Financial crisis coupled with ever-accelerating technological shifts have introduced a plethora of changes for the insurance industry. Today, the focus is on assimilating emerging technologies such as Big Data, Internet of Things (IoT), predictive analysis, and Artificial Intelligence (AI) to sell insurance solutions more effectively. This helps global and regional insurance services firms transform their core systems in policy administration as well as underwriting, and commence investing in high-end forecasting and analytics.
What’s impacting customer loyalty?
Insurance service providers face daunting challenges in relation to managing customer portfolios, workforce productivity, and market competition. Also, administering the complex mix of non-traditional assets leads to poor-growth driving them to seek other alternative opportunities. As a result, customer loyalty is rapidly dwindling as consumers shift between providers while paying little importance to long term relationship building.
With the proliferation of social media and numerous price comparison sites, insurance service providers need to consider engaging with customers on a deeper, more meaningful level. The current situation necessitates transitioning from a transactional model to a relational approach where each policy sold or serviced is not treated as a mere transaction only, meant for instantaneous consumption.
What’s imperative for insurance consulting organizations?
To stay ahead of the curve, insurers are expected to reduce their product launch cycle times, enhance customer experience, ensure regulatory compliance with capital disclosures, and prevent frauds. In effect, insurance consulting companies need to dismantle their traditional business models and reinvent marketing outreach efforts with more intuitive and interactive information channels.
What’s transforming insurance?
With extensive insurance industry experience, we offer robust insurance solutions and services to facilitate knowledge exchange and focus on value creation. We nurture partnerships that improve workforce performance while significantly containing costs. Additionally, we integrate a suite of insurance IT systems to furnish best-fit insurance data analytics solutions.