The insurance market goes through a new stage of Digital Transformation, much more than the mere digitalization of mobile processes and applications.
The insurers are in the process of digital transformation are redesigning their future with a shift towards digital, and opening the doors to new services, better customer experiences, omnichannel, customer contact and operational efficiencies.
The insurance sector is at a digital crossroads.
With the data, algorithms and changing customer expectations redefining the sector, the insurance business will look very different in the coming years.
Insurers can differentiate themselves to be more profitable and competitive, with the digital transformation if they move quickly and adopt changes in the environment.
The current competitive environment in the insurance sector requires a new mentality. The competition is not only between companies, with their own products and assets, but between ecosystems, with partners that are able to combine services, orchestrate resources and execute coordinated actions.
The platform strategy for insurers seeks to build or integrate an ecosystem with customers, partners, services and devices, in order to promote the creation and exchange of services, so that everyone can capture value.
This integration between the ecosystem makes possible to its members advantages such as:
Reach new sales channels
Provide interactions with new customers
Create and implement new products / services
Expand capacities for existing products and services
Automate business processes end to end.
Have a 360º view of the client
BusinessGoOn offers long-term strategic solutions for our customers to respond to technological changes while remaining competitive and profitable.
Our recommendations focus on transforming Insurers into digital platforms, Insurers as digital business platforms. In this way, insurers will be more effective and efficient in their operational business processes such as, automate repetitive processes, manage and administer compliance and regulatory risk, improve supplier management and improve their clients’ experience. etc.
Large technology drivers (APIs, Cloud, IoT, AI, Blockchain) are converging and opening opportunities for competitors who possess technological expertise and innovative business models, such as platform, which widens the diversity of offers and also raises customer expectations .
Seeking to face that scenario, many insurers are finding it difficult to design their digital insurech strategies and position themselves in the face of the avalanche of disruptive technologies, which need to be assimilated and integrated into complex legacy systems, present at the base of those companies’ essential processes.
The assimilation of these technologies offers numerous possibilities for improvements, as in the case of AI and Analytics tools, which allow the analysis of large volumes of data in real time, making assessments based on behaviors and firing of proactive actions.
Another example is the use of AI bots for conversational interfaces with customers and RPA for routine activities.
In this way, much of the repetitive manual tasks can be automated, increasing efficiency, reducing the possibility of errors and fraud, providing more agility and better customer experience.
The combination of AI with Internet of Things (IoT) makes it possible to use devices (sensors, actuators, wearables) and drones to make monitoring and remote actions, achieving a more accurate risk assessment and carrying out preventive actions, in addition to offering products / services Customized in real-time.
In turn, the Blockchain enables secure and traceable transactions in a decentralized and direct manner. These technologies can be integrated via APIs and promote different service modalities, such as P2P insurance, microinsurance, real-time insurance, sharing economy insurance, usage-based insurance (UBI), pay-as-you-drive, etc.
These transformations lead insurers to seek new strategies to develop technological capabilities, use new channels and expand offers, such as the creation of a business platform for insurers., In which change, combination or creation of services between business partners is favored. , so that ecosystem participants can capture value.
To be operated, these strategies require an efficient and responsive IT environment, which enables agile and secure integrations through APIs, interconnecting legacy systems, databases, devices, applications, cloud services and partners.
The BusinessGoOn team designs, develops and implements Digital Business Platforms for the insurers, which provide solutions to the different challenges facing the sector.