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White Paper

Digital Transformation of the Insurance Industry — Driving Efficiency, Effectiveness and Growth

 

Insurance organizations will have to transition to digital enterprises to remain competitive and profitable in this age of constant disruption. While the ultimate goal of insurance — providing financial stability and protection for customers at various stages of their lives — will always remain, how insurers achieve this goal will evolve constantly.  

In this white paper, we discuss how insurers can use the digitization opportunity to deliver greater value to their customers and gain a competitive advantage. Insurers can engage more intensely with existing customers and attract newer customers with innovative products, improve both profitability and growth. Based on our experience in digital insurance enterprises transformations, in this white paper, we debunk some of the myths around such transformations. The USER (Unify, Simplify, Engage, Respond) approach, developed by TCS, helps companies metamorphose into digital insurers of the future.

Disruptive changes in the economic, political and, most importantly, the technology environment are collectively impelling the insurance industry to innovate. Digitization, as an avenue, enables insurers to equip themselves to face the future — transforming into a digital insurer calls for an innovative approach.

  • Unify: Ability to provide a consistent customer experience across brands, products and channels
  • Simplify: Ability to achieve operational excellence in both business and IT
  • Engage: Ability to create and sustain customer engagement
  • Respond: Ability to sense and react to customers timely

Based on our experience, we have identified six main characteristics of a digital insurance enterprise:

  • Develop new business models with products and services
  • Create innovative products and services
  • Simplified internal and external processes
  • Unified multi-channel customer experience with anytime, anywhere, any device access
  • Insights-driven business decisions
  • Digitization of the workplace

Technology is a key enabler in the transition to a digital enterprise, and insurers must invest in a robust business and technology architecture with the relevant tools to create an agile and flexible organization. Insurance organizations have the opportunity to extend their portfolio into newer adjacent eco-systems —tying up with auto companies to use vehicle telematics to create new insurance products based on shared data is just one example. Here, we highlight the process for envisioning an integrated digital strategy, based on the concept of thinking holistically but starting with small incremental projects.



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