer experiences can become a point of brand differentiation, rather than a cross-to-bear.
Many of the existing insurance mobile applications and digital platforms are quite simply static servicing portals. However, with the regulator's focus falling on unfair year 2 pricing schemes and encouraging insurers to develop a multi-year relationship based on value and good customer outcomes, these apps and platforms will likely become rewards centres, information hubs and relationship management platforms... and offer much more than they currently do.
Find out more about the innovative mobile, web and emerging tech solutions we deliver with our insurance partners and clients across other sub segments of financial services.