Five Trends Driving Digital Transformation in the Insurance Industry
Digital transformation is revolutionizing the insurance industry. Automation of manual processes, digitization of paper forms and records, and decision support fueled by artificial intelligence (AI) are rapidly becoming necessities rather than niceties. Here we explore five main reasons insurance providers must modernize to remain competitive.
1. Customer expectations have changed.
The COVID-19 pandemic accelerated a shift in consumer behavior and preferences that has been in motion for several years: 24/7 access to information, hassle-free interactions, automated services, and customized products are the new baseline of a satisfactory customer experience. People also shop around more than ever before, seeking policies at competitive rates. Successful insurance companies are investing in technology that helps streamline workflows in a way that attracts and retains consumers.
2. Adjuster responsibilities have changed.
Insurance adjustors are still expected to perform interviews, inspections, and research in the field, but now they’re expected to do so in near-real time. Adjustors must capture important data on the fly and seamlessly communicate it to a variety of stakeholders. Connected devices, smartphone apps, data analytics and automated support tools help adjustors expedite and simplify the claims process while offering fast, secure, and effective services and policies to customers.
3. Technology helps drive business.
Insurance companies are turning to AI and machine learning to inform strategic business decisions. When insurers turn these technologies toward large data sets, they often uncover previously hidden patterns in the data that enable them to better serve their customers. Advanced analytics and algorithms allow insurance companies to offer coverage that is much more tailored to each individual.
4. Cloud services are now the norm.
The ability to meet changing customer expectations, adapt to new business processes and contain the expenses of leveraging advanced technology is driving workflows to the cloud. This creates a need for hiring back-office employees with experience in architecting and administering cloud solutions.
5. The importance of identity security is in the spotlight.
As insurance companies collect and store more data to support their digital transformation initiatives, it becomes harder and harder to keep track of who has access to that data, who should have access and who’s using their access appropriately. An automated identity security solution enables insurance providers to reduce the risks of insider fraud and external data breaches by enabling insurers to take a zero-trust approach to managing access to data and applications.
Position your business for success in a modern world.
Due to the large volumes of personally identifiable information (PII) they handle and the amount of third-party administrators (TPAs) they work with, insurance companies are among the most at-risk industries for cyberattacks. Learn more about the critical role identity security plays in mitigating security risks at a free, one-hour virtual roundtable discussion with leading subject matter experts in identity security.
Virtual Roundtable for Insurance: “Identity Security as the Path Forward in Insurance”
June 24, 2021
1 p.m. to 2 p.m.
- Jerod Brennen, Identity Strategy and Solutions Advisor, SailPoint
- Tony DeAngelo, AVP Information Security, Encova Insurance